Frequently Asked Questions
At A B C S UK, we know managing your finances isn't always a priority as a busy business owner.
With all the responsibilities involved, it’s easy to get overwhelmed with all that needs to be done.
We are experts who take away the stress and give you time back to do what you do best.
Read some commonly asked questions below.
If your question isn't listed, please click the button below & fill in the form:
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What’s the difference between a bookkeeper and an accountant?
A bookkeeper takes care of the day-to-day finances of your business; think invoicing, bank reconciliations, payroll, VAT returns and keeping everything up to date.
An accountant typically steps in for end-of-year accounts and tax planning, offering a more analytical overview of your finances.
At A B C S UK, you don’t have to choose! We’re both Certified Bookkeepers (ICB) and Certified Practising Accountants (ICPA) which means we handle the detail and the bigger picture. One point of contact. Everything sorted.
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How do I know if
A B C S UK is right for me?
If you're running a family-owned business with big goals and need support from someone who actually gets it, we’re probably a great fit.
You’ll love working with us if you:
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Want regular support, not just an annual email and an invoice
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Feel overwhelmed by finance and want someone to take the lead
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Are ready to grow and need numbers that help you make confident decisions
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Don’t want to chase your accountant for answers
Still unsure? Book a discovery call. No pressure, just a proper chat.
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How long should I keep my tax records for?
You legally need to keep tax and financial records for at least 6 full tax years from the end of the relevant accounting period, though 7 is often safer.
That doesn’t mean boxes in your loft, though. At
A B C S UK, we use digital systems and cloud-based software to keep everything neat, safe and MTD-compliant, reducing paper clutter and panic over lost receipts.
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What is Making Tax Digital for Income Tax?
Making Tax Digital for Income Tax (MTDIT) is a government initiative from HMRC to make tax reporting more accurate and efficient through digital submissions.
Here’s what you need to know:
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It starts in April 2026 for sole trader businesses and landlords with property or business income over £50,000
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From April 2027, it will apply to those with income over £30,000
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From April 2028, those with income over £20,000 will be included
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It requires using approved digital software to send updates to HMRC quarterly
We’re already helping clients prepare, switching systems, setting up software, and getting everything running smoothly before the deadline hits. We already see clients quarterly as a minimum so we are prepared for the changes.