FAQs

Welbourne & Co is a chartered certified accountancy practice serving businesses across Cambridgeshire and Norfolk. Founded by Richard Welbourne, we combine local expertise with personalised service to provide comprehensive financial solutions for businesses of all sizes.

Welbourne & Co was established by Richard Welbourne and has built a strong reputation for excellence in accounting services throughout East Anglia. Our team brings decades of combined experience in accounting, taxation, and business advisory services.

Our team is led by three directors who are all qualified chartered accountants. Richard Welbourne and Andrew Whitehead are certified chartered accountants, while Nicholas Knight is a chartered accountant. All our accounting staff maintain current professional certifications and participate in ongoing professional development to stay current with changing regulations.

We primarily serve businesses throughout Cambridgeshire and Norfolk. However, we also work with clients in surrounding areas and can accommodate remote clients through our digital services.

Our distinctive approach combines deep local knowledge with personalised attention that larger firms cannot match. We focus on building long-term relationships, understanding your specific business needs, and providing solutions that go beyond compliance to actively support your growth and success.

We work with businesses across various industries, bringing specialised knowledge to each sector while applying universal accounting principles. Whether you’re in retail, construction, professional services, agriculture, or hospitality, we have experience relevant to your needs.

We provide a comprehensive range of accounting services including accounts preparation, tax returns, self-assessments, VAT returns, bookkeeping, and payroll services. We also offer business advisory services to help with financial planning, growth strategies, and business efficiency.

We offer both individual services and customised service packages tailored to your specific needs. Many clients find that a comprehensive approach delivers the best value and results, but we’re happy to provide specific services as required.

Yes, we provide guidance on the most appropriate business structure for your circumstances, whether that’s sole trader, partnership, limited company, or another entity. We can assist with company formation, structuring for tax efficiency, and ensuring all statutory requirements are met.

Absolutely. Our services extend beyond compliance to include business growth planning, cash flow management, profitability analysis, and strategic financial advice. We see ourselves as partners in your success, not just number-crunchers.

Yes, we can recommend and help implement the most suitable accounting software for your business needs. We work with all major platforms including Xero, QuickBooks, Sage, and FreeAgent, and can provide training and ongoing support.

We specialise in cloud accounting solutions that give you real-time access to your financial information from anywhere. These systems streamline your processes, improve collaboration, and help you make more informed decisions based on current data.

We typically work on a fixed-fee basis for most services, which we agree upon upfront based on the complexity and scope of work required. This gives you certainty about costs without worrying about unexpected bills or charging by the minute for queries.

We offer a complimentary initial consultation to understand your needs and explain how we can help. This allows us to provide a tailored proposal before any commitment is made.

Depending on the services provided, we typically offer monthly payment plans to spread the cost evenly throughout the year. For specific one-off services, payment terms will be agreed upon in advance.

We pride ourselves on transparency in our pricing. Our engagement letter will clearly outline all fees and services covered. If additional work beyond the agreed scope becomes necessary, we’ll discuss this with you before proceeding.

We understand that businesses have different needs and budgets. We can tailor our service offerings to provide essential compliance services for those with limited budgets, while offering more comprehensive packages for businesses requiring broader support.

Yes, we do offer a modest discount for clients who prefer to pay for services annually rather than monthly. Please ask about this option during your consultation if it’s of interest.

For new clients, we typically need your business details, previous years’ accounts and tax returns, access to your accounting records, and information about your current financial situation. We’ll provide a comprehensive checklist tailored to your specific circumstances.

We offer secure digital methods for sharing documents, including our client portal, secure email, or digital storage solutions. If you prefer, you can also deliver physical documents to our office.

This depends on your needs and the services we provide. Typically, we recommend quarterly meetings for most clients, but this can range from monthly for businesses needing close financial guidance to annually for those with simpler requirements.

Yes, we assign a dedicated accountant to each client to ensure consistency and build a strong working relationship. You’ll also have access to our directors and specialists when needed for specific matters.

We aim to respond to all client queries within one business day. For urgent matters, we make every effort to respond more quickly. Our team prioritises clear communication and accessibility.

Absolutely. We’re happy to collaborate with your in-house financial team or external bookkeeper. We can provide oversight, offer guidance, and handle the more complex accounting and tax matters while working alongside your existing resources.

Ideally, preparation should begin at least 3-4 months before your year-end to ensure all necessary information is gathered and any tax planning opportunities can be implemented. For personal tax returns, we recommend starting the process shortly after the tax year ends on April 5th.

Yes, we proactively identify legitimate tax planning opportunities to minimise your tax liability. This includes ensuring you claim all available deductions, structuring your affairs efficiently, and planning transactions with tax implications in mind.

If you’re selected for an investigation, we provide comprehensive support throughout the process. We’ll help prepare the necessary documentation, represent you in communications with HMRC, and work to resolve the inquiry as quickly and favourably as possible.

Yes, we offer tax investigation insurance that covers our professional fees in the event of an HMRC inquiry. This provides peace of mind and financial protection against the potentially significant costs of dealing with an investigation.

Our team participates in ongoing professional development and regularly reviews updates from HMRC, professional bodies, and tax specialists. This ensures our advice always reflects the current tax legislation and available reliefs.

Yes, we provide inheritance tax planning advice to help protect your estate and ensure efficient wealth transfer to the next generation. This includes advice on available exemptions, lifetime gifts, trusts, and other strategies to minimise inheritance tax liability.

For most businesses, we recommend monthly bookkeeping to maintain up-to-date financial records. However, this can vary depending on your business size, complexity, and needs. Some smaller businesses may manage with quarterly updates, while larger operations might benefit from weekly processing.

You should keep records of all business income and expenses, bank statements, invoices, receipts, payroll records, VAT records (if registered), and details of assets and liabilities. We can provide specific guidance based on your business structure and industry.

Generally, business records should be kept for at least 6 years. However, if you’re self-employed and included expenses for a car, machinery, or equipment in your tax return, you’ll need to keep those records for 5 years from the submission deadline of the relevant tax return.

Yes, we can take over your bookkeeping at any point. We’ll conduct a thorough review of your existing records to ensure accuracy before moving forward. This transition can be done smoothly with minimal disruption to your business.

Our payroll services include processing regular and one-off payments, calculating statutory payments (sick pay, maternity/paternity pay), managing tax and National Insurance contributions, producing payslips, handling year-end procedures, and ensuring compliance with auto-enrolment pension requirements.

We manage all aspects of employee benefits and expenses, including calculating the tax implications, preparing P11D forms, and advising on tax-efficient benefit structures. We ensure full compliance with HMRC requirements while helping you implement attractive employee packages.

As a client, you’re responsible for providing accurate and complete information, responding to queries in a timely manner, reviewing and approving documents we prepare, and ultimately making business decisions based on our advice. We’ll clearly outline specific responsibilities in our engagement letter.

Maintaining organised records, providing information promptly when requested, communicating changes in your business, and following the systems we establish together will help ensure a smooth accounting process. Regular communication is key to a successful working relationship.

Key deadlines include VAT return due dates (typically quarterly), Self Assessment tax return deadline (31 January), Corporation Tax return deadline (12 months after your accounting period ends), and Companies House accounts filing deadlines. We’ll help you track these and provide reminders.

Missing deadlines can result in penalties from HMRC or Companies House. While we make every effort to help you meet deadlines, it’s important to provide necessary information with sufficient lead time. If unforeseen circumstances arise, we’ll work to minimise any potential penalties.

We recommend reviewing basic financial reports (profit and loss, cash flow) at least monthly to stay informed about your business performance. More detailed reviews with your accountant can be conducted quarterly to identify trends, opportunities, and areas for improvement.

You should inform us about significant changes such as new products or services, major contracts, staff changes, capital purchases, business structure changes, new financing, and any HMRC communications. Early awareness allows us to provide timely advice and adjust our services as needed.