Frequently Asked Questions
Who can use the fixed fee service?
The service is designed for individuals who operate on a self employed basis, have turnover of less than £500,000 and use a recognised accounting package. We are a KashFlow Partner but we also have clients who use other online accounting packages such as Xero, FreeAgent and ClearBooks.
- Approving relevant VAT and other HM Revenue & Customs registrations and applications for submission once these have been completed on your behalf.
- Paying income tax, National Insurance, payments on account, VAT and all other tax and regulatory amounts, as advised by us.
- Keeping up to date with all trading activity and transactions. If you are not VAT registered you will be required to provide this information to MBT on a 6-monthly basis to ensure that your records are up to date.
- Providing your VAT information within 15 days of the end of each quarter so that the VAT Return can be prepared on your behalf in advance of the submission deadline.
- Providing any additional information and explanations required for the completion of your annual accounts and tax returns.
How much does it cost?
The service is available at the following fixed fee rates:
VAT registered - £52.33 plus VAT per month – that’s just £627.96 plus VAT per annum.
Not VAT registered - just £40.00 plus VAT per month - that's just £480.00 plus VAT per annum.
Accounting package - as a Micro Business Team client you will be required to use a recognised accounting package as part of our service. As an official Partner we provide the online KashFlow software at a cost of £15 plus VAT per month - that's £180 plus VAT per annum.
If you would like bookkeeping support then this costs £30 plus VAT per month - that's £360 plus VAT per annum.
There really are no hidden charges. This is a complete accountancy and tax compliance package. The Service Guide provides a detailed outline of those services included in and excluded from this fixed fee offering.
How do I make payment?
It is a requirement that fees are paid via a recurring payment subscription using a UK debit or credit card when you sign up through the MBT website. If there is a gap in payments greater than 28 days then we reserve the right to suspend the service. Continued non-payment may result in the service being terminated. If your card expires or your payment fails for any another reason then you will need to re-sign up to the service via the MBT website as we do not retain debit or credit card information. This will not affect the number of payments that you will be required to make for a specific accounting period.
What are my responsibilities under the fixed fee offering?
Click here for a detailed breakdown of how the fixed fee process works. We have split each process in to tasks that will be completed by you and those which will be completed by us in order to make the process as transparent as possible.
In addition to paying your monthly fee by recurring debit/credit card payment, your key tasks will be as follows:
Will any additional charges apply?
There are no hidden charges within the fixed fee offering, which includes all the services outlined in the Service Guide. For an additional fee you can bolt on further services should these be required, for example bookkeeping or if you have rental income to report on your self assessment tax return.
If you are VAT registered the required information must be provided to us within 15 days following each quarter end, or additional fees will apply.
Similar arrangements apply to delivery self assessment tax documentation, and further details can be found by reviewing the detailed Terms and Conditions.
What if I want to stop using this service?
We are confident that you will be very satisfied with the service provided. We do not operate a minimum contract period or term and you may leave at any time by providing 28 days’ notice. If you leave part way through a year then services will cease immediately and we do not offer refunds on termination of service. If you have made less than 12 monthly payments for a specific accounting period at the time of cancellation then we will only be required to complete the annual accounts preparation and self assessment compliance for that period if you make a one-off payment to make the total number of payments up to 12.
What about data protection?
"But I already have an accountant..."
We make changing accountants hassle-free by looking after the entire process for you.
First we establish the most appropriate time for you to transfer then we communicate directly with your existing accountants - all in accordance with ICAEW guidelines.
You can then focus on working with us to bring your affairs up-to-date.
Should I form a limited company?