Question 1

When do statutory accounts need to be filed?

Accepted Answer

Private limited companies must file accounts with Companies House within 9 months of their accounting reference date. We track your deadline and start preparation well in advance.

Question 2

Can you take over bookkeeping mid-year?

Accepted Answer

Yes. We regularly onboard businesses partway through their financial year and reconcile records back to the last filed accounts.

Question 3

Do I need separate bookkeeping and statutory accounts services?

Accepted Answer

No — we combine both, so your monthly bookkeeping feeds directly into your year-end statutory accounts with no duplicated work.

Question 4

When is corporation tax due?

Accepted Answer

Corporation tax is normally due 9 months and 1 day after your company's accounting period ends, with the return itself due 12 months after. We build in a buffer so you're never rushing.

Question 5

What happens if my company made a loss?

Accepted Answer

Losses can often be carried back or forward to offset against other profits. We review this as part of every return we prepare.

Question 6

Do you handle HMRC enquiries?

Accepted Answer

Yes — if HMRC opens a query into your corporation tax return, we manage the correspondence on your behalf.

Question 7

Do I need to register for VAT?

Accepted Answer

You must register once your VAT-taxable turnover exceeds the current threshold in any rolling 12-month period. We can also advise on voluntary registration if it benefits your business.

Question 8

What is Making Tax Digital for VAT?

Accepted Answer

MTD requires VAT-registered businesses to keep digital records and submit returns through compatible software, such as Xero. We set this up and manage submissions for you.

Question 9

Which VAT scheme is right for my business?

Accepted Answer

It depends on your turnover, cash flow and industry. We review your numbers and recommend the scheme that minimises admin and maximises cash flow.

Question 10

Can you manage payroll for a single director-only company?

Accepted Answer

Yes — we support everything from single-director companies to multi-employee teams.

Question 11

Do you handle auto-enrolment pension duties?

Accepted Answer

Yes, we integrate payroll with your workplace pension provider and manage the ongoing auto-enrolment obligations. See our Workplace Pension service (https://www.lebs.ltd/service/workplace-pension-wpp/) for details.

Question 12

What if an employee joins or leaves mid-month?

Accepted Answer

We process starters and leavers as part of your regular payroll run, including P45s, at no extra admin burden to you.

Question 13

When is the self assessment deadline?

Accepted Answer

Online returns must be filed by 31 January following the end of the tax year, with any tax owed due the same date. Under MTD, your year-end final declaration follows the same 31 January deadline. We start early to avoid last-minute penalties either way.

Question 14

Do I need to worry about MTD for Income Tax yet?

Accepted Answer

Only if your gross self-employment and/or property income was over £50,000 in the 2024-25 tax year — that group must comply from 6 April 2026. The threshold falls to £30,000 in April 2027 and £20,000 in April 2028, so most sole traders and landlords will eventually be brought in. We check your position and tell you exactly when it applies to you.

Question 15

What happens if I miss a quarterly update or file late?

Accepted Answer

HMRC is introducing a points-based penalty system for MTD — you get a penalty point for each missed submission, and a £200 fixed penalty once you reach 4 points. If you're behind on filing under the current rules, we can also help you catch up and manage HMRC correspondence.

Question 16

Do I need to already use Xero to work with LEBS?

Accepted Answer

No — we can migrate you from any existing system, or set you up from scratch if you're currently using spreadsheets.

Question 17

Is Xero suitable for Making Tax Digital?

Accepted Answer

Yes, Xero is fully MTD-compliant for VAT and Income Tax, and we configure it to keep your business compliant automatically.

Question 18

Can Xero connect to my bank and other business tools?

Accepted Answer

Yes — we set up direct bank feeds and connect Xero to tools like payment processors, expense apps and e-commerce platforms where relevant.

Question 19

Do I need a forecast if I'm just starting out?

Accepted Answer

Yes — most lenders and investors expect a 12-24 month cashflow forecast, and it's one of the best tools for avoiding early cash crunches.

Question 20

How often should a forecast be updated?

Accepted Answer

We recommend monthly or quarterly reviews against actuals, which we can build into your existing bookkeeping cycle.

Question 21

Can you help with funding or investor conversations?

Accepted Answer

Yes — we prepare forecasts and financial summaries suitable for banks, grant applications and investors.

Question 22

How long does company formation take?

Accepted Answer

Companies House registration is typically completed within 24 hours once we have your details, though we recommend planning tax registrations a little further ahead.

Question 23

Should I set up as a sole trader or a limited company?

Accepted Answer

It depends on your income, liability exposure and growth plans. We talk through the trade-offs with you before you register anything.

Question 24

Do you help with business bank accounts?

Accepted Answer

Yes — we can point you to suitable business banking options as part of your onboarding.

Question 25

What is a confirmation statement?

Accepted Answer

It's an annual filing confirming your company's details — directors, shareholders and registered office — are up to date with Companies House. We prepare and file it for you every year.

Question 26

What happens if I don't file on time?

Accepted Answer

Companies House can take enforcement action, including striking the company off the register. We build in reminders well ahead of your deadline.

Question 27

Can you handle a change of directors or shareholders?

Accepted Answer

Yes — we prepare and file all the required documentation for any change to your company's officers or share structure.

Question 28

Do I need to auto-enrol staff if I only have one employee?

Accepted Answer

In most cases, yes — auto-enrolment duties apply from the day your first employee starts, with limited exceptions for sole director companies with no other staff. We confirm your specific duties.

Question 29

What happens if I miss my staging or re-enrolment date?

Accepted Answer

The Pensions Regulator can issue fines for non-compliance. We track your dates and handle the declarations so this doesn't happen.

Question 30

Does this integrate with your payroll service?

Accepted Answer

Yes — see our Payroll Services (https://www.lebs.ltd/service/payroll-services/), where pension contributions are calculated and processed automatically each pay run.

Question 31

What's the difference between a Virtual FD and a Virtual CFO?

Accepted Answer

A Virtual Finance Director focuses on the numbers — management accounts, budgeting, cash flow and financial controls. A Virtual CFO operates at board level — financial strategy, fundraising, investor relations and major commercial decisions. Many businesses use FD-level support day-to-day and bring in CFO input for specific projects.

Question 32

How much of my team's time will this actually take?

Accepted Answer

Very little — that's the point. We plug into your existing systems and run largely independently, checking in through scheduled reporting and review calls rather than requiring management time from you.

Question 33

Can I start with just bookkeeping and add FD or CFO support later?

Accepted Answer

Yes. Most clients start with core bookkeeping and compliance, then add management accounts, forecasting or strategic support as the business grows — you're never locked into a tier you don't need yet.

Question 34

Do we actually need to register with the Charity Commission?

Accepted Answer

Registration is generally required once your charity's annual income exceeds £5,000 — below that threshold it's usually optional, with one exception: a Charitable Incorporated Organisation (CIO) must register regardless of income. We confirm which route applies to you.

Question 35

What structure should our charity use?

Accepted Answer

A CIO gives trustees limited liability and is regulated only by the Charity Commission, which is simpler than a charitable company (which is also regulated by Companies House). A charitable trust or unincorporated association can suit very small, low-risk charities. We talk through the trade-offs before you commit to a structure.

Question 36

How long does registration take, and who can be a trustee?

Accepted Answer

Timelines vary with the Charity Commission's workload and how complete your application is — a well-prepared application avoids the back-and-forth that causes most delays. Trustees must generally be 18 or over and not disqualified (for example, by certain unspent convictions or bankruptcy); we check eligibility as part of onboarding.

Frequently Asked Questions

Frequently Asked Questions

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