Welcome to the FAQs page. Here you’ll find some commonly asked questions around accounting. Every client is unique and we know it’s possible you need more help than what you’ll find on here. Please feel free to contact us if there’s anything we can help with. Alternatively, if you’re one of our registered clients and you’re signed up to one of our packages, then please head over to the Knowledge Base section in our Client Portal for a more in-depth library of information.
Debits Credits is an established firm of registered Accountants, with a history that spans over the past years.

UK’s most affordable accountants who provide a fast and efficient service tailored to meet your requirements.

A professional bespoke service. All our accountants are qualified and certified who hold vast amount of experience from Public Sector Finance to Corporate Accounting.

Debits Credits offer a variety of services ranging from Accounts Preparation, Payroll Services, Corporation Tax, VAT services and Bookkeeping to name a few

Yes- that’s absolutely correct. We will register you for self-employment, complete your Tax Returns/ Self- Assessments and take care of all your Bookkeeping for just £99


Delivering our promises make to our clients love us. We aim to make the user experience of our services as smooth as possible therefore we offer you the following guarantees.

  • One off fixed fee which are agreed in advance
  • Prompt respond to all queries (telephone/email) within 1 working day
  • An Agreed delivery date in advance
  • Always ready offering support and advice at our office, your office or home.

Switching accountants is a very easy and simple procedure. All you need to do is inform your current accountants that they will no longer manage your accounts. We will then take it from there. We will arrange transfer of records, obtain copies of your accounts and tax computations, and notify HMRC and other government offices that we are looking after your business affairs.


No. There are often tax planning opportunities that can only be done before the year end. Waiting until after the year end may mean these opportunities are lost.


As we are UK’s cheapest accountants, it may be hard for you to believe in the promises we make. However, if you look in the ‘about us page’, you will see that our mission and vision is to put a stop to the everlasting culture of clients being charged unbelievably high prices by Accountants who simply aim for profit maximisation. Our ethos is to create a friendly, affordable and efficient accountancy platform for everyone. For peace of mind, you can speak to some of our existing clients to see what exceptional services we have been providing them.


All fees are agreed upfront as part of our standard packages. You can pay using the secure online system, BACS transfer or cash. Whichever suits you!


Select one of the packages on our “Pricing” page and fill in your details. We will review and get in touch to book an introduction meeting, or give us a call and we’ll arrange a meeting to run through everything with you. At the meeting we’ll work out what package is best for you, agree any business objective or structural changes and get you signed up!



We’re an online practice (with offices) so we will work with you using Skype, phone and email. Location isn’t an issue for us. If we feel you will benefit from our services more with a 1:1 appointment we will come to see you at your convenience so you can work with us wherever you are.

Understanding your needs is our priority and how you feel about our service is our main objective. A lot of people are under pressure and when you’re trying to run a business it can often seem like there aren’t enough hours in the day. All you need to do is drop us an email or give us a call and we’ll take the stress away from you and work with you so you can manage your business activities more effectively and efficiently.


Our customer service helpline open 365 days a year from 8am-very late. We respond to emails within 1 hour. We can arrange to meet/speak to you outside of working hours, in the evenings or weekends at your convenience


The deadline for filing your corporation tax return is within 12 months of the end of your company’s corporation tax accounting period. Failing to submit your returns before the submission deadline will result in an automatic penalty charged by HMRC regardless of whether or not you owe any tax for that period. Once you sign up with us, it is our responsibility to submit your returns on time subjective to receiving all the information from you which we will collect in a timely manner.


Under self-assessment, a paper return must reach HMRC by 31st October and an online return by 31st January. If you fail to file the return within the deadline you automatically receive a £100 fine by HMRC regardless of whether or not you owe any tax for that period. The fine will keep increasing with the delay in submitting the returns.

Working closely with all our clients to ensure the returns are filed on time and any fines are avoided.

The current national minimum wage rate per hour depends upon your age and whether you are an apprentice. The current rates (April 2021) are as follows:

  • for workers aged 25 years or more: £8.91 per hour
  • from workers aged 21 to 24 inclusive: £8.36 per hour
  • at the aged 18 to 20 inclusive: £6.56 per hour
  • young workers aged under 18 (but above compulsory school age): £4.62 per hour
  • apprentices aged under 18: £4.30 per hour

You do not need to purchase bookkeeping software if your business is small. If your business is large or you have a lot of transactions- we can manage all your bookkeeping for you with our in house software which is the best offer in terms of value for money and service. However, you are more than welcome to purchase your own bookkeeping software.


Yes- by law you are required to register for VAT is your turnover exceeds the VAT threshold of £85,000. You can however voluntarily register for VAT if this benefits your business. We are able to advise you on this.


The answer to this question depends on factors such as size and profitability of your business. There are different tax advantages for different structures of the business. We can offer advise  on which structure is best suited for your business.