FAQ

Welcome to our FAQ section! Below, you’ll find answers to common questions along with helpful HMRC links. I know navigating the HMRC website can be tricky, so I’ve gathered the most frequently asked topics for you.

How do I set up as Self Employed?
To get started, you’ll need your Government Gateway details. You can find all the information you need here.

If you don’t have a Government Gateway account yet, you can register for one by clicking the “create sign in link” here.

Where do I find my UTR Number?
You can locate your UTR number here.

How do I register my Limited Company for Corporation Tax and PAYE?
Find out how to register your company here.

What are my responsibilities when running a Limited Company?
Learn about your responsibilities here.

What expenses can I claim when Self Employed?
Check out the expenses you can claim here.

What accounting records should I keep when Self Employed?
Find out what records you need to keep here.

How do I set up a Partnership?
Get the details on setting up a partnership here.

What is a Director’s Loan?
Learn more about director’s loans here.

What happens if I owe my company money as a Director?
Find out what to do if you owe your company money here.

What expenses can I reclaim when employed?
You can find information about reclaimable expenses here.

Do I need a bookkeeper if I’m a sole trader?

Not legally – but most sole traders who handle their own books spend hours every month on admin they hate, miss expenses they could claim, and stress every January. A bookkeeper pays for itself in time saved and tax done correctly.

How much does a bookkeeper cost in Milton Keynes?

Every business is different, so prices vary depending on what you need. At We Balance Bookkeeping all fees are fixed and agreed upfront – so there are no surprises. Book a free clarity call and I’ll give you a clear price based on your situation.

I’m really behind on my books – is that a problem?

Not at all. It’s actually one of the most common reasons people come to me. I’ll work through the backlog, get everything up to date, and put a simple system in place so it never gets that far behind again.

What is Making Tax Digital and does it affect me?

MTD is HMRC’s move to digital record keeping and quarterly reporting. From April 2026 it affects sole traders and landlords earning over £50,000. If you’re not sure whether it applies to you, I can talk you through exactly what you need to do.

Do I need to be local to Milton Keynes to work with you?

Most of my work is done digitally, so I can support clients remotely. That said, I’m based in Milton Keynes and love working with local businesses so that we can meet in person when needed.

How do I get started?

Simply book a free 15 minute clarity call. There’s no obligation – just a relaxed conversation about your business and what you need. By the end of the call you will know exactly how I can help and what it will cost.

What software do you use?

I’m a QuickBooks ProAdvisor Gold and also work with FreeAgent. But new softwares are coming to market all the time, so if you’re already using a different software, let me know – I’ll advise on the best options for your business.

What’s the difference between a bookkeeper and an accountant?

Many people don’t realise that the title “accountant” is not protected in the UK – anyone can call themselves one, regardless of their qualifications or experience.

I’m a fully licensed Bookkeeper with the Institute of Certified Bookkeepers (ICB), which means my qualifications and practice are regulated. My ICB license covers bookkeeping and tax filings – including Self Assessment, VAT Returns and Limited Company Accounts alongside Corporation Tax, so you get fully qualified, regulated support without necessarily needing a separate accountant.

When choosing someone to handle your finances, it’s always worth checking their qualifications and whether they’re a member of a regulated body. With me, you’ll always know exactly who is handling your books and what they are qualified to do.

Ready to Stop Worrying About Your Numbers?

Most of my clients come to me feeling behind, overwhelmed, or just fed up with the paperwork and stress of filing their tax return. Within weeks they wonder why they didn’t do it sooner.

If that sounds familiar, let’s talk. Your first call is completely free, there’s no obligation – just clarity.

Book your free 15 minute clarity call today. No obligation, no jargon – just a straight conversation about your business and how I can help.

Serving sole traders, small businesses and landlords in Milton Keynes, Stony Stratford, Newport Pagnell, Wolverton and Surrounding Areas.