Frequently Asked Questions

Read The Answers To Small businesses Frequently Asked Questions

Whether you are hiring a bookkeeper for the first time or considering changing your bookkeeping company to Lukro Ltd, we know you might have some questions about working with us. We have compiled a list of the most frequently asked questions about bookkeeping, accounting, and payroll services we provide. However, if you feel your question is still unanswered or not on the list, please send it to us by filling the form below. Our team will get back to you with an answer.

How Accounting Can Help My Business?

Running a business can be tough, especially when you are concentrating on your own business and handling your own accounting. Accounting tasks can take a lot of work and your time. Any mistakes can lead to poor financial planning, missed opportunities, and you may encounter penalties.

We, as professionals, can take care of your accounting services on your behalf. We specialise in providing accounting services that are accurate, timely, and helpful. Our experienced accountants can help you manage your tasks and we will work with you to determine what works best for your needs.

As an individual or business owner, it is important for you to know when it is time to hire an accountant. While some business owners may assume that an accountant is only necessary when the accounts, VAT returns and tax returns are due, the reality is that their services can be valuable year-round.

If you struggle with accounting knowledge, an accountant can provide accurate data, expert advice, and guidance. Particularly, when you are short on time, they can manage your finances while you focus on other important areas of your business. An accountant can also help you plan and achieve your financial goals, ensure you comply with tax rules and regulations, and manage your cash flow by identifying areas to reduce expenses or increase revenues. Overall, hiring an accountant can help your business and make sure things run correctly.

Yes, you can do accounting on your own or perform certain accounting tasks independently. However, it's important to remember that any mistakes can lead you to pay higher taxes and or financial penalties. It's worth noting that if you'd like our team to review your work, make suggestions and implement any necessary changes please feel free to contact us. There will be no additional charges.

As a team of qualified professional accountants, we would be happy to take over your accounting tasks to ensure your accounts are accurate and completed on time. We also offer quick and easy online and Xero-based accounting services, which can help you fully benefit from our professional assistance.

An accountant can help you start your business in several ways. They can advise you on the most appropriate legal structure for your business, assist with the registration process, and provide guidance on tax planning and compliance.

Furthermore, an accountant can assist you in developing a realistic financial plan, selecting excellent accounting software, managing your accounting tasks, or providing insights for informed business decisions.

Working with an accountant ensures that your financial systems and processes are set up correctly from the beginning. This can help you avoid costly mistakes, establish a strong business, and increase the profitability of your business.

We highly recommend that you find an accountant before starting your business. Our accountants can help you to set up your company correctly and optimally, from selecting the appropriate legal structure to registering your business to planning for taxes. Additionally, we can provide valuable insights about your potential business decisions and their financial implications. This support is important for making the best business decisions and achieving long-term business goals.

When you are deciding on the right legal structure for your business, it is important to consider a few factors. Mainly the size of your business, the level of risk involved, and your long-term business goals. A sole trader structure may be simpler and less expensive to set up and maintain. However, it may not offer enough protection for your assets in case of legal or financial issues. On the other hand, a limited company structure may provide more protection and tax efficiency. Yet, it can be more complex and require more ongoing administrative work.

Ultimately, your choice should be based on your circumstances and goals. Our accountants at Lukro Ltd will happily guide you through your options and assist you in making informed decisions.

An accountant can be critical in growing your business by offering financial insights, guidance, and support. They can find growth opportunities, reduce expenses, save money, increase profitability, and advise on tax planning and cash flow management. An accountant can also help you avoid legal issues and ensure compliance with laws and regulations. Overall, an accountant ensures that these tasks are completed carefully and correctly; this can help you make better decisions and achieve greater success in your business.

How bookkeeping can help your business?

Yes, bookkeeping can help you save more money and time, especially if:

  • You are finding it hard to stay on top of your business finances
  • You are unable to track where your money is going or how you are spending it
  • You are losing receipts and bills; making it impossible to keep your records up-to-date
  • Your business is not working as planned, and you are about giving up on it
  • You don't have time for your family and friends because you are busy with your business paperwork
  • You are always running out of money and struggle to pay your staff and tax bills
  • You are losing suppliers because you forget to pay them
  • You have several unpaid invoices and always forget to follow up on your customers for payment.

If any of the above scenarios describe your situation, you need a bookkeeper to help you put things back in order. We'll help you keep track of your finances, reduce your overhead cost, improve your business cash flow, and ensure your business is running profitably. Also, our bookkeeper will take charge of your paperwork so you can spend more time with your loved ones.

Are you finding it hard to keep your books up-to-date, maintain accurate records, or worried because your desk is always full of unrecorded receipts and bills? Are you struggling to find out which invoices have been paid or which customers still owe you? We are here to help you with whatever issues you may have with your books or finances. We'll help you maintain accurate and up-to-date records so you can focus on growing your business.

Yes, getting a bookkeeper will take the stress out of managing your business. At Lukro Ltd, we know that keeping track of your finances, managing your staff, searching for new customers, while also handling paperwork can be very stressful for you. Our team will help you stay on top of your paperwork, handle your books, and keep track of your finances so you won't have to worry about it. Let's worry about your records, taxes, and finances so you can channel your energy into getting more clients and delivering high-quality service to your customers.

Do tax deadlines give you sleepless nights? Are you worried about tax audits and penalties because your records are incomplete? Do you feel like you are paying the taxman more than you should? We'll allay your fears by helping you handle all your tax issues. Our professional bookkeeper will assist you in keeping your records up-to-date and help you make sure you are not paying more taxes than you should.

Understanding Accounting

An accountant is a professional who records, tracks, verifies, and analyses financial data. Their main role is to ensure all financial reports are accurate, up-to-date, and compliant with laws and regulations.

An accountant can complete many tasks, such as preparing financial statements and reports, managing budgets, submitting tax returns, and offering financial advice. They can also analyse and verify financial information, spot potential problems, and provide solutions. Overall, they are essential to any business as they help everything run smoothly.

Outsourcing accounting can be very beneficial, especially for small or medium-sized business owners. Accountants can help you save money by maximising savings, avoiding unnecessary expenses, and preparing error-free financial reports. Outsourcing is also more cost-effective than hiring full-time staff. You only pay for the services you require and do not need to provide benefits or pay taxes on their behalf.

One of the biggest benefits of outsourcing accounting is that it frees up your time. You can focus on your core business activities, increase productivity and, enhance your business services, leading to better client relationships.

In addition, outsourced accounting is all about convenience. Accounting and bookkeeping companies often have up-to-date technology and specialised services. At Lukro Ltd, we offer our clients Xero for this very reason. Enjoy Cloud-based software, providing you with quick access, user-friendly design, and easy collaboration for all your accounting needs.

In summary, outsourcing your accounting requirements can save you time, boost your savings, and increase your efficiency and productivity. You will also gain access to the most up-to-date technology and expertise, allowing your business to flourish and grow.

Understanding bookkeeping

Bookkeeping is the systematic recording of a company's financial transaction. It involves keeping records of all financial transactions and summarising the information so it can be used for preparing accounting reports and making business decisions. Please visit our blog to get more information.

The law mandates all companies and self-employed to keep accurate and up-to-date records of their financial transactions. A bookkeeper will help you record every financial transaction and keep track of every penny you are earning and spending. Working with a bookkeeper will give you a crystal-clear picture of your business's financial health, assist you in making informed decisions, and ultimately help you run your business more efficiently.

Aside from recording receipts and invoices, your bookkeeper will also help you reconcile your accounts, categorise your financial transactions, prepare financial statements, ensure your business is tax-compliant, and more. At Lukro Ltd, we'll take care of your transaction paperwork (bookkeeping), so you can focus on growing your business.

Regular bookkeeping will give you a clearer picture of how your business is performing at every point in time, and you won't have to rely solely on your bank balance to gauge your business success. Without regular bookkeeping, you may forget to follow-up with unpaid invoices or pay your suppliers, and this may have a damaging effect on your relationship with them. More so, you need accurate bookkeeping to avoid tax surprises and predict your future cashflow.

You will not be able to prepare your year-end accounts and ascertain your business financial health without accurate bookkeeping. You won't be able to find out if your business is making a profit or loss. More so, you will likely not be able to make necessary deductions from your taxes and end up paying the taxman more than you are supposed to pay. Besides, your business will be prone to penalties and fines by HMRC, and you may get large bills from your accountant on your company's year-end.

A good bookkeeper must be trustworthy, discreet, reliable, accurate, and honest. You want a bookkeeper that has good attention to details, proficient with financial administration, and can spot any leaks in your business. Lukro Ltd is a bookkeeping, payroll and accounting company you can trust. We have been providing top-notch bookkeeping services for small and medium-sized companies across the UK for over eight years. Please, read our reviews to find out what our clients think about our services.

Outsourcing the function to professionals like Lukro Ltd is cheaper than keeping an in-house bookkeeper. It means you won't have to worry about overtime payment, health insurance, training and supervision fee, and other employee-related costs. Also, since our team won't be using your office space and your documents will be stored on our convenient and secured web portal, you won't have to spend money on office maintenance or on purchasing additional computers.

It means the number of receipts/bills and sales invoices you have for one month or a year. It is also the number of bookkeeping entries your business needs for the period. On average, our clients have about 600 - 2400 bookkeeping transactions per year, and that is around 50 - 200 transactions per month.

Yes, our services can save you money and help you reduce your tax bills. Our team will help you reclaim all expenses your business is entitled to.

Our services will free up the time you spend worrying and working on your accounts, thereby giving you more time to focus on your business core activities.

Bookkeeping vs Accounting

A bookkeeper is an expert responsible for recording and organising your business financial transactions while an accountant uses the information provided by the bookkeeper to prepare and file statutory returns and give financial and business advice. A bookkeeper can help you carry out some of the functions of an accountant, including preparation of financial statements, provide financial advice, handle tax issues, and more. Accountants charge more than bookkeepers, so it is more cost-effective for small businesses to work with a bookkeeper rather than hire an accountant. Please check out our blog for more information.

Yes, you may need both. Both professionals have different areas of expertise. While your bookkeeper may be responsible for recording and organising your financial transactions, your accountant is responsible for auditing the records, tax planning and preparation, filing statutory returns, and business consulting. Having both professionals on board is particularly ideal for businesses that need various departments - like marketing, administration, sales, etc. - in place to run effectively and efficiently.

Lukro Ltd is a team of professional bookkeepers and accountants. You can rely on our services to keep your business finances in good shape.

Yes, we are always ready and happy to liaise with your accountants. What more, you won't have to pay for the liaising time between Lukro Ltd and your accountant. We'll deliver detailed and accurate reports that you and your accountants can use in making financial decisions.

About Lukro Ltd

We are licensed to provide bookkeeping services by the International Association of Bookkeepers Institute of Accountants and Bookkeepers (IAB). We are regulated and supervised by IAB. Lukro Ltd complies with Anti Money Laundering Legislation. Our professional Bookkeeper - Agnieszka Szymczak - is a certified member of the Institute of Certified Bookkeepers (ICB). She is a qualified Accounting Technician and Master's Degree holder (earned in Poland) in Finance and Accountancy. What more, we maintain our Continuing Professional Development (CPD) regularly to ensure we are always in compliance with IAB. You can work with us with complete peace of mind!

Yes, Lukro Ltd has professional indemnity and public liability insurance cover.

Yes, we are an authorised agent. We can act on your behalf and assist you in dealing with HMRC and Companies House.

The name Lukro was coined from a Spanish, Italian, and Portuguese word - Lucro, meaning profit. The name emphasizes the fact that we provide our accounting and bookkeeping services with the goal of helping small and medium-sized businesses stay on top of their finances, increase their PROFIT, and grow their brand.

Lukro Ltd is located in Peterborough, UK. However, the beautiful thing is that we offer our services online, so no matter where you are in the UK, we can serve you by leveraging digital technology like our cloud accounting system, Zoom, Skype, and more.

We open for business between 9:00 am - 5:00 pm from Monday to Friday. We do not work on weekends, bank holidays, Easter, and Christmas period.

No, we only serve businesses located in the United Kingdom. However, we serve UK companies irrespective of their location in the region.

Our accountants and bookkeepers work with a range of individuals, sole traders, and business owners from different industries. Our knowledge, experience, and up-to-date training allow us to personalise our services to your exact specifications. Please click here to learn more about who we serve regularly.

Our accounting and bookkeeping practice works toward the success of small to medium-sized businesses in Peterborough and the UK. As a small and professional team, we can take the time to work closely with you, look after your needs, and help you achieve your goals. We work hard to provide excellent accounting services and strive to exceed your expectations on every job. Additionally, we stick by you and offer unwavering support to help your business grow. From addressing challenges to overcoming obstacles, we are here to assist you every step of the way, from start-up to success.

Yes, we offer remote accounting services. Our office is based in Peterborough, but we extend our accounting, bookkeeping, payroll, VAT returns, and other services for businesses registered and based in the UK. Our online customer portal and Cloud-based Xero accounting software allow us to perform all our duties online.

We offer various communication channels to connect with our clients based on their preferences and convenience. If you are located or work in the Peterborough area, or willing to visit us, we can meet with you in person but by scheduled appointment only.

For clients located elsewhere in the UK, we provide remote communication options such as telephone calls, Zoom video calls, Microsoft Teams, WhatsApp, e-mail, and our customer portal. These channels allow us to effectively communicate and address any queries or concerns you may have.

Certainly, we are more than happy to provide references and testimonials from our clients. We recognize the significance of learning about the positive experiences and hearing of the valuable insights shared by our customers. Regularly receiving feedback is a source of pride for us. Please feel free to explore our reviews and testimonials.

Accounting Services

Yes, we do. Lukro Ltd offers accounting services to help businesses with their financial management and reporting needs.

We offer a range of accounting services to help you stay on top of your finances. Our experienced accountants will work closely with you to understand your unique business needs and develop personalised solutions to help you achieve your business goals. Whether you are a small start-up or a medium company, we have the expertise and resources to support your accounting and bookkeeping needs. We can perform bookkeeping, payroll, tax planning and preparation, financial statement preparation, and advisory services - all designed to help you manage your finances efficiently and effectively.

We pride ourselves on providing reliable services designed to meet the needs of each client individually. We specialise in accounting and bookkeeping services for individuals, sole traders, and limited companies which are registered and based in the UK. Kindly note that we do not offer services to businesses outside of the UK.

Yes, our team offers primarily bookkeeping and payroll services to non-profit organisations. However, we do not directly provide accounting services to non-profits. Instead, we work closely with accountants who can offer assistance on a case-by-case basis. We encourage you to contact our consultant for further information.

Yes, our accountants can help you with tax planning and preparation. If your business is registered in the UK, our accountants can provide guidance and support in this area. Our specialists are highly skilled and can help you with tax planning and managing your business. We can assist you in preparing for your tax obligations and ensure that your tax paperwork is completed accurately and submitted on time. By availing our services, you can avoid potential late filing and payment penalties.

No, we do not offer international tax services at this time. Our accounting, bookkeeping, and payroll services are exclusively for businesses registered and based within the UK. We appreciate your understanding.

No, we are sorry for any inconvenience, but we do not provide audit services at this time. However, we are more than happy to assist you with any other accounting or bookkeeping needs you may have. Please contact us for further assistance.

No, company valuations are not a service we offer. However, we can assist you with various accounting, bookkeeping, and payroll tasks. Please feel free to contact us to find out about our other services.

Yes, we can help you set up your new business. This is one of the services that we offer. Our team also performs a wide range of other services which can assist you and support you as a new business owner. We can help you choose the right business structure, whether it is a sole trader or a limited company. We can also assist you in registering your company with the proper authorities, signing up for necessary services, and setting up excellent accounting and bookkeeping systems. Our firm has plenty of experience working with start-ups, so we can provide the assistance and guidance necessary to get your business started and running smoothly.

Changing accountants is a big decision. If you feel your current accountant is not meeting your expectations, it may be time to consider a switch. It is a good idea to see if they match your needs for responsiveness, communication style, support level, personalised services, and convenient software or systems. It is also important to evaluate whether they are helping to run your business better and achieve your financial goals. Overall, you should be able to rely on your accountant as a valuable partner. If you are thinking about changing your accountant, contact us. We will be happy to look at your business and books, and determine if we will be the right accounting team for you.

Yes, our team ensures a smooth and seamless transition when you turn to our services. We will contact your current accountant and handle the transition on your behalf. All we need are your current accounting provider's details, and we will retrieve your records and obtain statement copies. We will ask you to sign the 64-8 agent authorization form so we can communicate with the HMRC on your behalf. Our professionals will verify that we have all the necessary information from you to provide accounting, bookkeeping, or payroll and support your specific business needs.

Yes, it is highly recommended to stay in regular contact with our accountants throughout the year, even after the completion of your annual accounts. Many business owners in the UK find value in maintaining an ongoing relationship with us. By staying in touch, you can seek assistance with accounting or bookkeeping queries, address any concerns or issues that may arise, and receive prompt resolutions.

Moreover, we recommend that you consider our monthly bookkeeping as a service. We believe in proactive accounting which involves focusing not only on year-end reports but also on the present and future aspects of your business. We accomplish this by keeping your records and books in order, planning for taxes, and providing financial advice. This way, you and your business stay on track toward your goals and avoid any problems in the future.

We understand that every individual has their own communication preferences and we are here to work with you to accommodate your needs. Whether you prefer frequent check-ins or prefer to reach out on an as-needed basis, we're here to work with you. We believe that open communication is key to a successful financial journey for your business; please don't hesitate to let us know what communication style works best for you.

It is important to stay in contact with your accountant to manage your finances well. Yet, the frequency of communication will depend on your unique business needs, services, and preferences. Some clients contact their accountants frequently, while others only reach out once a year during tax season.

We understand your time is valuable and we aim to save you time. We'll work with you to determine the best communication times, levels, and styles. But please don't ignore our phone calls or e-mails. In some cases, our communications may be urgent and require immediate attention.

We're always available to answer any questions or concerns you may have. However, lengthy or many phone calls may result in extra charges. So, let's discuss your communication preferences, and we'll find a mutually agreeable plan that suits your busy schedule while allowing us to stay on top of your finances and help your business succeed.

Depending on the nature of your business and the services you require, our accountants may request specific information from you. Please be assured that our team will communicate with you to identify which information and documents are necessary for your particular situation. Each business is unique, so it is difficult to specify the exact documents before understanding your affairs. However, we will work closely with you to determine the specific requirements for your business and accounting needs.

There are many ways for you to send us the necessary documents required to perform our services. You can take advantage of Lukro's online customer portal or Xero accounting software, where you can easily upload and transmit files. However, these are not the only options available to you. You can also submit your documents through personal drop off, post, e-mail, or any GDPR authorised cloud storage alternatives.

We offer these flexible methods to ensure that you can conveniently provide us with your documents while maintaining the necessary security and compliance with data protection regulations.

We can assist with the preparation. Please contact us if you would like our help with your tax return. We will be happy to advise you on the specific documents we will need from you so that you can prepare them in advance.

In general, it is important for you to keep track of your financial records and organise your financial documents throughout the year. We strongly advise you to keep all your bills, invoices, and receipts, as we will be able to use them as expenses and reduce your tax-owing. Additionally, if you are a business owner, prepare all your bank statements from business bank accounts; if you are a sole trader, get your statements from your private bank accounts ready. You can also put together statements recording any business transactions, such as from payment platforms such as PayPal or Stripe. In addition, it is important to keep any letters from the HMRC and Companies House, as they contain information that can affect your tax return.

When you work with Lukro Ltd, you can trust our team to assist you with the accounting year end procedures. If you sign a contract agreement with us, our team provides a courteous e-mail reminder of all the documents we need to complete your tax return. Thanks to your year-round diligence, you can look forward to a smooth and seamless tax return process. You will not only be able to maximise your credits and deductions but also avoid penalties and interest for late or inaccurate tax returns.

Bookkeeping Services

Yes, we do. Lukro Ltd provides bookkeeping services to assist businesses in keeping track of their finances and making their accounting tasks more efficient.

We care about you! Lukro Ltd is a team of certified bookkeepers who are passionate about helping our clients run their business successfully. We'll help you stay on top of your finances, keep your records up-to-date, and support you in making sure your business runs smoothly. Furthermore, you will get access to our online portal, which allows you to access your financial documents and books anytime and anywhere. We have excellent reviews and feedback from our customers. Also, we take pride in our team's attention to detail, quality service, and impeccable customer service.

Usually, we'll need you to send your sales invoices, receipts, bills, and bank statements. However, we may require additional documents depending on the type of services we are offering you. We'll always let you know if we need more documents.

You can get your sales invoices, receipts, and bank statements to us via several channels. However, we recommend sending your documents to us through Cloud Accounting Software like Xero HubDoc that makes the process seamless and also eliminates the need to come to your place to pick up the documents. The software increases collaboration and enables us to access everything we need to carry out the bookkeeping tasks efficiently.

Aside from using a cloud accounting system, you can also send your documents to us through the following channels:

  • Post - You can post your documents directly to our office (we recommend sign delivery), and we'll let you know when we receive it.
  • Email - If you use spreadsheets and keep your financial records online, you can send us the details by email, and we'll let you know when we have it. However, make sure the document is adequately secured to ensure compliance with GBDR regulations.
  • Drop Off - You can deliver your documents directly to us anytime during the business working hours.
  • Online Customer Portal - You can use the free online customer portal on our website to share your documents and books with us. Just drag and drop the files on our portal, and we'll take charge from there.
  • Your Way - You can also give us direct authorisation to your one drive so we can access your documents from there.

It depends on how many transactions you have per month; this includes the numbers of bank accounts we have to reconcile, and the sales invoices and purchase/bills we have to work on. Usually, your bookkeeping for the month will be completed within 15 business days after we receive your documents.

Yes, we'll be happy to sort out your books for you. Please, contact us now, and we'll help you get your books up-to-date. However, we may give you a separate quotation if there is a need for an additional job.

It depends on how often you like us to do your bookkeeping, payroll, or other accounting services. You can send your documents to us daily, weekly, monthly, or quarterly (however you want it). We are fine as long as you get the documents delivered to us at least 14 days before filing your VAT and other returns. However, most of our clients find the monthly delivery easier, so we recommend that you send your documents to us monthly. Also, we advise that you send your documents to us on time so we can work on it and get it back to you in the soonest time possible.

Your document is 100% safe with us. All our clients' documents are stored securely via our backup system. You will get free access to our customer portal that allows you to access your documents anytime and anywhere. With our online accounting software, you can log in anytime to access your documents and print reports. Want us to send your documents to you? We can send it to you through email, post, or share it via our customer's portal.

You should keep your business records for at least six years before discarding them.

Yes, distance isn't a problem with Lukro Ltd. We provide our bookkeeping, accounting, and payroll services online. You can also connect with us via Zoom, Skype, or by simply putting a call across to our team.

Yes, we do. Please call us on 07133 639022, 07812 842094, or send an email to info @ to book an appointment with our certified bookkeeper. You can visit our office or arrange a meeting with us via zoom or skype. Whatever suits you, we can work with it. Also, you can get started by filling the enquiry form on our website so we can understand your business better and customise our bookkeeping services for your exact needs.

We advise all new customers to fill our online enquiry form. It helps us understand your business and save us time on asking questions to find out your business needs. After filling the online enquiry form, you will get an email confirmation that contains the answers to your questions. Nevertheless, we'll also love to hear from you via phone, zoom, or skype.

Payroll Services

You should register as an employer with HM Revenue and Customs (HRMC) when you start employing staff. The registration must be done before your first payday. Please note that it can take up to 5 working days (or longer) to get your employer PAYE reference number. However, you can't register with HMRC two months before you start paying your staff.

Yes, you will have to check your contract with your current provider and notify them in advance that you are switching to a new payroll provider.

No, you can switch your payroll provider at any time in the tax year. However, April is an ideal time as it is the beginning of the financial tax year. When you transfer your payroll to Lukro Ltd, we'll carry over all your cumulative and year-to-date payroll figures from your current payroll company.

We'll send your employees their payslips, P45/P60 and other payroll documents by email which will be sent directly from our payroll software (password protected).

Yes, we'll be happy to re-send the payslips and other payroll documents to your employees on your request. We'll keep all your payroll records securely so we can provide copies of any payslip, P45 or P60 we have produced for you in the past.

We require our customers to send their Payroll information to us at least seven days before their Pay Date so we can have enough time to process their payroll. However, we can get your payroll done in 1 - 3 days from the date we receive your documents.

Hopefully, this situation may not arise as our team will always send you the final payroll for approval before submitting it. If the situation thus arise and there is a need to change any information after we have processed your payroll, we'll have to re-run it again and charge you for the additional work.

Yes, we'll be happy to help you with your pension registration.

RTI means Real Time Information. It is the new way of reporting wages, salaries, PAYE and National Insurance to HMRC. All employers are now expected to file a report to HMRC every time they pay their employees. Click here to find out more about RTI.

CIS Services

The Construction Industry Scheme (CIS) is a tax deduction scheme for construction businesses and workers in the UK. The HMRC requires contractors to deduct a mandatory tax from some subcontractors' payments at specific rates: 20% for subcontractors registered for CIS, zero if they are CIS gross registered, and 30% for those not registered for CIS. They must make their CIS payments every month or quarter, depending on the circumstances. Regardless of the rate, the contractor must submit information about the payments made to the subcontractor/s to the HMRC by the 19th of each month, covering the previous tax period.

Yes. Lukro Ltd is pleased to offer high-quality CIS services in the UK. Our skilled accountants help contractors and subcontractors by facilitating the CIS registration process, filing accurate CIS returns, and advising on CIS deductions and HMRC payments.

According to the HMRC, if you receive pay from a customer for construction work which falls under CIS rules, and you employ one or many subcontractors, you are considered a contractor. If this is the case, you must register as a CIS Contractor. You must also make accurate CIS deductions on your sales invoices to your customers and make correct deductions and payments to your verified subcontractors. Furthermore, you will need to make these payments to the HMRC monthly.

However, if you pay for work on your own private property or home, then you are not considered a contractor. Private households are not covered by the CIS scheme.

A subcontractor is an entity that carries out construction work for a contractor. Your contractor is responsible for making appropriate CIS deductions from your payments. However, if you are a business that operates as both a contractor and subcontractor, you must follow both sets of HMRC CIS rules as it applies to your work.

A deemed contractor is a company that does not perform construction work or construction services, BUT have spent more than ?3 million on construction in one year since the first payment. Local authorities, government agencies, housing associations, and Arm's Length Management Organisations (ALMOs) can all be considered as deemed contractors.

WIf you need help determining if you qualify as a deemed contractor, Lukro Ltd would be pleased to help you. Our professionals stay up to date on CIS rules and regulations, so we will be able to review your situation and determine your status. Additionally, we can help you register for CIS with the HMRC if you do fall under the CIS scheme.

CIS applies to businesses and other firms that work in the construction industry. It includes but it is not limited to companies, partnerships, and self-employed individuals. They may carry out demolitions, dismantling, site preparations, construction, repairs, renovations, and/or decorating.

The CIS covers businesses that are:

  • Contractors
  • Deemed contractors
  • Subcontractors
  • Contractors and subcontractors

Yes, you must register for CIS once you employ your 1st subcontractor. A construction contractor must be registered for CIS and file CIS300 returns regularly (by 19th of each month).

If you're uncertain whether you should register as a contractor for CIS, reach out to Lukro Ltd for expert guidance. Our team of knowledgeable professionals is here to assist with the CIS registration process. We can also liaise with the HMRC on your behalf to facilitate your registration.

If you undertake work within the UK construction industry, it is important to register for CIS. If you register as a subcontractor, your contractor will deduct 20% from your payment or 0% if you are grossly registered, and will remit the amount to the HMRC. If you do not register for CIS, a deduction of 30% will be made.

If you need assistance determining if you should register for CIS as a subcontractor, please contact Lukro Ltd for guidance. Our qualified professionals can help you understand CIS registration and register you for CIS on your behalf.

It is important to register for CIS on time, as delayed registration could lead to missed or late returns and payments to the HMRC.

As a contractor, you should register for CIS before you hire your first subcontractor to perform construction work. Upon registration, the HMRC will be able to set up a Constructor Scheme for you.

As a subcontractor, you should register for CIS before you start any construction work in the UK. Following registration, HMRC will confirm your status and provide you with any pertinent information to be passed on to your contractor.

If you are a contractor, you must file a CIS300 monthly return to the HMRC (by 19th of each month). The return contains crucial information about subcontractors, such as their employment statuses, UTR and NI numbers, their registration statuses with the HMRC, payments made to them, and the deductions taken from the payments.

If no payments were made in a month, you still need to submit a NIL CIS300 return (by 19th of each month) for that tax time period to avoid a penalty. However, if you stop being a contractor you will need to let the HMRC know why you are not submitting a return to avoid any fines or charges.

It's essential to file CIS returns and make payments to the HMRC on time to avoid penalties. Lukro Ltd is happy to assist you in completing, calculating, and filing your CIS returns, saving you time and money in the process.

No, CIS only applies to workers who are self-employed based on their contractual arrangements, and it does not apply to employees who are subject to PAYE (Pay As You Earn) taxation.

As a contractor, the HMRC requires you to take off the appropriate CIS deductions from payment before paying out amounts to your subcontractor. Then, report and send those deductions to the HMRC on the subcontractors' behalf.

First, it is crucial to verify with the HMRC whether the subcontractor is indeed registered for CIS to ensure accuracy. Depending on their status, different rates of deductions may apply. The standard rates are 20% for subcontractors who are registered for CIS, 0% if they are registered as gross, and 30% who are not registered for CIS.

Once the subcontractor is verified, contractors must make the correct deduction. Contractors are also required to submit the CIS300 report, where they will record subcontractor details such as their names, UTR numbers, payment amounts, and deduction specifics. They must complete and file their CIS return by the 19th of every month, and submit the relevant payments to the HMRC.

Since this process can be complex and time-consuming, you can rely on Lukro Ltd to take the pressure off. Our professionals ensure that you understand exactly how much to take off from each subcontractor and complete appropriate CIS returns in a timely manner.

Yes, the HMRC issues penalties for returns and statements related to CIS returns. You may receive penalties if you fail to submit CIS monthly returns, file them later than the deadline, provide inaccurate information, send incomplete forms, make inaccurate deductions, fail to provide a payment and deduction statement to your subcontractors, or provide inaccurate payment and deduction statements to your subcontractors. Penalties and associated fees may vary depending on the violation, time, and client response.

HMRC penalties can range from mild to severe, costing you time, money, and energy. At Lukro Ltd, we can help you avoid these costly situations. Our knowledgeable and skilled accountants complete your CIS returns meticulously, file them before the deadline, and advise you on the proper deductions and payments.

Contactors are expected to file a CIS return monthly in the UK (by 19th of each month). Even if there is a NIL return it must be submitted to HMRC on time, otherwise you will get a penalty. The HMRC requires you to submit the CIS return by the 19th of the month following the previous month's activities (6th to the 5th). Worried about submitting your CIS on time? Need help with filing your monthly CIS returns? Please contact Lukro Ltd Our team will be pleased to help you!

The HMRC allows contractors to submit their CIS returns directly through the HMRC CIS online service or using approved CIS software. At Lukro Ltd, we use MoneySoft - HMRC approved software to prepare and file your CIS return securely and efficiently.

At Lukro Ltd, we believe that it's crucial for our clients to have a clear understanding of the records they need to keep to ensure accurate and complete CIS returns.

It's also important to note that the HMRC may ask you to supply information at any time for up to three years past the end of the tax year. We recommend that our clients keep records of subcontractors' invoices, deductions made on the payments, and costs of materials invoiced by the subcontractor. By keeping these records organised and accessible, our clients can confidently comply with HMRC regulations and avoid any unnecessary penalties.

Vat Services

Yes, we offer VAT services at Lukro Ltd. Our team can assist you with various aspects of Value Added Tax (VAT), including registration, filing VAT returns, and making sure you comply with VAT regulations.

Yes, registration is voluntary, and we can help you with it.

You must register for VAT if your taxable income is above £85,000.

Yes, we can help. You are legally required to register for VAT if your business exceeds the VAT threshold. Sometimes, it may be beneficial to register for VAT before your business turnover reached the threshold. We'll be happy to advise you on when to register for VAT and also help you with the registration.

Self Assessment Tax Services

A self-assessment tax return (SATR) is a personal income tax document (for the tax year 6th April to 5th April) filed annually; online returns must be submitted by 31st January and paper returns must be submitted by 31st October.

It is mandatory for anyone who receives income that is untaxed above ?1000 (per tax year) to report to HMRC via self-assessment tax return and pay the tax to HMRC. The forms detail the total of your income, expenses, dividends paid, other tax deductions, and credits and allow for the calculation of the amount of tax owed to HMRC. A self-assessment tax return ensures that an individual's tax liability is accurate and paid in accordance with total income.

A UTR stands for Unique Tax Reference. It is a 10-digit code that represents you as an individual taxpayer. You receive your UTR upon registering with the HMRC for self-assessment.

If you have not yet registered for self-assessment with the HMRC, please contact Lukro Ltd for help. We can facilitate the registration process and help you obtain your UTR, so that you can submit a tax return easily every year.

Yes. At Lukro Ltd, our experienced professionals are happy to help you with your self assessment tax return needs. We assist with registering for self-assessment tax returns, completing your returns, calculating your tax position, informing you on your HMRC payment, and communicating with the HMRC on your behalf.

If you are an employee, typically you are taxed at the source via the Pay As You Earn system (PAYE) and you do need to file a self-assessment. However, if you received untaxed income from other sources (above ?1000), you will need to file a self-assessment tax return. If you are unsure about your tax status, please contact us for personalised assistance.

Yes. Lukro Ltd can help you register for self-assessment. Please keep in mind that if you need to submit a self-assessment tax return, you will need to register with the HMRC prior to filing (before 5th October of the tax year).

Lukro Ltd is happy to help with registration after you fill out an authorization form (64-8) which allows our professionals to act on your behalf with the HMRC. We will take care of registering you and setting up your account.

After you register for self-assessment, the HMRC will send you a Unique Taxpayer Reference Number (UTR). It is an identifier, with 10 digits, serving to differentiate you as a taxpayer. It is important to note that you will need both your UTR and National Insurance (NI) numbers to submit your self-assessment tax returns each year.

Your personal tax year covers from 6th April of the previous year to 5th April of the following year. When filling out your self-assessment tax return, you will provide details of all income, expenses, and allowable deductions or credits applicable during this time period.

As an individual taxpayer, your personal tax return requires specific details that are unique to your circumstances. Lukro Ltd will discuss your tax status and income with you. We will then send you a list of all the necessary information and documents required to complete your self-assessment tax return.

At Lukro Ltd, we highly recommend that our clients keep comprehensive records of their income, savings, assets, and expenses throughout the year. By doing so, you can easily provide the requisite information to our professionals.

In most situations, we need to view your P45, P60, dividend vouchers, pension statements, bank statements, and any other income source confirmation statements. So, it is important to keep these on hand. It is a proactive approach that will ensure accuracy and efficiency when it comes to your tax return.

  • Deadline for filing a paper self-assessment tax return (31st October)
  • Deadline for filing an online self-assessment tax return (31st January)
  • Deadline for paying your tax owing to HMRC (31st January)

If you miss the tax return deadline, you will get a fine for late filing; any payment owing will also incur interest charges. You can find out more about possible penalties from the HMRC. At Lukro Ltd, we understand how important it is to file your tax returns on time. Our team of professionals can help you complete and send your tax returns, taking the burden off your shoulders and giving you peace of mind.

Our Lukro Ltd accountants recommend submitting your self-assessment tax return as early as possible before the deadline. Our team will be able to gather all the necessary information and documents from you, ensuring accurate tax returns are filed on time. In this way, you will avoid HMRC penalties for late or incomplete tax returns.

Additionally, filing early lets our professionals notify you of any tax owing well in advance of the payment deadline. You will be able to plan for these expenses ahead of time. By doing so, you will avoid the unfortunate scenario of missing the payment deadline or making an incomplete payment, resulting in HMRC penalties and fines. Conversely, if you are eligible for a tax refund from HMRC, submitting your return early can expedite your refund payment.

Yes. If you have made a mistake or omitted any information during the filing of your self-assessment tax return it is possible to amend your tax return after filing with the HMRC. You can make changes to your return within 12 months after the self-assessment deadline.

In the event that you filed online, please note that you must wait for 72 hours before making any changes with your Government Gateway or tax software. Additionally, if you intend to make changes to a self-assessment tax return from a prior tax year, you must notify the HMRC in writing before amending your return.

At Lukro Ltd, we understand that tax returns can be tricky. Contact us ASAP if you did not inform us about any additional income, or if your self-assessment requires amendment due to an oversight on your part. Please keep in mind that we will charge an additional fee for revising your tax return.

Lukro Ltd can also take care of your amendment, if the mistakes or omissions were made by you or another person on your self-assessment tax return. With your authorisation, we can communicate with the HMRC on your behalf to facilitate amendment for a previous tax year. Trust in Lukro Ltd for meticulousness and efficiency when it comes to managing your crucial tax returns.

When it comes to submitting your self-assessment tax return, you can submit it by post or online. Please keep in mind that the deadlines for each method are different. Your paper tax return (by post) is due by 31st October of the tax year, while your online tax return is due by 31st January of the year following the tax year.

If you are submitting a paper tax return, you will need to request an SA100 and supplementary forms from the HMRC; conveniently, you can also download them online from the HMRC webpage. They will send you the appropriate document to complete and send back to them before the 31st October deadline.

You can also complete your tax return form online. You can submit it through your Government Gateway account. You can also complete and file it through HMRC-approved tax software before the 31st January deadline.

At Lukro Ltd, we file your self-assessment tax return online through Xero or TaxCalc. In this way, we can make sure your tax forms are completed efficiently and submitted securely. Please note that we do not file tax returns by paper anymore. Your tax return is in good hands with Lukro Ltd. Contact us today to learn how we can help you!

You can deregister from self-assessment tax returns. At Lukro Ltd, we would be happy to perform the registration process on your behalf.

It's important to note that we must consult with the HMRC - The HMRC must agree with your decision and send you a confirmation letter, exempting you from filing current and future self-assessment tax returns unless your situation changes.

Deregistration with HMRC must be completed well in advance of the tax deadline. If you fail to do so, HMRC will anticipate you to file a self-assessment. If you do not do this HMRC will penalise you for not submitting a tax return on time (by 31st January), even if you believe you are not required to submit one.

When you have a tax bill due to the HMRC, you must pay it before the 31st January deadline or 31st July deadline (if you make advance payments) to avoid interest charges. When selecting a payment method, be sure to take into account processing times to ensure you meet these deadlines.

Please visit our webpage for more information regarding how to pay your tax bill to the HMRC.

Company Formation Services

Once Companies House has reviewed and approved your company registration, you will be sent several important documents by email. These include your official company incorporation certificate, a memorandum of association that explains why the company was incorporated, articles of association that outline the regulations for the company and its reporting requirements, and share certificates, which serve as legal documents proving ownership.

Yes, you can act as both the sole director and sole shareholder. In fact, this is common, especially for small to medium-sized businesses in the UK.

As a director, you are responsible for handling business operations, making strategic decisions, and complying with legal and regulatory requirements. As a shareholder, you own all or a portion of the company (represented directly by the shares you own). You can vote on company matters and you may receive dividends.

Since this is the case, you can be both a director and shareholder. You will have a significant level of control and influence over the company's operations and direction. However, you must follow the rules of becoming or being a director (as some of them are not applicable to shareholders).

Yes, a company needs at least one shareholder. Shareholders are the owners of the company and hold shares, representing their ownership stake. They have certain rights, such as voting on major company decisions and receiving a portion of the company's profits (dividends).

No, you do not need a company secretary; it is optional. A secretary can help a company with administrative activities and procedures. However, companies may assign these responsibilities to someone else, such as one of the directors.

Yes, you do need a company director. Directors are in charge of company operations, making important decisions, overseeing management activities, and ensuring compliance with laws and regulations. They also have a responsibility to file up-to-date information and documents with Companies House.

Under UK law, all registered companies must have at least one director. However, there are some rules about who the directors can be and the information they must provide to Companies House. To be eligible, a director must be at least 16 years of age. They also must provide their name, personal information, and address upon registration.

A PSC refers to a Person of Significant Control. PSCs include individuals who possess a minimum of 25% of the company's shares, exercise significant decision-making authority, or wield considerable power.

Business registration in the UK requires you to list all PSCs in your company. The information is submitted to Companies House, the registrar of businesses companies in the UK. They will maintain and update the PSC register, which includes details of the PSC name, date of birth, nationality, residential address, responsibilities, and their date of becoming a PSC in your company. By listing these critical details, Companies House improves the transparency of businesses and their activities. They also prevent illegal or unethical practices within companies.

It is often confusing to determine who may or may not be a PSC within your business. Our Lukro Ltd team will take the time to discuss your business, set-up, and members with you so we can list them accurately on your documents.

Your business name is completely up to you, with a few limitations and requirements. Please keep in mind the following stipulations:

  • The name must not already be a registered company name or close to a registered name.
  • The name must not imply association with government offices or bodies.
  • The name must not be offensive.
  • The name must not contain sensitive words.

Since choosing a company name can be stressful under these stipulations, it is best to work with a professional prior to registration. Lukro Ltd is happy to help you in checking the availability and appropriateness of your desired name.

Yes. Although most businesses find that one SIC code is sufficient, they can have up to four SIC codes. It may be necessary to have more than one SIC number if you have various or complex business activities. If this represents your situation, your principal SIC code must be the one that represents your primary business activities (typically, the business activity that represents the most revenues).

Lukro Ltd understands that SIC codes can be complicated. Our team can help you understand whether you need one or multiple SIC codes, and facilitate the process of setting them up with the HMRC.

SIC stands for Standard Industrial Classification. This code is a five-digit code that determines the industry in which your business belongs and describes the type of trade activities. In other words, it identifies your type of company.

When you are forming a company in the UK, you must choose a specific code from an official list to describe your business. Since there are more than a thousand SIC codes, it can be helpful to obtain the guidance of a professional. Lukro Ltd can provide the necessary assistance during the registration process. Additionally, we can help you file a Confirmation Statement in order to change your current SIC code, if necessary.

When you register your company with the HMRC, they will provide you with a UTR number. You can register online with the HMRC or contact the HMRC directly to start the registration process. Alternatively, our Lukro Ltd professionals would be happy to register your company in the UK.

A Company's UTR number is the Unique Taxpayer Reference code for your business. The HMRC identifies you as a business or individual with this distinct 10-digit code. It will be used for filing your tax returns and forms such as corporation taxes or VAT returns.

Yes. Lukro Ltd is dedicated to helping entrepreneurs establish their new businesses. We offer a range of company formation services, including registering your business in the UK, selecting an appropriate business structure, registering and handling taxes, and providing expert accounting and bookkeeping on an ongoing basis.

A company's registered office is the official address where Companies House, HMRC, and other governmental bodies will send you official letters, legal documents, notices.

While the registered address does not have to be your business's main office or location, it must be based in the UK. Please keep in mind that Lukro Ltd only registers your business under your own address. We do not offer services registering your business under our accounting firm address.

When you are registering a limited company, it is necessary to provide Companies House with a wide range of information. This includes the business name, registered office address, business activity details, and people with significant control, such as the directors and secretaries. It is also important to note that ongoing information must be provided to Companies House on a regular basis.

Lukro Ltd can advise you on which information, documents, or reports need to be provided and filed with the agency. We would also be pleased to set up your limited company in the UK for you. Please contact us for a consultation with our professionals.

A limited company is a type of business structure. It is distinct because it can operate as its own entity, separate from the owners or shareholders. For instance, the business forms and enters into contacts rather than the owners. As a result, owners are only liable up to the amount they have personally invested in the business.

Companies House is a governmental agency that registers businesses in the UK. It maintains and updates a public database with information about a company, such as listing company directors, shareholders, number of shares, company incorporation date, company registered address, annual accounts reports, etc. Since this is the case, registered companies benefit from a high degree of transparency, credibility, and integrity.

It is highly recommended that you register as self-employed or register your business as a limited company before commencing activities. It ensures that you remain legally compliant with UK laws and regulations. It becomes mandatory for you to register when you start exceeding ?1,000 per tax year. Failure to do so could result in penalties, fines, and even legal actions being taken against your business.

At Lukro Ltd, we understand that business formation can be time-consuming and frustrating. Let our professionals help you with the process, from determining the optimal company structure to registration with the relevant regulatory bodies.

Yes, in most cases. In the UK, if you are operating a business or are self-employed, it is typically necessary to register with HM Revenue and Customs (HMRC) for tax purposes. Moreover, businesses that register with HMRC may be eligible for benefits or tax credits that can bolster their operations.

In some cases, businesses or individuals do not need to register with the HMRC; for instance, if their earnings fall below ?1,000 per annum, they conduct sales that do not necessitate a licence, or they do not have any employees on their payroll. At Lukro Ltd, we can guide you on the advantages of registering with the HMRC and facilitate the registration process.

You must register with Companies House if you are operating as a limited company. However, you do not need to register with the Companies House if you are a sole trader. That said, there could be benefits to transitioning into a limited company and registering with the Companies House. If you're unsure if being a sole trader or limited company is best for you, our Lukro Ltd team can provide a consultation to discuss your options.

Lukro Ltd is proud to offer affordable prices for our high-quality company formation services in the UK. You can view our prices here. Enjoy a painless limited company registration process for low fees with no hidden costs.

Lukro Ltd understands that setting up and registering your company correctly is critical to a successful business. If you have a strong foundation in regards to operating legally and properly in the UK, you will be able to focus on other key aspects of your business to help it thrive and grow.

Our team of qualified professionals can assist you with various aspects of company formation and register your company for other services like VAT, Payroll, CIS, Corporation Tax. We will also provide ongoing support for your business with accounting, bookkeeping and payroll services. With our expertise tailored to your exact needs, you can always be confident about the current status and future direction of your business.

Business registration within the UK refers to registering your business with the Companies House. It involves informing the agency of your business name, structure, and other important data. Additionally, it means informing the HMRC about your business, filing necessary tax documents (such as tax returns, VAT taxes, PAYE scheme, etc.), and paying the correct amount of taxes for your income.

Cloud Accounting Software

We'll work with you to understand your business and suggest the most suitable software. Lukro Ltd will help you understand the pros and cons of each accounting software so you can make an informed decision. We offer most of our services online and recommend that you get an online accounting software like Xero.

Although we specialise in Xero, we also support other accounting software like Quickbooks and Sage.

At Lukro Ltd, we believe you own your data, so we recommend that you have the Xero subscription in your name and give your bookkeeper and accountant access to it.

Yes, we can help you migrate your data to Xero easily. Want to start Xero on a clean slate? Our bookkeeping and accounting team will help you with the software transfer so you can start using your new user-friendly software immediately.

Yes, Xero is very secured. Bookkeepers and accountants recommend the software for businesses. The company invests heavily in its security, and Xero has never been breached. Your information is in the safest hand when you use Xero.

  • Access to your documents anytime and anywhere
  • You will get real-time accounting information
  • Enables smooth collaboration with your accountants and bookkeepers
  • Gives you control
  • Automatic backup of all your business records
  • No need to find a physical space to store up documents for six years
  • You can use the software for different types of businesses
  • Enjoy expert support from Lukro Ltd - a certified Xero Partner

Yes, we offer cloud-based accounting services to our customers! Our team believes it is an excellent accounting solution, offering numerous benefits to you. With Cloud accounting, you can easily take advantage of our services, so you can quickly and safely upload information and access our reports or statements without any hassle. We are proud to promote Cloud accounting systems and their positive impact on our clients.

We mainly use Xero Cloud accounting software. It is a Cloud-based platform, allowing you to access and update your accounting information from any computer or smart device with an internet connection. As a business owner, you can benefit from numerous features such as user-friendly interface, cloud-based security and backups, and integrations with useful applications. You can use your Xero Accounting to manage your expenses and have access to your reports.

Xero is our main accounting system which we recommend to our customers. We want our clients to feel comfortable using accounting software while ensuring they receive the benefits of technology, security, and satisfaction.

Cloud accounting offers numerous benefits for individuals and businesses of all sizes. We use Xero accounting system, which may offer you advantages like:

  • Real-time Access to Financial Data
  • A single source of truth for all your accounting needs
  • Intuitive, user-friendly system
  • HMRC tax compliance
  • Access from anywhere in the world
  • Collaboration with your team members, accountants, and bookkeepers
  • Banking and other business applications
  • Top-notch security
  • Automatic backups on the Cloud

By embracing Cloud accounting, you can streamline your financial processes, make informed decisions, save time and money, and ultimately drive the success of your business.

Yes, our accounting team can migrate your business to Xero Cloud accounting with ease. We provide a comprehensive set-up and transition service ensuring a smooth migration. Whether you are currently using Quickbooks or Sage, or any other accounting software, we can help you transfer your business and data to Xero. Moreover, we also provide assistance for learning and understanding the Xero accounting system. Please note that we do charge a fee for this service.

Absolutely! If you are a Xero business owner, you can invite us to your business by granting us the advisor role with the ability to add our staff. This will allow us to effectively provide accounting and bookkeeping services using the Xero software, ensuring seamless collaboration and efficient management of your financial tasks.

Accounting software is an excellent way to keep track of your financial information and prepare important accounting documents. There are two types of accounting software: desktop and Cloud-based. Desktop accounting software is installed onto a computer, and it runs only on that computer or dedicated server. Alternatively, Cloud accounting software is hosted on a remote server with secure online and multi-device access.

We recommend that you use Cloud-based accounting software, especially Xero Accounting. With Xero, you can enjoy easy access and control over all your financial and accounting matters. You can log in from anywhere in the UK or the world and even let multiple team members use your account without extra charges. Additionally, your data is backed up, and Xero employs advanced security measures to keep your information safe. Ultimately, Cloud-based accounting software, such as Xero, offers more efficient accounting solutions than desktop options.

Pricing and Payment Terms

We will give you a quote based on your type of business (sole trade or limited company) and the number of sales invoices, bank accounts, and bank transactions you have. While we usually strive to give our clients a fixed monthly fee for our services, our fees will increase as your business grows, transactions increase, and we spend more time reviewing your books. Furthermore, if you desire additional service outside the package you choose, we'll send you a separate quote for it. Usually, we charge £25.00 per hour for any extra service. Additionally, you can fill the enquiry form on our website to help us understand your business needs so that we can give you a personalized quote.

We ask our clients to pay within 14 days from the invoice date. Lukro Ltd offers a yearly payment plan. However, we allow our clients to pay monthly in advance of an agreed annual fee to help them with their cash flow.

We ask our new customers to pay upfront. Usually, our customers make transfers to our bank account. However, we recommend that all our new customers make payments via GoCardless direct debit. To setup GoCardless, we'll send you an authorisation form via email. After filling the form, we'll use it to initiate a Direct Debit Instruction on your bank account. Afterwards, GoCardless will send you an email notification that payment will be debited from your account when the invoice is due. Please, visit to find out more information about GoCardless.

No, you are not restricted by a minimum contract period. However, you must give us one month notice in the rare event that you want to opt-out of our services.

The fees of our year-end accounting services also depend on your business type, revenue, and the number of transactions we have to review. We know that each business is unique, and their level of transactions are also different. Therefore, we strive to be as fair as possible by ensuring what you pay is proportional to the frequency of services we offer and the level of activity involved. This implies that as your number of transactions increases and the amount of time it takes to review your books increases, our fees would also increase.

We'll review our fees when your number of bills, invoices, and transactions increases rapidly. For example, let's assume we gave you a quote when your business transactions were limited to 30. It would only be fair for the fees to go up when the number increases to 40, 50, or more because we will be spending more time working on your books and helping your business grow.

At Lukro Ltd, we take pride in offering competitive rates for our accounting services in Peterborough and the UK. We understand that you deserve the highest quality service possible when it comes to your finances. That's why we've assembled a team of qualified and experienced accountants. Our commitment to professionalism and excellence sets us apart from other accountancy firms, allowing us to deliver a superior service and achieve better results for your business.

We recognize that every business is unique, with different sizes and specific requirements. Therefore, we do not provide generic accounting services and flat rates. Instead, we carefully analyse your business needs, activities, and financial complexities to offer personalised services. This allows us to provide you with a transparent and tailored quote. If the quote meets your satisfaction, we can arrange fixed monthly fees for your convenience.

It's important to note that any additional services beyond your original package may be billed separately. For detailed information about our pricing, please click here.

No. At Lukro Ltd, our initial 30-minute consultations are free and carry no obligations. In some cases, these consultations may take longer than half an hour and we will not charge you. During our meeting, you can learn about our services and discover how we can help you. We will also learn about you, your unique business, your concerns, and your goals. Based on our discussion, we can determine if we will have a successful business relationship.

You will not incur charges for every communication with us. However, if there are extensive phone calls, lengthy discussions that require significant time, there may be a fee for the additional consultation time. Additionally, if any substantial work or research is necessary to address your inquiries, there may be associated fees. Please rest assured that we will always let you know if there will be any additional charges.


Yes, we are always happy to talk to our prospective clients about their bookkeeping and payroll needs. We advise that you contact us to book an appointment and we'll arrange a meeting with you via phone, skype, zoom or whichever method is most convenient for you. Book a 30-minute FREE initial consultation with our certified bookkeeper now. Get in touch with us to find out how we can support your business with our bookkeeping needs.

No, you won't. However, we may charge you if you ask questions that require us to carry out extensive research. We'll always notify you of the fees before conducting the research.

After our consultation to determine your specific needs, we will send you a quotation. Once you accept our quote, we will take all necessary steps to ensure compliance with AML regulations. This includes confirming your identity, verifying your recent address (no older than 3 months) and performing AML risk assessments and verifications. If all the checks are successful, we will send you an official agreement for your review. You will receive an e-mail from us with instructions on how to sign your contract agreement electronically by logging into an Accountancy Manager portal. If you need assistance or have any questions, please don't hesitate to contact us. We always happy to help with any queries.

We always strive to provide the best possible service to our clients. However, if you decide to cancel or change us as your accountant, we will be sad to see you go. Kindly note that one month's notice is required to break your contract.

Please be aware that if you have been making monthly instalment payments, we are unable to provide a refund for any money already paid. This is because these payments are part of our initial contract agreement, which may include services such as year-end accounts or self-assessment tax return preparations.

Ask a Question


If you feel that your questions are still unanswered, please send them to us by filling our contact form and our professional bookkeeper will get back to you with the answers.