FAQs
Frequently Asked Questions
Explore the responses to our most frequently asked questions. Learn more about accounting, our services, and how we can assist you.
What makes MNG STRATEGIA different?
We combine technical precision with strategic insight. Our approach is disciplined, structured and advisory-led. We focus not only on meeting statutory obligations, but on helping clients build financially resilient and strategically sound organisations.
How do I switch my accounting to MNG STRATEGIA?
Switching is seamless. You simply notify your current accountant, and we handle the “Professional Clearance” process, including the secure transfer of all your historical data, books, and tax records.
How much do your services cost?
We will assess the level of work required and the combination of services we can offer. We provide an annual fee, which can then be broken down into a monthly direct debit to help you with cashflow. You’ll always know your costs upfront.
Do you support new business start-ups?
Yes. We assist with company formation, tax registration, accounting system setup, and financial planning. We help founders establish strong financial foundations from the outset.
I’m a new Start-up. Should I be a Sole Trader or a Limited Company?
The “best” structure depends on your projected profits and risk profile. Generally, Limited Companies offer “limited liability” and better tax-planning flexibility (salary vs. dividends), whereas Sole Traders have simpler admin. We perform a “Structure Review” for every new client to ensure you’re on the most tax-efficient path.
How does the 2026 “Making Tax Digital” (MTD) update affect me?
From April 2026, self-employed individuals and landlords with income over £50,000 must keep digital records and file quarterly updates to HMRC. We manage this entire transition for you, ensuring your software is compliant and your submissions are on time to avoid the new penalty points system.
What expenses can I claim as a limited company?
You can claim expenses that are wholly and exclusively for business purposes. In general, if the cost is incurred to generate business income, it is allowable. Common examples include insurance, telephone and IT costs, advertising, materials, and distribution expenses. Some items require additional consideration, for example, company cars can create additional tax charges for employees (unless the vehicle is electric). We can advise on the most tax-efficient treatment based on your circumstances.
What is the “Five-Step” revenue model, and do I need to worry about it?
This is part of the FRS 102 (2026) update. It changes how UK businesses recognize income from contracts and leases. If you have long-term service contracts or equipment leases, we will remodel your accounts to ensure your balance sheet remains accurate and compliant with these new standards.
How does VAT work?
If you are VAT registered, you charge VAT (currently 20%) on your sales and reclaim VAT on eligible business expenses. Every quarter, you calculate the difference between VAT collected and VAT paid. Any balance is payable to HMRC one month and seven days after the quarter ends. There are several VAT schemes available. We assess the most suitable option when you register and review it periodically to ensure it remains the most beneficial for your business.
Do you provide specialised accounting for Charities and Non-profits?
Yes. Non-profits have unique reporting requirements under the Charities SORP. We ensuring your Restricted and Unrestricted funds are clearly separated in your Statement of Financial Activities (SOFA).
Have a question not covered here?
Speak to us for a confidential discussion about your accounting, tax or advisory needs.