How To do Ecommerce bookkeeping for Small businesses

How To do your E commerce bookkeeping

Bookkeeping is a process which involves the recording and management of every company’s financial transaction regarding any services or goods sold, purchased as well as payments made. Bookkeepers are responsible for tracking every cost and income to equip the company with data-based financial decision-making skills. Gm professional Accountants provide bookkeeping services for small businesses.

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Depending on your Ecommerce platform, there will reports that you run and export from your admin panel. You will need to review these reports and make decisions on the sales, expenses and balance sheet accounts. Also whilst posting these to the correct nominal accounts , there will the vat liability accounts and these will effect the vat return. This area requires expertise as the rule of the place of supply of goods needs to be determined and the distance selling rules.

The duty of bookkeepers also involves giving your business a holistic financial picture, balancing your accounts, and strategically making your business’ cash flow management better.

The fundamentals of bookkeeping

An account in business bookkeeping refers to all the debit and credit entry records of a particular type, for example, accounts payable or payroll.

Accounts are classified in 5 basic types

Assets: These are transaction-based resources or valuables belonging to a company such as inventory. These will be inserted from your purchase invoices.

Income or Revenues: This is money the company earns by making sales or offering a service. These will be determined for the reports in your admin panel.

Liabilities. They refer to any obligation and debt a company owes suppliers, lenders, banks, as well as any provider that provides goods and services to the said company, for example, loans, accounts payable.

Expenses: It is the cash the company releases for the payment of assets or services, for example, salaries, utilities etc.

Equity: It is the value of the interest of an owner in a company after the subtraction of all liabilities, for example, retained earnings, stock etc.

The ideal way of setting up small business accounting is to start with the setting up of each account individually. This will enable the recording of each transaction on its rightful category.

Your general ledger, as well as bookkeeping processes, will appear pretty different from that of the nearby ecommerce store. After all, common accounting methods differ based on different business needs.

The ideal way to do bookkeeping

1.Ensure that financial records stay maintained and updated: Bookkeeping is numbers-based work that deals largely with basic math and accounting. Differences in the type of bookkeeping work done depend only on your business type but tasks such as settling accounts receivable together with bank statements, financial transaction recordings, billing, invoicing and tracking payroll are more or less the same.

Other financial responsibilities on your duty will also include:

Incorporating tax in bookkeeping on the income, payroll, employment as well as in tax deductions for small business.

Budget planning to enable the company to sustain its growth

Gathering financial statements for stakeholders to explore! They include an income statement, balance sheets, cash flow, and equity changes.

Bookkeeping is not only about mastering numbers but also what the law requires from businesses. Provided you run a business that maintains regular auditing, considers ensuring that you have legally binding records together with deductions.

2.Monitor everyone’s activities especially spending

The time that goes into financial bookkeeping processes when it comes to ensuring that various financial transactions are accurate is worth mentioning. Besides, as a bookkeeper, you have to balance the books every day while tracking every payment that enters or leaves via employees.

The implication, therefore, is that in order to better equip yourself with bookkeeping and accounting know-how, your communication proficiency and organisation aptitude should be apt. This is necessary because your job description among other things involves collecting receipts from employees, handling travel expenses and reimbursements. This entails creating an easy-to-follow submission and reimbursement system to help record every transaction without missing any. That will assist you to bookkeep sustainably, accurately and in an up-to-date manner.

Comparing Double-entry bookkeeping with single-entry

In bookkeeping, the single-entry method involves recording business transactions whenever you deposit money or pay bills into the account of your company. Just think of how a check register is kept! This is a method that suits smaller businesses more, considering that their transactions are in small amounts.

With double-entry bookkeeping, all sizes of businesses and complexity are applicable. It is a method that involves making an entry into an account and in return, an equivalent and opposite entry is made to another account. Take for instance if you recorded a £100 income, then you will have to make two entries: (1) £100 of debit entry to raise your cash balance sheet and £100 of credit entry to raise the income statement of the revenue account.

FAQ on Bookkeeping

What does a bookkeeper do?

A bookkeeper is an individual who records and manages your company accounts and documents for all financial transactions. With bookkeeping, you can see the financial position of your business at any given time. Bookkeepers’ work is the reason accountants and auditors can easily see the financial health of your business.

How is bookkeeping different from accounting?

Bookkeeping involves making records of financial transactions whereas accounting includes not only recording financial data, but also categorizing, analyzing, reporting, and summarising it.

Gm Professional accountants specialise in online businesses, Our offices are Located in London, Birmingham and Greater Manchester. 

Bookkeeping Accounting Course for Small business Owners

Bookkeeping Accounting Course for Small business Owners

  • Accounting training with real data
  • Designed by an Accountant
  • Presented by a Teacher

Most of the time, you can run a small business even without specialized accounting knowledge. Nonetheless, learning how to do bookkeeping in an accounting system is not as complicated as you may think, yet it can be so effective. Doing the Accounting & Bookkeeping business Course is just what you need as it provides practical skills and knowledge that you will need to become proficient in Bookkeeping and accounting field. This will be critical when you are running a small business since it makes it possible to perform the big and small accounting tasks that you are called upon to do every day. This means that by taking the course, you will become a more effective manager or owner of the business.

bookkeeping course

What will you learn?

The Accounting & Bookkeeping for Small Business is a comprehensive course that has everything you need to know about cloud based bookkeeping system, including an in-depth introduction to the most important concepts. The modules are frequently updated and cover the latest and most useful topics for practice including Sales invoicing, Purchases invoicing, Bank feeds, and Bank reconciliation.  

Overall, you will gain broad-based knowledge of bookkeeping, accounting and the systems that you will be using to manage and record them.

The course will explain the different techniques for reviewing profit and loss account. You will also get access to modules that outline how to respond to sales and purchase invoices. The course also comes with a section that explains how to deal with and speak with customers that are late on their payments, and the importance of controlling credit.

Even better, you can go through the course wherever you like and at your own time and pace, given that it is an online course that you can access at any time. The course is made up of professionally narrated

Why is this Accounting Course Different?

  • This has real examples and quizzes that test your competence using a cloud based system.
  • Presented by a teacher and designed by an accountant. 
  • Easy and flexible learning online. 

Accounts Assistant

  1. Introduction to Bookkeeping Double entry for Accounts Assistant
  2. Chart of accounts
  3. Nominal Accounts: Creation, maintenance of nominal codes
  4. Creating Supplier accounts and Customer accounts
  5. Coding and Posting Sales, purchases and expense invoices
  6. Value Added Tax (VAT) within purchase ledger and Sales Ledger
  7. Posting Customer Receipts, Posting supplier payments and Bank Payments
  8. Processing staff expenses
  9. Supplier statement reconciliations
  10. Bank Reconciliations
  11. Exporting reports
  12. Basic Accounting Concepts and Data Security
  13. Trial Balances
  14. Reconciliations
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Specialists bookkeeping for Amazon seller

Specialists bookkeeping for Amazon seller

 There are many things one can look for in getting specialists bookkeeper in Amazon field. They are required to set priorities that will meet the bookkeeping and vat requirements, by having an understanding of the vat principles that will help to govern various activities within the Amazon field.

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The bookkeeper should understand the current events on overseas VAT regulations and accounting software packages when it comes to technology, be well conversant with the cost of different rates of vat and be ready to assist in these matter when problems arise.  

Accountants in London

GM Professional Accountants possess recommendable qualities and knowledge which we have attained from years of experience that includes tax planning, and be able to demonstrate those qualities into tax savings. GM Professional Accountants have experiences in the aspects of UK vat and this  boosted our reliability and makes our clients feel comfortable to focus on their business.

 There will be successful and progressive business when the bookkeeper implements good ledger skills and easily bonds with them by responding to various queries and concerns.

 Specialist bookkeepers understand the requirements of the Amazon Company to various services and can come up with strategies to solve business-related problems.

 When it comes to finances, they should be knowing how to secure account data, paying attention to every detail in the statutory accounts for accuracy. Find a good bookkeeper from a trusted source for instance, checking our google reviews and our accounting body.  Also, consider a bookkeeper who understands the local surrounding within the business area who will provide good detailed services to a customer that is remotely located.

As with any other business, effective bookkeeping for Amazon seller will need to provide current answers to many queries for an incredible financial outcome. First, there should be appropriate ledgers on invoices and expenses of a given period of time then the income and expenses analysed, this should allow you to make informed decisions.

 when it comes to tax assessment to avoid over or understatement of taxes, bookkeepers can help strategize for these taxes and many liabilities, giving a good report to the owner and planning for bank loans that will boost the business. It will also, provide a clear picture of how the company finances are progressing without missing out on any detail. Bookkeepers also maintain the aspects of finance intact with the goal of driving forward the business in a rewarding manner.

Gm professional accountants have offices located in Essex, London, Manchester.

Bookkeeping Services for Small busines London

Bookkeeping Service Specialists in London and Essex 

Why does a business need bookkeeping?

Bookkeeping services are a vital part of the business and every business is responsible to keep legal records of all their transactions.  There is no format but it is recommended that you keep copies of Sales, Purchases , Expenses and a nominal activity report for the periods. This can be kept on a software system as we are reaching the age of digital tax. Records are also easier to access electronically. A bookkeeping software system allows you to have control of your business.  It allows you to see your creditors and debtors at any given time. The data allows you to make informed decisions about the business and can help you maintain accurate data when needed.

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How does the process work?

We request your bookkeeping records; you may have these in paper format or filed away electronically. It is important you keep good records to claim the relevant expense, otherwise it will be difficult to prove this to HMRC.  We can provide you with our bookkeeping software or you can outsource all of your bookkeeping to us. We will contact you and set a suitable frequency in order to start the procedure. If you are a vat registered business, we will give you access to the software and you will be able to check your records at any time.

How much does a bookkeeper cost?

GM Professional Accountants deliver a highly efficient bookkeeping service to Londoners. We guarantee exceptional standards of work and provide up to date and thorough information, to enable you to make the right decisions for your business. Even if you’re a small business, we provide low cost packages that meet your needs. Bookkeeping services can start as little as £50 per month for new start ups. You can tailor the package to your needs. We can even provide you with our own online bookkeeping software.

GM Professional Accountants Bookkeeping services are for all self-employed and business owners. All our Accountancy Services include Bookkeeping, so you do not need to think about the extra costs of having to outsource this work, as we keep all your books up to date. Small Business owners see this as a cost effective way of calculating their annual tax returns, as they have reduced the costs of having a bookkeeper and an accountant; GM Professional Accountants are two in one!

Bookkeeping services Barking

Bookkeeping charges for small businesses 

Our professional and experienced accountants have been processing multiple companies’ books for years, whilst preparing and submitting Self Assessment Tax Returns and small business accounts. Bookkeeping is never neglected by any of our accountants, because bookkeeping is the foundation to file your annual or quarterly tax returns. We have saved you – the business owner, the cost of having to pay outsourced bookkeepers to prepare and update your books for you. All you have to do is send us all the relevant information and paperwork and as soon as we are your registered accountants, our accountants will go ahead and start updating your books.

By letting GM Professional Accountants deal with your bookkeeping, which saves extra cost and time, it lets you focus on the growth of your business so you can increase your income as much as you can. GM Professional Accountants want business owners to be relaxed and take their mind off paper work. It also reduces the risks of your books being miscalculated or our accountants having to track other peoples work.

So what do our Bookkeepers do?

  • Update your books at all times
  • Reconcile your bank account with your bank statement
  • Go over your Trade Receivables
  • Go over your Trade Payables
  • Reconcile your customer and supplier accounts
  • Leave any outstanding or pending payments in and out

Our accountants will always contact you to find out about the missing information that we have no record of, so we can put them in the correct account and your tax bill is calculated correctly. This is one advantage of leaving the Bookkeeping up to the accountants, so we know what to do to reduce your tax bill. Outsourced Bookkeepers will only know how to process your books, so your work is being delivered by experienced Accountants who have been doing this for years.

The best part about letting accountants do the bookkeeping for you is that you can just post it or email it to us. We will just enquire about what we need and the work will be done.

Two points to consider: It reduces risks for any miscalculations and it is free with all packages.

Contact us now for more information about our Bookkeeping Services and book an appointment with us on:

Telephone: 0208 396 6128

Or email: info@gmprofessionalaccountants.co.uk

How to find accountants near me using reviews

Accountants near me reviews

If you need to hire an accountant near you, your best way to find an experienced, skilled and trustworthy professional is using online reviews on Google and Yell. While everyone is familiar with making a local search for on Google or searching for reviews, using Yell to find accountants might be something of a novelty for you.

Use Yell.com business directory

Yell.com is an online service in the UK that lists local businesses. Searching on Yell.com is a simple and quick way to find a local accounting professional. This business directory is divided on various categories. So, in order to filter your search category, you need to first search for “accountants”.

By entering what you are looking for, the business directory will retrieve listing results from the proper classification. Then, you can take your search one step further by making your search local. Yell will show local matches in the order of your proximity to your location. The business directory aims to always provide the most relevant local results. Check online ratings, testimonials and reviews
Accountants near me reviews
In order to select one of the local accounting firms or professionals for your payroll services or tax return, one of the first things to check is their rating among the former clients. Check feedback and reviews in order to evaluate their online reputation.

Read the online testimonials and reviews in detail. If the majority of the online reviews of an accountant or accounting firm are generally positive, this is a good indication that their clients are content with the exceptional services provided. On the other side, if the majority of online reviews are negative, this is a sign that the services provided by the accounting professional or the accounting firm to their clients are not adequate.

You should also read the testimonials from the past clients, apart from online reviews. The quality of the services provided is well reflected in these client testimonials. You can find testimonials on the website of the accounting professional or accounting firm.

You may even ask the accountant you consider hiring to provide a list of previous clients. Then, you can randomly call up some of these clients in order to request them information about the service quality of the accountant.

Getting referrals is another recommended method to ensure you’ll receive high quality accounting service. You can get these referrals from professional associations or from friends. When an accountant firm has been referred to you, they will feel a double obligation to do their job well.

You can trust GM professional accountants

One of the accounting firms with solid reputation is GM professional accountants. This local firm in the South East is providing a complete range of services that cater to small to medium sized limited companies, partnerships and self employed individuals. They offer a pro-active and prompt service that provides good value for your money.

GM professional accountants is practicing a fixed fee that depends on the size of your business. The fee is fixed for the first 2 years of providing you accounting service and agreed in advance. You can even arrange paying in monthly installments. Among the services provided are included accounting, book keeping, payrolls, tax planning and compliance, VAT returns, self assessment tax returns, forecasting and business planning.

Accountants open on Saturday

Businesses open on Saturdays

The need has come for Accountants to open on Saturdays. Opening of both private and public firms on normal days in the United Kingdom should run from Monday to Friday, depending on the country’s stipulations in the constitution of the United Kingdom. These are the basic principles for opening days of offices in the country and are required of all firms to suit fin the schedule in order to serve the public better. Any institution bestowed with the responsibility to serve the public be it accountants, the teachers and those in other private businesses should adhere to the common rules that govern us as a nation bound by common principles and way of life.

Accounting firms are bestowed with the responsibility to serve the nation in matters of book keeping, helping businesses in ensuring they do not overlook the tax return deadline on top of the many other responsibilities they are entrusted with. The accountants in the respective institutions work optimally into fulfilling the needs of the clients in the various offices of accounts to ensure that at the end of the day, the clients’ do not exceed the tax return deadline that has huge penalties on going past its threshold.Accountants open on saturdays

GM Professional Accountants

Welcome to GM Professional Accountants, where we serve customers in a much better way in consideration of many factors. At GM Professional , we have put it a guarantee to serve our customers six days a week without compromise for we treasure the individual needs of the clients’ in their respective positions. We ensure that the tax return deadline is not exceeded by our customers for we care about the huge and heavy penalties our bookkeeping departments would have to bear on behalf of the client. The clients’ subject to penalties because of exceeding the deadline for our deliberate failure to open on Saturday is one thing we avoid. We open on Saturday on a full time from 9.00 am to 5.30 pm for the many reasons that we thought would be an advantage to our esteemed customers.

GM Professional Accounts believe that most people are busy during the week days and only find time on Saturday to work on attending to their other offside duties like filing their tax returns. It is on Saturday, according to GM Professional accountants, that people have time to go attend on private issues for instance checking on the tax return deadline from their various accountants since during week days they barely leave their places of work for such activities.

The book keeping team at GM Professional Accountants have the pleasure of serving their customers right from 9.00 am to 5.30 pm all the six days of the week Saturday being the last for the week. Accountants at GM Professional are keen into taking into consideration the records of the customers for book keeping for disappointment from the clients is not part of their calling. Saturday in most cases is the day that most people turn up to file returns in order to avoid getting past the tax return deadline. GM Professional Accountants make up part of the firms that keep London City live and meaningful on Saturdays.

Accountants in City of London

Accountants in City of London

Our vision and our customer reviews show that we provide:

Gm Professional accountants in Canary wharf and Wimbledon

• A high quality valued service with over one hundred ‘5 star’ reviews 

• Professional and experienced accountants with over 10 years of experience

• Quick and efficient responses tailored to your needs

Let us making accounting simple for you.

Who we are?

We are in all aspects of accounting services, which include the management of Limited Company Compliance, advice on Business and Tax matters, accounting process standardization and automated services for both individuals and businesses.
We have acknowledged the need of our clients for user friendly, simple and transparent services. But at the same time, we know that you want access to the latest software and apps in accounting services which makes your business operations more seamless.
But in spite of these advances, we never forget our personal touch which you have always appreciated.

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Is your service easy to use?

Our objective has always been to provide you with an accounting service that is a leader in the industry but at the same time, is affordable and user friendly for small businesses.
We aim to provide you with the atmosphere where you focus on running your business, while we ably take care of your accounting needs. With the much needed continuous support service that complements our premium accounting platform, you just provide us with all the documents (bank statements, invoices, expenses monthly or yearly) and our partnership will flow.
We will do the tedious work of crunching numbers on our software and then produce our reports to you. We will also provide you with timely tax efficiency advice whenever the need arises.

It sounds great! How do I send GM professional accountants the needed information?

If you feel we would be of great benefit to you, feel free to call us now. You can choose either through mail or through our online portal on how to relay your inquiry.
Your bookkeeping and accounts management will be in trustworthy hands. Through our reports, we shall advice you on the performance of your business yearly, monthly or quarterly basis. You will be well informed with in depth analysis from our team on what direction your business should move forward to.
Among the accounting documents that will under your scrutiny are your balance sheet, profit and loss account, and ledger listings of all your accounts. They will come with our professional estimate of your personal and corporation tax bill and other tax advice.

Your payroll will be managed by us through our payroll service which is accurate and pays your employees on time. We also have payroll dedicated staff who will answer your questions about this aspect in the shortest time possible.
We will face the HMRC for you, releasing you from expected external pressure. In your behalf, we will submit your professionally done returns and you need not waste countless hours dealing with them.

Will I have access to speak to a real human being?

Your subscription with UK Accountants includes your own dedicated UK based accountant for the whole year. This professional will be familiarized with all aspects of your business and will be the one to process all your paperwork.

What’s the catch?

No hidden fees, no undeclared clauses. So why not sign up with us so that every accounting concern – taxes, payroll, bookkeeping, accounts, HMRC – will be covered by us.
Peace of mind is yours when you entrust your accounting needs with us. Experienced experts will be managing all these number crunching and document processing obligations that you need not handle yourself.
Never worry about an expense entry not posted or about an income stream not recorded or the HMRC knocking on your door. All your accounting stressors will be under our able hands!

Personal tax accountants for Self assessment tax returns
We provide fast, efficient and responsive service, Our 5 star reviews show that we are meeting customer expectations. We handle the bookkeeping and our internal checklists are tailored towards tax planning and tax savings.

Small and Micro Limited company services including corporation tax returns
We provide packages that include all the basic services in the monthly fee, our fees are fixed and discussed before completing any work. We also focus on tax planning, this ensures that you are making tax savings each year.

Accountants for Self employed individuals and businesses

We assist you with the set of the UTR (registering for self employed), prepare the bookkeeping, accounts and Self assessment tax return. We specialise in multiple sectors and our accountants go the extra step of providing tailor made solutions for your tax planning needs, our packages start from just 30+VAT per month. The personal tax accountant will provide you support on allowable expenses and tax planning solutions.

City of London

Albert House 256-260 Old Street London EC1V 9DD
Tel:020 8191 1239

Advantages and Disadvantages: Limited Company Vs. Sole Traders

Advantages and Disadvantages: Limited Company Vs. Sole Proprietorship

Functioning as a sole trader may be a great way to work for a small business and often very effective for many people running a small company. But they have another option to operate their business as a limited company.

However, operating as a limited company is not necessarily the perfect choice for most because they will have to deal with several issues in the process. It can be pretty complex to start a new limited company. Of course, you get rewarded with benefits like getting a more professional appearance and a more favorable tax situation.

Let us now learn about the advantages and disadvantages of setting up a limited company than a sole proprietorship, allowing us to understand if we will benefit from opening a limited company and whether it is going to be a perfect choice or not.

The Advantages

The decision can be beneficial to you for several reasons. A few significant positives of becoming a limited company are as follows:

Tax Efficiency

Getting additional tax benefits can be the first primary reason for becoming a limited company in place of being a sole trader. You can generally take maximum tax-free income as a director of your limited company. As of 2022, you may claim an allowance of 12,570 as your salary and balance income in the form of dividends.

It benefits you a lot because you do not have to pay any national insurance contribution on dividends. Moreover, you will be paying only 19% of your company profits as corporation tax than 20%-45% as income tax if you operate as a sole trader.

Limited Liability

Choosing to become a limited company limits your liability, and you will not be liable for the business as you will be as a sole trader. It implies that all your assets and finances are protected if the company incurs debts and goes bankrupt.

Separate Entity

Sole traders have total liability for their business actions and are responsible for entering into legal contracts. On the other hand, limited companies allow much greater flexibility to the management and are hugely beneficial because they are separate legal entities.

Professional Image

When you operate as a limited company, you get a more professional appearance. Even if you are a single individual involved, it appears more significant and more professional to others. Although it may seem a little less unimportant advantage, it can make a tremendous difference in how customers and other businesses perceive you. It will get you considered for assignments that may not come to you as a sole proprietor.

The Disadvantages

A sole trader business has several inherent pros and cons. Similarly, besides the benefits mentioned above, a limited company also comes with a few significant disadvantages as follows:

Complex Setup

You undoubtedly get a wide range of benefits with becoming a limited company, but it is pretty complex to set it up. In contrast, it is relatively easy to set up a sole trader business by simply registering with HMRC. On the other hand, you will have to register as a limited company with companies house and pay fees. For the first-timers, it can be a daunting process.

Complicated Accounting

Unlike the Sole trader business, you will face a range of additional challenges to manage the accounts of a limited company. According to specialists of small businesses, limited companies may have to deal with tax planning, book-keeping, payroll, not to mention keeping company accounts up to date, managing business expenses, and addressing tax return issues. Moreover, if you fail to submit tax returns correctly, you may have to pay fines and face other punishments.

Ownership Issues

Sole traders make all of their decisions in isolation, and they have to justify their choices only to themselves. But it is not so simple for limited companies with multiple shareholders. Those shareholders will have a say in how the business will be run, and you have to appease all of them to run the business smoothly, complicating matters significantly.

Reduced Privacy

Limited companies have to register with Companies House, and they share information about company accounts, their shareholders, names and addresses of directors, etc. It means that such financial records and personal details are available to anyone who can access them.

Advantages and Disadvantages: Limited Company Vs. Sole Trader

Advantages and Disadvantages: Limited Company Vs. Sole trader

Functioning as a sole trader may be a great way to work for a small business. It is often very effective for many people running a small company. But they have another option to operate their business as a limited company.

However, operating as a limited company is not necessarily the perfect choice for most. This is because they will have to deal with several issues in the process. It can be pretty complex to start a new limited company. However, you will get rewarded with benefits like receiving a more professional appearance and a more favourable tax situation.

Get a Quote Now

Let us now learn about the advantages and disadvantages of setting up a limited company rather than a sole proprietorship. This will allow us to understand if we will benefit from opening a limited company and whether it is going to be a perfect choice.

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The Advantages

The decision can be beneficial to you for several reasons. A few significant positives of becoming a limited company are as follows:

Tax Efficiency

Getting additional tax benefits can be the first primary reason for becoming a limited company rather than a sole trader. You can generally take maximum tax-free income as a director of your limited company. As of 2022, you may claim an allowance of 12,570 as your salary and balance income in the form of dividends.

It benefits you a lot because you do not have to pay any national insurance contribution on dividends. Moreover, you will be paying only 19% of your company profits as corporation tax than 20%-45% as income tax if you operate as a sole trader.

Limited Liability

Choosing to become a limited company limits your liability. You will not be liable for the business as you will be as a sole trader. This means that all assets and finances are protected if the company incurs debts and goes bankrupt.

Separate Entity

Sole traders have total liability for their business actions and are responsible for entering into legal contracts. On the other hand, limited companies allow much greater flexibility to the management. They are also hugely beneficial because they are separate legal entities.

Professional Image

When you operate as a limited company, you get a more professional appearance. Even as a single individual, it appears more significant and more professional to others. Although it may seem a little less unimportant advantage, it can make a tremendous difference in how customers and other businesses perceive you. You may be considered for assignments that you may have not received as a sole proprietor.

The Disadvantages

A sole trader business has several inherent pros and cons. Similarly, besides the benefits mentioned above, a limited company also comes with a few significant disadvantages as follows:

Complex Setup

You undoubtedly get a wide range of benefits with becoming a limited company, however it is pretty complex to set it up. In contrast, it is relatively easy to set up a sole trader business by simply registering with HMRC. On the other hand, you will have to register as a limited company with companies house and pay fees. For the first-timers, it can be a daunting process.

Complicated Accounting

Unlike the Sole trader business, you will face a range of additional challenges to manage the accounts of a limited company. According to specialists of small businesses, limited companies may have to deal with tax planning, book-keeping, payroll, not to mention keeping company accounts up to date, managing business expenses, and addressing tax return issues. Moreover, if you fail to submit tax returns correctly, you may have to pay fines and face other punishments.

Ownership Issues

Sole traders make all of their decisions in isolation, and they have to justify their choices only to themselves. But it is not so simple for limited companies with multiple shareholders. Those shareholders will have a say in how the business will be run. You will have to appease all of them to run the business smoothly which complicates matters significantly.

Reduced Privacy

Limited companies have to register with Companies House, and they share information about company accounts, their shareholders, names and addresses of directors, etc. It means that such financial records and personal details are available to anyone who can access them.

Gm Professional accountants have office located in Canary wharf London, Birmingham, Wimbledon and Ilford Essex.

Accountants in Wimbledon

Accountants in Wimbledon

Our vision and our customer reviews show that we provide:

• A high quality valued service with over one hundred ‘5 star’ reviews

• Professional and experienced accountants with over 10 years of experience

• Quick and efficient responses tailored to your needs

Let us lead the way 

GM Professional Accountants in Wimbledon provide a high quality service due to our experience professionalism. We have a reputation for innovating our approach with ever-changing regulations from HMRC. We provide tailor made packages that suit your needs, these can be seen on our contact page.  We are transparent and have a fixed fee structure agreed in advance. Our London small business accountant team help you every step of the way from bookkeeping, accounts preparation to fling your tax return to HMRC.  Our vision is to help improve your experience through good communication proactive tax planning.

Get a Quote Now

Our professional accountants advise businesses and individuals with experience and dedication in the following specialised areas:

Personal tax accountants in Wimbledon

Our experts will take the hassle out of filing your personal self-assessment tax returns. Rather than risk expensive fees and additional stresses on your business, rely on our abilities to make it a cost-effective and efficient process.

Making your Online Self-Assessment Returns

Our South London office offers a tax return package where we can advise you on all queries pertaining to your tax needs free of obligation. We are confident in helping you due to our years of experience.

Accounting for your Limited Company

Our firm has helped small businesses like yours by taking care of the bookkeeping, so you can dedicate your attention to developing your business. We offer packages to fulfil all your needs from maintaining your business accounts from the preparation of CT600 returns to filing returns with HMRC and Companies House. We also include accurate data for expenses you can claim.

We are diligent in caring for your business and finances.

Filing Returns for Property Income

We appreciate the added complications of new regulations on landlords ‘wear and tear allowance’, and restrictions on mortgage interests. Our accounting services for property and rental income take this into account when we carefully review your individual circumstances to ensure correct claims.

Accounting Services for Contractors

Our services for contractors include the issue of dividend vouchers, monthly RTI findings, and making the most of input VAT. GM experts will navigate new limited-cost trader regulations and FRS VAT schemes to keep your business running smoothly.

Tax on Capital Gains

Our firm is expert in capital gains tax. Planning ahead, claiming letting relief and PPR have allowed our clients across London from Canary Wharf to our Wimbledon doorstep to avoid inflated bills. Our expertise and understanding of capital gains tax allow you to reduce your amount.

R&D Tax Credits

Incentives from the government encourage UK businesses to be innovative by reducing corporation tax, or partially refunding it. Your small or medium-sized business is eligible to deduct 130% of qualifying development expenses in addition to the normal 100%; this is a 230% deduction tax adjustment. Furthermore, loss-making businesses can claim a tax credit worth a rate of 14.5% of the surrenderable loss.

Freelancer Accounting Services

You can access our freelancer accounting services offered tailored packages if you are a sole trader or limited company. Our experienced team will work with you to meet all legal and financial needs: bookkeeping, preparation and filing of personal self-assessment tax returns, issue of dividend vouchers, and claim of allowable expenses.

Address: The Old Church, Quicks Road, Wimbledon, London, SW19 1EX Tel: 0208 191 0258

Accountants for Therapists

Accountancy services for therapists

Gm Professional Accountants specialise in catering for practitioners of alternative therapies, we have the expertise to help you navigate the financial and tax maze without stress or difficulty.

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No matter what your circumstances, we are here to help. We can support you with:

  • Accounts, including cloud accounting
  • Bookkeeping
  • Payroll processing
  • Personal tax returns
    and much more

Taxable profit
Your taxable profit is what you have remaining after subtracting your allowable expenses from your income. To give an example, an income of £1,500 and allowable expenses of £400 gives a taxable profit of £1,100.

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Tax allowable expenses

It is essential to be aware that HMRC does not regard all business-related spending as being tax allowable. Tax law stipulates that a deduction for expenses must be wholly and exclusively for the purpose of making profits for the business. This is not always easy to determine as it can be open to interpretation.

Furthermore, some goods and services may be used for both business and private purposes. In these situations it is only the costs incurred in relation to the business that can be claimed, perhaps anti-virus protection for an employee’s computer or work-related calls on their mobile.

Expenses that are usually likely to be permissible include:

• Counselling insurance
• Premises costs, eg electricity and business rates, phone bills
• Office costs, eg laptop computer, memory stick, external hard drive and printer
• Stationery, eg paper, pens, printer ink, stapler, staples
• Website, eg designer, hosting and domain name fees
• Disclosure & Barring Service (DBS) fees
• Financial services, eg accountancy, bookkeeping, banking (eg the fees on a business bank account) or insurance
• Travel costs, eg bus, train or parking tickets or the cost of petrol
• Marketing costs, eg advertisements, consultants’ fees, a Facebook paid promotion or Google Ad Words
• Business cards, flyers
• Counselling directory inclusion fee
• Accreditation and membership fees, eg BACP, UKCP, NCS
• Training and refresher courses for continuing personal development (it must be relevant to the nature of the business and a development of your existing skills)

You are not permitted to claim expenses if you have used your £1,000 tax-free trading allowance for sole traders.

The rules aare difficult and can be challenging to interpret. If you are uncertain as to whether a particular spend on your business is an allowable expense. our tax experts can provide interpretation.

Simplified expenses
Simplified expenses make it possible to avoid having to make complicated calculations when determining business expenses. They can be used for travel by vehicle, working from home and when living at your business premises.

Travel expenses
For travel below 10,000 miles HMRC applies standard mileage rates of £0.45 per mile for a car or van, £0.25 per mile for a motorbike and £0.20 for a bicycle. Actually expenses can be used for sole traders.

As the amount that can be claimed is fixed there is no need to retain receipts for these claims, all that is necessary is a record of the length of the journeys made.

A good method of doing this is to calculate the distance between the address you set out from and your destination, perhaps by using a reputable online distance calculator.

Further examples of allowable travel expenses are car park charges, bus, tram and train tickets, taxi fares and the cost of a hotel room.

With respect to the purpose of a journey, HMRC are explicit that travelling from home to work does not constitute an allowable expense. That designation is reserved for trips such as those made to attend meetings, occupational development, supervision, checking premises or collecting a set of keys.

You can find more information on allowable expenses 

Rent
The cost of hiring a room or premises for counselling or workshops is an allowable expense. This holds true even if you are still liable for paying for it after a client cancels their appointment.

Working from home
If you work from home you will be able to claim a proportion of what you have to pay for rent or mortgage interest, phone and internet usage, Council Tax, heating and electricity.

Work from home covers all business-related activity you undertake and not only the time you spend with a client. For example, it is likely to include correspondence, marketing, training, devising plans and completing paperwork.

In working out that proportion you must use a reasonable method to divide costs. So if your annual electricity bill comes to £300 and you use one of your three rooms at home as an office then it would be reasonable to claim £100 (£300 divided by 3) as your allowable expense for electricity.

Alternatively, if you work 25 hours or more per month and are not operating as a limited company you can use simplified expenses. The amount that can be claimed varies according to how many hours per month you work. The figures are as follows:

• 25 to 50 hours per month: £10 per month
• 51 to 100 hours per month: £18 per month
• 101 hours or more per month: £26 per month

Two useful links for more information:

SIMPLIFIED EXPENSES 

Other allowable expenses
There are items it may surprise you can be regarded as allowable expenses. These include:

• Boxes of tissues
• Chairs and cushions
• Flowers, candles, essential oils and air fresheners
• Business card display holder
• Filing cabinet for secure storage of records

And some items you can claim for on a proportional basis:

• Curtains, rugs, pictures, table and table lamp

Counselling for you
No matter whether you are a counsellor yourself, receiving counselling is not normally regarded as an allowable expense because it is of benefit to you personally rather than wholly and exclusively for the business.

If you are studying counselling as part of relevant training then you should be able to claim it as an expense.

Once again, this is an area that involves some interpretation of the legal landscape, so if you do not feel absolutely certain of your position, get in touch with us and we can help you find your way through.

Accountants for Etsy UK Seller businesses

Accountants for Etsy Ecommerce businesses

There is little doubt you have heard of Etsy, the online marketplace where buyers are connected with sellers offering handmade, craft and vintage items.

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Whether you are considering becoming an Etsy seller or you are one already, it would be prudent to consider taking on an accountant. Appointing a professional who is well-versed in the financial requirements of a small business leaves the owner free to concentrate on the things that matter to them: building their customer base and increasing sales.

Which Accounting service does an Etsy seller need?

No matter whether you have just started or have been trading for some time, you will have financial affairs that require management. Some of the particulars of what you need may change, others are constant.

Bookkeeping is a prerequisite for a business to function properly. In addition, limited companies need to be aware of several other obligations including quarterly and annual filing of accounts, RTI and PAYE reporting, VAT returns and Corporation Tax liabilities.

Not only does efficient financial work reduce the likelihood of being subjected to an audit, but should that come about, a professional accountant can help you handle it.

Dealing with Companies House and HMRC can be a daunting experience for the uninitiated not least because laws and regulations change. On top of that, in the event your business is selected for a random check into VAT or Corporation Tax, HMRC will want to see evidence that you have been claiming the correct amount of VAT or that revenue and expenses have been properly declared.

If you are one of the business owners who employs staff you will be aware of how time-consuming a procedure payroll processing can be. If you are not, you may be interested in learning more about rules around your residence being your place of work.

A knowledgeable expert will do the heavy lifting where it comes to paying your staff and will also be able to advise you on which expenses you can claim to minimise your outgoings, distance selling thresholds and when to register VAT. thresholds and when to register VAT.

Allowable expenses include:

Commissions

Purchase of goods

Postage and carriage

Subscription fees

Residence as office

Accountancy fees

Marketing Fees

Directors Salaries

Hiring an accountant will give you peace of mind and a safety net if things take an unexpected turn.

Looking to the future

It is not solely about reactive measures – accomplished accountants are also able to provide proactive assistance. Drawing up business and sales plans, producing economic forecasts and advising on pricing are further forms of invaluable support for the ambitious entrepreneur who is keen to succeed.

To be certain you get the quality of service you seek, be sure to look for and appoint a licensed accountant with experience in the type of work you need done. It is a false economy to cut corners in this respect.

Recruiting a professional accountant will save you time, money and stress. That way, you will be in a position to dedicate your efforts to the very thing that drew you to Etsy in the first place: the chance to interact in a marketplace without too much hassle.

Here at GM Professional Accountants we are committed to saving you money. Get in touch for a no-obligation chat about how we can help you.

Micro Business Accountants Guide

Micro-Business

What are Micro-Business Accounts?

Every business must file the statutory company tax return with HMRC. However, small and micro businesses have several options for submitting their returns. You can save money and time by submitting your return in a simple micro-entity account format.

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According to the Companies Act 2006, we can classify a limited company as a micro business if any two of the following three conditions are true during a particular financial year.

It may not have an annual turnover above £632,000.

The balance sheet total may not exceed £316,000.

It may not have an average of more than ten employees in the financial year.

How Do Micro-Entities Do Accounting?

Microbusinesses can do accounting by:

  1. Opening a bank account
  2. Tracking their income and expenses
  3. Developing a bookkeeping system with digital records
  4. Setting up a payroll systems
  5. Investigating import tax
  6. Determining how they will get paid
  7. Establishing VAT procedures
  8. Determining their tax obligations
  9. Calculating net profit margin
  10. Finding good accounting partners

Business Expenses

You can think of any expense as a business expense by determining whether it is for private or business use.

Setup Costs: You can include the pre-trading expenses in the first period of your accounting.

Office Costs: They include printing, stationery, internet, separate landline phone for business.

Clothing Expenses: Protective clothing and uniform except for everyday clothing costs

Insurance and Subscription Expenses: Recognized body relating to business and public Liability insurance

Banking Expenses: Bank charges, annual arrangement fee, credit card expenses

Transport Expenses: Mileage allowances with car parking charges, Specific percentage of motor expenses for business

Using Home for Business: You can use HMRC rates or actual expenses incurred in the period.

Subsistence Costs: You can claim it if you are away for more than five hours.

Hotel Expenses: If you need an overnight stay in a hotel for a business trip

Disallowable Expenses

The taxable profit is different from your accounting profit. The expenses are also disallowable if they are wholly and exclusively not for business purposes.

Drawings for personal use; however, wages are allowable for a limited company

Goods for personal use

Part of landline/ mobile and internet, if you use it for both business and private

Entertaining customers, suppliers, and clients

Repayment of interest on a loan

Business gifting for entertaining

Donation amount

Late filing penalties, motor fines, and similar expenses

An Icing on the Cake

We provide a personal accountant for small businesses to help in:

Giving necessary tax advice whenever required

Managing your salary planning, dividends, taxes, and VAT issues

Filing PAYE, VAT, corporation tax returns, and annual accounts

Why Choose GM Professional Accountants?

We provide accounting software as default in our all-inclusive monthly packages. You can quickly manage your routine bookkeeping activities on your phone app or computer. You need not postpone your work till the end of the day as you can do these activities online on this software. For instance, send invoices and record receipts online.

We take care of complex and time-consuming activities: E.g., Preparing P&L account; Checking business cash flows; Checking if business finances are in a strong position; Filing tax returns, etc. The best part of associating with us is that you need not spend hours together in front of mundane spreadsheets.

We have offices in London, Manchester , Birmingham and Essex.

Tax-Efficiency

Small entities need to keep as much of their earnings as possible to maintain positive cash flows and be profitable in business. We can help you make this possible by advising you about ways to keep your business accounting in line with HMRC rules. You will end up paying as few taxes as legally feasible because we ensure that you retain more of your earnings.

Accountants for Gas Engineers Guide

ACCOUNTANTS FOR GAS ENGINEERS

GM Professional Accountants provide accounting and tax services for Gas Engineers. We have been providing accounting and tax advice for gas experts for several years.

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Our team of experienced accountants can help you identify the possibilities of tax relief that you can legally claim. It will allow you to take home more of your income while providing you with the confidence that you won’t get hit with a large tax payment at the end of the financial year.

ACCOUNTING & TAX SERVICES

We charge a fixed monthly amount to our clients without any hidden costs for providing a range of accounting and tax-related services. It benefits you with the confidence of optimum tax payments, higher disposable income, and peace of mind due to full and timely compliance.

1. We help you complete your tax returns, tax calculations, and statutory accounting requirements.

2. We provide online access to our portal to invoice and log the expenses for a convenient recording of details.

3. You can update your accounts instantly using online accounting software from the leading brands available out there.

4. Our job is to ensure that you always fulfil your tax obligations in full, thereby maximizing the capital allowances.

5. From time to time, we give structured advice to improve tax efficiency in your professional practice.

6. We always ensure your 100% compliance with relevant legislation and its latest amendments.

7. We provide full assistance in preparing your annual accounts with periodic accounting statements, including the balance sheet and your Profit & Loss account statements.

8. We provide help in installing, managing, and maintaining your payroll and book-keeping systems.

9. You can improve your business cash flow management to suit your business needs.

 

CLAIM BUSINESS EXPENSES

You may not be aware, but there is a wide range of expenses that you can claim in your accounting and tax returns to optimize tax payments. We have drafted a comprehensive list of all types of possible business expenses that are admissible as an allowable business expense for tax purposes. However, the list is indicative and not exhaustive.

1. Landline phone bills for business use

2. Internet and Mobile phone bills for business use

3. Materials used for your work

4. Repairs and maintenance of equipment

5. Protective clothing, e.g., boots and overalls

6. Laundry & cleaning charges

7. Interest on loans taken for running the business

8. Postage & stationery and Computer consumables

9. Replacement tools

10. Trade Magazines and trade subscriptions

11. Fuel for vehicles

12. Road tax, MOT, and insurance premium

13. Hire Purchase interest on business assets

14. Advertising

15. Bank charges on the business bank account

16. Leasing of plant & equipment

17. Vehicle leasing

18. Accountancy fees

19. Traveling expenses and Fare

20. Parking & Tolls

21. Vehicle running costs

22. Sustenance (if working away from home)

23. Wages 

24. Use of home as your office: work from home 

25. Other miscellaneous items

WHY SHOULD YOU CHOOSE US?

We have provided services related to accounting and tax for many years for Gas Engineers, focusing on their specific needs. We offer unique services to our clients as follows:

1. LOW COST & QUICK

You can choose from two convenient options for fee payment, whichever is best for you. We provide both fee payment options of monthly fee or hourly rates. We are also flexible to offer a comprehensive package for an extended period, covering all sorts of accounting tasks.

2. ACCOUNTING SOFTWARE HELP & ADVICE Our team of skilled accountants can set up all the leading accounting software so that you get the maximum mileage out of it. We offer our services to work with top accounting software brands like Xero.

3. TRUSTED ONLINE ACCOUNTANTS We have provided our trusted services for several years to deliver the best customer service with our years of experience in accounting and tax services. Most recently, our esteemed clients have chosen us as the number one accounting firm on Google Reviews.

ALIEXPRESS DROPSHIPPING ACCOUNANTS GUIDE

ALIEXPRESS DROPSHIPPING GUIDE

If you wish to do an e-commerce business where you don’t have to worry about inventory or shipping issues, then dropshipping is the best way to go.

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Dropshipping is a straightforward business where you can list the products for online sales and send an email to ask your supplier to directly despatch the product to the customer on your behalf whenever you get the order. It is as simple as that.

Dropshipping may appear to be the easiest way to start an online business on e-commerce sites, but you may find it challenging to search for dependable suppliers. You may have to dig deeper online to find such reliable suppliers. You can choose from millions of items for online sales from the AliExpress site for your dropshipping business.

WHAT IS ALIEXPRESS?

AliExpress is a huge e-commerce portal where you have a choice for millions of different products. The suppliers of these products offer competitive prices on AliExpress because most of them manufacture their products overseas. You can get all the products under one roof. The range of products on AliExpress has a wide variety, including women’s clothing, electronic items, jewelry, home and so on. If you have already decided to sell products through e-commerce, AliExpress is an excellent source for supplying a comprehensive range of products.

WHAT IS ALIEXPRESS DROPSHIPPING?

If you wish to do an online business where you don’t want to worry about inventory or shipping problems, then AliExpress can help find the products you want to sell on your e-store. You can choose the product you wish to sell from the AliExpress site and add them to your store. You are free to decide your sales price by adding your profit margin. As soon as you receive an order, AliExpress immediately despatches the product to your customers, and you will only pay the wholesale price for that product.

WHY ALIEXPRESS FOR DROPSHIPPING? AliExpress can also work as an online retailer, but most sellers on this platform know very well that many of their customers are resellers. Those resellers want to sell products through dropshipping. Secondly, the dropshipping business is relatively more straightforward through the AliExpress platform. Since it does not charge you anything upfront, you can take a calculated risk by choosing any products. The financial commitment, in that case, will not be significant. You can start the dropshipping business today itself with only a view clicks through Oberlo. It helps you quickly find the products you want to sell and add them to your online store.

ACCOUNTING SERVICES FOR DROPSHIPPING

Any company engaged in the online sales of products which is a registered limited company needs accounting services as follows: abbreviated accounting and statutory accounting for the company.

Corporation tax including CT 600

The statement regarding compliance with payroll and pension requirements

A self-assessment return for Director’s tax

Filing of VAT returns along with bookkeeping every quarter

Statement of confirmation

TIPS ON CLAIMING ALLOWABLE EXPENSES FOR E-COMMERCE BUSINESS

Please find below a few of the top tips to claim the expenses incurred for an online e-commerce business:

You should ensure to maintain a proper record of all the costs incurred in the e-commerce business.

You can claim the expenses of hiring a professional accountant or using accounting software as a business expense in these three categories: Tax preparation expenses, tax filing expenses, and accounting expenses.

The claim of travel expenses includes the costs incurred by either the business owner or its staff to travel for sourcing products or deliver the products to the post office or the courier office.

You can include courier charges and taxes for your sales in the shipping cost.

You can claim internet service expenses, computer systems, stationery expenses, furniture, and other such expenses as office expenses.

In the manufacturing of products, you may include all the expenses to manufacture, e.g., raw material, tools, and cost of other supplies.

If you use some portion of your house exclusively as a home office, you can claim a deduction for the home office.

The business owner can also claim damaged or returned products as expenses. For this purpose, the owner needs to maintain the records of opening and closing stocks for the financial year.

The expenses also include e-commerce charges, bank charges, PayPal fee, postage expenses, and reselling related costs

GM Professional Accountants are located in London,  Manchester and Birmingham.

Notice to deliver a company tax return letter Tips

Notice to deliver a company tax return Accountants 

 Company tax return defined

A tax return for a company can also be referred to as the CT600 form. This form is filed by companies and associations to report their expenditure, income, and the tax figures due to the HMRC. Companies are required to file their tax returns annually. However, there doesn’t exist any universal deadline for company tax returns like there exists for self-assessment tax returns for individuals. The reason for this is because companies have different accounting periods and therefore the filing of returns is done at the end of a company’s internal accounting period.

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Who needs to file a company tax return?

Anyone who runs a limited company must file for company tax returns at the end of the companies’ financial year. To enable the filing of these returns, one must first register with the HMRC. For sole traders and partnerships, all you need is to register for self-assessment tax. On the other hand, upon setting up a limited company, you must register with the company’s house for you to be able to start filing the returns. It is also at this stage where you will have to register your company for corporation tax and Pay as you Earn(PAYE) tax since your company will have employees who will be liable for PAYE tax. If you register your company through post through the use of third-party software or agent, the requirement is for you to register for corporation tax as a separate thing. Also, you should ensure that you have done the registration within 3 months after you have started doing business. This is determined by the selling, buying, advertising, renting premises, and having an employee. Once the HMRC does an assessment and determines that you are liable for corporation tax, it will send you a notice for the filing of a company tax return. Upon the receipt of this notice, you must send a company tax return regardless of whether you made a profit or a loss. Also, if you do not receive this notice and you are aware that you owe tax, you are expected to reach out to HMRC for tax assessment. Failure to contact HMRC will make you liable for prosecution for failure to declare tax.

How to file a company tax return?

Many people prefer to file their taxes online. To start, you need to have computed your companies’ taxable profits for the period. The taxable profits are computed by deducting tax allowances and business expenses from the total company’s income for the period you are reviewing. When making the company’s first return, you should create a new user ID on the HMRC website and proceed with the prompts. Paper CT600 form is only applicable to Welsh people and for those who have not been able to file their returns online. Also, the HRMC has written down a list of excuses that are reasonable for one to use this form. Once you choose to use this form, you must fill WT1 form which explains why you have chosen to use this form.

When to file a company tax return?

You need to file a return exactly 12 months after the end of your accounting period. In most instances, the company tax period is the same as the company’s financial year. However, in the first year of operations, the financial year may cover slightly more than 12 months and this is allowable. Most companies set up their financial year based on the month in which they were formed. In this instance, your financial year will run from the last day of the month in which the company was formed to the following year were 12 months’ end. If the accounting period covers more than 12 months you will be required to file 2 returns.

Cost of a Company tax return

The cost can vary depending on your activity. If your revenue is below the (85k) vat threshold you can expect to pay between £650 to £840 plus vat. This will include the yearly bookkeeping, Statutory accounts and the CT600. To produce the CT600, you will need to first complete the bookkeeping , accounts and then the CT600.

GM Professional Accountants Specialise is Corporation tax returns, we have offices located in London, Manchester and Birmingham.  

E commerce Accountants Guide for Sole traders

E commerce Drop shipping Accountants for Sole traders Guide

Operating your company as a sole trader is perhaps the easiest company structure to run in the UK. This type of company does not involve a lot of requirements when it comes to the filing and accounting requirements to operate it. This implies that a sole trader has less administrative obligations to fulfil in comparison with other company structures like a limited company.

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A sole trader uses their own identity to run the business and makes all their business liabilities their personal responsibilities. They are taxed personally for the profits they make in the business. A good example of a sole trader operated business is a market stall trader. They do not operate as a limited company as a limited company operates as a separate legal identity from those running it and therefore is liable and responsible for every business liability.

Another difference is that a sole trader considers the business profits theirs, personally unlike a limited company that owns its profits by itself. A sole trader has the right to access the profits the business makes at any time but a limited company’s profits may be used for paying salaries and dividends of its directors and shareholders.

Sole Trader Taxes

Unlike other company structures, a sole trader pays taxes on every business profit they make and these tax transactions take place through the personal self-assessment tax return of the sole traders. In the sole trader self-assessment tax return, the business owner completes the Self Employed sections. This puts the correct meaning of self employed in use. Instead of taxing their business profit, they tax it as their income. So, sole traders pay income tax and national insurance also applies to them.

Note that a sole trader is free to make a withdrawal of cash from their business and no tax will be due as a result. The reason is simple! The withdrawn money is already owned by the sole trader and they pay taxes on the entire profit or loss that the business makes.

Regarding National Insurance contributions, both Class 2 and Class 4 are applicable to a sole trader. The general charges for Class 2 NI are 2.85 per week meanwhile for Class 4 Nis, they go at 9% of profits from 8,164 and 45,000 at a 2% rate (applicable to 45,000 profits and above.)

Accounts guide for sole trader in an E-commerce business

ACCOUNTING

We can produce accounts out of your books every year-end. Our speciality is dealing with every statutory account and financial statement for any company and that includes:

Balance Sheet: It is a report of what belongs to you and debts you have to be pay or be paid at the close of the financial year. It is your Profit and Loss Account per year, containing the year’s sales and expenditure.

BOOKKEEPING

We are the go-to team to help you organise your books using the best in-house methods possible to help make your business finances crystal clear and easily manageable.

With all the vast experience in accounting and bookkeeping, we will process your data accurately and promptly to enable you to access the monthly reports and information we provide not only at year-end but throughout the year.

Apart from endorsing the use of Xero for your account management, our team is also proficient in Xero. However large or small your business is, we provide professional advice on how to explore the advantages it system offers.

VAT RETURNS

Our package also involves providing up-to-date advice to prepare you to be able to give the right report on Tax and VAT as per your business requirements. This will enable your business VAT return results to be a reflection of your respect for the relevant laws businesses within and without the UK follow.

E commerce Accountants for Sole traders operating as drop shipper

When operating as a sole trader and conducting a drop shipping business, it is important to register for self-assessment, the latest to date to register is the 05th October of the second tax year. It is also important to consider VAT,  as this is important and the place of supply of goods needs to be reviewed. What needs to be determined here is, who is the importer and liable to VAT.

Frequently Asked Questions

UK VAT: When is the right registration time for me?

Your right time to register for UK VAT is when:

  • As a UK business, the sales you have made on VAT have reached 85,000 in the past 12 calendar months
  • As a UK business, you have in the past calendar year surpassed any of the distance selling thresholds
  • As a non-UK EU business, you have surpassed the distance selling threshold for the UK
  • As a non-UK business, you aim to embark in selling products including drop shipping from a warehouse within the UK.

What should I do to optimise my tax bill?

There are several factors tied to the right answer to this question. So, reserve it for when you are set to use some cash from your business.

In brief, be sure to:

  • Claim every allowable expense
  • Claim every business allowance such as home working
  • Make the most of business expenses with benefits such as business mobile phones
  • And let your personal income determine how you optimise your pay

Gm Professional Accountants specialise in the E commerce sector and we have office in London, Manchester and Birmingham.

Vat Margin Scheme Accountants guide 

Accountants guide for Vat Margin Scheme

VAT Margin schemes are calculated by taxing the difference between the purchase price of an item and the price at which you later sell it for. Note that it is never charged on the full selling price. For instance a VAT 16% will be charged on the difference between the two prices.

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You can decide on a margin scheme if you are selling:

  • Collector’s items
  • Second hand goods
  • Antiques
  • Works of art

You cannot use a margin scheme if you are selling:

  • Precious stones
  • Investment gold
  • Precious metals

You can shift to a margin scheme at any time as long as you are keeping accurate records that are then reported on the VAT return. There is no need to register for the scheme and you will not be required to inform the tax authorities unless requested to do so.

Standard VAT and Margin Schemes

If some of the items you deal in do not qualify for a margin scheme, you will be required to charge and pay VAT for those items in the standard way.

The following cannot be included in any margin scheme calculations:

  • Accessories or parts
  • Repairs
  • Business expenses
  • Business overheads

Instead you can claim these on the standard VAT returns

How to Calculate the Margin

Using the margin scheme, you are only required to declare VAT if you sell goods for a profit. You do not have to account for VAT if you make losses.

To calculate VAT on each sale follow the following example:

Term Description
(a) Purchase price £15000
(b) Selling price £20000
(c) Gross Margin (b – a) £5000
(d) VAT payable (c x 1/6) £833.33

The vat fraction makes it possible to know the exact amount of VAT payable for any positive margins.

A standard rate of 20% VAT is 1/6. Once you have calculated the gross margin, it is then a matter of multiplying the answer by 1 and dividing it by 6.

Guidance for Stock Books

Stock Books need to be updated and should have all the pertinent information as set out in the table below. This will also include all vehicles purchased under the margin scheme for resale. If you wish you may provide more information that may be useful for your contractor accounting needs. For instance reporting vehicle:

Purchase details Sales Details
Date of procurement Date of sale
  Margin on sale (sales price less purchase price)
Purchase invoice number Sales invoice number
Stock number in numerical sequence  
Vehicle registration number  
Vehicle Description (for example, make and model)  
Buying price Sales price, or way of disposal
Name of vendor Name of purchaser
  VAT due (margin x VAT fraction – 1/6)

You have to include the margin scheme calculations in the stock book under the suitable headings. If the price you bought the goods at happens to be greater than or the same as what you sold them for, you will not have to pay any VAT. In such an instance, the stock book entry should indicate ‘Nil’.

You are not allowed to offset any losses on goods sold against VAT owed on vehicles that have been moved on for positive margins.

How to Fill the VAT Return

At the end of each tax period, you will be required to file your VAT returns. The following are some of the specific rules to be adhered to when selling or buying vehicle during the tax period under the Margin Scheme:

  1. Box 1, Insert the output tax due on all items on the scheme sold within the period.
  2. Box 6, Insert the price sold on eligible items sold less the VAT due entered in Box 1
  3. Box 7, Insert the gross total purchase price of all items bought 
  4. Boxes 8 and 9 of your VAT return are not required to be filled in.

Requirements for Record Keeping

When using the VAT margin scheme you will need to maintain the standard VAT records

You will also be required to maintain:

  • Copies of sales and purchase invoices for all items
  • A stock book that tracks all individual items that you are selling under the margin scheme

You will also be required to maintain a 6 year record of VAT. The records need to be kept until the item that is intended to be sold under the margin scheme is sold even if the item was purchased more than six years ago.

Contact GM Professional accountants if you need assistance in the vat margin scheme. We have specialists that can assist you in the  cloud based bookkeeping systems such Xero cloud. 

Top 3 Tips on Paying Monthly for an Accountant

Top Tips Paying monthly for accountant

  1. Paying Monthly for an accountants can be a wise option for new startups. This could be an E-commerce business, or any small business with cashflow concerns.  The first thing you will need to examine in your business is which services  you will need.  Every individual has different circumstances and this will impact on the type of services that will be required.
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  1. The common type of services that are required for a limited company are the following:
  • Bookkeeping
  • Statutory accounts
  • Payroll services
  • Self assessment tax return
  • Confirmation statement
  • Dividend vouchers
  • CT600 (corporation tax return)
  • Abbreviated accounts

These are some of the common types of services that are required. Payroll is  an optional service based your circumstances. This will affect your monthly payment package with an accountant.  

3. Selecting an accountant with experience and exposure to your sector is vitally important, as this will ensure that you are getting the best service and maximising on your disposable income. Here at GM Professional accountants we specialise in multiple sectors and have a diverse team that handles different aspects of your business. 

Finally, to summarise, paying monthly for an accountant has many benefits and if you know the type of services that are required then this will ensure you are getting the best value for your money. This will prevent overpaying for a service that you may not need. 

Paying monthly can help you plan and project your finances so that you can do more with your cash. Here at GM Professional accountants we have tailor made solutions to suit your needs. 

We have monthly packages that you can select and ensure that you are getting a high quality service.  Our packages for Limited companies start from £70 plus vat and include the services listed above. 

 

Vlogging Youtube tax return accountants guide

Blogging and Vlogging You tube tax return accountants guide

Blogging and vlogging are relatively new professions though there bloggers and vloggers are earning an income from a variety of sources including appearance, advertising, and royalties. With so many diverse sources, you need a professional accountant which is where we come in to ensure that the tax you pay to the taxman is no more than what you should be paying.

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Looking to become more Tax Effective?

The first critical question – are you self-employed or do you work for the man? Our experience is that most bloggers and vloggers are working home in some kind of self-employment.

Tax professionals will determine whether your self-employment income needs to be classified as trading income.

If you are in employment as a vlogger or blogger, a tax professional will make sure that your employer deducts the correct tax before you get your wages/salary.

A dedicated tax accountant is vital who will work with you in the instance that you are working several contracts in the UK and overseas.  Experts will help with optimising your taxes so that you can be compliant while paying only what is due. A HMRC investigation is not a pleasant experience but given how complex UK tax regulation can be, it is easy to get into trouble. This is where we come in to ensure our clients have the peace of mind to work in peace.

When are Vloggers and bloggers required to submit their Taxes?

Depending on whether you are a sole trader or a company, you will be expected to file returns on a set date. As a sole trader, whether you run or own the business or have employees, the authorities expect you to file the returns no later than 31st January. If you have a company selling e-commerce products the authorities expect returns to be filed no later than nine months after the accounting period.

Allowable Expenses, What can you Claim?

You are required to keep records of all expenses about sales in your eCommerce business.

  1. Ecommerce fees, postage costs, PayPal fees, and bank fees
  2. Accounting Expenses – Whether you make use of accounting software or have hired a professional account, you can claim tax filing deduction and tax preparation expenses.
  3. Damaged or Returned Items – It is critical to have beginning and ending inventory if you intend to claim deductions for returned or damaged items.
  4. Reselling
  5. Home Office Deduction – , you can claim deductions if this is done from the home office that is used exclusively for running the business.
  6. Travel Expenses – If you have to travel to deliver eCommerce goods or to source your products, the costs may be claimed as travel expenses.
  7. Taxes and shipping costs associated with the product
  8. Manufacturing costs of materials, tools, and supplies
  9. Office Equipment Expenses – You can claim expenses for things like office computers, furniture, internet services among many other services and supplies you need.

The Different Accounting Services You Require as an E-commerce Trader

Some of the services your limited company needs include:

  • Statutory company accounts
  • VAT returns per quarter
  • CT600
  • Bookkeeping
  • Abbreviated Accounts
  • Confirmation statement
  • Payroll
  • Pension compliance statement
  • Self-assessment directors’ tax return

GM Professional accountants have offices located in London, Birmingham and Essex

Accountants in Birmingham

Accountants in Birmingham

  • We have a three best-rated accountant’s award
  • We are experts in small business accounting
  • We are self-assessment tax preparation and filing specialists
  • We provide fixed fees which we agree upon in advance

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If you are in Birmingham and need the services of accountants then you are in the right place.. We understand that finding a dependable local accountant that has expertise in a variety of needs and services is hard. As such, we have experts in the different accounting specializations that will provide for the variety of needs that your company or you as a person may require.

With our company, you get access to services that include:

  • Tax filing for Personal self-assessment
  • Preparation and filing of CT600 and accounts for Small business Limited Company services
  • VAT filing and VAT advice
  • Services for contractor accounting
  • Payroll and pensions auto-enrolment services
  • Company incorporation services
  • Property income tax and capital gains tax
  • Self-employed and self-assessment tax return services

From our offices in Birmingham, we make available accounting services to private persons and companies alike. Among the services that you can get from our experts include general tax advice on the variety of packages we have and assistance to ensure that you are compliant and have filed your tax returns before the deadline.

What makes us the best as compared to other accountants in Birmingham is that we have the know-how, expertise, and commitment to our clients that always have them coming back. Our clients know that they can rely on us to be one step ahead of the curve since we are always on top of any new developments including any modifications to HM revenue structures and regulations and changes to customs tax regulations and laws.

Our accountants have all the information on the laws and regulations to ensure that you are compliant. They will also provide information on the tax obligations and any expenses arising from the variety of tax regulations relating to your business. When you let us work on your accounting and returns, we will ensure that all your self-assessment and tax returns are prepared and filed in an accurate and timely fashion. Moreover, our company provides packages tailored for small businesses such as the preparation of corporate accounts and filing of taxes.

Accounting for Limited Companies

We provide accounting for companies’ house, HMRC and tax returns, and filing for CT600. Our packages include everything you may need including bookkeeping, trial balances and the making of final accounts. By providing comprehensive accounting services, we ensure that you or your business is compliant with all the rules and regulations that apply in the jurisdiction.

We make sure that all the information you file with the authorities is accurate for each task. This makes it possible to spot opportunities for allowable expenses so that you can pay less tax. By taking advantage of our comprehensive services, you can free more of your time that can then be used for more critical activities such as marketing. This will help grow your business since you will not bogged down doing mind-numbing accounting and bookkeeping tasks.

As such, we can guarantee that when you work with us, you are working with accountants who take your business affairs seriously and with expertise and caution borne of experience. Nonetheless, despite our seriousness with the task, we always strive to provide a personal touch to every client. It is vital to know the tax requirements of your Limited Company which is deemed a legal entity upon its formation.

As a sole trader, there is no real distinction between you and the business and hence you can take out money from the business as you wish. However, things are different when your business is designated as a limited liability company. With such a designation, money can only be taken out in the forms of directors’ loans, gratuities, dividends, or PAYE earnings. The rules governing the working of a limited company and the tax requirements can become quite convoluted and hence it is important to contract an accountant as soon as you start operations.

Tax Returns for Self-Assessment

The filling and groundwork for self-assessment ought not to be a stressful or expensive undertaking. From out offices in Birmingham, you get to enjoy cheap, comprehensive, affordable and hassle-free tax returns without having to leave the city.

Capital Gains Tax

We are specialists in capital gains tax and have helped many clients needing such services in Canary Wharf and the nearby suburbs. We help prepare and file PPR and Letting relief to help our clients reduce the amount payable on the capital gains tax. Nonetheless, we always advise that you contact us early enough so that we can advise you on the planning and documentation procedures that you need to take into account while preparing your returns. Many people who do not get the advice or plan well in advance tend to get huge capital gains tax bills, since they lack an understanding of the working of CGT.

R & D Tax Credits

We are specialists in R&D tax credits that the government provides as incentives to businesses in the United Kingdom that invest in innovation. This credit can either be claimed as a refund or help to reduce corporation tax.

If you run an SME (Small and medium-sized business) you could be eligible for one or both of the following credits:

  • If you have made a loss you can claim 14.5%
  • You can claim up to 130% more of your eligible Research and development expenses in the forms of a tax adjustment. In addition to the expenses themselves being fully tax-deductible, you will have a deduction totaling 230%.

Freelancer accounting services

We provide accounting services for freelancers that may be working either as Limited companies or sole traders. We assist you in claiming permissible expenses by providing services that include assistance with self-assessment groundwork and filing, statutory accounts, issuing dividend vouchers and bookkeeping. Our packages are designed to meet your fiscal and legal requirements.

Property Tax return

Due to the abolishment of tear and wear allowance and the restriction on mortgage interest, preparing and filing property taxes is now a more complicated affair. As such, it is critical to get tax planning advice right from the start so that you can determine the correct split between partners and spouse. Advance tax planning provides huge tax advantages as it gives you more control.

E commerce online business

We specialise in Ecommerce platforms, this includes Amazon accounting services, shopify, paypal, Ebay and various drop shipping platforms, Our services are tailor made, affordable and hassle free. We understand the distance selling rules and place of supply of goods and services. There are different rules from business to business, business to consumer and reverse charges. This is a specialist sector and we have experience and expertise in this department.

Online Accountants Manchester

Online Accountants in Manchester

  •  We are Small Business Accounting Specialists
  • We specialize in Self-Assessment Tax Returns
  • All our services are provided on Fixed Fees agreed upon in advance

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If you need accounting services in Manchester, your search has come to an end. We are Online Manchester accountants, providing video live meeting from your home. We know that finding a reliable accountant is not that easy, particularly if you are looking for accountants who can cater to a range of needs and provide the services that your business needs.

The following are some of the services we provide:

  1. Tax return services for Personal Self-Assessment
  2. Self Employed and Self-Assessment tax returns
  3. Preparations and filing of CR600 and accounts for Limited company and small businesses
  4. Property income tax and capital gains tax
  5. VAT returns and VAT advice
  6. Company incorporation services
  7. Contactor accounting services
  8. Payroll and pension auto-enrolment services

We provide accounting and other business services to private individuals and businesses. Among our services are assistance in the filing, submission, and fulfilment of your tax obligation before the due date, and general tax advice on a sliding scale.

We have gained a reputation for our experience, skills, and dedication to our clients. We are always up to date on the happenings and developments in the field of tax accounting.

We make it our business to be updated on any changes in HM revenue systems, regulations and customs tax laws.

Our specialists will guide you in how to be compliant with all the laws including any regulations and tax expenses that may arise from those regulations. When you choose to work with us, you can be sure that we will file your self-assessment and tax returns in time and accurately. We have different packages for your small business that include the preparation of your company accounts and the filing of your tax returns.

Limited Company Accounting

For your limited company, we provide companies house, HMRC and CT600 tax returns services. We provide a range of services that include preparation of final accounts, trial balances and general accounting to ensure that your company is in compliance with all the laws and tax regulations in your jurisdiction.

This will ensure that all the accounting and tax information is accurate, which increases allowable expenses and could probably reduce your tax payable too. Working with GM professional accountants as a small business, you can delegate the tedious bookkeeping tasks to us so that you can have the time to work on more important activities to build your business.

As such, we design our packages with a personal touch even as we use our caution and expertise from long years of experience to give you the best service. It is important to understand that once a limited company is formed, the designation comes with tax obligations of a separate legal entity from the owner.

You can do whatever you like with the money the business makes as a sole trader. However, since the limited company is a separate entity, money can only be withdrawn in the form of directors’ loans, bonuses, dividend or PAYE income. The laws that a limited company has to adhere to including the tax obligations can be a complicated mess and it is always advisable to engage the services of an account if you intend to set up one.

Self-Assessment Tax Return

The filing and preparation of self-assessment returns should not stress you out or cost you thousands. Our Online accountants, will work with you so that you can have cheap, hassle-free and affordable self-assessment preparation and filing without needing to leave Manchester.

 

Self-Assessment Tax Returns Online

When we work with your business, you can be certain that professional tax experts are working on your returns. The specialists will provide advice and answer any questions on any queries you may have obligation-free.

The service is offered free of charge when you get the tax returns package . Our professionals are always available to prepare your tax filings fast and accurately so that you never have to worry about penalties imposed with noncompliance.

Moreover, our specialists have the experience and expertise which they will use to review your filing to ensure that you get the maximum tax refund available. In addition, they will also offer advice on expenses related to personal tax returns that can then be claimed to reduce tax payable. If you are either a company director or are self-employed you will be required to file self-assessment tax returns. By getting advice on tax planning and the proper, accurate filing of returns, the process can be made as painless as it should be.

Property Tax returns

Since the coming into effect of the mortgage interest restriction regulations, it has become even more critical to get an accountant if you want to get the most appropriate tax planning advice. The wear and tear allowance has been scrapped while the renewals method is now law. Our firm always reviews your tax positions and provide recommendations on where you need tax planning so that you can be in compliance with HM revenue customs regulations.

 

Accounting for Contractors

We have custom packages made specifically for contractors that operate their small limited companies and offer tax planning services to ensure that you save as much as you can on your taxes. This will result in an increase in your profits. Our accounting experts have expertise in VAT and will offer guidance on expenses that are exempted. We also advise you on the 24-month rule and how to use it to claim subsistence and travel expenses.

Capital gains tax

GM Professional accountants specialize in capital gains tax as we have helped many people claim Letting relief and PPR to reduce tax owed on capital gains. This can always be planned ahead of time and hence it is critical to get the advice of a professional. A lot of people misunderstand capital gains tax, which often results in a huge bill if one is not careful.

Tax Credits for R & D

Our firm has specialists in Research and Development tax, which come in handy particularly at a time when UK businesses engaging in innovation can take advantage of government incentives. These incentives can be claimed as surrender able loss or reaction in corporation tax so that your business can get a refund.

Small and medium-sized enterprises can get the following incentives for R&D

  1. 230% of R&D expenses including the existing 100% in addition to another 130%
  2. Companies making losses can claim up to 14.5 percent on allowable losses

Accounting services for Freelancers

We offer freelance accounting services for both limited companies and sole traders. We help you claim allowable expenditures. We also help you with self-assessment preparation and submission, bookkeeping, statutory account and issuance of dividend vouchers. We have customized packages to meet your financial and legal needs.

E commerce business accounting services

We provide accounting and tax services on various E commerce platforms, The sectors that we specialise are in are  Amazon FBA, paypal, shopify Ebay and drop shipping platforms. We provide guidance on place of goods and services for vat purposes. Guidance on distance selling rules.

3 Piccadilly Place

Manchester

M1 3BN

Tel: 0161 883 3198

Dutch Capital: Full Flexibility

Dutch Capital: Full Flexibility

The Dutch limited liability company (called a BV) is often used in international structures. In this article you will get to know about the main characteristics of the capital of a BV. The Dutch Civil Code does not contain many restrictions in the use of capital since an amendment in the year 2012. The articles related to the public limited company (called a NV) were not updated, which make that much of the following will not apply to this legal form.

How can a BV be funded with capital?

At incorporation of a BV, at least one share shall be issued. By law there are no limitations in regard the nominal value per share or capital. Stamp duties do not exist in the Netherlands.It is not mandatory to pay in share capital immediately after issuance, though from a liability perspective it is not advisableto issue shares without paying them up. In case of a bankruptcy of the BV shareholders can be requested to pay up all shares.

Above the shares’ nominal value share premium can be paid. To do this, a notarial deed is not required. An agreement between the shareholder and BV plus a shareholder’s resolution is sufficient. Note that a share premium repayment is possible though only in case that there are no profit reserves and no profits expected for the coming three years. Otherwise there is a risk of having to pay dividend withholding tax. Check this with your Dutch accountant and tax advisor. As an alternative to share premium repayment, share premium can be converted into share capital and the nominal value of shares can be decreased, allowing a tax neutral repayment. A conversion of share premium and change of nominal value require notarial deeds.

What kinds of shares can a Dutch company issue?

Priority shares, referent shares, tracking stocks and non-voting shares can all be issued by a Dutch company. Also, combinations of the characteristics of these types of shares can be created by means of letter shares.

Priority shares have decision-making powers with regard to one or more subjects mentioned in the articles of association. Priority shares usually have no profit entitlement.

Preference shares are characterized by the fact that the sharesyield a fixed return that is not linked to the operating result (but can be linked to market interest, for example). The return on these shares is paid out before the return on the normal shares.

Tracking stocks are shares that only entitle the holder to the profits made with certain activities or subsidiary of the company.

Non-voting rights do not entitle to vote, though allow shareholders to benefit from profits. It can be used as a tool for estate planning or to have investors or employees participate in the company.

The shares of a Dutch company can be denominated in any kind of foreign currency. This can be handy in case your company’s cash flows will be mainly in foreign currency. It is allowed to have an authorised capital, though no mandatory.

Can a Dutch company purchase its own shares?

A BV can purchase its own shares. Also, it can cancel such shares. Under Dutch law a capital protection scheme exists for purchase of own shares. This same scheme is also applicable to dividend distributions and share premium repayments. The purchase of shares as such is not subject to a maximum, except that at least one share with voting rights shall be with a shareholder. The management board is to perform two tests. The company may not acquire its own shares for payment if (i) the shareholders’ equity and reserves do not allow, or (ii) if the management board knows whether it should be reasonably foreseeable that the company will not be able to continue paying its due debts after the acquisition.

Its flexibility makes that the BV can be used under many different circumstances. It for sure contributes to the fact that it is the most popular legal form in the Netherlands.

How to Find a Virtual Accountant

Small business Virtual Accountant

Virtual accounting refers to a system where a qualified accounting expert offers their accounting expertise and services to businesses and individuals virtually instead of physically working at the business premises of the client.

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Virtual accounting provides all the benefits you would get if you hired a professional that would physically work from the office. However, given that the virtual accountant is a contractor and telecommuter, the service will often be cheaper.

Virtual services make this possible as they provide greater flexibility for the accounting professional and for the client.

Advantages of Virtual Accounting Services For Your Business

With virtual accounting services, a business can get its accounting handled by a professional accountant rather than having to contract a full-time accountant. This helps companies cut costs as they can pay for services only when they need accounting work done.

It is an excellent solution particularly for small businesses that may not have the budget to engage a full-time accountant yet need a professional to do their accounting.

Virtual accounting may also prove cost-effective for big businesses that may need extra assistance even if they have their own internal accounting department. Virtual accountants can work alongside company accountants to offer their services to reduce the workload for as long as the business needs them.

It provides a unique combination for companies that may not have the funds to hire extra accounting staff but still need additional help.

A small business that cannot afford a knowledgeable and experienced accountant full time or does not have the need to hire one will benefit a lot from engaging the services of a virtual accountant.

Many small businesses run into trouble and fail within three years for a number of reasons. These include an inability to hit upon a business model that produces enough revenue, and failure to differentiate themselves from other businesses in the space. With a virtual accountant providing critical accounting services, they will be able to be in touch with the realities of the marketplace while keeping their financial goals in sight.

Instead of hiring a full time accounting professional getting a virtual accountant can be huge as the professional will provide services that include:

1. Filing and preparation of CT600 and Accounts for small business Limited Company services
2. Tax return services for Personal Self-Assessment
3. Bookkeeping
4. VAT advise and VAT returns
5. Tax return services for Self-Assessment
6. Pensions and payroll auto-enrolment services
GM Professional accountants have offices located in London, Manchester and Essex.

Victoria Accountants

Contractor, Personal & Property Tax Services near Victoria London

If you need the services of accountants in Victoria London then we are here to help. Our offices are conveniently located in the central business district, near Victoria London. We know that it can be tough finding local accountants that do a good job and serve your needs and provide a variety of services that you as an individual or your business may need.

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Some of the services we provide include:

  1. Tax return services for Personal Self-Assessment
  2. Self Employed and Self-Assessment tax return services
  3. Property income tax and capital gains tax
  4. Preparation and filing of accounts including CT600 for small and limited companies
  5. Incorporation services for companies
  6. VAT returns and VAT advice
  7. Auto-enrolment services for payroll and pensions
  8. Accounting services for contractors

 

From our offices in  London, we provide our services for individuals and businesses. Some of our services include assistance to help you submit your tax returns before the deadline and general tax advice depending on the package you select.

Unlike many accounting firms in London, we have a reputation for our dedication to our clients and have the experience and skills you need. We have made a name for being up to date on the latest changes in HM revenue systems and regulations and customs tax laws.

Our accounting specialists will advise you and help you be compliant with all tax regulations, including advising you on the financial effect of the different tax regulations. When you work with us you can be certain that your self-assessment and tax returns will be filed accurately and in time. Our firm has a range of packages fit for small businesses, including getting company accounts in order and filing of tax returns.

 

Accounting for Limited Companies

Our services include the filing of accounts for companies house and HMRC and CT600 tax returns. Our different packages include everything from the preparation of final accounts, bookkeeping, and trial balances to ensure that your company is in compliance with tax laws and regulations in your jurisdiction.

This ensures that all the accounts and returns that you file are accurate so that you can claim allowable expenses and reduce the amount of tax payable. By working with us as a small business owner, you can hand over the tedious accounting tasks, which frees your time for more productive business endeavors.

Therefore, our company provides a range of packages that ensure that your business affairs are taken care of with expertise that comes from our many years of experience combined with a personal touch. We understand the tax obligations that come with the formation of the separate legal entity that is the Limited company.

 

As a sole trader there is not much distinction between the owner and business and you can use revenues and profits as you wish. But as a limited liability company, the money does not belong to you and as such the only allowable withdrawals have to be in the form of directors’ loans, dividends, PAYE income, and bonuses. The tax obligations and the regulations governing the working of a limited company can be very complex and hence it is important to hire a qualified accountant right from the get-go.

 

Self-Assessment Tax Return

The filing and preparation of self-assessment returns should not be a stressful or expensive affair. From our Victoria London base, we work with you to provide you cheap and hassle-free self-assessment returns without you needing to leave Victoria London.

Online Filing of Self-assessment Tax Returns

When you work with us you can be certain that you have professional accounting and tax experts working on your returns. The professionals will provide obligation-free advice and answer any questions you may have. You get this service for free when you buy the tax return package in Victoria London and any other location in London. Our experts are always ready to prepare your tax returns fast and accurately so that you do not have to deal with penalties among other noncompliance issues.

Additionally, they will employ their experience and expertise to review your returns to get you the maximum tax refund that you can get. Moreover, they will also offer advice on your personal tax return expenses claimable, which will reduce your taxes. If you operate a business as a company director or a self-employed proprietor, you need to file self-assessment tax returns. When you get advice on tax planning and the accurate filing of your taxes from a professional accountant, the process becomes easier and less stressful.

Accountants for Dropshipping E-commerce Businesses

Accountancy services for E-commerce businesses

The Institute of Chartered Accountants(ICA), Chartered Institute of Management Accountants(CIMA), CIPFA, AAT and ACCA for certified accountants are some of regulatory accounting bodies most reputed accountants are affiliated with, to ensure that they conform to the accounting norms.

Hence it is important to ensure that the accountants who are hired for your business are affiliated with these regulatory bodies, ensuring that you receive quality services. E-Commerce businesses, having a large number of Amazon, eBay and PayPal transactions are the main clients of GM professional accountants.

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Deadlines for filing returns for E-commerce sellers

Our specialists will help your online business and go through the various vat and accounting deadlines for filing, by helping your business extract the reports which are required from the eCommerce marketplaces, and payment processors.

The last date for filing of returns for sole traders and companies is specified by the tax authorities and is different. Even if a sole trader has employees, the rules are the same as a sole trader who is running the business alone, and returns have to be filed by January 31.

On the other hand, a registered eCommerce company selling products online, the returns should filed within nine months of the completion of the financial accounting year .

Claiming allowable expenses

E-commerce businesses can use the following tips to claim expenses

– It is important to main proper records of all the expenses incurred as an eCommerce business

– if the business has hired a professional accountant or is using an accounting software, these can be claimed as tax preparation, tax filing and accounting expenses

– If a business owner, staff has to travel to source products, or deliver the product packages to the post or courier offices, these can be claimed as travel expenses

– Shipping costs like courier charges and taxes for the products sold

– Office expenses, like the cost of the internet services, computer equipment, furniture, stationery and others can be deducted

– if any item is manufactured, the manufacturing expenses like tools, raw materials and other supplies

– a deduction is allowed for a home office, if a part of the home is used exclusively for running the home office.

– the business owner should maintain records of his inventory at the beginning as well as ending of the financial year, if he wishes to claim damaged or returned items as expenses

– E-commerce marketplace, bank , PayPal fees, postage costs

– Reselling expenses

Accounting services for limited companies

The accounting services which a registered limited company selling products online will require are – Abbreviated accounts and the statutory accounts of the company
– CT600 for corporation tax
– Payroll, pension compliance statement
– Director’s tax return, a self assessment
– Bookkeeping and filing Vat returns quarterly
– Confirmation statement

Even if an e-commerce business sells only a few items online, the business owner is expected to file tax returns. Hence it is advisable to hire the services of a professional tax and accounting professional. This can be claimed as an expense, and the business owner can focus on making his business grow. Your business profile will usually determine the specific nature of the accounting services required.

GM professional Accountants specialise in this sector and we have offices in London, Manchester and Ilford Essex.

Choosing a HMRC registered accountant agent guide

HMRC REGISTERED ACCOUNTANT GUIDE

1. How to Choose Your accountant?

Selecting a good tax adviser can be difficult as well as prove to be expensive. However, if you consider the

following points, you can make an informed decision :-

(a) Experience. This is a key factor in making the right selection. An adviser with previous experience in the field can help you save a lot of money through his/her counsel. A tax consultant who can undertake bookkeeping, audit and is proficient in corporate or personal tax regulations can setup and manage your accounts in such a manner as to reduce your tax outflow. Experience in payroll services, tax investigation, VAT submission and landlord support along with the knowledge of current tax regime is an important parameter.

(b) Trust. It goes without saying that trustworthiness of your tax consultant can never be overemphasized. You can’t be sharing your personal and financial details with someone, whom you don’t trust.

(c) Qualification. If trust and experience are the 2 most important attributes, you can’t overlook the qualification of the tax adviser. A highly qualified tax consultant may seem to be expensive at the outset, but will ultimately be able to save you more money in the long run.

(d) Integrity and Transparency. You should select a tax consultant, who scores very high in integrity and informs you about all of his/her charges upfront. You should discuss the fees and costs of tax consultancy services with the adviser and an agreement must be reached. This kind of transparency is not only good for your business, but also aids in developing a healthy professional relationship. A consultant who commits to have a fixed fee structure is the best as you don’t have to spend time again and again on the same discussion.

2. HMRC approved (registered) accountants.

Tax planning and timely and accurate filing of tax returns are very critical for any business as well as individual. The rulings and procedures are often confusing. We at GM PROFESSIONAL ACCOUNTANTS provide you an end to end solution for this and are registered with HMRC as agents. With commitment to the job and knowledge of all tax related matters, we’re among the foremost Tax Advisers in London.

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3. GM PROFESSIONAL ACCOUNTANTS – The Right Choice.

Whether you’re an individual tax payer, proprietor of a trader firm or big business organizations looking for the best suited tax advice, GM PROFESSIONAL ACCOUNTANTS meets all your needs. Our bookkeeping services are arguably the best in the market and you’ll never have to worry about any wrong or inaccurate entries. With years of experience, we’ve earned more respect than profit because we put faith and integrity as our topmost goals.

Conclusion.

There are broadly 3 ways to manage your accounts and undertake tax management. First is that you do it yourself, which is perhaps the cheapest option but involves lot of hard work on your part. The second method is to take help from an acquaintance, which will have no guarantee of success. The last method is to hire a good tax consultant and although it may seem to be the most expensive method, it saves your hard- earned money. A bit of research can assist you to get the best quality tax adviser at reasonable prices.

GM Professional Accountants have offices located in London , Manchester and Essex.

Accountants for Manufacturing Business

Accountants for Manufacturer business

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We have a specialist accounting team that has the passion to help their clients manufacturing businesses and be part of the success story.

We understand the many operational challenges such as financial constraints imposed by financial institutions, stock costing, and margin maximisation that manufacturers have to deal with. At GM Professional Accountants, we have the specialists with manufacturing experience, These will help you in the making of policies and decisions that will minimize a range of risks in the different stock costing systems available to you. While stock costing systems may seem easy on the surface, they can result in complexities in compliance and taxation that could turn out to be very expensive.

We do provide advice on a range of employment aspects that may include pension, safety and health requirements, and policy. We also provide advice and even stand-in for you to help get the best financial arrangements. Some of our financial services include negotiating for favourable banking arrangements that take into account the effect of international trade on currency transactions and handling debtor invoice financing on your behalf. Our professional manufacturing accountants have a good understanding of all the intricacies involved and will get you the best deals not only with financiers but with other stakeholders too.

We also provide corporate advice to help you understand and deal with issues such as research and development, and allowance maximization. We also provide advice from the business owner’s perspective in aspects such as exit strategies, succession planning, and remuneration extraction. Having professionals explain and offer advice from your point of views is critical since it helps you understand the advice we give you more clearly. If the business has international operations, you can depend on us to provide seamless cross border services. We are a member of GM Professional accountants International, and we will provide international expertise through a worldwide network of independent accountants. With our international networks and contacts, you can always be sure that you will getting top quality management and accounting advice anywhere your business operates.

We also provide advice on aspects of  business acquisitions, including due diligence, forecasting, and budgeting.

We have specialists in Duty and VAT who have helped many businesses to successfully import goods from outside the EU and recover any overpaid duties. They will also offer advice on a range of VAT issues that manufacturers have to deal with in their daily operations.

Our clientele is for the most part limited companies that may range from large international conglomerates to small owner-managed companies. Get in touch with one of our specialists who will advise you on the services GM Professional Accountants can provide you with.

Manufacturing Accountancy Services we provide include:

1. R&D intellectual property tax relief
2. Banking reviews
3. M&A strategic advice
4. Tax compliance and planning
5. Keeping talent and succession planning
6. Payroll
7. Maximizing of overseas operations
8. Management of accounts and bookkeeping
9. Management of supply chain risks
10. Accounting services
11. Financial modeling, business improvement, and working capital management
12. Duty and VAT
14. Stock control management

GM Professional accountants have offices located in London, Manchester and Essex.

Accountants for Right to manage Ltd company 

Accountants for Right to manage Ltd company (RTM)

When a leaseholder has the Right to Manage, it is an opportunity that comes with very real responsibilities as they take over the management of the property.

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DEFINING RIGHT TO MANAGE?

The Right to Manage often abbreviated as RTM is a relatively new legislation having only been introduced in 2002 via the Commonhold and Leasehold Reform Act. The act gives leaseholders the legal authority that supersedes that of the landlord in setting up a right to manage company, which manages the property on their behalf.

For leaseholders, this statutory right is a big win. The leaseholder does not have to obtain court orders, prove any mismanagement or get the landlord’s approval to exercise the statutory right. Still, it is a decision that needs not be taken lightly since it means the leaseholder now has very real responsibilities.

While the procedure for getting the RTM is pretty straight forward, the criteria and qualifying rules are quite complicated. As such, our recommendation is that any leaseholder who wishes to take advantage of the right read the Lease Advisory Service guidelines (LEASE), for a more detailed look into the rules and regulations.

Once the Right To Manage Company has been formed, one of the directors will be in charge of all financial aspects of the new company. This could be a daunting task for any director with limited accounting experience or anyone without a financial background. The following are some practical tips a director should follow to get up to speed and perform their obligations.

Invest in accounting software
1. Unless you are running the simplest and most basic RTM Company, it is always recommended to get an accounting software package and to maintain and record accounting transactions. The are several inexpensive and user-friendly software packages that you could pick up that would be easy to use even for a director with a non-financial background. Accounting software will come in really handy, particularly when you need to keep track of service charge debtors given that bespoke or manual systems made in excel are not the most reliable for such type of work.

2. Implement financial controls as soon as you are appointed
It is critical to put in place financial controls from day one. This will ensure that at a minimum:

a) Bank accounts are reconciled to the cashbook at least once a month
b) There is dual authorization or two cheque signatories for online banking payments
c) Systems for the authorization of expenditures that have been put in place are not dependent on one person d) There is a monthly review of service charge debtors

All these duties call for commitment and discipline if the director is to ensure that they are done. Discipline is important given that the time needed to regularize any bookkeeping tasks tends to increase exponentially the more the task is not performed on the regular.

3. Be aware of Income that may result in tax obligations
The company is likely to have Corporation Tax liability for any income other than service charges that it earns. Income the company makes from activities such as the issue of laundry tokens or renting out parking spaces is income that may be liable to Corporation Tax. Such income will need to be declared on the

Corporation Tax return and be properly accounted for. The tax will be due nine months after the end of the financial year. Viewing this income as incidental income which you need not declare is a common mistake. However, this could be an expensive mistake as the HMRC can impose painful penalties and interest charges once the income comes to light.

Accountants for Sole traders

Specialists Accountants for Sole traders

Starting out
Our specialist accountants are happy to assist you with the advice and Bookkeeping services. Our end to end service package has everything that you need to get a clear perspective of your business needs. It also includes expert advice on how to deal with HMRC correspondence and optimize tax planning.

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Accounting for Sole Traders

At GM professional accountants, we provide accounting services for sole traders that include preparation of tax returns for filing with the HMRC, calculation of tax liability, bookkeeping and preparation of annual accounts. Our business accountants in London are available to help ensure that you are compliant with legal requirements and that you are not subjected to penalties.

Which Expenses Can you Claim as a Self Employed Person?

Office Expenses

You can claim postage, printing costs (includes printer ink), and business stationery. You can also claim expenses such as computer software, printers, and computers as long as you do not use cash basis accounting and claim the expenses as capital allowances.

Business premises

Claimable expenses include security, property insurance, utility bills, repair and maintenance, and rent. You cannot claim any expenses that include building or buying the business premises.
If you run the business from home, you can claim utility bills but you will have to determine how much of the home is used for business purposes, and how much of the utility bills can be claimed as expenses for the business. If you work for at least 25 hours from home, you can claim business expenses under a flat monthly rate referred to as simplified expenses.

Travel

You can claim business-related van or car costs such as breakdown cover, servicing, repairs, hire charges, fuel, and vehicle insurance. Given the complexity, you can default to the flat rate provided by the government referred to as the simplified vehicle expenses. Other expenses you can claim include business travel by taxi, plane or train. You can also claim overnight expenses on business trips such as meals and hotel rooms.

You have to keep in mind that you can claim site visits and travel for business meetings among other expenses. However, you cannot claim travel expenses for traveling or commuting to the business premises. Also, note that if you combine business and personal travel you need to separate the business from the private costs before making any claims. Event hospitality and costs for entertaining customers, suppliers and clients are not claimable. Stock and materials You can claim the cost of raw materials and stock and any direct costs that need to be incurred in the
production of your goods.

Financial and Legal Costs

If your business needs the services of a professional such as an architect, surveyor, solicitor, or accountant for business purposes, you can claim that as an expense. You can also claim credit card, overdraft, and bank charges including leasing, purchase interest, business loan, and interest on bank payments. However, it is critical to note that using cash basis accounting means
that claims are capped at 500 on bank and interest charges.

Business insurance

You can claim business insurance costs that include professional indemnity insurance and public liability insurance, Check out our FAQ page for more information.

Marketing

Marketing costs such as website costs, free samples, mailshots, directory listings and newspaper advertising can be claimed as expenses.

Clothing

You can claim costs for costumes for entertainers and actors, necessary protective clothing, and uniforms. However, everyday clothing that you wear to work cannot be included as part of the business expenses.

Staff costs

Staff and employee salaries are claimable as well as employer National Insurance contributions, agency fees, benefits, pension contributions, and bonuses.

Subscriptions

You can claim the costs of subscription to professional membership organizations or costs of membership to trade bodies as long as they are relevant to the business you are in. You can also include subscriptions to professional and trade journals.

GM Professional Accountants have offices located in London, Manchester and Essex.

Accountants for Healthcare Medical Professionals

Healthcare Medical Professionals

The health care industry is constantly changing – even practitioners in private practice still have to deal with massive compliance needs. We have specialist health care accountants with the experience to take care of all
your compliance needs.

They have been working with care homes, dental practices, GPs and other healthcare professionals for years providing a range of taxation, accountancy and management services.

GM Professional Accountants are specialist and provide tailor made packages for small – medium sized businesses. Our offices are located in London, Manchester and Essex.

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Specialist Medical Accountants

How we can help

The advisory and accounting needs requirements for each health care profession have subtle differences.

We have a team that has a good understanding of those small differences that will provide advice that fits your area of practice. GP practices

We can assist GPs by offering:

1. Regular end of the year accounting and management
2. Software selection and training
3. Tax planning and compliance
4. Property ownership, partnership changes, and succession planning
5. Guidance on alternate corporate structures
6. Cash flow management and partner drawings planning
7. Specialist capital allowance deductions for surgeries
8. Lifetime allowance planning, estimates for yearly allowance and NHS pension reports
9. Superannuation certificates

In addition to acting for the business, the firm also offers wealth management and tax planning advice to individual GPs.

If you are a doctor, hospital consultant, salaried GP or locum, we can help with your very specific tax management and accounting requirements such as:

1. Annual tax returns and accounting needs
2. Alternative business structures your business could take
3. Help with NHS pension returns
4. NHS pension projections and reports
5. Retrospective tax claims of examination and professional fees
6. Advice with regard to business bookkeeping and tax-deductible expenses

Dentists

The team can provide you with support services that include:

1. Year-end accounting and regular management
2. Practice disposals and acquisitions
3. Tax planning and compliance
4. Lifetime Allowance planning, projections for Annual Allowance and NHS pension reports
5. Alternate corporate structures your practice could take
6. Superannuation annual reconciliation reports
7. Specialist capital allowance claims for new build and existing surgeries
8. Capital allowance planning for surgery equipment

NHS Pensions

Some medical practitioners count the NHS Pension Scheme as one of the most valued assets. Since the NHS
Pension Scheme tends to be very complicated, it is prudent to get the services of a specialist that has a good
understanding of how it all works.

We have experienced medical accountants in our team that know all the
intricacies of the scheme that will look into your personal situation and provide guidance.

They will advise
you on what you can do to safeguard and make the most of your financial situation.

For more information or help check out our NHS Pensions page.

Care Home Owners

A care home has distinct accounting requirements given that it is a highly specialized business. Moreover, it also tends to have very complicated compliance requirements that require a specialist eye. We have in house
experts that will assist you with:

1. Management reporting, bookkeeping, payroll, and annual accounts
2. Partial exemption VAT calculations, corporation, partnership, and personal tax returns
3. Business structure review and tax planning

Accountants for Bigcommerce 

Accountants for Bigcommerce

It is critical to ensure that your accountant is a member of professional bodies such as AAT, CIPFA, CIMA, ICAS, or the ACCA. These organizations have standards for their members which ensures that you get only the best quality service from the practitioner. GM professional accountants are specialists in E-commerce businesses most of which have to deal with eBay, PayPal and Amazon transactions. We have in house specialists with the skills and experience to extract the accounts and reports needed to meet VAT and accounting deadlines.

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When should E-commerce Sellers File their Taxes

There are different dates for the filing of returns depending on what type of business you set up when you registered your e-commerce business. If you are set up as a sole proprietorship you have to submit your tax returns January the 31st. However, if you are set up as a limited company the tax man expects you to file your taxes no later than 270 days after the end of the accounting year.

Allowable Expenses, What is Deductible?

You are expected to keep accounts of all expenditures for every item sold by your e-commerce business.
1. E-commerce Fees – Include postage fees, bank costs, and PayPal fees.
2. Accounting Expenses – Whether you use accounting software or you have hired a qualified accountant, you could be eligible for tax filing deduction and tax preparation expenses.
3. Damaged or Returned Items – To claim any deductions you need to have records of beginning and ending inventory.
4. Reselling
5. Travel Expenses – If you have to travel to deliver packages or buy the products you sell, you could be eligible for travel expense deductions.
6. Home Office Deductions – If you run the e-commerce business from a home office you may be eligible for tax deductions as long as you can prove the office is used exclusively for the business.
7. Taxes associated with the shipping costs for your items
8. Manufacturing costs for materials, tools, and supplies
9. Office Equipment Expenses – You are eligible for deduction on services and office supplies that include computers, furniture and internet service among other expenses.

Accounting Services an E-commerce Trader Needs
Some of the services that your e-commerce limited company may need include: 1. Statutory company accounts
2. VAT returns per quarter
3. CT600
4. Bookkeeping
5. Abbreviated accounts
6. Confirmation statement
7. Payroll
8. Pension compliance statement
9. Self-assessment directors’ tax return

You have to keep in mind that the process of sale and distribution of good and its acquisition follows a certain process. The best way to improve your business is by making the process as efficient as possible. GM professional accountants provide reminders for your self-assessment returns, Payroll, VAT and Company accounts.

Depending on the set up of your business you may not have to file VAT if you are not registered. However, once you have a turnover of 85,000 you will need to file VAT. You have to keep meticulous records and register the company once you attain the threshold to keep yourself compliant. GM professional accountants help you understand what expenses are deductible so that you can retain as much of your profits as is legal. We make sure you have a good understanding of what expenses are exclusively isolated from your business.

GM Professional Accountants are based in London, Manchester, Birmingham and Essex.

Accountants for shopify businesses

Accountants for shopify E-Commerce Sellers

Accountants for Shopify sellers is a specialist area, the place of supply of goods is an important factor in determining the vat status,

It is highly crucial to make sure accountants are put under control by the bodies of accountancy such as CIMA-Chartered’ Institute of Management’ of Accountants, AAT, ACCA – Certified, ICAS – Institute’ of Chartered Accountants. All these great organizations boast of a high level of standards that ensure you’re able to get the best and high-quality practitioners.

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The GM Professional Accountants are mostly specialized in shopify E-commerce’ businesses, whereby the major businesses transact through Paypal, Amazon, and eBay. They have specialists who will guide you through the extraction of reports which are required for VAT and accounting deadlines.

The Appropriate Time For shopify E-Commerce Sellers To File Returns

There are various dates set by the authorities liable for taxation for filing of returns by the sole traders and the companies. As a sole trader, whether you’ve employees or operate your business on your own, you are expected to submit tax returns by 31st January every year. On the other hand, if you own a registered company that deals with shopify E-commerce products, you must file your returns at least 9 months’ post the period of accounting.

Claimable Allowable Expenses

-You must have records of various expenses which were incurred for all the sales that were made on the e- commerce’ business.

-For the accounting expenses, whether you engage services from a professional’ accountant or utilize the accounting software, you are entitled to claim for the preparation of tax’ expenses and reduction of tax filing.

-Re-Selling

-Costs of shipping and the taxes which are associated with your item

-Expenses incurred on office equipment – you are allowed to request for the expenses of your office and various services which include furniture, internet service, and computers and so on.

-The cost incurred on the manufacturing of tools, supplies and the materials.

-Deduction on the home office – you are allowed to claim for the deductions if you operate e-commerce

business’ form your office exclusively used for that purpose’.

-Damaged or Returned Items – You must record the beginning and endings of the stock in order to be able to claim their deductions.

-You must brace yourself for shopify E-Commerce fees, bank fees, Paypal fees, and the postage costs.

Various Types of Accounting’ Services that you Need as an E-Commerce Seller’.

The following includes the various services you will require in order to be an E-commerce Seller.

-Payroll
-Statement of confirmation -Bookkeeping
-Accounts for statutory company -The abbreviated accounts
-CT600
-Statement of pension compliance -Returns of VAT on each quarter -Self-assessment’ directors’ tax return

Therefore, whether you require a very small amount of money or just sell one or two items’ from the e- commerce’ business, it is your responsibility to file the tax returns. This is the reason as to why it is important to engage’ services from accounting expert and professional tax in order to take care of various financial matters and accounting. Additionally, you are allowed to claim various deductions for preparation of account expenses. You don’t necessarily need to do the accounting on your own. This is the appropriate time you should be concentrating on the activities that will grow and promote your business. The requirements of your good business will determine the type of accounting’ services which are suitable for you.

What accounting software works best with Shopify?

A cloud based bookkeeping system is ideal for an online business, as this can easily record data digitally and allows you to view various reports. Here at GM professional accountants we have partnered with Xero.  The cloud based bookkeeping software comes with our packages.

GM Professional accountants have offices located in London, Manchester and Essex.

Accountants Guide for Courier Drivers

COURIERS’ TAX RETURNS

Online shopping is one of the most developing segments in business. The development of online shopping has led to the creation of more jobs. One of the tasks that online shopping has created is courier freelancing.

How To Become A Freelance Courier

The first thing you need for you to work as a freelance courier is a van. You can use your van, or if you don’t have, you can hire. A freelancer courier can take jobs from courier companies like UPS or FedEx. Also, if you are capable, you can begin your own courier company.

Pros and Cons of The Two Courier Options.

– If you have to work under any other courier service as a freelancer, you will have no worry about how you will source for clients. However, your agreement with these companies will always tie you down.

– If you begin your own courier business, you will have the freedom to choose the clients you can work for, and you will put in a lot of efforts. Your inputs either hard work or finances would determine how many clients you will get.

How to Advertise Your Courier Services

Are you planning to begin your own courier services company? There are a few tips that may be helpful you can use to get clients. Some of the techniques are:

– Develop a website. Developing a professional website will help in boosting the credibility of your company. You can list your services on the website and also the prices for your services. Also, the site is a good point where you can communicate with your clients.

– Social networking. There are a lot of social media platforms with steady users which you can use to grow your business. You can run adverts on these platforms where you can target individuals looking for freelance courier services. You can use Facebook, LinkedIn, Instagram or Twitter to create your market base.

– Business cards. A freelancer can design and printout business cards. The cards should show your services, names and also contact details. You can then give the cards to your friends, family members, and even potential clients.

– Create adverts. Not everyone uses social media. You can use local advertising as your medium of communication. Adverts are cheaper and quickly meet your target audience.

How To Become Better in Your Courier Services

If you begin your own courier company, the better you are at your job, the chances of getting more clients are higher. Some of the skills that some of the best couriers have are:

– Stick to deadlines. Once customers purchase or request for goods, they usually need them in a short time. Due to the loads of packages you have to deliver, it would be wise to create a plan which will allow you to

stick to their schedules.

– Have adequate knowledge of the streets. In case your navigation system breaks down during your deliveries, you need to have sufficient experience of every street. It will help you to keep time even without a nav system.

– Stay fit. Since you will be spending a lot of time sitting in your van, you need to be healthy. Also, you will need to be fit for you to load and off-load your van.

– Be a good driver. This is one of the essential requirements that you need. You should have a valid driving license and also stick to the Highway Rules.

Accounting as a Courier.

There are a lot of benefits that you will enjoy in being a freelance courier. However, as a freelancer, there is one major challenge which is accounting. If you are employed, your tax is taken care of in the PAYE form. As a freelancer, You have to prepare your financial records and pay for the Self-assessment tax return. It’s done annually, and it may be challenging for you. It can distract you from your busy delivery schedules.

Getting Accountancy and Tax Advice.

You can contact GM :Professional accountants to prepare your the financial records at the end of the year. We specialise in this sector and provide bookkeeping, tax return services and company accounting services.  For the courier agency to operate smoothly, we will provide general tax advice on accounting and tax returns. It will be perfect if you keep your records up to date each month as this will allow you to make an informed decision.

Accountants for Entrepreneurs

Accountants for Entrepreneurs

Whether you are an adventurous, dynamic, or driven entrepreneur, you need an accountant that will offer proactive, sound and wealth building advice.

Our professional and expert team of entrepreneurial accountants know all about business. They are not only accountants, but also business owners that work with family business owners, SMEs, and other entrepreneurs in their daily work. They provide actionable, proactive and partner-led advice that will add value to your business.

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As such, we at GM provide a bespoke service that is tailored for entrepreneurs operating in all industry sectors. Regardless of the size of your business, we are here to help. Businesses we have worked with range from small medium size businesses, negotiating acquisitions or mergers, established companies looking for investment partners, and new business start-ups with little capital. Our entrepreneur accounting specialists have the experience, training, and ideas to help you through it all.

GM’s tax and accounting services to entrepreneurs

1. Business advisory service

Our specialist entrepreneur accountants are well-informed about your type of business’s financial affairs, your current tax situations, and your business environment. Working with you, they will come up with a feasible financial and business plan. These will form part of a financial overview that will guide the business moving forward. The team will provide practical advice on aspects of registering for VAT, investment, seeking finance, tax-free protection insurance, setting up a bank account and eventual exit or sale of the business.

2. Record-keeping and accounting

Record keeping and accounting are tedious tasks that take away from the time you should be using to build and develop your business. Our business support services department has worked with many entrepreneurs to set up accounting and bookkeeping systems so that you can finally work on your business rather than in it. With our systems and the training we provide, you will finally be able to track your profitability and cash flow at any point in time.

3. Advice on Taxes

As an entrepreneur, you will need your tax accountant to offer you advice on tax planning and tax compliance. Advice on compliance ensures that you are operating with the laws and regulations of the tax regime, while advice on tax planning ensure that you pay the least amount of taxes possible within the legal framework.

GM Professional accountant have offices located in London, Manchester and Essex.

Accountants in Canarywharf

Accountants in Canary Wharf

  • Our vision and our customer reviews show that we provide:

    • A high quality valued service with over one hundred ‘5 star’ reviews

    • Professional and experienced accountants with over 10 years of experience

    • Quick and efficient responses tailored to your needs

    Let us lead the way 

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We are an accounting company in Canary Wharf. Our office is located in Canary Wharf in Greater London, a short distance from the station.

While there are many accounting firms in Canary Wharf, finding one that can take care of all your accounting needs can be quite tough.

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This is why GM Professional Accountants have experts who have specialised in:

  • Incorporation services for your company
  • Limited company accounts preparation and filing
  • Filing returns for personal self-assessment
  • Providing advice on aspects of VAT including VAT filing
  • Filing and preparation of capital gains and property income returns
  • Self-assessment and self-employed account preparation and filing
  • Auto-enrolment pensions
  • Payroll services 

Our offices near Canary Wharf in London offer general tax advice to assist businesses and individuals in their tax obligations to stay compliant.

We are experts in the field of accounting and tax because of our dedication and expertise.

We are known in London for being a firm that is always up to date with ever-changing HM revenue.

Our professional accountants are always ready to show you where expenses may be claimed and advise you on how to stay compliant.

Accounting for your Limited Company

Our services for limited companies include preparation of CT600, accounts and filing returns to HMRC and companies house.

Our packages include everything from bookkeeping, preparation of trial balances, and the filing of final accounts. By working with you throughout the entire process we can ensure the accuracy of all information including allowable expenses that you will be eligible to claim.

We have helped numerous small businesses by taking away their burden of having to engage in tedious bookkeeping and instead work on more important tasks such as business development.

With GM Professional Accountants working with your business, you can be certain that your accounts are in the hands of experts who exercise due caution.

Tax Returns for Self-Assessment

We do not believe that you should have to be stressed out or have to pay expensive fees when doing your self-assessment tax returns.

GM Professional Accountants’ office near Canary Wharf make the process more efficient and cost-effective by handling it for you in a hassle-free process.

Making your Online Self-Assessment Returns

We have expert accountants who have worked for years in tax returns. We will provide you with the advice you need and answer all your queries on all tax matters with no obligation.

Our London office provides these services as part of the tax return package.

Filing Returns for Property Income

Our services include tax returns and accounting services for property and rental income. With new regulations that abolished wear and tear allowance coupled with new restrictions on mortgage interest, things just got more complicated.

It is now more important than ever to carefully review the renewals methods to make sure that you are claiming the right amount.

Accounting Services for Contractors

We have customized packages for contractors whether you file your returns under IR35 or outside of it. We offer help so that you can issue dividend vouchers or your monthly filing of your RTIs.

Contractors now have to deal with new limited cost trader regulations while having to contend with a less attractive FRS VAT scheme. By working with us we will make sure that you can make the most of input VAT through legal means.

Tax on Capital Gains

We are capital gain tax specialists and have helped a lot of people near Canary Wharf and the surrounding suburbs reduce their capital gains tax by claiming Letting relief and the PPR. We always advise that you plan well in advance and get the advice you need very early. Many people that do not plan get an inflated bill because of not understanding how CGT works.

R & D Tax Credits

We specialise in R&D tax credits, UK businesses are given incentives from the government for investing in innovation. This either can reduce the corporation tax or can be claimed as a refund.

Small and medium-sized businesses, (SME) R&D are eligible for the following:

  • SME’s can deduct an additonal 130% of their qualifying Research and development expenditure as tax adjustment, with the normal 100% deduction, this accumulates to 230% .
  • A rate of 14.5% can be claimed as a loss making company

Freelancer accounting services

We provide freelancer accounting services to both Sole traders and Limited companies. We assist you in claiming the allowable expenses. We assist you in your bookkeeping , issuing dividend vouchers , Statutory accounts and Self Assessment preparation and filing. We have tailored packages to meet your legal and financial needs.

Canary Wharf London Office:  South Quay Building 189 Marsh Wall London E14 9SH 020 3951 067

Accountants near Enfield 

Accountants near Enfield

If you have been on the search for an accounting firm near Enfield, there is no one better than GM Professional Accountants. We are conveniently located in Ilford Essex and Covent Garden, both a few hundred meters away from the train Station.

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It is not easy to find accountants near Enfield who can take care of all your accounting needs. This is where we come in as we provide the following specialist services:

1) Your capital gains and property income returns
2) Accounting services for contractors
3) Professional VAT advice and VAT filing
4) Filing of Self-assessment and personal returns
5) Preparation of accounts and returns, including all CT600 which are needed for limited company and small businesses

6) Enrolling you for pensions and payroll
7) Incorporation services for your company
From our offices near Enfield, we serve businesses and private individuals who need advice on tax, and how they can be compliant with tax regulations including meeting their deadlines.

We are known for being always up to speed on all the changes in HM revenue, the ever-changing accounting regulations, and the customs tax regulations in the UK. We have professional accountants who will get you on compliance and will help guide you on where expenses are likely to arise so that you can reduce your tax burden. Working with us, you can rest assured that we will always ensure on-time filing of self-assessment returns that is always accurate and punctual. Our firm has the best accounting packages for small businesses and we will help you prepare all your accounts and file them on time.

Limited Company Accounting

If you have a limited company we provide HMRC and companies filing and preparation of the CT600 tax returns. We do provide comprehensive packages that include bookkeeping, preparation of trial balances, and the final accounting, to ensure that you are in conformity with all regulations. We will also review all the accounting information to ensure that you can claim any allowable expenses.

With our assistance, you can let go of all the tedious accounting and bookkeeping tasks that you have had to do and instead work on more productive aspects of running and developing your business. Therefore, our services are customized to ensure that your business gets the care and attention of experienced experts in our company.

A limited company is a complex business entity and you need to understand important aspects about it including the fact that it is a legal entity. While the lines between the business and owner are very much blurred in a sole proprietorship, this is different from a limited company. While you could take out money from the business account as a sole trader, you cannot do the same with a limited company. All withdrawals from a company are only in the form of PAYE income. dividends, bonuses, or directors loans. With all the complications, it is important to engage an accountant before you even set up, to avoid any missteps.

Self-Assessment Tax Filings

Self assessment and the filing of returns tend to be a stressful and expensive affair though it need not be so. GM Professional accountants guarantee the efficiency at cost effective prices from our offices near Enfield, so that you do not have to stress out about your tax affairs.

Filing Your Online Returns for Self-Assessment

Working with us you can be certain that your filings are in the hands of tax professionals. We will consult with you on your returns and answer any queries about tax filing that you may have. Moreover, you will not have to enter into any extraneous contracts before we do this. Our office in East London offers this free of charge as a component of our tax filing and returns package.

Our expert tax accountants will prepare your filings correctly and in a timely manner so that you can be compliant at all times. They are professionals that will review all your filings to find any claimable expenses and help you maximize your allowances.

If you are running a commercial enterprise either as a self-employed person or as the director of a corporation, you are required by law to fill out and file self-assessment returns. Simple and accurate tax advice and planning are what you need to make your filings relatively pain free.

Capital gains tax

GM professional accountants provide expert advice on capital gains tax, you may be selling a home or have just sold some shares. we help you understand the implications and provide tax planning solutions for your needs. The capital gains tax allowance is renewed each year as your personal allowance. Its important to plan out disposals to maximise on the allowances.

Contractor accounting services

GM profesional accountants are specialist contractor accountants, we ensure that you are aware of the allowable expenses under the 24 month rule. We guide you on the vat schemes , as the rules have changed and the flat rate vat scheme has now become less attractive. We provide monthly packages for limited company contractors, this usually includes payroll, statutory accounts, CT600 filing, and the personal self assessment tax return.

Call us now for a free no obligation consultation.

Accountants near Hackney Shoreditch

Accountants near Hackney Shoreditch

We are Shoreditch based accountants with offices in Covent garden. district, a walking distance from the train station. Trying to get an accountant in Shoreditch that can provide a range of services can be difficult. This is why
our firm has specialist professionals who have the experience and skills in the following:

1) Services to do with contractor accounting
2) Self-assessment and self-employment returns and preparation of accounts for tax purposes
3) Pensions and payroll auto registration services
4) Returns for personal self assessment purposes
5) Filing and preparation of CT600 accounts for small and limited companies
6) Incorporation of company services including document preparation and filing
7) Capital gains and property income tax filing
8) VAT advise and filing

 

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From our offices, we assist corporations and individuals by providing general tax advice and filing your tax returns, depending on which package you have subscribed to. What makes us so different from other accounting firms is that we are committed to our clients and bring exceptional skills, experiences, and training. We are known as an agile accounting firm that is always ahead of the curve when it comes to keeping up with changing custom tax, HM revenue, and accounting laws and regulations. Our accountants will inform you of where you are likely to have tax obligations so that you can remain compliant with the tax regulations in your jurisdiction.

Accounting for Limited Companies

We provide HMRC and companies house filing services that include tax returns and preparation of accounts. Our packages include trial balance, bookkeeping, and final account preparation to ensure compliance. This ensures that all your accounts and filings are as accurate as they can be, as we go through each task with a fine tooth comb to determine if you are eligible for any expense relief.

We strive to help individuals and small businesses focus more on developing their businesses, by taking care of their tedious accounting and bookkeeping tasks. As such, we exercise care and caution while bringing our experience to bear in taking care of your business.

Tax Returns for Self Assessment

We file and prepare your self assessment returns so that you do not have to go through the hassle or pay expensive prices to get someone to do it for you. GM professional Accountants in London guarantee efficiency and cost-effective prices for all your accounting needs. Our hassle-free and affordable price make us the best choice for all your accounting needs in Shoreditch.

Online Filing of Self Assessment Returns

You can rest assured that your filings are in great hands as we have professional accountants who provide advice and answer any questions you may have. We provide this as part of the self assessment package in
Shoreditch.

Income tax for Rental Property

We provide tax and accounting services for persons with rental income from rental property. Since new regulations abolished wear and tear exemptions and restricted interest on mortgages, things have become more complicated. If you are filing your returns you now need to be more careful and make sure that the amount you claim is correct for the renewals method applicable.

Accounting for Contractors

We have special customized packages for Shoreditch contractors whether you file as IR35 or not. We provide accounting services for issuing dividend vouchers or for filing monthly RTI returns. Given that cost
trader rules are becoming more restrictive, we can help you get more from input VAT through legal means since the FRS VAT scheme is no longer as attractive.

Returns and Accounting for Capital Gains

Capital gains returns and filing is our specialty and we have been working with many persons who have successfully reduced their capital gains tax and claimed letting relief. We always recommend that you make plans in advance so that we can offer appropriate advice from the very beginning. It is very easy to misunderstand CGT, which if approached without the necessary caution can result in a very huge tax bill

R & D Tax Credits

GM professional accountants specialise in R&D tax relief, HM revenue and customs have given incentives to businesses that are investing in innovation.

Small and medium-sized enterprises, (SME) R&D are applicable for the following:

  • SME’s can claim 130% of their  Research and development expenditure in the CT600 form, plus the normal 100% expenditure, this totals 230% .
  • 14.5% rate can be claimed for a loss making company

Freelancer accounting services

Our firm specialises in accounting services for freelancers, whether your a sole trader or a limited company, we have experts that assist you in preparing and finalising your accounts and tax returns. We help you in your bookkeeping, Company accounts, and tax return preparation and filing. We have monthly packages that are tailored to suit your needs.

 

Accountants for Care Homes and Nursing Homes

Accounting services for Care Homes and Nursing Homes

The nursing home and care home industries are an integral part of our local communities. Running a nursing
home or care home business is a very complicated affair, particularly given that there is so much paperwork
and compliance that all care home owners have to adhere to. Every nursing home or care home owner
wishes that they could do away with the challenging task of running the home, and the preparing and filing
nursing home tax returns. Thankfully GM professional accountants are on hand to help them do just that.

GM professional accountants are specialized in the provision of tax and accounting services for nursing home and care home owners.

We have been working with clients in the care home industry for years, providing tax and accounting advice
that has saved our clients the trouble of doing it themselves. As such, if you need help with inheritance tax,
VAT, income tax and capital gains tax for your care home business we are available to help you sort it all
out. We will help you prepare accounts, predict cash flow, and offer cost-effective and robust tax and
accounting advice that is specific to the nursing home and care home industry.

accountants in london

Specialist Guidance and Advice

Whether you are a small or large care home providing specialist or nursing care in the public or private
sector we can help grow your practice.

We have in-depth knowledge of the health and wellbeing industry and we will work alongside you to help
you understand the financial aspects involved in running a nursing home. If you plan to grow through
acquisition or organically or if you intend to exit the business by selling it, we are here to provide support
and assistance, and advice you on the best opportunities available.

We can help you with:

1) Corporation and partnership returns, personal returns, and partial exemption VAT preparation.
2) Payroll, annual accounts, bookkeeping, and management reporting.
3) Business structure review and tax planning.
4) Benchmarking against other businesses in the industry.
In addition to the traditional accounting services, we have professionals who will advise and guide you on
employee management, taxation, and strategic planning.

Deliveroo driver Tax return accountants guide

Deliveroo driver Tax return Accountants Guide

Will Shu the founder and also the CEO of the Deliveroo received motivation after his amazing journey to a great city that was endowed with rich restaurants but they only had one shortcoming! most of these rich restaurants could not really do the food delivery. Will Shu decided to initiate the best local restaurants that could deliver foods to the client s doors.

Deliveroo has since seen a greater growth that’s is approximated at 650% following its convenient and the most reliable food deliveries! Customers can really get their full supply by just making a call. The restaurants partnering with this amazing company has also seen the growth of over 30% and has really done great in creating job opportunities for the people.

Independent self-employed drivers sometimes find it difficult handling issues of the tax. Some drivers are really not educated on the bookkeeping and also the taxes and sometimes they pay the excess or even subjected to some penalties.

All these issues can be really sorted out when a proper accountant who understands s the tax mechanism is employed. You can always contact us for assistance.

 

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Four major bookkeeping requirements for efficient Tax management;

1. The deliveroo driver must have the register with HMRC using there website as self-employed

2. The second step is to ensure that business transactions documents such as the receipts and the expenses are just kept for the year end.

3. The Deliveroo driver should also ensure that they do the self-assessmen tax return which consists of the income and expenses before 31st January of every year.

4. Other liabilities such as the pending tax or the national insurance must be paid before the 31st January every year.

Allowable expenses

Drivers of the Deliveroo are entitled to some allowable expenses which have really done a lot in reducing their tax bill. Taxes are always paid on the amount that is left after subtracting the allowable business expenses. They include;

Mileage claim

Mileage claim is always entitled to the drivers who own a car. When the claim is made, the eligibility to claim for the cost of the car, servicing and also the insurance is canceled. The first 10,000 miles  attracts the rates of 45p and then after which it attracts 25p thereafter.

Car purchase

Purchasing a new vehicle will actually make you liable to claim all the cost in a few years with the following rates;
up to 130g/KM will entitle you to an 18% capital allowances while those that exceed 131/KM will entitle you to an 8% capital allowance.

Car Lease payments

There is also an allowable deduction for the car lease at whilst working as a Deliveroo driver. You can always deduct the amount that is obtained from the cost of the lease, insurance and also the repair cost every month!

Service charges and commission at Deliveroo

Deliveroo drivers can claim deductions for the following services; Tolls and parking charges, insurance, the bank charges, car cleaning, accountants fees vehicle and public liability fee.

Finding a good accountant for your business

Finding the best accounting firm has always been an easy task following the large variety of accounting firms that really offer the same service. They offer the accounting services to the Deliveroo drivers who find the accounting work tedious. GM professional accountants has played an important role in providing deliveroo drivers with mobile apps that enables them recording of the daily transactions.

Among the key roles played by the firms are;

1. Create a Self assessment record with HMRC
2. Are responsible for the bookkeeping and accounts to judge the real profit of the driver.
3. Provision of the mobile Apps that will enable the drivers to do record keep
4. Keep track of all the business expenses and also the income.
5. Keep a record of all the vehicle details such as the mileage.
6. They also provide the preparation of accounts for filling to HMRC

Other roles are the bits of advice on the importance of the record keeping and also they do help in issues that prevent a tax investigations.

For the individual accountant, it can go up to 250 GBP while companies may cost more than 600 GBP. It’s always advisable to check the ratings of any accountant before hiring.

Accountants near Holborn

Accountants near Holborn Westminster  Central London

We are experienced accountants situated near Holborn. Our office is just a walking distance from the train station in Holborn and amid the popular town center.

Unfortunately finding a reliable local accountant might be a daunting process. This is because you might require various services combined. For us we are experts in:

  • Vat advice and Vat returns
  • Capital gains tax and Property income tax
  • Personal Self-Assessment Tax return services
  • Payroll and pensions auto-enrolment services
  • Company incorporation services
  • Contractor Accounting services
  • Small businesses Limited company services

 

We are located near Holborn, London. We specialise in  both businesses and individuals, so we will assist you to meet your deadlines besides offering general tax advice.

Our commitment and skills separate us from the other accountants. We are known for our capability of staying current despite the ever-changing customs tax, HM Revenue and accounting laws. Our team of accountants will provide clarity on where all expenses emanate from. This will help you in staying obedient.

Limited Company Accounting

We will help you accurately file your tax return and accounts to HMRC and companies house. We offer a full package from trial balance, bookkeeping and final accounts ensuring that you stay compliant. This will ensure accuracy is exercised in every task. We will also review to identify where you can claim allowable expenses.

Owners of small businesses can now fully concentrate on developing their businesses since we will take care of their bookkeeping. Our services focus on taking care of businesses with a lot of caution and expertise.

Self-Assessment Tax Return

You do not need to undergo a stressful preparation and completion of the Self  assessment tax return. We offer affordable prices for our services. Also, we boast of professional accountants that will help you with this preparation. We will take care of your tax issues in the best way possible.

Filling of Online Self-Assessment Tax Returns

The deadline to file and pay your taxes is the 31st Janruary for electronic tax returns. We are always keen to handle any of your questions regarding your taxes. Be sure your tax issues will be in the hands of our tax experts. Responses to your questions will be provided to you in the shortest time possible.

Property Income Tax

Here we offer tax and rental accounting services for your rental property. The current mortgage interest restriction and wear and tear allowance abolishment are making things increasingly difficult. The renewals methods has now replaced the wear and tear allowance and we will assist you claiming the correct amounts.

Contractor accounting services

We have customized packages specifically for contractors. Whether you are in or out of IR35, we have packages that will suit you. We will take care of your monthly RTI returns filing and also issue your dividend vouchers. The new limited cost trader regulations are making FRS VAT schemes less attractive. Our job is to make user you capitalize on the lawful input VAT. It is upon you to rely on us and allow us to help you in the best way possible.

R & D Tax Credits

Our firm specialises in R&D tax, The government is providing incentives for UK businesses for innovation. You can claim this as a reaction in corporation tax or a surrendaible loss which will will result in a refund. T

SME’S, R&D have the following incentives:

  • Small medium businesses can claim a total of 230% of their R&D expenditure, this will be the existing 100% plus an additional 130%.
  • For Loss making companies you can claim 14.5% of the allowable loss

Call us on 0208 396 6128 for a free no obligation consultation.

Accountants in Covent Garden

Accountants in Covent Garden – West End

  • We are Specialist Small Business Accountants

  • We specialise in Self Assessment Tax returns

  • We provide Fixed Fees for all our services agreed in advance

  • Awarded the Three best rated Accountants

If you are looking for accountants in Covent Garden in the West end then you have come to the right place, with our offices in the central business district and a few minutes’ walk from Covent Garden train station. We understand how hard it can be to find a reliable local accountant who will offer the variety of services and needs that you as a person or business may require.

Contact us now

 

We provide the following services:

  • Personal Self-Assessment tax return services
  • Small businesses Limited company services (We prepare and file accounts and CT600)
  • VAT advice and VAT returns
  • Contractor accounting services
  • Pensions and payroll auto enrolment services
  • Company incorporation services
  • Capital gains tax and property income tax
  • Self-Assessment and Self-Employed tax return services

From our base in Covent Garden in the West end, we provide our services to businesses and individuals. Among our services include general tax advice on the different packages we offer and assistance to help you meet any of your tax obligations before the deadline.

Unlike any other accountants in London, we have made a name for ourselves from our commitment to our clients, great skills and experience. We are known for always being ahead of the curve on any new developments in the accounting field including any changes in customs tax laws and HM revenue regulations and systems.

Our accountants will provide all the information you need to stay on the right side of the law, and the expenses that will arise from the different tax regulations. When you decide to work with our firm, we will ensure that we accurately file your tax returns and self-assessment accurately and in time. Our company also have some of the best packages for your small business that include the filing of tax returns and getting your company accounts in order.

Accounting for Limited Companies

We provide services to help file CT600 tax returns and accounts for HMRC and companies house. Our packages include everything from trial balances, bookkeeping, and preparation of final accounts to make sure that your business is compliant with all the tax regulations and laws in your jurisdiction.

This ensures that all the information that you file is accurate for each task and that you get to enjoy allowable expenses that reduce your tax burden.   With our services, you as a small business owner can save time for more important business activities as you will not have to do tedious bookkeeping tasks.

As such, our accounting firm designs packages that will take care of your business affairs with caution and expertise borne of experience, while still having that personal touch. It is critical to understand the formation of a Limited company as a separate legal entity and the tax obligations that come with such a designation.

As a sole trader, you have no restrictions on how you use the money the business makes as there is no distinction between the business and the owner. As a limited liability company, money can only be taken out of the business bank account as bonuses, PAYE income, dividend, or directors’ loans. The rules that govern the operation of a limited company and the tax obligations can become quite complicated, making it critical to engage the services of an accountant right from the start.

Self-Assessment Tax Return

The preparation and filing of self-assessment returns need not be an expensive or stressful affair. From our offices in West end. Working with us on your self-assessment returns means you get to enjoy hassle-free, affordable and cheap tax returns without having to leave Covent Garden.

Online Filing of Self-assessment Tax Returns

When you give us your business you can rest assured that your returns are being handled by professional tax experts. Our experts will answer any questions and provide advice on any queries you may have without any obligation on your part. The service comes free with our tax return package in Covent Garden and the entire London. Our professional tax accountants are always on hand to prepare and process your tax returns accurately and fast so that you never have to deal with any noncompliance penalties.

Moreover, they will use their expertise and experience to review your filing so that you can get the maximum tax refund that you deserve. Additionally, they will also provide advice on personal tax return expenses that you can claim to reduce the amount of tax payable.  If you run a business either as a self-employed individual or as a company director, you need to submit self-assessment tax returns. Getting simple advice on how to file accurate returns and on tax planning can go a long way in ensuring that the tax return filing process is as painless as it can be.

 

Address: Amadeus House, 27B Floral Street, London, WC2E 9DP

Making Tax digital Accountants guide

What is making tax digital?

Making tax digital (MTD) is a huge project by HMRC and it applies to businesses, sole traders and landlords. The aim of this project is to maintain accounting records using computer based software. This data will inform HMRC about the income and expenses every quarter.

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When this will affect your business?

There has been a revised plan in the finance bill. Under the old plans, landlords and businesses that have sales over £10,000 would have needed to submit quarterly returns. The businesses that are vat registered also would be required to submit from April 2018 and businesses that are not vat registered would have to submit by April 2019.

The treasury has amended the plan and the requirements since then, as the previous timetable was not practical and they considered the opinions of professionals in the accounting field.

Under the new plans the following will apply:

  • Only Vat registered businesses will need to keep digital records.
  • This will apply from April 2019
  • Non vat registered businesses will not need digital records until  2020
  • HMRC have opened the pilot scheme which will enable businesses to test and use the system.

Which software will you choose?

If you are still using spreadsheets, then now is the time to stop and choose a software package. There are a number of cloud based software packages. Majority of these bookkeeping packages will use bank feeds. This basically means the bank transactions will automatically feed in to the software which ensures the accuracy of the data and also saves time.

How to store your records?

You may choose cloud based storage or you can choose from the latest camera and scanner application that directly feed into your bookkeeping software. It is important that you have a system in place that is secure and is backed up. There are benefits of using digital technology but also drawbacks such as losing the data if this has not been backed up.

Why Choose GM Professional Accountants as your MTD Accountant?

GM Professional accountants are experienced in making tax digital and we have our own dedicated software that will meet the requirements of your business. We have applications that can be used from your phone or desktop to keep Digital records which saves time and is efficient. We understand that moving to a cloud based software may seem difficult. This can overcome by the right guidance and management. GM professional accountants can assist you in preparing for MTD and can help you at every stage. From knowing when your reporting period is starting, what software packages to invest in and how to keep your records secure. These are important stages as you can over spend on features that you may not need. These can be packaged under different price plans, you will need to know whether you are choosing the correct one for your business.

Call GM professional Accountants today and we can assist you in making tax digital a simple process.

Call us on 0208 396 6128 to speak to a tax expert.

Accountants for Sports Teams

Accountants for Sports Teams

GM Professional Accountants provide accounting and tax services for Sports teams. You can be running a football, cricket , golf, rugby or any other sports clubs. We can assist you in the set up and help you with the filing requirements at the end of the year. You may choose from different type of structures and that will determine the filing requirements that you would need to follow.

 

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Selecting the right accountants can help you handle the financial matters of your club. You will need to keep bookeeping records  and this is an important from the start. The audit trail is an important factor in any set up and this builds transparency with the Tax authorities.  The sales and purchase ledgers can now bee done on cloud accounting software, the benefit of this is that you in control of your business and can assist you in the cashflow. This also prevents you from keeping all documents till the yearend and then compiling them. This reduces missing items and errors, we can provide this with our packages and it is simple and easy to use. With MTD coming in to play in April 2019, It is now important to keep digital records. This will be compulsory for VAT registered businesses and controls will need to in place in order to meet the mandatory requirements.

Why choose GM professional Accountants?

We provide fixed fees for all our services agreed in advance, our current client base is satisfied with this and  we have been rated the three best rated accountants in our area. This is due to positive reviews from busiensses and individuals. As we believe the key to any professional relation is good communication. Keeping you up to date with the latest updates and ensuring that you meet your deadlines.

Call GM professional Accountants today on 0208 396 6128

 

Accountants in Camden Town

Finding a local accountant near  Camden Town

GM Professional Accountants

Why not contact us today on  0208 396 6128 for a free consultation

  • GM Professional accountants are Specialist Small Business Accountants

  • We provide Fixed Fees for all our services agreed in advance

  • Awarded the Three best rated Accountants

Trying to Find a local accountant near Camden can be challenging, GM professional accountants specialise in the following:

  • Small businesses Limited company services (Preparation and filing Accounts and CT600)
  • Contractor Limited company services
  • Company incorporation services
  • Self Assessment Tax return services and Self employed Accounts
  • Property income tax and capital gains tax
  • Payroll and pensions auto enrolment services
  • Vat returns services and vat advice
  • Bookkeeping services
  • Personal Self Assesment tax return services

 

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We believe communication is key, we regularly keep you put to date with the deadlines, so that you can concentrate on your work. We have been included in the three best rated accountants website for providing excellent service. Our clients are kept up to date and informed in advance on their filing deadlines. We go the extra step with our reminders and phone calls to ensure that you understand the process. We also focus on the area of allowable expenses to ensure that you are claiming the right expenses in your field.

Limited Company Services

For limited companies that are new startups, we know that you will need extra support, we provide general tax advice in all our packages. This ensures that you are in control and have the right information to make an informed decision. It is important to appoint an accountant at the start of your business, this will ensure that you do not encounter the directors loan account pitfall. This is a common area where individuals do not differentiate between the company and their own money. With MTD Digital coming into effect in April 2019, you will need to keep electronic records and comply with the new legislation.

All limited company directors will at some point need to do a personal tax return. This is matched simultaneously with the company accounts. you can be withdrawing the income as PAYE, Dividends, or bonuses.

Self employed accounts and self assessment Tax return

We provide simple and easy packages for self employed individuals, it is important that you register at the latest by the 5th October to obtain your UTR number. This is the number that is need to file your self assessment tax return. The tax year runs from the 6th April till the 5th April.

Property Income tax

We provide rental accounting and tax services for income from property. Things are now getting more difficult with the new Mortgage interest restriction and the abolishment of the wear and tear allowance. You will now need look at the renewals method and ensure that the correct amount is being claimed.

Contractor Accounting services

We have tailor made packages for contractors , whether your inside IR35 or outside IR35. We can assist in you both and file you RTI returns monthly or issue the dividend vouchers. With the new limited cost trader rules, the FRS vat scheme is becoming less attractive and we can ensure you maximise on the input vat which is within the law.

Capital gains tax 

Our firm specialises in Capital gains tax , We have assisted many individuals to claim the PPR and Letting relief to reduce the Capital gains tax. This can be planned in advance and it is important to obtain advice at an early stage. CGT is misunderstood by many and this can lead to an inflated tax bill if your not careful.

 

For further information on Accounting and Tax Services ,

Contact GM Professional Accountants today on 0208 396 6128

 

Accountants for Ecommerce Businesses

Specialist Accountants for ECommerce sellers in London

Internet commerce or electronic commerce, means  selling and buying of services or goods using the internet, and the transfer of data and money to fulfil the transaction.

As an E-commerce business you will have a wide range of platforms and payment portals such as EBAY, Amazon FBA, shopify , Paypal and many more.

It is vital to ensure that the accountant are regulated by one of the accountancy bodies like CIMA-Chartered Institute of Management Accountants, ICAS- Institute of Chartered Accountants or ACCA-Certified Accountants, AAT and CIPFA. These organizations hold standards and this ensures that you are getting quality practicitioners. GM professional accountants specialise in Ecommerce businesses, majority of the businesses will be dealing with Amazon, Paypal and Ebay transactions.  We have specialists that will help you extract the reports needed for the accounting and vat deadlines.

 

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When are E-commerce Sellers Expected to File their Returns

The tax authorities have set different dates for filing returns for companies and sole traders. As a sole trader, whether you have employees or own and run your business, you need to submit tax returns before 31st January. However, if you have a registered company selling e-commerce products, you need to file your returns no longer than nine months post the accounting period.

What can you Claim as Allowable Expenses?

1) You need to have records of all expenses incurred for anything you sell as an e-commerce business.

2) Accounting Expenses – Whether you have engaged the services of a professional accountant or use accounting software, you can claim tax preparation expenses and tax filing deductions.

3) Reselling

4) Travel Expenses – If by any chance you need to travel to source your products or deliver e-commerce packages to the post office, you can claim travel expenses.

5) Shipping costs and taxes associated with the item.

6) Expenses for Office Equipment –You can claim expenses for office supplies and services including internet service, furniture, and computers among others.

7) Manufacturing costs of supplies, tools, and materials.

8) Home Office Deduction – You can claim deductions if you run your e-commerce business from the home office, which is used exclusively for that purpose.

9) Returned or Damaged Items – You have to record the ending and beginning inventory to claim the deductions for these.

10) E-commerce fees, Paypal fees, bank fees, and postage costs.

Types of Accounting Services You Need as an E-commerce Seller

The services you will need for a limited company will be the following:

Whether you make a small amount of money or just sell an item or two from your e-commerce business, you are expected to file your tax returns. This is why it is critical to engage the services of a professional tax and accounting expert to handle all your financial matters and accounting. Furthermore, you can claim deductions for account preparations expenses. You do not need to be doing tedious accounting work when you should be focusing on tasks to grow your business. Your business requirements will typically determine what type of accounting services will be suitable. You will need to interview the accountant and define your business requirements to get the best accounting package. Some of the services that companies need include VAT returns, director’s return, self-assessment, payroll, and maintaining of accounts. Sole traders do need tax returns and accounting services.

How to make the right choice at choosing the ideal accountant?

First, you have to get that accountant prior to starting the venture. The accountant is then able to assist you to get the business structure right at the beginning. Besides, a good accountant will help you with the plan of the business and aid with the planning of tax.

Also get an accountant with the ideal expertise. The accountant will assist in coming up with the tax returns and the financial files for organizations of the same revenue and size as yours.

GM Professional accountants have the expertise and experience to help you develop and grow your business through tax planing and tax advice. As there are vat implications if you are selling abroad and there are different vat thresholds in each country. Our tax advisers can help you understands this and make an informed decision.

Thirdly, decide on the software you will use, GM professional accountants provide this with all our packages and this ensure that all data is secured and kept up to date.

Fourth you have to consider bringing on board someone who would like to save you money. In case you are a sole trader, ask yourself whether you can cut off some of the costs like car expenses, phone bill or maybe the payments of rent and mortgage and what could be the consequences of such actions. The accountant will assist you to look out for any pitfalls. For instance, utilizing your house as a business place could prompt being charged tax when you want to sell it.

You have to put in mind that ecommerce business has a certain process for acquiring, sale and distribution of goods. In this process, you have to ensure to make the process efficient. GM professional accountants provide you with reminder fore your Company accounts, VAT, Payroll and Self assessment tax returns.

Depending on your business. set up, you may not need vat return services if you have not registered for vat. There is a compulsory threshold of £85,000. You will need to keep a record of this and ensure you register when you hit this threshold.

GM profesional accountants also provide an overview on the expenses that you can claim. We ensure you are comfortable and know which expenses are wholly and exclusively and remote to your business. We have office located in London , Manchester and Essex.

Contact us today for a fee no obligation quote.

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How to handle a personal tax investigation 

Tax investigation Specilaists 

How to handle a personal tax investigation
How to handle a personal tax investigation

A considerable number of businesses will confront a regular tax investigation at any time of normal operation. More serious duty review is likely if HMRC doubts that your tax returns are incorrect.  A tax investigation or inquiry is certain to be a very difficult and stressful situation which can be quite costly in the long-term to resolve if it takes a long time to settle. Also, if you find that you are overly distracted by an HMRC tax investigation, it is likely to cause difficulties in being able to properly concentrate on your day-to-day activities of running the business. Be free to take an expert advice where you can`t settle tax audit by your own just after it starts.

Likelihood of a tax investigation

You ought to expect regular tax investigation in case you are enlisted for VAT or other have workers paid via PAYE. The duty audits will inspect your records and frameworks, concentrating on commonly mistaken areas.   Routine tax reviews are considerably less likely with regards to income duty or organization tax. Rather, the attention is emphasized on tax audits where HMRC has the motivation to trust you are either committing mistakes or intentionally concealing income.   Normally, tax reviews can be done after a period of five years, while just a couple of per cent of wage duty and company tax return are investigated every year.  Some of the most noticed reasons for the HMRC to start an investigation include records that differ vastly from similar business in the same industry, using round numbers on all entries and not the exact figures, unexplained or unusual fluctuations in the declared amounts, low-quality record keeping, a tip-off from a tenant or disgruntled employee, and certain high risk areas of business, such as construction or jobs that are likely to involve cash payments. Also, about three per cent of investigations is started on a purely random basis.

Tax investigation notification

The investigation process starts with the arrival of a letter from HMRC, indicating to you that an inquiry has been initiated into your financial affairs. Usually, you will be asked to clarify certain things and submit a few business records and therefore, you will need to take the right action to make certain this situation is resolved as effectively as possible.

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Dealing with a tax audit

On first getting the notification of being investigated you need to avoid getting into a panic and stay calm. Even in those situations where you have made errors on your tax return, you might still find that it is possible to rectify the issues by making any payments due as soon as possible. Unless a tax return features many intentional errors of a significant size, there are very few instances where a case ends with a custodial sentence.  You ought to seek guidance soonest possibly after notice of a tax investigation.  You might need to request that your bookkeeper checks your records and frameworks. The tax review will be snappier, easier and not most likely to prompt punishments if you can provide precise, updated data when the reviewer visits. It is best for you to get in touch with a tax audit specialist, who can guide you about the proper course of action to be followed from here. Quite often, expert help may lead you to identify oversights or errors on your part that could have given rise to the inquiry. You may attempt disclosing the same to the HMRC and working out a quick settlement with least amount of penalties.  In most of the tax investigations, HMRC carries out a complete review of your business matters. They may even delve into private affairs, such as investigating your expensive personal possessions. You will be requested to meet their inspectors for in-depth questioning. They might also ask you to provide comprehensive explanations and records to prove your statements. When it comes to providing any requested information or meeting with an investigator, you really want to remain truthful and provide the necessary information. Lying to the HMRC investigators is just likely to course more problems over the course of the tax review. Also, you want to make certain to be fully prepared for an in-person meeting and offer any evidence requested.

Once a duty audit has begun, it can take a few months or even more. Your bookkeeper can advise you on the way forward if HMRC is demanding too much data, taking a long period of time or generally acting irrationally.

GM Professional accountants offices are located in London , Essex and Manchester. 

 

How to benefit from Freeagents Software

Freeagents Accountants Guide

What is FreeAgent Software

FreeAgent is a cloud-based bookkeeping solution for freelancers, bookkeepers and also tiny businesses proprietors to handle invoices, costs, pay-roll, income tax return as well as other accounting tasks. FreeAgent additionally uses specialized mobile apps for iphone as well as Android tools.

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How We Help with FreeAgent Software

FreeAgent makes it possible for Tax advisors to prepare up recurring billings which are instantly sent out to clients as suggestions making payments. Consumers can also track costs by uploading the photograph from an expense voucher with the FreeAgent mobile phone app.

Freeagent Accountants London

The option gives an integrated stopwatch attribute to manage
timesheets as well as keep track of employee hours. The user dashboard gives a summary of key organisation metrics from a singular display screen. Company proprietors can easily track billings, price quotes, timetables and venture condition.

Tax timeline functions and additionally offers updates and reminders concerning deadlines and tax dues. FreeAgent utilizes a 256-bit safe and secure outlet level relationship to protect customer records.

Finalising Statutory Accounts in FreeAgent

The FreeAgent software enables you accurately order your companies profit and loss account, notes on the accounts and the directors assessment, your auditors report. With the FreeAgent software we can help you finalise your statutory accounts easily and effectively.

For smaller companies what is needed is the balance sheet and tax returns in order to properly finalise statutory accounts.

Features of FreeAgent Software

Access to Overview
FreeAgent is fantastic because that permits you to look at each of your accounting information in one place. The 1st Online control panel is crystal clear, to the point and transparent. When making use of a typical accountant it may be actually tough to gain access to this kind of information
without a large volume of email or telephone call back-and-forth.Along with the FreeAgent dash panel, the review is accessible to you whenever you require this.

Fast Access to Information
You could quickly track the progress of your service profiles with a glimpse at thedash panel. We assume this simplifies the accountancy process through a very long way. You can find the modifications created to your financial resources on your own.

Choosing an Online Accountant
It used to be very important to have your business’s bookkeeper found in a location not far away. Yet today, even more providers are collaborating online, making use of cloud-based innovation to handle their organisation.

This means that place of operation is actually far less from a concern. With cloud accounting, you and also your accountant may look at identical real opportunity data together– despite where you are actually.

The choice regarding where to find your accounting professional definitely comes up to exactly what satisfies your company well. Relying on exactly how you wish to manage the financial resources, your accountant might definitely be
located in a different part of the globe. For instance, if you more than happy to collaborate via e-mail, phone calls, video-conferences, or protect. bookkeeping software, then you can be in New York and they might be in London, if your bookkeeper can easily be actually anywhere, you can easily discover someone which truly recognizes the specifics of your service or even market.

Choosing an Online Accountant In London
Choosing an online account in London  is very essential because it ensures your account, understand the laws of the land and to properly administer your financial records with respect to the national regulations.

GM professional Accountants have offices in Essex, London and Manchester.

Accountants for construction limited company

Accountants for construction companies

Why Accountants are important for construction companies

It’s in your construction limited company’s interests to finally have a visionary, experienced person handling the most critical department of your company- your ultimate finances. After you’ve decided it’s the right time to have an experienced accountant, the next step is to review how accountants will help reduce your overall taxes.

While some of the contractors decide to handle everything by themselves, this is probably not the best shot to take. Nowadays, you don’t have to hire an accountant located nearby your company. Today, most limited companies are using cloud-based technology to control and manage their firms.Accountants for construction limited company

For an eye-catching fee, you can rely on comprehensive, qualified, and long-term services in all significant areas of accountancy. Contracting comes with responsibilities. Here are the key responsibilities and contracting trends you need to know about.

What are the filing dates for limited construction companies?

Regardless of whether your limited construction company is dormant, trading, or non-trading, you must file your company’s annual accounts with HMRC and the Companies House. For an active limited company, you can submit your annual reports with both the Companies House and the HMRC simultaneously.

After you incorporate your construction limited company, you’ll be assigned a date that will mark the end of your company’s financial year. The date gives you the ultimate guideline on when and how to file your accounts per year.

The Companies House and HMRC require your accompany to file for your first year’s accounts within 21 months of the incorporation date. With your experienced accountants, you don’t have to worry about any of these.

Limited company allowable expenses

When running a construction limited company, you’ll ultimately incur some allowable expenses during your projects. Only legit and genuine expenses are allowable. You can only claim for the expenses incurred necessarily, wholly, and exclusively in due course of running your limited construction company.
You cannot claim for both businesses and personal expenses (Expenses with a dual purpose). Always keep your invoices and receipts to prove that any claims you make are legit. If you have any doubts on the allowable expenses to claim, consider consulting your accountants.

What types of accountancy services do you need for your company?

The types of accountancy services required by your limited construction company depend on your business needs. The main types of services offered include tax accounting, forensic accounting, bookkeeping, public accounting, and accounting audit.

Your construction limited company will need self-assessment directors, payroll, accounts, and vat returns. Contact GM professional accountants for more detailed information.

Why choose GM professional accountants?

If your limited company is based in London, you need to check online reviews and qualifications on Google to hire the right accountants. Here are vital tips steps comprehensive accountants for your business;
. GM professional accountants have a code of ethics and have professional qualifications

. We have over 5 star online reviews and recommendations
. Our packages are affordable
.  There are no hidden costs

GM professional accountants is a comprehensive accounting firm and provide you with long-term support. GM professional accountants specialized in your industry.

Cloud accountants

Cloud Accounting is the Way to Go in the Future for small bunsinesses

Cloud accountants

With everything getting connected to the internet, cloud accounting is the future. A cloud-based accounting process enhances business performance and reduces the workload on an entrepreneur. If numbers scare or annoy you, cloud accounting software that is readily available will ease the process of preparing financial statements.

Benefits of Using Cloud Accounting

Cloud computing is a valuable asset that helps cut down on costs and increase productivity. With the system, cloud accountants will automate your bookkeeping tasks. The software helps to draft tax-friendly reports in good time, forecast expenses and develop a smart investment strategy.

When calculations are automated, human errors are avoided. The trends and patterns of business transactions will be accurate. The system also gives meaning to numbers helping you get a clear image of your financial situation. All your accounting information is safe in a cloud accounting system. You decide who will have access to sensitive information in the system’s settings to prevent financial data from falling into the wrong hands.

Traditional accounting software used to take up too much of an entrepreneur’s time and efforts. The invention of cloud accounting made it possible for businesses to work harder and smarter. Using cloud accounting gives one a better overview of their finances, improves collaboration with the staff and makes business enjoyable. It’s a wise investemt that can save you lots of money and time.

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Types of Cloud Accounting Softwares

There are four different types of cloud accounting systems. They are categorized according to their type of operations. Below is a short overview of various cloud accounting software.

Payroll management systems

They were developed to control a business account payables and receivables. They handle a wide range of tasks from calculating salaries, depositing the salary into the employees’ bank accounts to producing payslips and tax forms.

Enterprise Resource Planning Systems

It’s an important accounting software that combines systems used for product planning, inventory management, material purchasing, accounting, distribution, marketing, among others. It enables a business to learn from its past practices and strategize well for the future.

Time and Expense Management Systems

They produce accurate graphical reports detailing how time and resources have been used in the business. With them, you can detect all the inefficient or slow processes on your system. Time and expense management systems are configurable for adjusting to a specific business’s operational pace.

Billing and Invoice systems

They complete the basic, day-to-day tasks of a business such as informing customers of their due payments and check writing. They preserve the accuracy of accounting numbers and give services a credible and professional look.

Choosing a cloud accountant

Adopting a cloud accounting system is a wise investment for your business, but it’s important to remember that not all cloud accountants have the same standards. In your search for a cloud accountant, you will find numerous options dedicated to different work processes and business sizes.

The best cloud accountants are those that are affordable and easy to use. Systems with timesaving features like automated bill payment, entries, financial reports, etc are great since they ease small business accounting.

You should always go for the software that is well suited to your specific needs. If you intend to use the system in a small enterprise, avoid paying for features that are meant for big businesses. It’s advisable to check out some free trials before making a purchase decision.

Choosing the Right Cloud Accountants

A cloud accounting software has the power to make or break your business. You should not take any chances with it. GM Professional Accountants is a reputable supplier of cloud accountants that you should consider. I was inspired to write on the potential of cloud accounting after reviewing their products. Being a trusted cloud provider, gm will avail your information across devices with their scalable infrastructure. They value their users and always support them. With gm, you can be sure that your business will go to a whole new level.

GM Professional accountants have offices are located in London, Manchester and Essex.

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Accountants for Amazon sellers UK

Accountants for Amazon business UK

Amazon is a competitive, fast-paced & high-tech company. It has helped individual and companies increased their sales and reach new customers.

With all the benefits of selling on Amazon, a huge chunk of the total sales come from a third-party selection. If you’re a sole seller or an Amazon FBA seller in the UK, recruiting a good qualified and experienced accountant is an investment worth making.

  • GM professional accountants agree Fixed Fees in advance
  • Specialists in the Ecommerce sector
  • No Need for an API between the Software and the Amazon Platform (Saving)
  • Experienced in Bookkeeping for Overseas Sellers 
  • Over 100 5-star reviews
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What type of accountancy services will amazon sellers need?

One of the key responsibilities of an accountant for Amazon sellers is bookkeeping.This is the foundation of any business, the date range reports can be useful to keep an eye on the accuracy. Bookkeeping should not be one of the things that you have to worry about. It is important to recruit an accountant, this will help you focus on your business strategy.

Limited companies services:

Self-Assessment Tax Return
Bookkeeping – Quarterly
Annual Accounts (HMRC & Companies House) preparation and filing
Filing of Corporation Tax Return
Confirmation Statement filing
Payroll inc RTI
VAT Returns quarterly

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What are the Expenses that you can claim to reduce your tax bill?

Commissions

Purchase of goods

Postage and carriage

Subscription fees

Residence as office

Accountancy fees

Marketing Fees

Directors Salaries

An accountant will help your business to achieve stability. They will ensure the records compiled are accurate and complete. This will enable you to take care of your business.

They will provide guidance on distance selling thresholds, and most importantly the place of supply of goods for vat purposes. This is a specialist area and you will need to vat register if your goods are located in an EU country.  

To register for Vat, there is 85K rolling monthly threshold for UK limited companies. This does not apply to overseas sellers (Stock UK warehouse.) They will need to register for vat immediately and the threshold does not apply to them.

We will assist you in your tax planning, This can save you money and help you retain reserves.

If you are an employer and have employees in your company, payrolls & the law pertaining to payrolls is one of the key concern of your accountant.

Payroll is a vital process where the accountant will assist you in making decisions. Payroll is ran weekly and monthly. This can be used to make informed decisions depending on the sector of your business.

What are the filing dates for Amazon sellers?

An accountant can help you streamline data in order for you to make a informed decision. With timely information from an accountant, a seller can make knowledgeable management decisions.

For example: What are the filing dates for Amazon sellers? The answer being, 31st January 2021 for sole traders and 9 Months after the accounting period ends for companies. 

Recruiting an accountant will mean saving taxes, managing risks, avoiding tax investigations and creating more wealth for your business.

As your business expands, the needs of your business will change and you will need to keep up with changing times.

Your accountant will brief you on the trends, laws and will suggest routes to keep your business running.

Knowing that your accountant is experienced will help you focus more on your business which will, in turn, increase productivity.

Hiring an accountant will help you focus on your reporting goals.

What do HMRC Expect?

If you are randomly selected for a VAT or Corporation tax investigation, HMRC will request for the records, they will review the ledgers to check that you have been claiming the correct amount of VAT.

It is important that you are not using improper practices to reduce your Vat bill. For Corporation tax, they will check to see if the income has been fully declared and the expenses are wholly and exclusively for business purpose. 

Choosing an online accountant?

Choosing the right accountant to handle your financial matters is crucial. Look out for a Licensed accountant with a formal education in finance. A licensed practitioner has passed strict controls set by the government institutions.

Assuring that your accountant has a Licenses for public practice is a way of testing the calibre of the professional.

It is important to be aware that Licensed accountants have a range of skills and specializations. Depending on your business model, it is worth investing your time in recruiting an accountant who specializes in that particular field. GM Professional accountants have a license for public practice and awarded the three best rated accountants.

Choosing The Right Accountant with affordable fees

London being the world’s top financial center, finding an accountant should not be a task. If you are looking for a specialised accountant this will require some digging. Some of the factors you will need to consider are location, expertise and associations.

Hiring an accountant who has expertise in your field of business will prove to be more efficient. Make sure that your accountant handles every aspect of accounting with great care. Overlooking an aspect of accounting can lead to miscalculations.

Here at Gm professional accountants we are committed through our tax planning solutions to save you money. Our packages start from £70 plus vat per month for start-ups. 

For the latest Amazon Brexit changes.  Our amazon brexit page goes into detail on how to prepare. 

GM Professional accountants have office located in London, Ilford, Manchester and Essex. We are partnered with Xero to provide accounting software for Ecommerce businesses. 

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Accountants for Limited (LTD) company

Accounting Services for Limited company

What are the filing dates for limited companies?

If you are the owner of a limited company, then you should know that for filing the first set of accounts, they should be supplied no late than 21 months from the date of incorporation. So for instance, if a company has been established on January 1st, 2017, which will be having January 31st, 2018 as its accounting reference date; so the accounts should not be late than October 1st, 2018. Likewise, the subsequent set of financial records should be supplied no late than 9 months from the following accounting reference date. So if we follow that same dates as mentioned above, then this would be on October 1st, 2019.

Another important point owners should be aware of is that they can file their accounts as soon as the accounting reference date has passed, they don’t have to specifically wait until the deadline. And for filing the first Annual Returns, they should be filed no late than 1 year and 28 days after the incorporation date.

Choosing a online accountant for your small business

What are the allowable expenses?

When you are running a limited company, these are some of the expenses listed below should be expected:

· Employee Salaries

· Pension Contributions

· Sustenance cost while absent from the workplace

· Parking, mileage allowance, and travel costs

· Costs of accommodations when absent from regular place of business

· Costs of printing, stationery, and postage

· Charges of training courses those are applicable to obtain for the business.

· Insurance of the business and its corporation tax as well

· WIFI(broadband) and telephone packages

· Cost of all IT equipment and software.

· Marketing and advertising costs for the business.

· Expenses for incidental overnight stays

· Expenses of the company car

· Expenses for company parties

· Magazines, books, and publications for your Business.

· The expense for the employee’s who have to take eyes tests because they use computers.

· Yearly private health check for all the personnel

What type of accountancy services will limited companies need?

Limited companies need this type of accounting services:

1. VAT and Accounting: The Company will have access to an online bookkeeping and management information portal; they will also get advice and calculation on VAT returns and payments.

2. Payroll: Both advice and calculation on RTI PAYE payments and returns, setup of the monthly payroll and many other things are included

3. Tax: They will be responsible for preparing and filing the year-end corporation tax return with HMRC

4. Bookkeeping: They will be doing the groundwork and filing of year-end financial records with HMRC and Companies House. And they will also be preparing management accounts for every month.

5. Company Secretarial Services

6. Constant Advice and Support

Choosing an online accountant?

When you have to choose accountants for limited companies, hire a specialist who has an immense knowledge about accounting at GM Professional accountants we have relevant knowledge about your sector.

Choosing the right Accountants in London?

To choose the right accountant for your limited company in London, you can trust GM professional accountants. With our 5-star ratings and the best rated accountants in a number of areas, your in safe hands with our tax experts.

GM Professional accountant have offices located in Manchester, Essex and London.

Accountants for Travel Agents

Accountants for Travel Agents: Everything You Need to Know

Accountants for Travel Agents
Accountants for Travel Agents

The UK’s travel industry is highly regulated. It is one of the specialist sectors that are always on the spotlight. That is why you need to be thoroughly informed about the accounting policies that affect your travel agency. Bear in mind that a wrong decision can easily lead to dire financial and even legal consequences.

For example, if you fail to file your tax returns before the stipulated deadline you will be eligible for a penalty and possibly interest on the same penalty. Such unnecessary and avoidable expenses may affect your cash flow and liquidity gravely. That is why most big travel companies have internal accounting departments to help with such matters.

Unfortunately not all travel agents can afford that. The good news is that you can still get a professional and affordable accountant to advise you accordingly. That is, in fact, the best way to go about handling your accounting and tax matters. Having said that, it will help if you have some background knowledge on the same. Here we have covered the basics regarding accounting and tax requirements for UK travel agents.

Self Assessment Returns and Dates

The self assessment system is used by HM Revenue and Customs (HMRC) to collect tax from individuals. As a travel agent, it means you are either self-employed (sole trader) or a partnership. Your tax won’t be deducted automatically as is the case with wages, pensions and savings. That means you will have to do the return yourself (hence the term self-assessment). You can either do that online or send a paper form. The deadline for making online tax returns is 31st January while that for making paper returns is 31st October. Regardless of how you make the returns, you should pay the tax amount you owe by midnight, 31st January.

There is an exception though if your travel agency is a limited company whose accounting year ends on any date. In that case the deadline for making your online returns will be exactly 12 months from the first day of your accounting year. The deadline for paper returns will be 9 months and one day after the start of your accounting year.

If you miss the deadline you will be charged a £ 100 fine. The amount will be more if your tax return is more than 3 months late. If your agency is a limited company you may receive a letter from the HMRC telling you how much they think you should pay. That is referred to as a tax determination.

What are  Allowable Expenses

On paper, you are mandated to pay tax on all the moneys you spend on running your travel business. But that is not always the case, the HMRC will not charge you tax on certain costs. Such costs are known as allowable expenses and they help keep your business running efficiently.

The most common allowable expenses for a travel agent include travel costs, office costs, clothing (if you wear uniforms), financial costs (like insurance or banking charges), advertising and costs incurred from maintaining business vehicles. You may also be exempted from paying tax on capital assets that double up as personal property. For example, if you use your personal car to move clients from place to place it can qualify as an allowable expense as a mileage log expense. You can contact GM professional accountants for a full list of allowable expenses because they vary depending on the type of business (whether self-employed or company).

The Accountancy Services You May Need

Other than tax obligations, your travel company will also need to consider hiring an accountant for additional accounting services. Your needs will largely depend on the type of business. For example, if you are self-employed you may be better off with simple, book-keeping services. But if you are a company you may want to consider a full accounting service package that includes preparation of annual reports, payroll and bookkeeping. Here is a list showing accounting services that a typical travel company should have as well as optional add-ons:

– Must-have accounting services

– Management of bank account

– Register your Limited company

– Submit tax returns

– Prepare payrolls and payslips

– Do monthly book-keeping

– Prepare financial statements

Optional services (depend on your company’s size and needs)

– Prepare quarterly and semi-annual reports

– Do internal audits

– Prepare paperwork for division of dividends (if applicable)

– Submit annual returns to HMRC

– Liaise with other service providers (like insurers and banks)

Choosing the Best Travel Industry Accountant in London

Knowing what to expect from your accountant is good, but choosing the best accountant is even better. Having the best accountant will lead to financial efficiency and business growth. With so many accountants for travel agents based in London, how do you go about choosing the right one for your business?

  1. Choose a certifiedaccountant. Do not shy away from asking them to show you their certification. Makesure they are a Certified Public Accountant (CPA), Chartered Accountant and/or AAT Licensed Accountant based on UK accreditation.
  1. A good working experience in the travel industry should be a priority. Being an accountant doesn’t necessarily mean they will help you in your industry. Look at some of their current clients. Are they in the travel industry? Are they based in London?
  1. Affordability is also key.
  1. Only settle for transparent accountants. If they can’t discuss fees and charges explicitly there is every chance they lack transparency and integrity.
  1. The more the services theyoffer the better they are. There are many accounting services (as mentionedalready). Your business will be better off if your accountant can do as many of those as possible.

More Considerations When Choosing an Online Accountant

Add these considerations if you are hiring an online accountant:

  1. Check their reviews to seewhat other clients are saying. If they are rated highly then they offer goodservices.
  1. Where are they located?Location does matter even if they are based online. You should be able to getto their workplace whenever the situation calls for it. So it is better to stick to London-based accountants, preferably those within the same business district as you.
  1. Ask advice from your socialcircles. One or few people might know a reliable online accountant for travelagents.

With that summarised guide, you are in capable hands with GM professional accountants for your travel agent. Remember, with a good accountant your business will grow.

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Accountants for personal trainers

Accountants for personal trainers

The amount of money you are able to keep depends upon the tax you pay. If the tax planning is not properly done, then there’s a considerable loss in savings.Tax can be confusing,so in this article, we clear some of the frequently asked questions regarding Tax Filing for Professional Trainers.

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Accountants for personal trainers

How do I start with Tax filing?

If you are a self-employed personal trainer then you should start by registering with HMRC. In most cases, this can be done online by visiting the Gov website. Once, you have completed the initial registration, you will receive a unique tax reference number. Please ensure to keep this number safe,since this number is important and will be needed in future for filing your Self Assessment Tax Returns.

What are the filing dates for personal trainers?

Self employed Personal Trainers are expected to pay their tax under the Self Assessment scheme which means that a Personal Tax Return has to be submitted by 31st January of every year detailing about your income tax, the trading income and Class 4 & Class 2 dues of National Insurance.You should also make a payment for the NI and tax dues. This tax return of yours submitted by 31st January will cover the previous year’s tax.

To say, for example: Your tax return which is due on 31 January 2018 will detail your trading income between the time period of 6th April 2016 till 5th April 2017.

What are the allowable expenses?

Some element of cost is involved in setting up a business, so here we will discuss whether these expenses offer any tax relief before you start investing on the equipments required for your gym space. The following expenses are typically allowed for tax relief for self-employed personal Trainers.

● Training Equipment:

Items like Skipping ropes, boxing gloves and weighing scales used for training sessions are fully allowable for tax relief. So, it is best practice to keep all the receipts of the purchase.

● Computer and Printer:

The computers and printers you use to manage your bookings or manage the social media marketing or to take printouts of the brochures or leaflets are allowable for tax relief either in full or partial amounts of the purchase.So, keep the receipts of purchase.

● Website:

If you have spent some money in building a website,hosting a domain then all of these expenses come under allowable expenses.

Other allowable expenses include Phone and Internet,Branded clothing, Travel, Miles covered in car,Gym Rent,Insurance, House Rent,Bank charges and accounting.

What type of accountancy services will personal trainers need?

Our accountants will be able to help you with the following services.One or many of them apply depending upon whether you are self-employed or belong to a limited company:

● Advice on Establishments of the business structure.

● Service on startup expense checklists

● Selection of accounting software and providing appropriate training.

● Invoicing,Bookkeeping and Payroll services

● Analysis and Preparation of Financial Statements

● Strategies for Tax Planning.

Choosing an online accountant:

Hiring an accountant for personal Trainers has never been so easy.you can do this with just a click of a button. You can choose an accountant from a location different from where you are currently staying or someone who lives closeby. Once chosen, you can be in touch with GM accountants through various platforms like Phone/email/social
media etc..

Choosing the right Accountants in London:

There are multiple ways in which you can do this. Either via a recommendation from a colleague or an online comparison. Make sure the accountant has one or more of the following certified qualifications like AAT, CIPFA, CIMA,ICAEW or ICAS,ACCA. If the salary for the accountant meets your limits, then you can hire the accountant.

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Accountants for Individuals Annual return

Tax return Accountants for Individuals

Accountants for Individuals

Filing an annual tax return is compulsory if you meet the criteria. 31st Jan is an important date, and you must register by the 5th October.

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Sometimes it’s good that if someone could keep an eye on your personal finances so that expenses which provide tax benefits, correct payment of card bills, investments etc can be taken care of. You can either have a professional or certain technologies do it for you. Also, sometimes you can combine both to work it out.

Regarding the accountants, let see what services that are essential for you are.

What is Self-assessment Filing?

The self-assessment system is system made for revenue and customs to collect the Tax. This particular system also helps you to file your tax return, pay your bill etc.

There is a systematic method to file your returns, deadlines and process of filing your return which is all available with specific instructions in the government website. If you set up as a limited company your filing date is 9 months after your accounting period ends. If you decide to operate as sole trader then you must register latest by 5th October in the second tax year. Your filing dates will be 31st October, if you are filing a paper based return or if you decide to submit electronically then you have till the 31st Jan.

It would be much easier if an accountant could do it for you which are why it’s important to have one.

Do you need Tax advice?

As we know allowable expenses are deductible from the companies profits. For such expenses you need not pay any tax. However to stay aliged with HMRC rules, you need to know what is allowed and disallowed. Hence you need to get an accountant as a Tax advisor who can help you with these essentials.

Type of accountancy services for Individuals

The services available to the individuals purely depend on whether the company is self-employed or whether it is limited. There are 4 types mainly available to any individuals. This includes the following –

· Bookkeeping- Helps you keep a daily record of how the business is run.

· Business Credit management – To maintain good credit points, there are services provided to manage your business credits.

· Income Tax Services – Tax filing, keeping up with deadlines,

· Update your books — Its important to update your computer or books so that all important information is stored without fail.

Choosing an online accountant

Choosing a correct accountant is not easy since it is like you are choosing a business partner. You need to trust the person with you finances and at the same time trust the advice given by them

· Search for the person in Google and see if they are qualified and certified.

· Also see if the person has good experience.

· Connect through social media and know about the person.

Choosing the Right Accountants 

A lot for services are found in London, but you need accountants with diverse quality. Firstly see that you go to the website and read all services provided and all the cost per month. Check for trustworthy and budget friendly company offering help to the customers. Check their experience as they should know how to prepare documents and submit to HMRC. See that they are a good match for your business.

GM professional accountants have offices in London, Manchester and Essex.

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Accountants for Graphic designers

Accountants for Graphic Designers

If you have been working as a full time freelance graphic designer, it has probably been a fun and bumpy ride. What you find out when freelancing is that there are some important things that you need to take care of as your own boss.

Things like accounting and taxes, for example. That is why we have created this accounting guide for you and all other self-employed graphic designers in the UK. It does not matter if you are just starting out or only want to understand your allowable expenses better. We’ll answer your most pressing questions.

Accountants for graphic designers

What is the Self-Assessment Tax
Return filing date for Graphic designers?

First off, what is Self-Assessment Tax Return? And why do you need to file it? Well, because you are self-employed you are required by law to pay your taxes under Self-Assessment.

This means that you have to submit a personal Tax Return by 31 January every year. You provide details of your trading income (details on what trading income is can be found in the next paragraph), income tax and National Insurance due. You will also pay your tax and Insurance due.

 

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What are the allowable expenses for
Graphic Designers?

Allowable expenses are all the important costs you have to keep your graphic design business running. These expenses are tax deductible. That means you do not pay tax on the money you spent on these expenses.

Allowable expenses are usually only tax allowable if they are exclusively incurred in the performance of work. All allowable expenses have to be supported by receipts.

Allowable expenses will reduce your taxes but be careful because incorrect claims can attract gross penalties.

Below is a list of twelve allowable expenses that are relevant to freelance graphic designers:

1. Computer & Printer

2. Website Development

3. Licenses, Software and Subscriptions

4. Phone and Internet Access

5. Travel costs incurred on the job

6. Utility costs

7. Rent

8. Wages paid

9. Training

10. Marketing

11. Bookkeeping

12. Bank Charges

What type of accountancy services will Graphic designers need – this will depend on whether they limited companies or self employed

First off, what is Self-Assessment Tax Return? And why do you need to file it? Well, because you are self-employed you are required by law to pay your taxes under Self-Assessment.

This means that you have to submit a personal Tax Return by 31 January every year. You provide details of your trading income, income tax and National Insurance due. You will also pay your tax and Insurance due.

Choosing an online accountant – Check their review on Google – and qualifications

Choosing the right online accountant for your graphic design business is a very vital business decision. You will have to learn to assess accountants effectively.

· Pick a certified accountant.

· Pick an accountant with relevant experience.

· Ask government and business associations for advice on picking the right
accountant.

· Use your social networks. Check the accountant’s reviews on LinkedIn and Google.

· Check what bookkeeping software the accountant uses

· Always negotiate the fees you pay. Save money.

Choosing the right Accountants in London

1. Check qualifications: Make sure to check the accountant’s qualifications. It is legally required you’re your
accountant should have at least one of the following qualifications:

· ICAEW

· ICAS

· ACCA

· CIMA

· CIPFA

. AAT

2. Check experience level.

3. Check what online resources the accountant uses.

4. Make sure the accountant is a good communicator and is available when you need them.

The Structure of a Limited Company in
the UK

Sometimes, a solo freelance graphic designer could grow their business to the point where they would prefer to run it as a Limited Company. The following is a short guide on the basic structuring of a Limited Company in the UK to give you basic information that will assist in the decisions on who you should appoint as company officers.

· Directors: Private companies must have at minimum one director and there is no maximum to
the number of directors your company can have.

· Company Secretary: The role of the company secretary is non-obligatory. You do not need
to have one in a private company.

· Shares and Shareholders: You must have at least one shareholder and are allowed to
have as many shareholders as you want.

· A Registered Office: You must have a UK office.

The Benefits of the Veil of Incorporation

The veil of incorporation limits you from personal liability as a company director or company officer. But, business owners are liable for all business activities that did not follow the corporate laws. Limited liability is also called the
corporate veil.

A big advantage of incorporation is this limited liability that company owners get. It means that company owners are no longer responsible for the business’ debts or any infractions the company commits. This is only true as long as the company’s officers follow corporate guidelines. So check with your legal advisor for more information.

Filing your accounts and tax return

At the end of a fiscal year, all private companies prepare full annual accounts and company tax returns. You must make sure to file your accounts and pay tax to Companies House and the HMRC respectively.

Filing deadlines

· File your first annual account with the Companies House 21 months after registration with them.

· File your full annual accounts with the Companies House 9 months after the fiscal year ends for your company.

· Pay your corporation tax 9 months and 1 day after the accounting period for Corporation Tax ends (or tell HMRC that your company does not owe corporation tax).

· File your Company Tax Return 12 months after the accounting period for Corporation Tax is over.

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Uber Driver Tax return Accountants Guide

Uber Tax return Accountants Guide

Uber is a leading transportation company, operating in 633 countries worldwide. It has its headquarters in San Francisco in the United States. The company mostly operates via the mobile app and allows users to book vehicles via the application. Also, independent, self-employed drivers can register on the app or website and become a member of Uber community. They allow attractive rates per miles and also flexible timings as per driver preferences. The company has got firm roots even in the United Kingdom.

What are the allowable expenses for Uber
Drivers?

Knowing the list of allowable expenses is important as it will reduce your tax bill. You need to pay tax on the amount earned minus the allowable business expenses. So make sure you keep a note of these.

  • Mileage claim – You can do this claim if you own the car. The
    rates are 45p for the first 10k miles and 25p thereafter. If you make this
    claim you are not eligible to claim for the cost of the car, servicing,
    and insurance.
  • Car purchase – If you purchase a new vehicle, you may able to claim it all (depending on the private use) or the cost over a few years. Rates are as follows :
  • 75g/km-130g/km (CO2) you will get 18% capital allowances.
  • 130g/km or more you will get 8% capital allowances
  • Car lease payments – You can redeem the monthly cost of the lease as well as fuel cost, servicing, insurance, and repair cost.
  • Uber commission and service charges
  • Tolls and Parking charges
  • Business usage of your phone
  • Accountants fees
  • Vehicle and Public Liability insurance
  • Car cleaning
  • Bank charges

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The four major bookkeeping requirements for tax management of an Uber driver are as follows:

1. You must register yourself as a self-employed individual on the HMRC website, 

2. Make sure that you keep the receipts and expenses of all the business transactions handy.

3. Complete self-assessment of the income and expenses must be done prior to 31st January of each year.

4. Any pending tax or National Insurance must be paid before the due date of 31st January.

 

However, being an independent self-employed driver makes it difficult for some people to handle their taxes. Few drivers are not educated enough about the taxes and other legal guidelines of bookkeeping. Due to this, they may land up in paying extra money or some kind of penalties as well. To avoid such a situation, it is very much important to understand the tax mechanism and hire a proper accountant for your needs.

How to find a good accountant for your
business:

There are several accounting firms as well as private accountants that provide accounting services for Uber drivers to
manage their accounts in the UK. As there are lots of receipts and expenses on a daily basis, the bookkeeping process is little tedious, but if the driver maintains a proper logs or file of the receipts then it can become very easy.

Many of the accounting firms also provide Mobile apps to the uber drivers to record their transactions in an easy way.
Major responsibilities of the firms include:

  • Helps in creating profile in HMRC
  • Does auditing to judge the real profit of the driver
  • Can provide mobile app for the HMRC Self-assessment, Housing benefit applications as well to know your tax credits
  • Keep track and note of all the business income and expenditure
  • Register details of the vehicle mileage and other details of the vehicle
  • Provides accounts that are ready to be submitted for filing HMRC Self-Assessment return
  • Gives advice on record keeping
  • Helps in Tax investigations.

The cost of hiring an individual accountant for tax consultation in the UK can be less than 250 GBP, however, for companies; it can vary between 600 to 650 GBP. The services provided may vary as per the pricing. You must research the company or individual over the internet properly and read reviews and ratings before hiring for your tax management.

See our Ecommerce guide, for online businesses.

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Choosing an online accountant for your small business 

Choosing The Right Accountant For Your Business

Determining an accountant for your business is a significant and complex choice. You aren’t just hiring a number cruncher; you’re hiring an essential business partner as well. So, as with any business partner, you must make sure that they understand your business.

Online small business accountants 

Online  accountants for self employed play a vital role in the modern day business world, as they offer many vital services such as completing your tax returns, bookkeeping, cash flow projections, payroll, and even online accounting. If you run a small business, making the right choice is particularly important because at the outset your accountant is likely to be your only professional adviser.

Well, don’t worry – this article is all about imparting the key steps towards finding the perfect accountants. You may think it’s as simple as looking one up in the phone book, but the brutal truth is that just about anyone can call themselves an accountant without any real qualifications. Finding a bona fide, experienced accountant takes much more effort.

 

 

online accountants for self employed

The following steps are designed to cut through the dross and find you the perfect accountant:

– Ask for referrals to accountants from other business owners.

– The Institute of Chartered Accountants, the Association of Chartered Certified Accountants, AAT, and The Chartered Institute of Management Accountants – these are seals of approval that you should insist on finding. If your accountant can’t produce any of these on demand, then look elsewhere

– Meet your accountants in person for one-to-ones – do this several times before you make a decision. Ideally, you should be able to communicate freely and easily with each other.

– Outline your current and predicted needs of your business so your accountant can meet them and synchronise their efforts.

When it comes to cost – be cautious. The first consultation, where you begin ascertaining whether or not they’re right for you, should be free. Most accountants offer this service, but it’s always good to check, just in case. Also, always decide upon a fee limit early on with your accountant – if they only seem interested in making money for themselves, they aren’t right for you. Also, make sure they are capable networkers, able to provide you with contacts and arrange meetings with integral supporters such as suppliers, bankers, and customers

In addition to your accountant’s financial knowledge, you can also have personalised cash flow projections, have your bookkeeping and payroll managed efficiently and provided important advice. Fuelled with your data, there’s no limit to what your accountant can do – it’s just up to you to find one with the right skills to match your business.

Setting up a day-by-day accounting system, however, should be a priority, whether it’s merely compiling an organised ledger system or a more sophisticated computer programme. Your accountant should be ready to assist and advise in setting this up.

Never underestimate the power of the accountant in your business. Their knowledge of finance and business will no doubt exceed those of the first-time businessperson, so don’t underestimate the power they have. Treat them with respect, but also let them know where their responsibility ends, after all, you’re the boss.

Accountants are a regular benefit to your business – they’re experienced, capable and potentially crucial in the running of your business. Without a proper accountant, your chances of financial survival in an increasingly competitive market drop significantly.

How to find accountants in Ilford Lane

Searching for accountants in Ilford lane

Run your business in a lucrative and hassle-free way by hiring the accountants from GM professional accountantsAccountants in Ilford

Are you wondering, “How can I find skilled accountants in Ilford near me?”  GM professional accountants is near you. Yes, ours is a leading Accountancy firm in Ilford, London. Since the start of our firm, we have been offering individualised service to local businesses of all sizes. This means that if you are the owner of a small business, you can also get our professional services at the best prices and find expert accountants near Ilford lane.

Why does choosing our Accountancy firm your best option?

Finding small business accountants in your area is not all a difficult task. They are always available to offer you a variety of services, including accounting and tax return services. Our skilled accountants will make sure that you will get a quality, competent service at a competitive price. GM professional accountants is always ready to advise you for the growth of your business.

You can completely count on our professional accounting services. This is because we have vast expertise, as well as experience in the Bookkeeping and Tax industry. At GM professional accountants, we focus on your business accounts as well as on offering you a practical solution to aid you as well as your businesses and we specialise in capital gains tax.

Our firm has a well-organized team of highly qualified tax accountants near Ilford. All of them have vast years of combined experience in the industry. They will suitably advise you on the way to make your business accounts keep simple. They have the required skills to cut your tax bills. Thus, you can rest guaranteed that you could save a considerable amount of dollars during your tax return. This will allow you to save your hard-earned money as well as your time.

At our firm, all our qualified accountants near Ilford are well versed in accounts practices as well as in tax laws. They will steer you in the right way to develop your business. They will also suggest you the ways to improve profitability, growth rate, cash flow, as well as to boost your business value. Thus, you can rest be confident that you could develop your business effectively.

Furthermore, we can assist your business to develop at a fast pace by practically offering suitable tax suggestion in a timely way. We are the only service providers in Ilford, offering all sorts of tax-associated services. Our knowledgeable accountants will offer you a tailored service, which you cannot find anywhere in the Ilford area.

Our variety of accounting services

As one of the leading accountants in Ilford, we will do our level best to incorporate our expertise and experience for the welfare of your business. Our courteous, professional accountants will do their best to aid you greatly in saving your time as well as your cash through their hands-on business suggestion. We can assist you in finding the easiest way to reduce the overheads and costs. This, in turn, will allow you to charge your valuable customers less. It will also allow you to compete capably with your business competitors.

 

If you need any additional Accounting services, pertained to your business, feel free to contact GM professional accountants. As we are always available to help you, you can contact us on 0208 396 6128

Gants Hill Accountants

Accountants near Gants hill

Are you looking for local reliable and accurate accounting services near Gants Hill ? If yes, look no further. GM professional accountants is right here to carter to your every need.

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We specialise  small business and self employed businesses. We are based in the heart of  Greater London. We have been providing excellent accounting services to local clients as well as those in neighboring regions over the years. Our team comprises of well trained and highly experienced accounting professionals.

accountants in Gants hill

OUR SERVICES

We provide the following accounting and business management services:

~Company accounts

We help companies maintain financial records. Every company needs clearly detailed and comprehensive financial records, these help with management, decision making, and planning as well as evaluation processes.

We will help you prepare profit and loss accounts and balance sheets. We will also help you prepare statutory reports to table at AGMs alongside the company’s annual financial statements.

~Cis Tax returns

With our intensive knowledge in construction tax, we help you prepare tax returns to submit to authorities for assessment or refunds. We have helped a number of Construction Industry Schemes file their annual tax returns over the years.

~Payroll services

We offer effective payment solutions to small businesses as well as self employed persons. Our payment services are at par with modern technology and are customised so as to meet the specific needs of clients.

~Self assessment tax return

We help clients fill and submit self assessment tax returns to the government. In regards to this, we will advise you on whether you’re obligated to fill a self assessment tax return or not.

~Capital gains tax

In addition to helping small businesses and entrepreneurs with various income tax matters, we also offer them assistance in determining taxes on profits. Businesses and entrepreneurs are usually taxed a certain percentage of the profits they make on assets.

~Bookkeeping services

We help small business Limited companies keep records of their financial transactions. These include sales, purchases, receipts, and payments among other details. We will attend to all your bookkeeping tasks leaving you to concentrate on running your business.

~Company formation

We help clients who are seeking to form a new company or even to upgrade an existing one. We will take you through all the vital financial and legal processes pertaining to company formation. These include capital and financing, registration, licensing, partnership, and even mergers and acquisitions among others.

WHY CHOOSE US?

If you’re looking for reliable and efficient local accountants, you should by all means choose us. We are some of the best accounting professionals you can ever find near the  Gants Hill region. Here are six key reasons you should turn to find accountants in this area.

~We are highly skilled and competent: Our team comprises of well trained and knowledgeable accountants.

~We are highly experienced: We have been practicing as professional accountants and quality is guaranteed.

~We provide excellent services: Our team is committed to offering clients nothing but the best services we can offer.

~We are reliable: We keep our word and aim to get every document ready in time.

~Customer satisfaction: We are driven by the desire to see our customers satisfied with our services. We therefore go to great lengths to ensure this becomes the case.

~Diligent accounting services: We help you maintain accurate financial records.

~Customised services which fit the individual needs of our clients.

~Affordable fees for our accounting services.

Contact us

Are you in need of reliable professionals to offer you accounting services? If yes, you need not go on searching through accountants near me lists anymore. Just give us a call today and let us help you with all your accounting needs and requirements.

How to choose the best Tax Advisor in London

Best Tax advisor in London

When getting your tax done, you want to make sure you get it done right. It’s often a hard and confusing process, but don’t worry, we’re going to take your hand and take you through step by step. If you’re looking for one of the best Tax Advisors in London, you’re at the right place!

What To Look For In A Good Tax Advisor

When it comes to looking for a good tax advisor at GM PROFESSIONAL ACCOUNTANTS, it can be very hard. Not to mention, very expensive. When it comes to looking for a good tax advisor, you need to take a few variables into consideration.

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Experience

When you’re hiring a tax advisor, you need to know his or her experience. You want to know that this person has the years of experience needed to be able to help you save money on your taxes. You’d want someone that has the ability to set up bookkeeping services, personal or corporate taxation, audit and report services, setting up and managing accounts, landlord support, tax investigation support, payroll services, and VAT submissions. You also want someone who is constantly updated to the constant changes in the world of taxes. best tax advisor in london

Trust

When ever you’re giving all of your bank account details and information over to someone, what you have to have is tax. Make sure this person is trust-worthy with all of your bank details and other information. You always want someone you feel completely comfortable with. If you feel like that the firm you are working with is not qualified enough to do the jobs they are required, it’s best to find business else where as soon as possible.

Qualifications

When you’re looking for a good tax advisor, it’s probably not a good idea to look up the yellow pages, flip to a page and hope for the best. Since the internet has developed our ability to research companies, it’s best you research what qualifications the Tax Advisor has. If he’s recent, he probably won’t have the experience to stop you from paying as much tax as as possible. That’s what you want to stay away from.

Transparency And Integrity

When you’re looking for someone that you can trust to do your taxes, what you’re looking for is someone that will give you the satisfaction of knowing that all costs and fees have been discussed and agreed to in a professional manner. One thing you need to do as a trusted company is to make sure that all agreements and prices are transparent. This makes it better for you as a client and others to build a healthy relationship. Make sure that you find a firm which has fixed fees so they cannot add or change fees to their advantage when you continue to do business with them.

Why I Should Hire GM PROFESSIONAL ACCOUNTANTS To Do My Taxes

In this section we’re going to give you some advice on why you should get GM PROFESSIONAL ACCOUNTANTS to do your taxes. GM PROFESSIONAL ACCOUNTANTS Provides a service for individuals who are just looking to get their taxes done, as well as sole traders and business owners. The great thing about GM PROFESSIONAL ACCOUNTANTS  is that they offer great bookkeeping services that will stop you having to worry about doing the work yourself. They are a respectable and honest company which is built on a foundation of integrity and trust to provide you with their best service possible.

To Finish Up

If you want a good Tax Advisor, there are many ways to go about it. You can cut some corners and end up getting it done by Uncle Harry, but the chances are he’s probably not going to know how to save you from taxes. If you’re willing to invest a bit more in having a quality agent look at your taxes, and sometimes other areas to help you, then that’s the best solution. Just research who you’re going to go with first completely before you hire someone.

 

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Tips on Selecting the Best Accountants in London

Best Accountants in London

While seeking the best Accountants in London, you’ll need a leading and diverse accountant’s firm. Accountants are well versed in managing and keeping all types of accounts and are of great help in managing the finances of the business. They can be of substantial help to every type of business as they will well assist employers in keeping their accounts up to date. The assurance is, if you have the best accountants, you’ll have the best insights and updates in the current business and economic markets. Trusting someone with your money can be a daunting prospect, but with the experienced and innovative accountants, you will always be at peace since your finances are in safe hands.

 

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It is not much difficult to find the best accountants in London. Today, many reputable companies are offering such services to their customers. This article discusses on how to find the most reliable accountants in London. best accountants london

Check on their Certification

Whether you want to hire full-time or part-time accountants in London, for both jobs, you need to understand what you’ll need to look for in the accountant you will be hiring. Your future accountant should be a member of a given accounting body here in the UK. Whether

they are Certified Public Accountants, Chartered Accountants, AAT Licensed accountants or any others, a license is necessary. Check the expertise of the person you are employing.

Good Working Experience

Furthermore, accountants in London should have a good work experience. Choose for the companies that can offer very diverse services because of their experience with a number of accounting aspects. Consequently, one can hire such firms for bookkeeping services, personal or corporate taxation, audit and report services, setting up and managing accounts, landlord support, tax investigation support, payroll services, VAT submissions and information on account software. Aside from the knowledge they possess regarding all these accounting services, they can offer financial advice based on the latest news in the financial world. By hiring them, you will always be updated with the latest trends in the financial industry, and you will make the most informed decisions.

Budget Friendly

Accountants in London are not only for the selected few with very high income. While many self-employed individuals consider that it is easy to do their own bookkeeping, they seldom find out what they are missing out on until actually hiring a professional to help out with their calculations and tax returns. When hiring accountants in London, they soon learn that what they saved in terms of money, they lost in terms of time spent preparing the documents and learning how to submit their calculations to HMRC. Please do not make the same mistakes. Accountants are not a luxury. They are beneficial to you and most often are necessary as the system is quite complicated to figure out on one’s own.

Trustworthy Service

The most important aspect when hiring accountants in London is to be able to trust their services. To ensure they get their jobs done well and on time, we recommend you check the way they present their firm, the recommendations they have, their reviews and testimonials. If they are trustworthy, reliable accountants they won’t let any of your clients down and will do their best to earn the confidence of new clients by showing their reputation with pride.

Transparency and Integrity

The best accountant firms in London will ensure that all costs and fees have been explicitly discussed and agreed upon prior to carrying on any financial services. Good companies have to make sure that all prices are transparent since integrity and honesty is an important part of a healthy client relationship. Additionally, such companies ensure that they offer a fixed fee on advice and consultation disregard of the time taken. They do this to cater for surprises or hidden costs that may incur at the end of the month.

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Tax preparation services

Tax return preparation services

The preparation and filing of returns can be quite a challenge. The whole process is not only time consuming but is also highly complex. Moreover, you cannot afford to file incorrect tax returns or even worse not file at all, as you could face severe consequences for doing so. As such, it is critical to work with expert tax accountants in London, if you are not very conversant with tax processes. GM Professional accountants are highly rated  tax accountants in London that will assist you not only with your tax returns but will also provide advice in how you can pay less tax within the legal frameworks.

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Tax preparation services for small businesses

No matter your revenue sources, whether you are a company director, self-employed person or any other designation, you are required by law to submit your tax returns. You have to file HM Revenue and Customs tax returns before the set deadline if you are to be compliant. If you fail to submit the yearly tax returns on time, you could find yourself having to pay a huge fine. Moreover, if you do not submit your tax returns, the HMRC will become more interested in your finances. As such, you could be the subject of a tax investigation which could just cause more problems for you.

We take off the burden of having to prepare your end of year accounting and tax returns so that you can focus on business development. We have integrated platforms that takes all your accounts and compiles them for easy record keeping. Once we have all your records, we submit your tax returns to the HMRC and Companies House. You no longer have to waste days or even weeks digging through spreadsheets, trial balances and other books to try to prepare your tax returns. We will take care of all your accounting so that you can sit back knowing it has been done right.

Why Contract GM accountants as your personal tax accountant?

We have assisted and continue to assist hundreds of clients in London, giving advice on accounting and tax matters. We are professionals with years of training and experience, which means we have the expertise to provide unparalleled tax accounting services to any type of business. Our clients range from big corporate entities, medium size corporations, high net worth individuals and self-employed persons. Our tax accountants provide the entire tax accounting package as they will do everything from the preparation of accounts, right up to the filing of tax returns. If you are looking for a professional accounting firm for some practical advice on tax accounting and returns, then we can assist you with the following:

1) Calculation of your tax liability
2) Advice on compliance with rules and regulations
3) Preparation of your yearly tax returns
4) Representation in your dealings with the Tax Office
5) Submission of your tax returns
6) Capital gains tax advice
7) Tax relief claims
8) Residence and domicile advice
9) Practical advice on how to minimize your tax liabilities through proper tax planning

GM Professional accountants have offices in Ilford, Canary wharf and Wimbledon.

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Goodmayes Accountants

Finding a Local accountants near Goodmayes

Finding a local accountant Near the dead center of Essex can be difficult, Goodmayes is a bustle of activity, and a place were many self employed persons or small businesses thrive. Finding the right help in this area can be tough, especially when talking about accountants. Who should use accountants? Why should you think about hiring an accountant? And why should you work with us?

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Who needs accountants?
If you are self employed, thinking about becoming self employed, or run a small business, you need an accountant. Why? Well, do you know exactly what it takes to keep adequate records for HMRC? Do you know the best way to structure your finances? Are you aware of what you can and can’t deduct from your tax bill? If the answer to any of these is no? Then do you want to spend all that time researching and learning how to do it?
As a self employed person or business owner, you have greater responsibilities. You have the responsibility to work tirelessly on your business. That task alone can be the same as having 2 full time jobs! Taking on the right help can free up your time, and your mind to focus on your business, making it a success.

Why are accountants a good decision?
Instead of thinking that you are “hiring” an accountant, think of it in a different way. An accountant will generally help you, save time, pay less tax, and give you the mental space to grow your business. Choosing the right accountant is an investment, and one that you are very likely to see returns on.
If you are thinking of becoming self employed, a good accountant can help get you set up, registering for self assessment. They can then hold your hand through the year, giving good advice, and then finally submitting your self assessment return, making sure you don’t pay unnecessary amounts of tax. The same goes for a small business, instead of wrangling with the complex paperwork that is required of you, let a bookkeeper and accountant manage everything, and you can chase new business, make new deals or help your employees to grow.

Why we should work together?
As a company who have had deep roots in the Goodmayes area for many years, the experience that comes with that is invaluable. Goodmayes, just like any area in the world has it’s own unique characteristics and ways of working. Local knowledge of what works and what doesn’t work can give your business the boost it needs to progress.
Helping your business succeed has been a passion of ours for years. Our specialism is that of small businesses. This is because small businesses face unique challenges in this day and age, and we have seen them all. Don’t try and combat problems or overcome obstacles by yourself that we already know how to defeat. Whether it is cash flow, accounting, bookkeeping, they all require a specific set of skills. Getting good, local experience can really take your company or business to the next level.
Our passion for years has been to help the businesses in the Goodmayes area and watch them grow into something truly great. Let us help you to see your company grow into something special.

visit our accountants page for information on Accountancy and tax services in Goodmayes

Some of the Biggest Tax Issues affecting small businesses

 

Accounting is what helps investors, tax authorities, and managers, to know about the financial data of a company. Accounting is all about the recording of financial transactions, journalizing, Sorting, summarizing and reporting the information in different accounts and analyses. Accounting is also considered a profession that many people often opt for. An accountant is an individual who is well versed with the accounting principles and standards. He is a practitioner of accountancy and has proficient knowledge in technical skills. They also their clients in filing the tax returns and hence also known as tax accountants.

In UK a tax accountant is considered to be a practitioner who has specialized knowledge in tax accounting. These accountants can help their clients with the various tax issues. Tax consulting is important for all to know more about the taxes. A tax accountant will gather all the necessary documents and forms required for filing the tax returns. The tax related issues are crucial. Let’s now look at some of the biggest tax issues the tax accountant has to deal with in UK.

The most challenging part of managing a small business in UK is dealing with taxes. Small businesses are the most common group to be targeted by the IRS for various reasons. Many small business owners understand their craft but are unprepared for dealing with the intricacies of tax laws. The lack of tax law knowledge often turns into an audit or even worse from HMRC. Making sure to avoid certain mistakes can drastically reduce the likelihood of an enquiry. Reporting a net loss year after year is sure to trigger a second look from the HMRC.

Another common trigger for an enquiry is using personal expenses as business deductions. Travel, entertainment, and company vehicles can all be deducted but must be used for business purposes. Overstating expenses or declaring 100 percent use of a vehicle that isn’t solely used for business are all carefully watched. Detailed record keeping is another way to protect a company from an enquiry. Having records is even more critical for businesses that deal with regular cash transactions.

One area that HMRC will focus on is evaluations on payroll taxes. Processing proper tax payments for employees can be one of the trickier parts of dealing with taxes. HMRC knows this is a common area of error and will look for mistakes even if they aren’t done intentionally. For any small business, it’s always best to use a qualified tax accountant to prevent problems before they happen. Spending a little upfront can result in huge savings later one.

How can an a qualified Accountant help a small business being audited or harassed?

Running a small business in UK is hectic and stressful. Finding out that HMRC is opening an enquiry can make things much worse in a hurry. Once a company has been targeted, they will constantly be harassed until a resolution has been reached. . If a company finds themselves being audited or facing a demand for payment, it’s best to find a certified tax adviser immediately. Getting a tax adviser early can save a lot of money in the long run. In addition to saving money, it takes a lot of time to go up against HMRC. Experienced tax adviser are experienced and are much better equipped to tackle the issues. Getting a fair settlement worked out will be worth the cost of having a good tax adviser in your  corner.

GM professional accountants specialise in bookkeeping services for small businesses

Blogs

Posted on 26/02/2016

Dividends

It will be clear that for 2015/16 financial year, those with all or some of their basic rate tax band available will be better off taking dividends rather than salary during the year, as they will pay no further tax on the money they receive. Basic rate taxpayers are treated as having already paid 10% tax on the cash they physically receive. In light of the changes that are happening for the new financial year, it will be beneficial for basic rate tax payers to take advantage of this and pay dividends to yourself by 5th oh April 2016 without paying any tax. Delaying dividends till after 6th April 2016 may mean that you will have to pay an additional 7.5% on any dividends you receive after you exceed the threshold. The dividends tax free threshold for 2016/17 will be £5,000, which is added onto any of your personal allowances, which you may have only used some or none of your allowance.

 

 

Posted on 22/01/16

Tax Return Month

Tax Returns are a legal requirement for Businesses, so it is important that you submit them before the deadline. There are two deadlines for Tax Returns, 31st October (paper submission) and 31st January (online submission). A number of businesses choose to submit their Returns online, as it quicker to submit and gives the business more time to submit their Tax Returns. This is the same for Self-Employed individuals.

Staying organised and having Bookkeeping done by a specialist reduces the chances of your Tax Return from mistakes and your return can be submitted very quickly. Accountants provide Tax packages that include Bookkeeping, which benefits the Small Business owner, as it reduces the cost of having to hire a Bookkeeper. Your accounts will be easy to follow and read if you hire an external auditor to check if everything is done correctly for your accounts. Payroll Services are extra costs on Accountancy Services, as employers need to be on a P.A.Y.E scheme, unless they hire subcontractors. The prices may vary depending on how many staff you have hired and they will give you advice for the most tax efficient way for your business to pay your staff members.

Tax Accountants also Specialise in Tax Refunds. Tax Refunds are a major issue for employed individuals, especially for those who have had multiple jobs within the Financial Year. This may have affected your Tax Code, but HMRC usually contact individuals if it has changed. If ever in doubt, contact a Local Accountant and they can answer your queries for you. This service is usually free of charge.

 

 

Posted on 22/12/2015

Travel and Subsistence

The government has approved that the changes will go ahead to prevent contractors from attaining tax relief on the costs on travel to work. This is including the cost of accommodation related to the travel or the cost of the contractors’ meals.

The change of travel and subsistence was declared earlier this year, at the time the decision was being made the government was considering to include everyone who worked via a PSC (personal service company).

We now know that the changes for Travel and Subsistence will not affect personal service company contractors, unless the contract is caught by IR35, the anti-avoidance rules. This means the contractor was registered as self-employed and worked as individuals rather than using a personal service company, he can then continue to obtain tax relief on travel and subsistence.

Though, this is not the end of the story. Changes to the anti-avoidance rules (IR35) are also likely, following a review this year (2015) by the Office of Tax Simplification. Any changes are likely to tighten the current rules and make it easier for HMRC to police and enforce.

Accountants in East London

Winding up for tax reasons

When companies strike off their company, the money within the company can sometimes be paid out to them as capital, so that the more kind capital gains tax regime applies. This is a way of avoiding income tax, but this planning is now likely to be stopped.

 

 

 

Posted on 27/10/2015

Latest Tax News

Dividends Changes

The new tax on share dividends, announced in last week’s UK Budget, has been the cause of both confusion and dismay. People have said they expect their retirement incomes to be affected rigorously by the new tax changes, while others are still baffled about how it will all work.

How will the new tax work?

The new tax free dividend income each year will be the first £5,000. Additional income above that, for basic-rate taxpayers, will be taxed at 7.5 per cent, 32.5 per cent for higher-rate taxpayers and for additional-rate taxpayers 38.1 per cent (8% increase!). The new tax changes will take effect on the 6th of April 2016. Taxpayers must prepare a self-assessment tax return to pay any tax due; no tax will be deducted automatically.

How does this differ from before?

Under the current tax dividends system, which ends on the 5th of April 2015, basic-rate taxpayers currently pay no tax on their dividend income, while higher-rate taxpayers pay a generous rate of 25 per cent and additional-rate taxpayers pay a whopping 30.56 per cent. Taxpayers in all the current bands pay less tax and have been paying less tax than normal income workers. This is because dividends are paid out of the company’s profits after they have suffered corporation tax.

Will everyone be worse off under the new regime?

No. While it will seem as though many taxpayers will pay more, you still have £5,000 tax free dividends to play with. Some basic-rate taxpayers may not go above that threshold. Some higher-rate taxpayers are also better off, as at the moment they pay tax on their dividends, which may be £100, but now they can earn up to £5,000 without being taxed. So thanks to the £5,000 allowance; basic rate, higher-rate and additional rate taxpayers can now play around to decrease profits to avoid paying tax.

What if some of my dividend income is within the tax-free personal allowance?

Dividend income is still eligible for the personal allowance you already receive. So next year you can earn up to £16,000 (tax free!), £11,000 from personal allowance, plus the extra £5,000 from the new dividends allowance. As a result, you will pay less or no tax.

 

 

 

 

 

Posted on 16/10/2015

Top 3 Tax Bill Tips for Small Businesses

Making sure your bank account balance matches your accounts

The base of your business’s finances is the bank account. Remember that the money coming in is food of your business and without a sufficient flow of money it may struggle to develop and grow, so this means you, the business owner, are required to regularly keep track of how much money you have in your business bank account.

Another tip, try not to use your business bank account for personal spending.

If you are not doing this by now, check whether you can set up a feed that will automatically pull this data from your business bank account straight to your accounting software, this way it will minimise data entry errors. Then make sure you at least check your business bank account weekly, if not daily; to make sure that your bank balance is correct in your accounting software and that all your day-to-day transactions have been recorded. And remember if your bank balance in your accounts does not match with your bank balance, you’ll have to look back at all your transactions and find out the difference; it won’t automatically match, this is why double checking and reducing personal expenditure will make it easy for you!

 Are your invoices up to date? Are you issuing invoices?

If you issue invoices to your customers, take advantage of your free time to check through your day books and make sure you have sent invoices for all the work you have done to the current date. It is the worst feeling when you are waiting for the money owed to you, but then you have found out you never actually asked your client to pay you for the work you have done!

It is a good idea to also separate paid and unpaid invoices, so you know who has and hasn’t paid you. On occasions there might be some invoices that have not been paid because the customer’s just forgotten and/or you just have not followed them up for payment. There may also be old invoices, like from the last tax year, in your accounts that have not been paid at all and won’t be, possibly because your customer has gone a-wall, out of business or they have come to terms with you that they cannot pay you. If you know the customers will never pay you, then write those invoices off, as they are bad debts, and then chase up those customers, now, who haven’t paid you for your hard work yet.

If you do not record any invoices, then you may be missing out on some money, so have a think about issuing them.

Record all of your ‘out-of-pocket’ expenses!

These ‘out-of-pocket’ expenses are expenses related to your business but have been paid by your personal account, or by cash. Don’t be afraid to put them in, it’s an allowable expenses that will reduce your tax bill! For example, you are a taxi or chauffeur driver, but you did not have your business bank card with you, so you paid in cash, you are allowed to put that expense in, because it is an essential expense for you business to generate money. You won’t pay this with your bank account on your accounting software; it will be paid by the cash account. So remember as long as your expenses are business related, you can put them in; it reduces the taxable profit for the year. So keep track of them!

Have a look at your wallet right now, some of the receipts you put in there may be business related, you may not have known to put it in there because sometimes it is second nature to shove the receipt in your wallet. Remember just put business costs in, not your lunch from the local fish and chips shop. If you have a bag where you keep all your receipts, look at them now, rather than the last week of your tax return, it saves you hassle and time if you record them daily or weekly.

 

 

 

 

 

 

Posted on 07/10/2015 posted by Umar Suhail

The following changes will be made from April 2016 for property income.

Wear and Tear allowance

From April 2016, Wear and Tear allowance is being abolished. This is important because clients can now deduct the cost of replacing/buying new furniture, as this is now an allowable expense.

If the landlord pays any expenses that would normally be paid by the tenant, then these should deducted from the invoices, which means the rent received (income) will be stated lower. The type of expenses that are allowable, and will deduct the rent received for the year are; utility bills (water, gas, electricity), council tax and/or for Northern Ireland, domestic rates.

Furnished lettings are allowable for the wear and tear allowance, which is calculated 10% of the net amount received from the rent. Unfurnished lettings do not receive this allowance, so the 10% wear and tear allowance is excluded from the deduction, this does include any expenses that would be normally paid by the tenant.

10% wear and tear allowance, what does it cover?

The 10% wear and tear allowance covers things like:

  • televisions
  • beds and other furniture
  • crockery or cutlery
  • movable furniture or furnishings, such as beds or suites
  • curtains
  • linen
  • fridges and freezers
  • carpets and floor-coverings

This list is not complete but gives an idea of what the assets the wear and tear allowance do cover.

What the 10% wear and tear allowance does not cover?

Wear and tear allowance relates to any changes or replacements of furniture and fittings made to the property, this is what makes it a furnished letting. It does not apply to the fixtures that are an essential part of the property.

Fixtures that are essential to the building are those that cannot normally be removed by either tenant or owner if the property is sold or vacated. Examples include:

  • Toilets
  • Baths
  • Immersion heaters
  • Washbasins

This list gives you, the property developer or new property developer, an idea of the assets that are fundamental to the building and are not included in the wear and tear allowance.

As these are items that are fundamental to the building, replacing these items are normally given as an allowable expense as repairs to the building.

Rent a Room

Rent a room increases from £4250 to £7500

Mortgage interest

From 2017-2018 the 25% of Mortgage interest on mortgages will be allowable as deduction at basic rate, see example below,

  • Then from 2018 – 2019 it will 50%
  • Then from 2019 – 2020 it will be 75%
  • And eventually in 2020- 2021 it 100%

Taxi Driver Accountants London

Taxi Driver Accountants in East London

GM Professional Accountants provide Accounting and Taxation services for Mini Cab, Private Car Hire and Black Cab Drivers. We have existing London based clients that are with Uber. We have many years of experience in dealing with Taxi Drivers, Private Car Hire and Black Cab Drivers accounts and tax.

We have dedicated accountants who have experience and expertise in handling  the tax affairs of taxi drivers. We have unique and efficient controls to help you stay organised.

Our year end process is organised to help cab drivers to stay compliant with HMRC and companies house. We ensure that you are informed of your deadlines in advance and to help you file your tax returns and accounts.

GM Professional Accountants will help to make process fast, accurate and hassle free. This will help you concentrate on your cab driving.

Our Accountancy Service for Taxi Drivers consists of Bookkeeping, helping new drivers Register as Self-Employed, prepare your Self-Assessment Tax Returns or Income Tax Returns and Submitting your Self Assessment Tax Returns.
We are here to make accounting and tax services simple

We work with a number of clients within Ilford, East Ham, Manor Park, Wanstead, Goodmayes, Stratford, Plaistow, Barking, Canning Town, Wapping, Whitechapel, Seven Kings and Bethnal Green.

 

For more information about how we process Taxi Drivers Tax Returns, or Interested in Booking an appointment with GM Professional Accountants, call us today on 0208 396 6128.

 

Takeaway and Restaurant Accountants

Takeaway and Restaurant Accountancy and Tax Service in London

Accounts and tax planning prepared professionally for your Takeaway or Restaurant in London.


As a Takeaway and Restaurant owner it is always challenging to maintain your bookkeeping and accounting by yourself, as you may be busy focusing on running your; chicken and chips, fish and chips, pizza and any other fast food shops efficiently. Due to the constant changing regulations, you may not be aware of all the requirements. To avoid problems and ensure good financial running of your business, you should have the best accountants in London by your side. GM Professional Accountants are not only experience, but have the expertise in your specific field.

With our support, Takeaway and Restaurant owners in London can maintain their focus on other important aspects related to their business, while GM Professional Accountants maintain your accounts.

We will keep and update all your records and deal with the changing regulations, keeping your bookkeeping and tax returns in agreement with the regulatory authority. Also, we will update you with the latest financial changes in your sector.

As Takeaway and Restaurant Accountants, we offer a wide range of services that can help you with all aspects related to your accounting and taxation requirements. GM Professional Accountants take care of everything from preparation to submission of self assessment tax returns, company formations and tax planning.

Below there are some of the services we offer to your Takeaway and Restaurant:

  • Advice on start-ups
  • Compliance services (preparing Annual accounts, corporation and personal tax returns)
  • Self assessment
  • Taxation advice and planning
  • Sector marketing
  • Incorporation services

Our specialist tax accountants will work close to you through a proficient and friendly service to support and advise you with all your Takeaway and Restaurant needs.

GM Professional Accountants will take care of everything from preparation to submission of self assessments, tax returns, and tax planning. Visit our services page to ensure you know further in detail which services we can provide you.

Self Employed Accountants London

Made the decision to be Self-employed and need an accountant?

Self-Employed Accountants

If you have made the decision to be self-employed or to freelance then you will gain a significant advantage by having an accountant who has the experience with sole traders, freelancers, and self employed. GM professional accountants ensure that you understand the implications affecting sole traders and that you make the correct decisions. When starting self employment, you will have many questions such as what taxes do you have to pay, Class 2NI and Class 4NI thresholds, registering for self assessment and how to maintain your bookkeeping. Your tax year in majority of the cases will run from the 6th April till the 5th April. From our experience we have noted that you will need expert advice on allowable expenses, as this is an area where most individuals need assistance.

GM professional accountants help sole traders, self-employed and freelance individuals with the following:

  • Identifying allowable expenses
  • Handling compliance issues with HMRC
  • Maintaining your bookkeeping
  • Registering you for self assessment
  • Preparing sole trader and self employed accounts.
  • Preparing vat returns
  • Preparation and submission of your Self-Assessment Tax Return
  • Advice relating to Income Tax payments
  • Guidance on national Insurance contributions
  • PAYE RTI Returns

Why choose Gm professional accountants if your self employed?

We have the experience and expertise in your field. This ensures that you are compliant and maximising on your allowances.

We have a large existing client base and help you stay up to date with the latest changes to tax.

Efficiency is guaranteed with Gm professional accountants, we ensure that we exceed your expectations

Fixed fees and no additional charges

Give us a call today and let us deal with your tax affairs, we have packages from low as £30 per month.

GM Professional Accountants will help make accounting simple for our clients.

Self Assessment Accountants London

How to find Self Accountants in London

GM Professional Accountants specialize in accountancy services for individual and small businesses . Our self assessment accountants are not just experienced in this field, but provide guidance in taxation matters to a variety of sectors. A number of our clients are sole traders or a limited company. You don’t need to live in London for us to be your accountants; we provide accountancy services for the whole of the United Kingdom. We ensure that your tax return is prepared and filed in a timely manner.

Get a Quote Now

Looking to start your business?  We help with business start ups, one of the many accountancy services we provide.

Do I need an Accountant for my Self assessment?

Yes- If you are a earning regular income from selling goods or services. The badges of trade will decide whether these are trading profits. As Income from property is not regarded as a trade. An Accountant will assist with the bookkeeping , accounts and self assessment tax return. Certain trades have special rules and these will need to be reviewed.

Who must send a tax return

You must send a tax return if, in the last tax year (6 April to 5 April), you were:

  • self-employed as a ‘sole trader’ and earned more than £1,000
  • a partner in a business partnership

You will not usually need to send a return if your only income is from your wages or pension. But you may need to send one if you have any other untaxed income, such as:

  • money from renting out a property
  • tips and commission
  • income from savings, investments and dividends
  • foreign income

GM Professional Accountants offer a wide range of services that can help you with all aspects related to your accounting and taxation requirements. GM Professional Accountants take care of all your accountancy needs. The accountancy services we provide for businesses are:

  • Bookkeeping
  • Business start ups
  • Company formation
  • Preparation to submission of self assessments
  • Tax Planning
  • Tax advice
  • Tax Returns

How much does an Accountant charge for a self assessment?

The price depends on they type of income declared , services that you require. They add-on services are bookkeeping and accounts. These are required to prepare the self assessment tax return. The price can start from £250 – £650 plus vat depending on the services you require.

GM Professional Accountants support businesses and individuals, as we like to support the growth of your business. Our aim as accountants is to make sure you remain focused on building your business, and leave the finances for GM Professional Accountants to deal with. We keep all your accounts up to date, so any queries, we can deal with straight away. All your tax affairs will be dealt with us, and always update you about your tax returns.

Our specialist tax accountants will work close to you through a proficient and friendly service to support and advise you with all your taxation needs.

GM Professional Accountants will take care of everything from preparation to submission of self assessments, tax returns, and tax planning. Contact us today on 0208 396 6128.

Plumber, Electrician and Mechanic Accountants London

If you are a Plumber, Electrician or a Mechanic, we are here to guide you through your Bookkeeping and Taxes.

As an active Trader, you will be focused and busy with your customers, as well as keeping up to date with your knowledge.  Bookkeeping and keeping your records in line is major concern and this may lead you to problems in your particular job if you are a Plumber, Electrician or a Mechanic.  Having an accountant will reduce the burden as you may not have time to look in to your bookkeeping. This could lead to major problems with the tax authorities as you must ensure you keep track of you cumulative sales for Vat threshold.  As a trader, you can depend on GM Professional’s specialist team in London, for proficient financial accounts with expert knowledge and tailor made solutions.

As a trader, you have accounting and tax requirements. We will be there when you need us in accounting and tax planning. GM Professional’s specialist accountants will update, arrange and maintain all your taxes, this will ensure that you are compliant in a timely manner. We handle limited company accounts, Self assessment, Sole trader and personal tax returns.

Benefits of Choosing GM Professional ?

As Trader accountants, we specialise in your trade and are up to date with the taxation policies. Our years of experience and expertise in the tradesmen field allow us to support and guide you with unique solutions that are efficient. GM Professional Accounts ensure your tax affairs and specified regulations are handled in a timely manner.
GM Professional Accountants specialist Tradesmen team will assist you to highlight allowable expenses through our tax planning and tax advice. Our Tradesmen team in London can review your taxes through tailor made plans specially designed for your business.
We currently work with all type of tradesmen such as Plumbers, Mechanics, Electricians, Painters & decorator or a Carpenter.  We pride our self to be the best accountants in London.
We keep your accountancy and tax affairs up-to-date, this is essential and good practice for over viewing your finances.
We also specialise in other areas where you will need additional services that are; bookkeeping, payroll maintenance as well as vat return, which require specialist and professional advice. We provide the full service from registration, preparation to submission for self assessments and tax returns.

We specialise in the following accounting and taxation services, these are aimed at keeping you compliant throughout our relationship.

  • Registration, Filing and submission of self assessment tax return.
  • Accounts, Bookkeeping, and vat returns.
  • Payroll RTI submissions.
  • Company accounts including company tax return

Landlord Accountants London

Landlord and Rental Property Accountants

GM Professional Accountants work with a variety of property portfolios including landlords who own by-to-let properties, property investors, housing associations and property developers.

Whether you are a rental property landlord, an experienced by-to-let landlord or simply just renting your home, GM Professional Accountants specialise in the field for landlords and property rentals, as all of our clients recommend their peers to use our accountancy services. We are always here to guide and advise you on your tax returns.

You should make sure you are aware of your financial requirements, whatever your current financial situation is. Our specialist accountants will keep your books and tax returns up to date and in agreement with the Regulatory Authority, keeping you up-to-date with regulations and changes in legislations and update you with latest financial amendments in your interest.

GM Professional Accountants years of experience serving landlords and property rental businesses allows us to advise you on ways that suit your accounting and taxation affairs.

Tax implications

Things landlords need to know about income tax and capital gains tax liabilities:

Income Tax

Rental income: you will have to pay income tax on this, after deducting your expenses. Your income will be the totals of the income you earn during the year, including your rental income, to calculate your tax liabilities. This must be declared in your Self Assessment Tax Return every year.

You can decrease your tax bill significantly by claiming expenses wholly and exclusively for your business. This includes, for example, mortgage interest payments (if you have a buy-to-let mortgage), maintenance cost or letting agent fees.

Capital Gains Tax

You will have to pay Capital Gains Tax on any properties sold (not your main home), this includes rental properties, only if you have made a profit from the sale of the property.

What can our Landlord and Rental Property Accountants do for you?

GM Professional Accountants Landlord and Rental Property Accountants can offer you a wide range of services to support, guide and advise you with all the aspect related to your rental activity:

  • Rental accounts
  • Self Assessment tax return
  • Capital gains tax submission and planning
  • Annual tax on enveloped dwellings (ATED)
  • Property tax advice, tax planning and tax consultancy
  • Property VAT planning and advice
  • Splitting companies with both trading and property investment activities
  • Unlimited tax advice

Our experienced accountants will work close with you through a welcoming, yet professional accountancy service, in order to advise you with all your property tax returns needs. Visit GM Professional Accountants sector base page for any other queries. Any queries on your Tax Returns, Tax advice on your rental property, then do not hesitate to contact GM Professional Accountants.

IT Contractor Accountants London

GM Professional accountants provide accounting and taxation services to  IT Contractors that are Freelanced.

When you become an IT Contractor, there can be a lot of implications surrounding your tax affairs. You will need to know how to organise our bookkeeping and managing your deadlines. GM Professional Accountants help to make the process efficient. We have dedicated staff that specialise in IT Contractors.

We educate you to ensure that you understand the implications and provide you with information to make your decisions.

We have experience and expertise in the contractor field, our Accountant team based in East London can handle your IT contractor issues and provide solutions.

Our IT Contractors Accountants compute your tax liability, this ensures you are provided with the best tax saving methods contractors.  We help you through the most complex transactions such as the Directors Loan to ensure you are aware of the extra tax charge.

GM professional accountants handle all your accounting and taxation affairs for our IT Contractor clients.

When you become an IT contractor through a limited company, it is important to understand the veil of corporation. Also it is important for you to understand the best tax planning solutions and expenditure that is allowable. It is vital to plan our strategy from the start otherwise it may become difficult to overcome extra tax at your year end.

The areas that you will usually be needing help in will be corporation tax, PAYE, and self assessment. You may need further guidance on allowable expenses and responsibilities of a director.

We provide you with the latest information to ensure you are compliant in your field. This is important as you may save more tax if these are implemented.

We offer great packages at competitive prices, our services are listed below.

  • Corporation Tax service
  • Company accounts
  • Self assessment
  • Dividend services
  • Paye services

At your year end there will be decisions to make for dividends and income tax implications. These are the areas which GM professional Accountants specialise in. We ensure that the best tax planning solutions are offered to our IT contractor clients. The process of preparations and submission should be transparent and hassle free. This allows you to concentrate on your job while we take care of your tax affairs.

Having specialist IT contractor accountants by your side helps lessen the burden and ensures that you stay on top of your deadlines.

Clients will have access to expert knowledge and the experience that GM professional accountants have.

Doctor Accountants London

Doctors, we are here to guide you with your finances and taxes, through your medical accountancy services.

As an active medical practitioner, you will be extremely focused and busy with your patients, as well as updating your knowledge. Finances may cause problems for you in other areas of your doctor practice because you may not have enough time to look at your accounts.

As a medical practitioner, you can rely on GM Professional’s specialist Medical Accountant team in London, for proficient management of accounts with expert knowledge and smart solutions.

As a medical professional, you have exclusive tax and accounting needs. Whenever it comes to accounting, tax planning and tax advice. GM Professional’s specialist accountants can assist you with all your needs. We will update, organise and maintain all your accounts, ensuring that we are compliant with all your requirements on time, helping you organise your bookkeeping, and your tax returns.

 Why Choose GM Professional Medical Accountants?

Below there are some of the reasons why GM Professional Accountants is your best option:

  • Medical Accountancy, we are specialist in and up to date with the taxation policies. Our years of skills and knowledge in the Medical Accountancy field allow us to guide you and support you with unique and bespoke solutions that are thorough and effective. At GM Professional Accounts we take care of your tax affairs  and specified regulation while you can focus your time on your practice.
  • GM Professional Accountants specialist Medical Accountant team will assist you to save money through our taxation management and tax advice and tax planning. Our Medical Accountant team in London can minimize your taxes through cutback plans specially designed for your firm.
  • We currently work with all kind of medical services such as General Practitioner, Locum, Optometrist, or Surgeon. Our experts will analyse your taxes and give you information that are understandable and effective ways to reduce your tax return.
  • We keep your accounts up-to-date as it is essential and good practice for managing your finances.
  • Other areas that GM Professional Accounts cover for you are; payroll, bookkeeping maintenance as well as accounts that also involve complex tax planning, which require professional and specialist advice.
  • We take care of everything, from production to submission of self assessments and tax returns to tax planning.
  • High quality customer service.


Medical Accounting Services that GM Professional Accountants provide:

While managing your accounting and taxation issues we offer several services, all of which are aimed at organising your taxes and finances. The Medical Accounting services packages we offer are listed below:

  • We can organise your personal taxes.
  • Preparation to submission self assessment of taxes.
  • Bookkeeping, accounts production, accounts management and use of appropriate software.
  • Payroll management.
  • Statements relating to private fees accepted by you, which includes the practice accounts as well as tax planning.
  • Short term and long term tax planning.

Builder Accountants London

We are Accountants for Builders

We are specialist Builder Accountants, As an active Builder, you will be focused and busy with your customers, as well as keeping up to date with your knowledge. Bookkeeping and keeping your records in line is major concern and this may lead you to problems in your particular job if you are a Builder.  Having an accountant will reduce the burden as you may not have time to look in to your accounts. This could lead to major problems with the tax authorities as you must ensure you keep track of you cumulative sales for VAT threshold.  As a trader, you can depend on GM Professional’s specialist team in London, for proficient financial accounts with expert knowledge and tailor made solutions.

As a trader, you have tax and accounting requirements. We will be there when you need us in accounting and tax planning. GM Professional’s specialist accountants will update, arrange and maintain all your taxes, this will ensure that you are compliant in a timely manner. We handle limited company accounts, Self assessment, Sole trader and personal tax returns.

Benefits of Choosing GM Professional Builder Accountants 

As builder accountants, we specialise in your trade and are up to date with the taxation policies. Our expertise and years of experience in the construction field allow us to support and guide you with unique solutions that are efficient. GM Professional Accounts ensure your tax affairs and specified regulations are handled in a timely manner.
GM Professional Accountants specialist Builder accounting team will assist you to highlight allowable expenses through our tax planning and tax advice. Our builder accountants in London can review your taxes through tailor made plans specially designed for your business.

We currently work with all type of builders, and anyone in the construction field.  We pride our self to be the best accountants in London.

We keep your accountancy and tax affairs updated, this is essential and good practice for over viewing your finances.

We also specialise in other areas where you will need additional services that are; bookkeeping, payroll maintenance as well as vat return, which require professional and specialist advice. We provide the full service from registration, preparation to submission for self assessments and tax returns.

We specialise in the following accounting and taxation services, these are aimed at keeping you compliant throughout our relationship.

  • Registration, Filing and submission of self assessment tax return.
  • Accounts, Bookkeeping, and vat returns.
  • Payroll RTI submissions.
  • Company accounts including company tax return

For more information on our builder accounting services, contact GM professional accountants

Limited Company Accountancy Fee’s London

Accountancy fees for Limited Company’s

Accountants deal with a number of businesses in all types of sectors. They deal with preparation and submission of self assessments, bookkeeping, tax advice and tax planning, tax returns, CIS Tax, and company formations.

Accountant fees for Limited Companies are listed below:

•Sole trader accounts and tax returns range from–  £250 to £350*
•Limited companies accounts and tax returns – £650 to £850*
•Payroll per employee – £100- £120
*Prices are dependent on the size and scale of the work.

Gm professional accountants have self employed packages from £20 a month, small business accounting services from £60 a month this is an exclusive offer for 2019 and with limited numbers, contact us today on 0208 396 6128.

Get a Quote Now

 

Limited Companies

• The costs of trading as a limited company are larger than if you were a sole trader. Though there are significant benefits, mostly the saving of Class 4 National Insurance; and also the limited liability.

• The main accounting fees for Limited Companies will be accounts for the Year End, which then are filed at Companies house and returned to HMRC.

• Services of an accountant is highly advisable for a Limited Company. This is because the preparation of Year End Accounts is a legal requirement and requires specialist accounting knowledge.

• You will be probably paying yourself a salary as a director, if you trade as a Limited Company. This will require registering a PAYE scheme and administer a Payroll.

• Dividends can be paid if you are making profit, which you probably are paying yourself. You will also need to register for Self Assessment to pay yourself dividends.

• Small limited companies are not legally required for an auditor.

Small Businesses / Self Assessment

• Sole traders are permitted to prepare and file their own accounts and tax returns.

• Tax Returns (Self Assessments) can be done online but a small business may need a specialist online filing system.

• Accountants’ services will include tax advice, consultancy and general help with business issues which new businesses can benefit from.


Bookkeeping

• Accountants offer a bookkeeping service, which many of them do. Keeping good records of your business will be able to save the cost of this extra help, as it saves the accountants’ time from filing.

• As a busy business owner you may well conclude that it is a better use of time to concentrate on developing and growing your business, rather than spending hours doing your accounts and bookkeeping, and therefore you appoint a bookkeeper.

• Bookkeeping fees are considerably much cheaper than accounting costs. You are more likely to save money if you combine the whole accounting costs together. Make sure all the roles are clear, so they know what they are doing.

Software

• Online filing is now compulsory, so your accounts and tax returns can be filed online. Small business may require using specialist online system.

• Accounting and bookkeeping software, like Sage, will help a business owner complete the records before hand, which can reduce the accountant’s year end fees. The added advantage is that your records are updated, business reports will be ready to hand in and your accounts can be done quickly.

Limited Company Accountancy Fees

What do Accountants do?

• Most businesses accounts are legally required to be presented and prepared on an accruals basis. Adjustments are likely will need to made to the accounts to bring them to the legal standard, this does include sole traders.

• Accountants are also often tax advisors and are likely to be able to give you advice on tax strategy and potential tax savings.

• Accountants have many contacts and clients in various trades and professions. Therefore they are able to guide you to additional business services, like business planning, which may require additional service.

How Much are Accountant Fees for a Small Business

Accountancy Fees for Small Businesses

Accountants deal with a number of small businesses in all types of sectors. They deal with bookkeeping, preparation and submission of self assessments, tax advice and planning, tax returns, CIS Tax, and company formations. Accountants have a high quality standard at low rates.

Small business accountancy fees are listed below:

•Sole trader accounts and tax returns range from–  £250 to £350*

Gm professional accountants have self employed packages from £20 a month, small business accounting services from £60 a month this is an exclusive offer for August 2017 and with limited numbers, contact us today on 0208 396 6128.

 

Get a Quote Now

 

•Limited companies accounts and tax returns – £650 to £850*

•Payroll per employee – £100- £120

*Prices are dependent on the size and scale of the work.

Limited Companies

• Small limited companies are not legally required for an auditor.

• The costs of trading as a limited company are larger than if you were a sole trader. Though there are significant benefits, mostly the saving of Class 4 National Insurance; and also the limited liability.

• Services of an accountant is highly advisable for a Limited Company. This is because the preparation of Year End Accounts is a legal requirement and requires specialist accounting knowledge.

• The main accounting fees for Limited Companies will be accounts for the Year End, which then are filed at Companies house and returned to HMRC.

• Dividends can be paid if you are making profit, which you probably are paying yourself. You will also need to register for Self Assessment to pay yourself dividends.

• You will be probably paying yourself a salary as a director, if you trade as a Limited Company. This will require registering a PAYE scheme and administer a Payroll.

Self Assessment

• Sole traders are permitted to prepare and file their own accounts and tax returns.

• Self Assessments can be done online but a small business may need a specialist online filing system.

• Accountant services will include consultancy, tax advice and general help with business issues which new businesses can benefit from.

Bookkeeping

• Accountants offer a bookkeeping service, which many of them do. Keeping good records of your business will be able to save the cost of this extra help, as it saves the accountants’ time from filing.

• Bookkeeping fees are considerably much cheaper than accounting costs. You are more likely to save money if you combine the whole accounting costs together.

• As a busy business owner you may well conclude that it is a better use of time to concentrate on developing and growing your business, rather than spending hours doing your accounts and bookkeeping, and therefore you appoint a bookkeeper.

Software
• Accounting and bookkeeping software, like Sage, will help a business owner complete the records before hand, which can reduce the accountant’s year end fees. The added advantage is that your records are updated, business reports will be ready to hand in and your accounts can be done quickly.

• Online filing is now compulsory, so your accounts and tax returns can be filed online. Small business may require using specialist online system.
What do Small Business Accountants do?

• Most businesses accounts are legally required to be presented and prepared on an accruals basis. Adjustments are likely will need to made to the accounts to bring them to the legal standard, this does include sole traders.

• Small business accountants have many contacts and clients in various trades and professions. Therefore they are able to guide you to additional business services, like business planning, which may require additional service.

• Small business accountants are also often tax advisors and are likely to be able to give you advice on tax strategy and potential tax savings.

Accounting Work Experience for University Students

  1. Accounting work Experience in London

Looking to start of your accounting career? Would like to develop your skills as an Accounts Assistant using cloud accounting software?  GM Professional Accountants gives you that opportunity to complete a work experience that is tailor made for graduates and beginners. The experience can help you get to positions such as trainee accountant, accounts assistant, accounts receivable and accounts payable positions with this Accounting work experience.

The work experience covers the duties of an accounts assistant using the cloud software package. This is free work experience and based on your commitment .

The experience is shadowing a qualified accountant from GM Professional Accountants, the main advantage of this work experience course is to give you experience in software packages and the job role which recruiters look for in jobs. Once you completed a test at the end, you will receive a reference from GM Professional Accountants. You will be undertaking live accounts and doing numerous accounts assistant exercises at the workshop.  This will ensure that you understand the concepts behind an Accounts assistant role.

The experience covers all aspects of Accounts Assistant duties.

This course comprises the following:

Accounts Assistant

  1. Introduction to Bookkeeping Double entry for Accounts Assistant
  2. Chart of accounts
  3. Nominal Accounts: Creation, maintenance of nominal codes
  4. Creating Supplier accounts and Customer accounts
  5. Coding and Posting Sales, purchases and expense invoices
  6. Value Added Tax (VAT) within purchase ledger and Sales Ledger
  7. Posting Customer Receipts, Posting supplier payments and Bank Payments
  8. Processing staff expenses
  9. Supplier statement reconciliations
  10. Bank Reconciliations
  11. Exporting reports
  12. Basic Accounting Concepts and Data Security
  13. Trial Balances
  14. Reconciliations

Q: What skills/qualifications do I need to complete this course?

Previous experience, qualification or skills to apply for experience is not needed . It is designed for beginners, people looking to develop their skills and graduates who are looking for experience to start their accounting career.

 

Please send your CV to Info@gmprofessionalaccountants.co.uk 

Upton Park Accountants

Accountancy and Tax Service in Upton Park, London

GM professional accountants  practice is near Upton park. We provide specialist Accounting and Tax Services near Upton Park. Our accountants specialise in small businesses and in self assessment for business or personal tax. We help you prepare, complete and file your company accounts sole trader tax returns and personal tax returns.

We make it cheap, affordable and hassle free to handle your tax affairs. Our office is based near Upton park.

Your small business are in capable hands of our specialist accountants and we provide advice for your tax queries. We answer your tax returns question for
free without obligation. This is part of our tax return package here in East London. Our accounting practice near Upton park offer great packages for contractors that need a limited company set up and managed.

Our professional accountants process your bookkeeping, Company accounts and tax returns that enables you to keep your tax affairs up to date. Our accountants will use their expertise to help you claim a maximum tax refund if you are due one and shed light on areas where expenses can be claimed . We identify the allowable expenses and help you with tax planning . This helps you to maximize your expenses, this can be mileage allowances , a resident office or transfer or spouses personal allowance.

 

For more information about our Accounting and Tax Services near Upton Park, contact GM Professional Accountants today on 0208 396 6128.

Stratford Accountants

Small business Ltd Company & Tax return Services near Stratford London. 

Finding an Accountant in Stratford is stressful but we help you make the right choice. Our accountants provide specialist Accounting and Tax Services near Stratford and we visit you at your premises if that is convenient for you. Our services are cheap and affordable , we specialise in self assessment for personal tax returns and provides small businesses with company accounts including company tax returns . We help you through the whole process from preparing your bookkeeping, filing your accounts and tax returns. Our accounting practice near Stratford offer great packages for contractors that need a limited company set up and managed. Even if you a small sole trader and need to file a tax return, we can help.

Get a Quote Now

Your tax returns are in capable hands of our tax experts and we provide advice for your tax queries. We answer your tax returns question for free without obligation. This is part of our tax return package here in East London.

Personal Tax return

You may be required to file a personal tax return, its important to understand the deadlines, you have to register for self assessment by the 5th October of the second tax year. You will need a UTR number in order to file a self assessment and will need to leave enough time to file this by the deadline. The paper based tax return deadline is the 31st October and electronic format deadline is the 31st January. Some of the common bits of information you will need will be your P60 , self employment income, interest income , property income, child benefit and dividends. This is not the whole income list but some of the most common  types of income received in the tax year. This will need to be declared within your tax return. We also specialise in CIS tax reruns and are experienced in this field, you may be an itinerant worker and this enables you to claim your travel and subsistence expenses.

Contractor Accounting

We have tailored packages specifically designed for contractors that run their own small limited company, we provide tax planning solutions and ensure that you are maximising your allowances. As a result this increases your take home pay. We have specialists that deal with Vat issues and provide guidance on allowable expenses. There is also the 24 month rule which needs to be followed which is important when you claim travel and subsistence expenses.

Property Tax return

With the latest Mortgage interest restriction changes that have come into affect, it’s now even more important to appoint an accountant to ensure that you have the best tax planning advice. The renewals method has come in to effect and the wear and tear allowance has been abolished. At GM professional accountants we review your personal tax position and highlight areas of tax planning and ensure that you are compliant with HM revenue customs.

For more information about our Accounting and Tax Services near Stratford, contact GM Professional Accountants today on 0208 396 6128.

Plaistow Accountants

Accounting and Tax Services near Plaistow

GM professional accountants  is based near Plaistow. We provide specialist Accounting and Tax Services near Plaistow. Our accountants specialise in small businesses and in self assessment for business or personal tax. We help you prepare, complete and submit your company accounts, sole trader tax returns and personal tax returns.

At affordable prices and efficiency guaranteed with GM Professional accountants based in East London.  We make it cheap, affordable and hassle free to handle your tax affairs. Our office is based near Plaistow.

Your small business are in capable hands of our specialist accountants. We answer your tax returns question for free without obligation. This is part of our tax return
package here in East London. Our Accountancy Practice based near Plaistow can help Contractors set up their Limited Company and explain to them what is the most Tax Efficient route for them. A Contractor can be used universally, as you may be a Doctor and helping a Hospital, due to Staff Sickness or you are in the Construction industry doing 6 months work for different sites.

Our professional accountants process your bookkeeping, Company accounts and tax returns in a fast accurate manner that enables you to keep your tax affairs up to date. Our accountants shed light on areas where expenses are to be claimed for in your  tax return.

We are experts in the field and with a excellent review rating on google from our clients, you can trust us to do a satisfactory job.

3 Common errors in Tax returns

  1. Tax code is incorrect, Thousands underpay or overpay tax due to the wrong tax code
  2. Leaving out income, This could be Rental income or other income which falls within the income tax rules.
  3. Not stating that you have a Student Loan in the tax return

 

For more information about our Accounting and Tax Services near Plaistow, Contact GM Professional Accountants today.

Manor Park Accountants

Accountancy and Tax Service in Manor Park, London

GM Professional Accountants are here to help you locate your local accountant. Our Specialist Accounting and Tax Service practice is based in Manor Park. We specialise in providing Accounting and Tax Services all areas of Newham. Our accounting services are affordable and hassle free, we specialise in Small Businesses accounts, Self Assessment Tax Returns, Payroll and Bookkeeping. We help you file and submit your sole trader or limited company Self Assessment Tax Returns, Company Accounts and personal tax returns. Our accountancy practice is based in Manor park and offer great Accountancy and Tax Service packages for Limited Companies and Sole Traders, for any sector your business is in. For Self-Employed individuals, or if you are interested in Registering as Self-Employed, we can discuss our packages with you. Our accountancy practice here in Manor Park is in a convenient location, a 10 minute walk from Manor Park rail station and 5 minutes from East Ham underground station.

We answer your accounting and tax questions for free without obligation. Our professional accountants here in Manor park process your Bookkeeping and Tax Returns in a fast and accurate manner that enables you to keep track of your tax affairs. Our accountants use their expertise to help you identify the maximum allowances and shed light on areas where expenses can be claimed in your company and Tax Returns. We go the extra step by helping you understand the financial statements, this enables you to make the right choice. As the core of Bookkeeping is based on accounts payable, accounts receivable and bank reconciliation, it is important that you know how to efficiently control these departments from invoicing to the bank entries. This keeps the foundation solid and helps you in the year end process from avoiding penalties.

You can check our “Sector” page out to find out the different types of sectors we cover. For example we produce accounts for Taxi Drivers, Takeaway/Restaurant Owners, Rental Property Owners, Property Developers, Contractors and etc. GM Professional Accountants deliver exceptional service and have a proven track record of doing so in Manor Park. We are Specialists in many fields of Business and have more than ten years experience in the field of Accounting. Our Accountants can guide you through your Annual Returns and Tax Returns. From Organising to Submitting your Self Assessment Tax Returns.

GM Professional Accountants are based in Manor Park and have been serving the Manor Park area for many years. We have a large client base in Manor Park as there are many business owners and Self-Employed individuals in and around the area. We cover nearly every Small Business Sector so you can have confidence when contacting us regarding your Annual Accounts and Tax Returns. Keeping your Bookkeeping and Filing System well organised increases the efficiency of your Small Business. Look at our home page for more details on how to stay organised with your filing and Bookkeeping.

For more information about our Accounting and Tax Services in Manor Park, contact GM Professional Accountants today.

Manor park Address

47 Gladstone Avenue

Manor Park

London

E12 6NR

East Ham Accountants

­Personal tax return accountants, business accountants East ham London

Getting an accountant near east ham can be a daunting task, not because there is a shortage of accountants, but because they are just too many. They range from well-established high street accounting firms to online budget service providers. However, not all of them are qualified accounting professionals. You, therefore, must be very careful not to enlist the services of an incompetent accountant.

If you are in search of a respectable, top accountants near east ham, you are in the right place. Besides having a reputation for being one of the leading companies offering exceptional services, we have a competent team of certified accounting professionals. Our team provides excellent Tax Planning advice, income tax returns, Payroll, Small Business Accounting, Bookkeeping as well as online accounting services.

How to locate the best Tax specialist in London

When business owners need accounting services in London, their predictable behavior is to conduct an online search. Some of the favorite online search platforms the business owners use include; “Find An Accountant” and “Accountants Near Me.” Even though they are efficient ways of locating accountants, it is prudent if you research more about the tax specialist whose services you wish to enlist. The following are some of the factors you need to consider.

i. Reviews and Ratings

Find out what current and previous clients of the tax specialist you wish to contract have to say about his or her Accountancy Practice. You can get hold of the reviews by conducting a simple online search, going through the accountant’s website or checking out their Google page. Furthermore, you could ask the accounting specialist to provide two or three reference names of previous or current clients. If the reviews are negative, that should serve as a red flag and a warning not to enlist that contractor’s services. Credible and reliable accountants will have active and impressive reviews.

ii. Membership and registration with an accounting body

Just because an accountant claims to be a professional, it does not make them one. Find out if they have the qualifications and are members of a credible accountancy body in the UK. For instance how many of the staff are Certified (ACCA) or are members of a body AAT . If the “Professional” is not a member of any such body, high chances are they are not accounting professionals.

iii. Array of services

Professional accountants should be well versed in a variety of accountancy services. They should offer their clients the flexibility and convenience of enjoying various accounting, bookkeeping and taxation services. Even though accountants do specialise in particular fields, it is wise if you approach a professional who is well versed in various accounting and tax practices.

Our specialty

We appreciate the fact that every business is a unique entity with specific accounting needs. As such, despite providing multiple accounting and tax products, we tailor our services to our clients on an individual basis. Our team specialises in the following areas;

a. Self-assessment tax returns

We have a team of seasoned accounting and taxation experts ready to assist you with your self-assessment. Whether you are a business owner or a rental property owner, with income report to file, we will identify the areas where expenses arise and come up with ways for you to not only comply with the taxation regulations but also enable you to file your personal tax returns accurately and promptly.

b. Small Business Accounting

Our accountants near east ham cater for Small business owners, they often have little or no time to focus on their business’ accounting needs. One major reason for this handicap is the firm has one or very few staff. Consequently, if the business owner decides to work on the books, critical business operations must come to a halt or at least suffer some slight interruption. Furthermore, not every small business owner possess accounting and bookkeeping skills. Acquiring such skills might require time and patience, a luxury that very few small business owners can afford. Through our Small Business Accounting services, we free you from the tasking role of daily bookkeeping, giving them more time to focus on growing and developing the business. We also discuss your small business’s financial plan, offer advice on levies and even help in the submission of HMRC Tax Return Online.

c. Payroll Services

Your business’ needs evolve from time to time. One such requirement involves having an efficient Payroll processing system. Processing the payment can be daunting, time-consuming and costly, no wonder many organisations prefer to outsource that service. We offer accurate, user-friendly, reliable and cost effective payroll services to firms of different sizes ranging from small, medium to large organisations. By enlisting our Payroll Service, your business’s efficiency will significantly increase, since your staff will have more time to concentrate on their yield.

d. Tax Planning Advice.

Whether you are a sole proprietary, partnership or a limited company, one of your goals should be to make tax savings. Not only should you identify legal ways of keeping the taxable amount on the lower side, but also identify avenues from which you can make claims and earn. Our team of taxation experts has both the competence and skill required to help you make significant tax savings. We will offer valuable input to your strategic tax planning methods. Our experience in serving different local, national and global clients guarantees you of receiving valuable tax planning advice.

e. Consultancy Services

Whether you are a small, medium or large enterprise, our company has experienced specialists ready to offer relevant accounting and taxation related advisory services. We tackle issues like how to keep accounts orderly based on each accounting period, how to keep proper business records as well as assessing how well your business is doing. Furthermore, we offer advice on how to file quarterly or annual accounts. If you want to start a business, our team of experts can advise you on the best forms of business ownership open to you. For instance why you would be better off trading as a limited company instead of operating as a partnership. Enlisting our consultancy services will furthermore open your eyes to the various ways you can avoid taxation, reduce the amount you pay and even earn rebates.

Why should you consider our accounting and taxation services?

As a business owner or manager, you obviously want the best accounting and tax service provider. Over the years, through professionalism, excellent customer service, and transparent accounting practices, we have cemented our position as a top firm in London. Some of the reasons why many local, national and international clients value our services include;

i. Best industry practices

We handle all our clients using the best accounting industry practices. Whether it is the preparation, completing, filing of returns, or offering consultancy services, we do not compromise on quality. Additionally, our core value is the commitment to staying up-to-date with the ever dynamic accounting, HM revenue as well as customs tax laws. Since we keep up with these legislations, all our clients end up being tax compliant. When you work with us, we will offer self-assessment services to identify all the possible avenues for you to claim expenses legally, after which we will proceed to complete accurately and file your returns.

ii. A comprehensive package

Whether you are searching for advice on bookkeeping or you need to contract a Limited Company Accountant, we have a full package for you. We cover all accounting matters ranging from Accounting and Bookkeeping for small business, to Self-Employed Taxation returns, and corporate taxation issues. We literary have tailored accounting and tax services to suit client’s requirements. You will find the ability to satisfy all your accounting need using a single contractor a rewarding and satisfying experience. Besides, it has a few vital benefits. For instance, you will not have to share sensitive financial data with so many people.

iii. Cost efficient services

One of the essences of enlisting accountancy services is to help your business maximize profit. It is, therefore, absurd if the cost of contracting an accountant or taxation specialist outweighs the benefits your business receives. Working with us you will notice a vast improvement in your firm’s bottom line, without denting your pocket or breaking the bank. Even though the tax return fees vary depending on the type of business and the kind of service you require, our services are affordable and have a fair price. Furthermore, the cost of essential services like Bookkeeping are in all of our Accounting packages, which acts as a discount to the overall service cost.

iv. A stable Business Partner

We have been in operation for an extensive period. Enlisting our services means dealing with a stable and credible business partner and not a service provider that is likely to fold or disappear a few weeks or months down the line. Not only are we London based, but we have a favorable standing with our clients who are sprawled all over East London, Manor Park, Wanstead, Barking, Plaistow, Stratford, East Ham, and Ilford.

Effective tips to create a stress-free tax return filing experience

One of the secrets to having a stress-free tax return filing experience is to enlist the services of a competent accountant. However, if you have well-organised business records, it becomes easier for the specialist to help you. The accountant’s service fee is also likely to be lower. Moreover, if the files are proper, it eliminates the possibilities of your final returns submission having errors. Commission and omission errors on a form you submit can lead to fines or even prosecution. It, therefore, makes sense to have proper documents. The following are some useful tips on how you can maintain your books.

· Separate your accounts according to their respective accounting periods, be it annually, semi-annually, quarterly or monthly. Doing so will help you prepare you and make it easy to read and comprehend, as well comply with the monthly, quarterly and annual deadlines.

· Keep related documents together and separate ones separate. For instance put all bank statements together, but separate them from expenses, purchase and business.

· Make sure you record the transactions as they occur. There should be a systematic flow of events in your files. Having up to date records is a crucial element in knowing your firm’s performance and financial position. For example, the data will prove useful in the creation of the final accounts like the Profit and Loss accounts.

· Avoid waiting until the submission deadline becomes due to start gathering the necessary data. Instead, ensure your accounts are always ready and compliant with the legislations. For instance, Sole Traders and Limited Companies need to file returns annually. However, if you are a VAT Registered Firm, Sole Trader or a Limited Company, you need to file your VAT returns either annually or quarterly. Whatever period the law dictates, just make sure you are ready with the correct information. It will make the process efficient and rewarding.

· Have well-organized documents to help you get your rebate claim? Ensure you have the correct p45s and p60s to facilitate correct calculations. Also, ensure that you accurately fill your Tax Rebate Form before submitting so as to avoid hiccups. An effective way to ensure all your documents are up to date is by organizing your pay slips, p45s, and p60s in a filing system. Moreover, arrange these documents according to the financial year, month and date. If you are employed or was previously employed, ask your previous employer for your p45 or p60. After all, they will prove quite handy in helping you win your claim.

· In case you have been taxed unfairly, consult with our experienced taxation specialists to find out if you are legible for a refund and how to successfully submit a tax refund claim.

Although a business owner can work out his or her firm’s taxes and expenses, it is always cost effective and prudent to enlist the services of a qualified accounting and taxation specialists. In the long run, the financial cost and the opportunity cost of handling the business accounts outweigh the benefits your firm will enjoy. Besides VAT, income and corporation tax legislations keep on changing, making it easy for your business to land in trouble. Contact our abled team today and let us handle your business accounting and taxation needs, while you focus on what you do best; growing your enterprise.

Canning Town Accountants

Accounting and Tax Services near Canning Town

GM Professional Accountants  is based near Canning town and we provide Specialist Accounting and Tax Services near Canning Town. At affordable prices and efficiency guaranteed with GM Professional accountants.  We make it affordable and hassle free to handle your tax affairs. Our accountants specialise in small businesses and in self assessment for business or personal tax. We help you prepare, complete and submit your company accounts, Sole Trader Tax Returns and Personal Tax returns. We help you through the whole process from bookkeeping until your final accounts.

Your small business accounts are in capable hands of our specialist accountants. We answer your tax returns question for free without obligation (only once you have passed due diligence). This is part of our tax return package here in East London. Our Accounting Practice near Canning town offer great packages for Contractors, Restaurant Owners and Taxi Drivers that need a limited company set up and managed. GM Professional Accountants are experienced in many business sectors, which have gained over 10 years.

For employed individuals who feel as they have been taxed unfairly may come to us with any queries. Tax Refunds can be dealt by our Accountants, we can deal with any issues that may have occurred on your payslips and contact HMRC directly for you. There are many reasons for this, one may be because you have changed jobs during the Financial year. Speak to one of our Accountants in East London today.

Our professional accountants process your Company accounts and tax returns in a fast accurate manner that enables you to keep your tax affairs up to date.
Our accountants shed light on areas where expenses are to be claimed for in your  tax return.

We are rated the best accountants  in Newham by three best rated.

For more information about our Accounting and Tax Services near Canning Town, Contact GM Professional Accountants today.

Redbridge Accountants

Accounting and Tax Services in Redbridge

We are Specialist Accountants near Redbridge and finding an accountant is difficult. We prepare and submit your personal self assessment tax return or small business company accounts in an accurate manner. Our fees are cheap, affordable and our accountants shed light in areas to help you identify allowable expenses. We specialise in bookkeeping, sole traders, tax returns for individuals and small businesses. We offer great packages for Contractors who need an accountant to help submit their year end accounts.

Get a Quote Now

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GM Professional Accountants have many clients in the area of Redbridge and are Specialists in many fields of businesses. If you are looking to Register as Self Employed and live in the area of Redbridge, then contact us today as we have helped many individuals register as self employed. Self-Employed individuals have seen a positive change to their life once becoming self-employed.

For more information about our Accounting and Tax Services we provide in Redbridge, Contact GM Professional Accountants today.

Ilford Accountants

Local accountant in Ilford

GM Professional Accountants

Call us now on  0208 396 6128 for a free consultation

  • Our vision and our customer reviews show that we provide:

    • A high quality valued service with over one hundred ‘5 star’ reviews

    • Professional and experienced accountants with over 10 years of experience

    • Quick and efficient responses tailored to your needs

    Let us lead the way 

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If you need the best accountants in Ilford then your search has come to an end. We are a top accounting firm in Ilford, with our offices located in the central business district and a few minutes’ walk from Ilford train station.

Finding a local accountant and tax advisor can be one long and frustrating affair, especially since you may need to find an accountant that offers different types of services to make you compliant.

Some of our accounting and tax services are:

  • VAT advise and VAT returns
  • Capital gains tax and property income tax
  • Company incorporation services
  • Small businesses Limited company services (We prepare and file accounts and CT600)
  • Personal Self-Assessment tax returns
  • Pensions and payroll auto enrolment services
  • Self-Assessment and Self-Employed Accounts Tax returns
  • Tax Advisory Services
  • Contractor accounting services

We have our offices in Ilford where we help businesses and individuals beat their deadlines. All our packages include general tax advice and assistance on how you can stay compliant with tax regulations.

Unlike any other accounting firms in Ilford, our accountants are skilled and consummate professionals.

We are known for being up to date with all customs tax, HM revenue, and ever-changing accounting laws.

Our accountants will provide you the advice on expected tax expenses and work with you so that you can be compliant with all tax laws and regulations.

By working with us, you can rest assured that your tax returns will be accurate, punctual, and filed when they should.

Our company has customised packages for your small business, we will help you prepare your company accounts, file your returns and be compliant.

 

Accounting for Limited Companies

We help you file your returns and prepare your CT 600 tax returns for HMRC and companies house.

The packages we provide to make you compliant with tax regulations include bookkeeping, final account preparations and filing. This ensures that all the information you submit is accurate for each task.

We also do a review to determine if you are eligible for any tax breaks on allowable expenses.

By entrusting your accounting needs to us you and your staff can rest from the tedious daily bookkeeping tasks and instead work on more productive aspects that will help grow your business.

As such, we provide customised services that are delivered by professionals with care and expertise borne of many years of experience combined with a personal touch.

There is nothing more important than understanding the workings of a company as a separate legal entity.

Unlike your sole trader business where there is no clear distinction between the business, the owner and the businesses money alongside your money, this is very different.

In a company you are not allowed to take out any money from the company account as you would in a sole trader business.

Any money taken out needs to be bonuses, PAYE income, dividends or directors’ loans. Accounting for limited companies can be a very complicated affair.

Therefore, it is critical to engage the services of a professional accounting firm right from the very start to avoid any complications.

Self Assessment Tax return

The preparation of a self-assessment tax return should be easy, affordable and hassle free. Our specialists will look into your tax affairs and offer you tailor made solutions.

Online Filing of Self-Assessment Tax Returns

When you work with us you can rest assured that you are working with tax professionals who will offer the best advice and recommendations for any queries you may have. Our tax return package in Ilford includes a free no obligation tax return consultation.

You can be certain that our experts will process your returns accurately and fast to ensure that you are compliant with all tax regulations in your jurisdiction.

Our accountants have the skills and experience to review all your expenses and offer advice on how to claim maximum tax refunds for your personal tax returns.

It is required that you submit a self-assessment tax return if you are in business as a self-employed person or as a company director. Simple tax planning and accurate filing of returns can make the process relatively painless.

 

Barking and Dagenham Accountants

Finding a local accountant in Barking and Dagenham

Finding a local accountant near Barking and Dagenham should be difficult. Our Accountancy Firm near Barking and Dagenham in Essex help you prepare and complete your Self Assessment Tax Returns or Corporate Company accounts in a fast and accurate manner. Our fees are affordable, provide a hassle free service and our professional accountants shed light in areas to help you maximize on your expenses.

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We help you through the whole process and guide you through tax implications, this helps you stay compliant. We specialise in tax returns for individuals, sole traders and limited companies, we process small business accounts from Bookkeeping until the submission of their Self Assessment Tax Returns. We will deal with your Company Accounts, Personal Income Tax Return, Self Assessment Tax Returns or VAT Return and Tax Refunds, we help you prepare, complete and submit your company accounts in a fast accurate manner. We provide great packages for individuals who are Contractors, Tutors, Taxi Drivers and need an accountant to help finalise their year end accounts.

Our Accounting Services:

  • Company Accounts
  • Self Assessment
  • Business Tax returns
  • Personal Tax returns
  • Bookkeeping
  • VAT Returns
  • Payroll
  • Tax planning
  • Corporation Tax return
  • Capital Gains Tax return

A number of our clients have recommended us to their friends and family, as they are satisfied by the work we produce. Get yourself an accountant who you are comfortable with and contact GM Professional Accountants today so we can discuss any queries you have or to book an Appointment. We have many years of experience in a wide range of fields in Accountancy and Tax, which will help you concentrate on generating more income for yourself and your business.

GM Professional Accountants have many clients in Barking. Many different sectors are covered for Barking and Dagenham. You may look at our Sector based page for all of the areas of business we cover. There are differences between Sole Trader, Partnerships and Limited Companies, one of them may apply to you, that is if you are looking to register as self-employed or start up your business with us. Professional Accountants can explain to you what legal entity is best for your business, as we analyse the risks of your business before making any decisions.

Stay Organised with your Accounts

Your Accounts are filed Annually and it is important that your Bookkeeping is all up to date. Creating an organised filing system will make your business more efficient because your accounts will be easier to follow and process for the Year End. Organise your Accounts in month order and separate each Accounts between your Accounting Periods and hold them for six years. You should also do this with Payroll, as some individuals may be allowed a Tax Refund at the end of the Financial Year if you feel you have been Taxed unfairly during a Financial Year. Have a look at our page on Tax Refunds to see if you are within the criteria. We are Specialist Tax Refund Accountants in London to help with your queries. All your Tax Affairs are dealt with our experienced Accountant who has been the field for more than 10 years.

For more information about our Accounting and Tax Services near Barking and Dagenham, contact GM Professional Accountants today on 0208 396 6128 or email us at: info@gmprofessionalaccounants.co.u

 

Accounting Online Training Courses

Accounting Work Experience Training Courses for University Student Graduates

If you are looking to start of your accounting career or would like to develop your skills as an Accounts Assistant using cloud accounting software.  This experience will give you that opportunity as it is tailor made for beginners and graduates. This experience may help you get to positions such as accounts assistant, trainee accountant, accounts payable and accounts receivable positions with our Accounting Online Training Course.

The accounts Assistant training course is priced at affordable £200 plus vat , This covers the duties of an accounts assistant.

This is a fast track online course  and is taught by an accountant from Gm professional accountants, the main advantage of the experience is to give you experience in cloud accounting software and the job role.  You will be doing live accounts and doing numerous accounts assistant exercises online.  This will ensure that you understand the concepts behind an Accounts assistant role.

This experience covers both Accounts payable and Accounts Receivable duties.

This  comprises the following:

Accounts Assistant

  • Introduction to Bookkeeping Double entry for Accounts Assistant
  • Chart of accounts
  • Nominal Accounts: Creation, maintenance of nominal codes
  • Creating Supplier accounts and Customer accounts
  • Coding and Posting Sales, purchases and expense invoices
  • Value Added Tax (VAT) within purchase ledger and Sales Ledger
  • Posting Customer Receipts, Posting supplier payments and Bank Payments
  • Processing staff expenses
  • Supplier statement reconciliations
  • Bank Reconciliations
  • Exporting reports
  • Basic Accounting Concepts and Data Security
  • Trial Balances
  • Reconciliations

 Q: What skills/qualifications do I need to complete this experience

You do not need to have previous experience, qualification or skills to enrol on this . It is designed for beginners, people looking to develop their skills and graduates who are looking for experience to start their accounting career.

 

Please Call 0208 396 6128 to book the course

Accountants in Essex

Finding a Local Accountant in Essex 

Finding an Accountant can be difficult, GM Professional Accountants near Essex. We are specialists in providing accounting and tax services all over Essex. Our accountants specialise in small businesses and in self assessment for personal or business tax. We prepare, complete and file your company accounts and tax returns. At affordable prices and efficiency guaranteed with GM Professional accountants.  We make it cheap, affordable and hassle free to handle your tax affairs.

Complying Corporate Legal Requirements:

Company accounts and tax returns are such legal requirements that are mandatory in every case for every organization which is formed for earning profits. In case of non-compliance of such legal requirements, penalty can be charged of heavy amounts. Professional Accounting Services: Our Accountants specialise in preparing company’s financial statements, filling complete tax returns and fulfilling all the legal requirements for formation of a company. We have professional accountants who help you to prepare all the accounting records including bookkeeping in an organized and professional manner which will be consistent with the nature of the business of an organization and its statuary obligations.

Advisory and Consultancy Services:

Our addition to accounting, tax returns and company formation we also provide advisory and consultancy services for small  businesses. Our target is to see all the organizations running with prosperity without any hurdle in their path towards success. We provide advice which will be best suitable for your company having minimum procedures to comply with. We have trained professional accountants who will handle all your accounting problems and solve them under the light of their experience and expertise.

For more information on our Accounting and Tax Services near Essex, contact GM Professional Accountants today.

Accountants For Self employed in London

Accountants For Self employed

GM professional are Accountants for self employed individuals. If you would like to operate as a freelancer or are self-employed, then this is by far the quickest and easiest way to start a business.

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Why register as self employed?

The requirements to disclose are a lot less than a limited company as you are only required to complete a Self assessment tax return once a year. Also:

– You are in control of the business and are entitled to all the profits
– You are the business and not an officer which you would be under a limited company.
There are no restrictions of withdrawing funds from your bank account compared to if you were a limited company director then you would be withdrawing as a salary, dividend, bonuses or a loan account.

Before you set up as a sole trader or self employed

Anyone can set up as Self employed, although certain type of work will require you to obtain a permit or a licence from your local authority, such as Taxi Driving, Childminding or Street Trading. Setting up as a Sole Trader has some legal requirements you need to follow.

Planning to run your business from home? You may have to pay business rates for section of your home that you are using for business purposes. Depending whether or not you are using that part of the home for domestic purposes.
For example, if your work is online based and you work in your bedroom, it is very unlikely you will have to pay business rates because it is used for domestic purpose – but if you work in a separate room such as an office then you may have to pay business rates. You may need to bear in mind that you may need planning permission to work from home, depending on the type of business it is.

Any changes on your property for business reasons, such as a side extension for another access for your business or if your business will cause a disturbance in your neighbourhood; then planning permission may be necessary. You can receive more information on business rates and planning permission from the planning department in your local authority as every area is different.

Who registers as self employed?

Registering as self-employed does not require a lot of administration like a limited company. However,  you must register as self-employed by 5th October of the business’s second tax year of when you have started your self-employment or when you have started to trade. You may receive a penalty of £100 if you have failed to register and can increase after three months.
Contractors/Freelancers and people who own a Sole Trader Business are classified as Self-Employed. Contractors can be people who work on a contract basis, for example Builders, Plumbers, Electricians (CIS Tax), Locum GP’s and etc. You will receive a Tax Free code, which for the new Tax Year of 2020/2021 will be 1250L. If your income is over £100,000 then your personal allowance will be reduced. The personal allowance for individuals born before 6th April 1938 is £11850 for 2018-2019 tax year.

Registering for Self-Assessment Tax Returns for Self employed

Self Assessment Tax Returns are required to be submitted to HMRC by Self-Employed or Sole Traders. This requires you to fill out a Tax Return form; paper based or online (both of which have different deadline dates).

You must inform HMRC of your Sales and expenses with a simple three line format if you are under the threshold of 85,000 in a short return. In certain circumstances you may need to fill in the full self assessment tax return if you fall under a certain category that requires a full discourse of expenses in each box and balance sheet entries. Please refer to the HMRC website to see if that applies to you.

HMRC will usually send your Self Assessment Tax Return in April, but if your Self Assessment does not arrive by the end of April then you need to contact the Tax Office immediately and let them know otherwise you will receive penalties. If you are doing your first Tax Return you will need to fill in a self-assessment registration form first. Your National Insurance number must be with you when you are filing this.

Self employed Registration

A CWF1 form will need to be completed to inform HMRC about your business, which will also register you for self-assessment. If you are not self-employed you will need to complete an SA1 form. Once you have done this, HMRC will set up Tax Records for you and your business and will send you a UTR number (Unique Taxpayer Reference). This number you should never lose.

If you need an accountant to register as self employed sub contractor and you would prefer to do this online, then GM professional accountants specialise in registering as self employed and helping you to obtain a UTR number. You will not need to fill out a register as self employed form or phone as we can take care of the whole process, find out out more from GM professional accountants about registering as self employed within 3 months.

How to Register as Self-Employed

Anyone who is looking to become self-employed or is self-employed must register to be charged income tax and national insurance contributions with HMRC. You can register by phone, post or online, whichever way suits you. However, the most convenient way to sign up is by the online application.

You will need to have your National Insurance number on you, as you will need to provide HMRC with your details when you are registering for national insurance contributions and income tax. If you do not know or have not got your National Insurance number, contact Jobcentre Plus ‘application’ line, which can be found on their website.

It is important that you inform HMRC the moment you have started working, as it is not possible to register in advance. The information you will need to provide while registering as Self-employed are:

• National Insurance Number
• Name
• Date of Birth
• Business telephone number
• Telephone Number
• Your Unique Tax Reference (UTR) – only if you were within self-assessment previously
• The nature of your business
• Start date of self-employment
• Address
• Business address
• The business’ UTR – if you’re joining an existing partnership
• Email Address
• If relevant, the full name and date of birth of any business partners
Once you have done all of this you will receive a letter from HMRC stating your unique tax reference number.

Self employed Self-Assessment Payment Deadlines

You must pay the amount you owe by 31st January the following year if you owe any money by the end of the Tax Year (April), the April before January. The deadline for payment is the same whether you have filed your Returns online or on paper. You will need to pay both or one of the following:

• The balancing payment (the balance of tax you owe for the previous year)
• The first of the two ‘payments on account’ (the advance payments for the current tax year)

You will receive a self-assessment statement that shows the amount due for your return. If you do not receive this before your payment date, then you will need to work out the tax due yourself or by your accountant by registering for self-assessment online and selecting the ‘view account’ option.

If you’re asked to make payments on account, your deadline for making your second payment is July 31.

Maintain books as self employed

In order to stay organised with your accounts, you should file them by Accounting Periods. This helps you stay compliant and organised when you reach the quarterly and yearly deadlines, which makes your books easy to follow and be read. Keep Bank Statements, Purchases, Sales and Business Related Expenses separate from each other. If you do not maintain your records, this will lead to confusion and penalties with the local authorities.

Accounts are very important to keep up to date with, as it is the foundation for your tax returns, accounts and your net worth. This also allows you to check whether your small business is doing well over the years and see if there is anything you could do to expand your business. A profit or loss for the year can be created to see how well your business is doing in your current year once your bookkeeping has been processed.

allowable expenses uk
allowable expenses uk

Self employed Filing

As a Sole Trader  you will have to file tax returns annually. If you are VAT Registered businesses as self employed, your VAT returns must be done quarterly or Annually.

This means you will have to stay compliant and more importantly, organised at all times to help you make the year end process quick and efficient. When the new Digital Tax Scheme comes into place in the near future all Small Business and Self Employed Individuals will have to file and submit Tax Returns Quarterly, so it will be better if you organise your Accounts every quarter.

Staying organised when submitting a Tax Rebate is a must , depending on your legibility for Tax Refunds. You may have felt that you have been taxed unfairly so you can go over this with your Accountant. If you have still not received your p45 or p60 from your previous employers, contact your previous employers as soon as possible, especially if you are registering for Self-Employed.

They are likely to have these forms as it is a legal obligation for companies to keep financial and legal records for 6 years. Accountants may have a look at your p45 and p60 forms once you are looking to register as self-employed.

If you operate as a sole trader there are some legal formalities you will need to keep on top of. So to Register as Self Employed, contact GM Professional Accountants today for more information.

See further information on Ecommerce Amazon FBA sellers 

Small Business Accounting Services in London

What are Small Business Accounting services ?

What is small business accounting?

An important part of an accounting system for a small business is to enable business owners to record, analyse, and interpret the financial information to make an informed decision.  Accounting records have to be correct so that a business can keeps track of its operations.

One of the most important reports for business owners is the profit and loss account. This can give a snap shot of the sales and expenses of a business for a given period.

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Why should I hire you?

Our team of accountants are experts in small business accounting  such as accounts receivables, accounts payable, bank reconciliations and payroll processing.

Our professional accountants and tax experts understand what it takes to remain competitive and profitable in the fast-paced business environment of today. You can trust us to work with you as your principal accounting provider, or as part of a bigger group.

Our dedication to customer service is unreserved, and we boast a high client retention rate that is unmatched in the accounting sector.

At GM Professional Accountants, we specialize in small business accounting and always strive to offer the best possible business services. Other than helping with your annual tax return, we also offer full-service, year-round accounting services that give you the best advice on growing wealth, increasing profitability and making the right choices for the future.

In short, our accountants go out of their way to provide you with correct innovative and strategic information in a timely fashion.

Choosing the best accountants?

With all the accountants claiming to be the best in the industry, it can be challenging to choose the right accountant for your small business. One of the most crucial things you need to consider is the accounting firm you settle for is specialised in small businesses. You want a company that understands how you operate as it is likely to serve you better.

Another important thing you have to consider is certification. Your accounting firm should have certified public accountants who can offer useful advice to your small business.

Using references, or the word-of-mouth method is yet another way of finding the best accountants for your business. GM Professional accountants have over 100 5 star reviews. this shows our committeemen to our clients.

Reading reviews on Google is also an often used method of finding good accountants. Reviews are usually from the accountants’ clients, and they can give you valuable information about the accountant that you are looking to hire.

Can you trust your accountant?

Do you like your business accountant? Or better still, do you trust your accountant? Your accountant plays a crucial role in guiding the financial well-being of your company. There, you must be able to trust your accountant and know that they will be there for you when you need them most.

Trust is even more important when it comes to meeting deadlines. As you know, business deadlines are critical. If the accountant needs to finish a project or prepare a report by a certain date, it has to be done. To know whether or not you can trust your accountant, talk to the accountant’s other clients to get an insight into their turn-around time or timeliness.

GM professional accountants send out regular reminder and have tax tips to keep you up to date with the latest changes.

Has your Accountant got the relevant experience?

Your accountant will have unfettered access to the financial records of your company. This is why you need to be sure that they are experienced and qualified enough to be trusted with this task. Apart from their experience, find out the qualification and skills they have. It’s advantageous if they have previous experience or knowledge of your business field. Do they have any connections that could help your business? Does your accountant have contact with legal advisors and solicitors, local banks and manage suppliers and clients that may be of benefit to your business? Experience is significant, and it’s going to help your business a great deal.

Can you do your own limited company accounts?

The straight answer to this is yes. In fact, as a limited company owner, there is no law that demands that you hire an accountant. However, doing your own books has two critical disadvantages.

The first one is that bookkeeping can be a significant distraction to the main purpose of your business. You are likely to take time away from critical business dealings that could be improving and enhancing your bottom line.

The second drawback is that, even if you do possess bookkeeping and accounting skills, you can mess up your books. This will mean either of two things: you hire a professional accountant to fix it, or you pay a costly price regarding taxes.

Our Accounting and tax packages explained

Here at GM Professional Accountants, we offer accounting services specifically tailored to meet the needs of small business owners. We treat our customers as more than simple financial records. That is because we understand that your business is more than just your livelihood. We understand that it embodies your dreams, your hard work, and your passions. Whether you want us to file your tax returns, or you want professional advice to take your business to the next level, you can count on our accounting experts to be of help to you.

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Call for a free no obligation consultation on 0208 396 6128

Corporation Tax Return

Business accountants 

Our business accountants ensure you understand that Limited company business owners have a legal responsibility to calculate the correct Corporation tax liability (Corporation Tax return), and we therefore aim to prepare Tax returns efficiently to minimise any burdens or constraints caused by tax administration here in London.

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Business accountants providing corporation Tax returns for Limited Companies

GM Professional Accountants address small limited company businesses, we prepare and submit your corporate tax returns, in a quick and efficient manner. Our specialist accountants deal with all of your business tax matters, including preparing income or corporation tax computations here in London and Essex.

Filing Responsibilities for Limited Companies

These are some of the filing responsibilities for limited companies are:

  • Annual Self Assessment Tax Return
  • Annual Accounts
  • CT600 Corporation Tax Return
  • Annual Employer Returns
  • Quarterly VAT Returns

Small business tax services

You may be considering setting up a limited company or may have done so already? The filing responsibilities may sound and look daunting, but do not be afraid. Yes, it does create more paper work for you, but that is business and you can transfer all your paper work to an accountant. GM Professional Accountants Tax Services in London provide all the services you need for a limited company, from Business Start-up, Bookkeeping, Payroll Services and preparation to submission of your Corporation Tax or Self Assessment Tax Returns.

As we are experienced professionals in accounting we can give you detailed and informative advice on what is best for your business, Sole Trader or Limited Company. All of our clients and new clients come to us and have no idea of the consequences of what they have selected as their type of business, after our advice they feel confident on which route to take, as certain companies may benefit being a Limited Company and some businesses benefit being a sole trader.

Annual Return: Your annual return must be filed at Companies House, with a fee of £13 if you have filed it electronically or £40 if on paper. This is an overview of information about your company. People do confuse this with the annual accounts, which are also filed to companies’ house, but are different.
Annual Accounts: HMRC requires a full set of your companies’ accounts with a director’s report and a detailed profit and loss account, whereas Companies House only requires a condensed set of accounts.

You must file accounts to both HMRC and Companies House, as they are two separate government departments, our Accountancy Service provides this.
CT600 Corporation Tax Return: This must be left to an accountant; GM Professional Accountants Tax Services does include this with the limited company package. We will complete a CT600 form for you, as HMRC will need this information along with the full set of accounts.
Annual Self-Assessment: Despite how much the director’s earn, each director has to complete a self-assessment that shows all the directors income, not just the income from the company they are director of.

Annual Employer Returns: Any business, sole trader or Limited Company who employ staff have a multiple requirements to report to HMRC. For example P.A.Y.E RTI submissions, all employers are required to send payroll information to HMRC on or before each payday. GM Professional Accountants will do this for you, once you have planned how you would like to pay your staff, so we can submit this information for you.

Quarterly VAT Returns: All businesses who has a turnover that exceeds the VAT threshold in the previous 12 months must account for and register for VAT. Once you have registered for VAT, you are required as a business to complete a quarterly VAT Return. Call GM Professional Accountants for more information about registering for VAT, as you may need to register for VAT as soon as possible, before you start gathering fines from HMRC.

Our business accountants can also discuss the different types of  Accountancy Services that we provide so why not book an appointment with GM Professional Accountants in East London today. For better understanding on Corporation Tax Returns and extra free advice on Limited Companies, call us today on: 0208 396 6128 or email us at: info@gmprofessionalaccountants.co.uk

you may need to register for vat , for more information visit our vat return page.

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GM Professional Accountants

Why choose Gm Professional Accountants?

Gm Professional accountants in Canary wharf and Wimbledon

Our vision and our customer reviews show that we provide:

• A high quality valued service with over one hundred '5 star' reviews 

• Professional and experienced accountants with over 10 years of experience

• Quick and efficient responses tailored to your needs

Let us making accounting simple for you. 

Get a Quote Now

 

Finding a local accountant can be stressful, as you may need many different types of services combined. We specialise in the following:

  • Small businesses Limited company services (Preparation and filing Accounts and CT600)
  • Contractor Accounting services
  • Company incorporation services
  • Self employed Accounts and Self Assessment Tax return services
  • Property income tax and capital gains tax
  • Payroll and pensions auto enrolment services
  • Vat returns and vat advice
  • Personal Self Assessment tax return services

Latest updates

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Who we are ?

 

We provide a broad array of accounting services including every phase of managing Limited Company compliances, Business and Tax Advisory, as well as process standardization,

and automation to businesses and individuals. We understand the desire of our clients for friendly, accessible, simple, and transparent service.

We also know our clients want the latest advances in accounting software and apps for enhancing their businesses. At the same time, we never neglect our hands-on, personal touch.

Is your service easy to use?

 

We aim to provide an industry-leading accounting service for small businesses which is affordable and easy to use. You can concentrate on making your business successful, while we take the utmost care with your accounts.

We ensure that our accounting services are easy to use, and that support is always available whenever needed.

Our priority is to provide our clients with a simple, affordable, small accounting service which is industry-leading and provides top notch ongoing support. We strive to take the utmost care in handling all your accounting needs, while you concentrate on the success of your business.

Just provide all your invoices, bank statements, and expenses to us monthly or yearly, and we will do all the rest.

We will crunch the numbers with our software to manage your bookkeeping and produce the reports. We will provide you with tax efficiency advice tailored specifically toward your business.

It sounds great! How do I send GM professional accountants the required information?

 

If you think these services sound great and would be beneficial to your business, don’t hesitate to contact us.

If you are interested in signing up, you can submit the required information to us either through our on-line web portal or by mail. Our team will take care of all your company’s bookkeeping and accounts and return them to you.

We will provide you with insight on how your small business is performing with Yearly accounts

 

Our yearly accounts contain valuable insight on your business’s performance. The reports you receive will contain in-depth insight on your business’s performance.

Also, we will include a profit and loss account, a balance sheet, and a ledger listing which will outline all your transactions, in addition to an overview of your accounts.

Within the tailored advice report, you will receive an estimated personal and corporation tax bill, plus tax-saving advice, when appropriate.

We’ll produce your employee pay slips for you

 

In addition, as part of our overall accounting services, we include payroll services.

We will produce pay slips for your employees, ensuring timeliness and accuracy. Just email us your employees’ hourly rates and hours worked, or salaries, and we will supply your pay slips.

Our payroll service includes making deductions, submitting Real Time Information (RTI) to HMRC, and informing you regarding staff and HMRC payment amounts.

You’ll also be able to access our highly experienced and dedicated payroll staff throughout the year to handle any payroll-related questions and get advice with no additional charge.

No dealing with HMRC!

 

We will act as an agent for you with HMRC so you will not need to deal with them directly. We will deal with HMRC on your behalf and will submit your digital returns.

No more spending countless hours of wasted time on hold with HMRC! Our team will speak on your behalf with them and update you regarding all necessary, important information.

Will I have access to speak to a real person?

 

Yes, absolutely! Our fee includes advice and support provided to you by your own dedicated U.K.-based Accountant throughout the year. Your Accountant processes all your paperwork and will become thoroughly familiar with the workings of your business.

What’s the catch?

 

There is absolutely no catch! Sign up today! You’ll never have to be worried about your accounts, bookkeeping, taxes, or dealing with HMRC.

Your New Accounting Team

 

When you have the expert team of UK Accountants managing your data, you’ll be able to put your time and effort into managing your business..

You will have peace of mind that comes from knowing that accounting experts are managing everything for you.

Even if HMRC were to launch an investigation, you can still sleep soundly, knowing you have an expert team backing you up every step of the way.

You will never have to worry that you claimed an expense accidentally that’s not allowed, or somehow forgot to declare some income on your tax return.

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