Top Tips for choosing an Accountant for Veterinary and a Vet business

Accountants Guide for Veterinary and Vet business

Today, many professional services are outsourced, we are all so busy that we focus on our own area of expertise and find it impossible to make time for day-to-day financials. So it makes perfect sense as a vet or veterinary nurse to use a specialized firm of accountants to handle business finances, insurance, tax, and all other money-related things. This leaves you totally free to restore the health of our pets and manage other professional challenges.

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When Planning a Veterinary Practice

The structure of a vet practice is complicated, so it is important to plan it correctly from the beginning to make the most of your deductions. Involve your vet accountant from the start and they will explain the best structure to you.  You can choose from a Limited company, sole trader or a partnership.

Meals and Travel Claims

  • When you work back often at night, or on weekends you will be paid an allowance by your employer for meals. Although you can claim meals without receipts, if you show a calculation, it is better to keep the receipts. In fact, keep all work-related receipts and then hand them to the accountants and let them work it out.
  • Accommodation and travel to nonlocal conferences are also claimed, as is travel between two different jobs.
  • Another claim is transport usage, including driving your own car for work, tolls, taxis and all public transport.
  • Home visits to clients’ animals.
  • When using your own vehicle, always use a mileage sheet that you keep in your car for work-related travel, then at the end of the year, you can submit the form to the accountants to calculate reimbursement.

Work Clothing

Often a uniform is required for work in a veterinary practice, and you may wear ‘scrubs’ or a white coat! Uniforms are expensive, so if you are required

to wear one as part of a team, by company policy, this will be another tax claim at the end of the year.

A work uniform may have a logo or an identifying emblem on it and is something that can’t be worn away from work.

Uniform Claims Include

  • PPE (personal protective equipment). this may include gloves, face shield aprons, and boots.
  • Laundry dry cleaning and repairs to your uniform.
  • UV skin protection, sunglasses, and a hat if working outdoors.

Training for the Workplace

You will be required to attend work-related training, and to pay for it. You may be the office WH&S (work health and safety), representative and this requires annual retraining with additional modules, often LMS online from home. Any books purchased related to training can also be claimed.

What is not Covered

You cannot claim HECS help fees.

But if you are doing an ongoing University or TAFE work-related course, you can claim the fees for that course, also the books and stationery.

Tools and Equipment in the Workplace

Buying and repairing equipment used at work, like specialized surgical equipment, computers, and phones electronic diary.

Other Expenses related to Work

Any professional membership

Insurances, all professions are required to be fully insured, and to have certain practicing certificates that are renewed annually. These expenses can also be claimed, says you may also be able to claim a deduction for reporting, plus gifts and donations.

Personal superannuation. If you have concerns consult your accountant, as it will be better to hand all this over to him/her.

Telephone and Internet Services

When you are making phone calls from home or your personal mobile keep a diary, for a month and then the accountant can aggregate the figures throughout the year.

You can only claim a proportion of monthly fees that relate to your work perhaps including email and training (LMS).

Other Expenses

There are other deductions that can be claimed by all employees, and your accountant will want to claim some of these as well.

  • If you are donating regularly to a charity just give an amount and get a receipt. Don’t buy raffle tickets, as if you receive something in return it negates the deduction.
  • Deduct bank fees on investment accounts.
  • You probably have income protection insurance and accident insurance. Your accountant can deduct this insurance or a part of it.
  • Keep all receipts that may be deductible, and when you have a meeting with the accountant you can ask them.

Tax Changes

Last year in the UK and many other countries there were some interesting changes to taxation rates. Amongst the changes were.

  • A married allowance for transfer for basic rate payers
  • Changes to Mileage rates.
  • Changes to business deductions.
  • Corporation tax rise coming in 2023

This type of income relief was bought in to stimulate the economy during the Covid shutdown, and to a larger extent, it seems to have worked.

This was combined with general tax cuts for the public, that were given to all working people.

Advantages of using a GM Professional accountants. 

  • We will have a better understanding of your structure and finances.
  • We  can monitor the performance of your vet clinic and suggest changes.
  • Good advisory services for you and your staff.
  • Enforces certain standards


Because everyone in your Vet practice is so busy, there is never enough time to spend monitoring your finances. In fact, they are much better monitored by your specialist accountant who brings a financial perspective to everything he does. This will free you up to do your real work, and if you become bogged down in financial administrative stuff you will lose a day a week, and that is a waste of professional time for you and your team.

Choosing an Accountant in London Guide

How to choose an Accountant for your small business

Selecting an Accountant for Your Business

Business and tax affairs are sometimes complicated and hence the choice of an accountant is critical, whether you are an established company or a new business. The best accountants will typically have the necessary qualifications, and be members of a regulatory and professional body. Such accountants is good for your business since they have not only the practical experience but also the technical expertise in the field.

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Choosing Your Accountant

A good account is one that is suitable for your business and also for your individual needs. As such, whether you are seeking qualified accountants in London or any other location in the United Kingdom, it is absolutely critical to be very careful. Take your time rather than engage in the last-minute rush when the deadline for filing your returns is imminent. When selecting accountants, ensure that the firm has the necessary skills and experience in your industry. The best way to determine their experience is if they have clients that are of the same size and are in the same industry. Such a firm will understand the types of issues the business is likely to face. GM professional accountants work in a number of sectors and are awarded the tree best rated accountants.

Why Get a Licensed Accountant for Your Business

1. They will handle the tedious activities of account preparation so that you can have time to take care of other important activities.
2. Help you to be more efficient in structuring your tax obligations
3. They offer specialized tax saving advice
4. Help you secure funding and loans critical for the growth of the business

Where to Hire a Highly Qualified Licensed Accountant in London

You can always start with asking other people for recommendations though you will still need to ensure that your recommendations are a proper fit. A friend of a friend in your locale might have been great at helping file individual tax returns but they will not cut it if you are a fast-growing business in London.

You should also take into account the benefits of hiring an accounting firm. You will always have someone to step into the gap and take care of all your accounting needs whenever an urgent matter comes up or when your dedicated accountant is on holiday or otherwise incapacitated. A firm will also have accountants with a range of specializations and experience should you need it. However, you should find a firm that is not too large that it is impossible to speak to the same person whenever you email or call in. In an ideal situation, you want a firm that gets you a dedicated accountant that will come to learn how your business works and also build a working relationship with you. Since they will have an intimate understanding of your business they will be able to give highly relevant advice to you.

Critical Things to Take Into Account for When Choosing an Accounting Firm

1. Dedicated accountant for your business
2. Fixed fee options so that you can control costs
3. Have clients of similar size and industry
4. Local accountants that you can meet for one on one meetings

Having fixed fees is particularly critical especially if you are just starting out and need to know the exact costs of accounting services. GM Accountants are located in Ilford and central London and provide fixed price accounting services if you need such services. You get a range of pricing option for anything from basic service to one on one meetings or regular phone support depending on your needs and budget.

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

Choosing an accountant in East ham

East Ham is nestled in one of the most prosperous and expensive cities in the World. The area has a rich history, and since the mid 1800s railway arrived, has been a hive of activity. Let’s take a brief look at the history of East Ham. Then, let’s talk about the economy, opportunities, and ways you and your business can be helped.
This place was mentioned in the Domesday book, which gives you an idea as to how ancient the settlement is. As the time wore on, East Ham became a hub for people moving in. There were large amounts of immigration during the 20th century, and that has been a huge effect on the current landscape of East Ham today.
The unemployment rate in East Ham is one of the highest in the UK. In addition, the employed positions are mainly low paid. This causes some problems, and opportunities for the locals. The problems are that some poverty rates are high in East Ham, however the government in the past few years have responded. Some successful initiatives were introduced, and the unemployment rate fell.
One of the positives that has come out of the relatively tough jobs market is entrepreneurship. Many of the shops and restaurants in the area are independent. The large migrant population set up these jobs several years ago, and as a result, opportunity and job creation have arisen.
Opportunities in East Ham
Since the above mentioned job creation schemes by the government, the rankings of East Ham have improved. The deprivation rate has fallen from it’s once top spot, and incomes have improved in general.
The opportunities are also abundant for those who are local, and want to start a business. Since the property, rents and rates are lower than central London, a chance to make a success out of shops or services exist in the area. Add to this the fact that many new young professionals are moving to the London outskirts, including the east end. These new residents will be looking to shop from local stores, and embrace the local culture. This is a good opportunity that can be capitalized on now.
Getting setup, and choosing the right team
For many aspiring business owners or service providers in East Ham, finding the right help can be tough. The reason is that many people work in the city, and as a result don’t work with the local businesses. An example can be finding the right accountants in east ham. This addition to your team is an important one. The trick in an area like East Ham is to look for an accountant who knows the culture and the locals. This way, financial guidance and help can be given within the correct context. A city accountant may be used to the types of businesses that flourish in Canary Warf, but have no concept of how things are done in East Ham.
These are some ideas for getting yourself setup in East Ham. The times are getting better, and the future looks optimistic. The opportunities for the youth and others in these areas can be taken through hard work and entrepreneurship. Finding the right team to back you up, and give you the right guidance can be a great step to you and your community’s success.

GM Professional Accountants are accountants in East ham that specialize in Small businesses and self assessment tax returns.

Choosing a HMRC registered accountant agent 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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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.


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.

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.

Accountants Guide for WRITERS AND AUTHORS


We have specialist accountants who can submit accounts for writers and authors to HMRC. We provide accounting services for full-time writers and even for occasional writers. We do our best to learn about their account status and optimize their tax liabilities.

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The foremost question to answer is whether you are employed or not. You are most probably self-employed if you are not working for publishers or news companies directly.

Our tax experts team will find out whether they can consider your income from self-employment as a trading income or not. The team handles your account directly to ensure that if any tax payment is due. They pay due taxes two times in a year by choosing the self-assessment system of tax payments.

In case you work as a writer or author for an employer, our team ensures that your employer correctly deducts taxes at the source. Moreover, if you have several income sources, our tax experts help you in declaring them correctly.

If you handle many contracts in the UK and abroad, we depute a dedicated accountant to manage the accounting activities. The team also ensures two essential things: secure payment of due taxes by optimizing the tax payments and ultimately ensuring that you comply with the taxation laws. Nobody would ever like to get into HMRC investigation problems. However, it is quite possible to put yourself into trouble because the UK taxation laws are too complicated. We work intending to provide peace of mind to our clients.


If you are working as a writer, you may have several income sources. They may include the income from writing books or writing ad-hoc articles, or even copywriting, and we account for all of those income sources. It is vital to understand that HMRC wants to classify taxpayers rightly as employed or self-employed. Our tax experts help you register in the correct category since HMRC has clearly defined the precise rules to determine the right position.

In rare cases, some writers and authors fall under the category of “Reserved Trading Income Status,” which they earlier referred to as “Reserved Schedule D Status.” They will be deemed self-employed and will continue to be taxed accordingly to discharge tax payments properly by ensuring no possibility of any employment break.


An Expense refers to something essential to operate the business. Below is a list of allowable tax deductions for writers and authors from their tax liabilities.

* · MARKETING COSTS – Business cards, reprints of your work
* · WEBSITE COSTS – Hosting a website and maintaining it to promote your working
* · TRAVELING EXPENSES – Train tickets, petrol costs, etc
* · ACCOMMODATION – Hotel expenses for overnight stays for business purposes
* · COMPUTING EQUIPMENT – Laptops, printers, and editing software
* · COMMISSIONS – Fees paid to literary agents

For a self-employed person who works from home, we can suggest to include household expenses which you can attribute to your business. Those costs include fees for heating, phone service charges, a room used as your office, etc.


The UK government has double taxation agreements with several other countries. As a taxpayer, it is your responsibility to optimize the taxes payable in those countries. We provide guidance and assistance to authors and writers for avoiding double taxation. If you do not prevent or reduce your taxes in time, HMRC can refuse to give any relief later. Our expert team ensures that such a situation never arises.

If the other country does not fall under the double taxation ambit, we suggest you ensure full compliance and thereby help you avoid excess tax payments.


Taxpayers usually make a common mistake of showing income net of VAT or any commission to agents. It is a wring practice. You should always declare gross income and show such commission and VAT expenses separately and claim as a deduction from such income.

Last year, we detected a new type of problem of new cash basis. HMRC referred to it as simplified expenses. If you opt for this, you cannot set-off losses against other income and limit some claims to costs. The earning basis provides more flexibility, which implies that you declare the income as earned instead of received and declare the costs as incurred instead of paid.

VAT Accountants guide for Amazon FBA Sellers

VAT Accountants guide for Ecommerce Amazon FBA Sellers

Vat is a specialist area, the Vat accountants guide will provide you with an insight to deal some of the issues your Commerce business.

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Many businesses online are choosing the FBA Amazon plan. If you have an FBA (fulfilment by Amazon) Amazon business, then you will be well aware that once you hit a certain threshold you will need to register for VAT in the UK. As accountants we understand the varied rules (and yes it can be very complicated for those who have little or no understanding!). We have issued a mini-series of guides to help you through this minefield. This will help you understand the basics in terms you can understand as well as how VAT will apply to you as an Amazon FBA business.

Accountants for Amazon FBA
Accountants for Amazon FBA

We have been working with businesses on Amazon for a number of years and our clients are all over the world. Our expert knowledge of the VAT system, both in the UK and abroad, will help you wherever you are located. So, if you need a little helping hand or just need to understand a certain aspect of the complicated VAT system, we are here to help.

How Does VAT Apply to Drop Shipping?

There are different VAT rules for drop shipping businesses and they will be covered by a separate article as they are outside the scope of this article.

What is VAT when you are trading as an Amazon FBA Seller?

VAT (value added tax) is a sales tax that is applied in the EU and the UK. The tax is applied to certain commercial goods and services and there are different bands of tax. Not everything is subject to VAT, there are certain exemptions, however, trawling through the long list of what is and what is not applicable can be time consuming and difficult. Therefore, if you are an Amazon seller and you are above the threshold, you will need to charge your customer VAT. One of the issues with VAT as an Amazon FBA seller, is that you have to pay VAT on the price you actually sold an item (or service) for, and not just on the profit you make from the item. This can mean that if you only make a very small profit on an item (once you have paid your fees to bought Amazon for fulfilment), it can be swallowed up in VAT fees, as this tax applies to the actual sales price to the customer and not the profit made.

Do I Have To Register my Ecommerce business for VAT?

If you are in the UK, then you do not need to register for VAT until your turnover for taxable goods reaches £85,000 (in 2020). If you are not UK based, but you are an Amazon FBA business selling in the UK then you need to register for VAT immediately, regardless of turnover. The exception to that rule is if you actually own a UK Limited company, as that then follows the rules of UK based companies in terms of registering for VAT when you reach the threshold of £85,000.

VAT Rules For Non-UK or EU Amazon FBA Sellers (Overseas Businesses)

This is not as straight forward as it would seem. Basically, if you are an overseas business that is based in the EU, but you use the Amazon UK FBA warehouse to store your goods, then you will need to register for VAT immediately. However, if you store your goods in your own EU country rather than the UK warehouse, you will not have to register immediately for VAT but will have to pay tax on the value of sales to the UK. Many FBA Amazon sellers are located overseas in China, USA, etc., and they choose to store their goods in the UK warehouse for distribution to EU countries. This means that the majority of non-UK FBA businesses will need to register for VAT immediately in the UK, but can wait until their sales reach a certain threshold in other EU countries, before registering for paying Vat there. As this is a complicated ara, we will cover it in more depth in another separate post.

VAT Rules For UK Amazon FBA Sellers

UK based businesses do not need to register for VAT until the turnover reaches £85,000.

Voluntary Registration for VAT

If you are a UK based FBA Amazon seller then you can register for VAT on a voluntary basis, before your sales reach £85,000, however, it is not recommended you do this. This important aspect will be outlined in another article.

What is the UK VAT threshold in 2022?

The VAT threshold is £85,000 worth of annual sales in 2022. If your business looks like it will reach or cross this threshold in a 12-month period, then you will have 30 days to register, otherwise the business may be penalised. The moment the business has sales of £85,000 will be the moment VAT is payable, so even if you register a little late the VAT amount will be backdated to the applicable time. Read this article to learn more about VAT penalties.

How To Calculate VAT for your business?

Every business needs to complete a tax return every year detailing profit and loss. VAT returns are completed quarterly to ensure you do not get behind on payments and into a situation where you are unable to pay. The VAT return is sent to the HMRC.

VAT takes account of the following:

Input tax– this is the amount of VAT you are charged by your supplier or wholesalers, or it van be tax charged for importing goods into the country.

Output tax– this is the amount of VAT your customers pay you for each sale or service.


It is possible to get a rebate on any VAT that you have overpaid. This can happen when you pay too much output tax (ie when you have made a loss on a product). Usually, FBA Amazon sellers buy goods at a low price and sell for a higher price to make a profit, so you will pay less input tax, meaning you owe money to HMRC. It is important to check your business accounts regularly to ensure you are selling at a profit.

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

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.

How to choose the best online accountant

How to Choose an Online Accountant

When choosing an online accountant, it’s important to get it done right. We will explain the process on what to look for. It’s important to choose a specialist and an accounting firm that is experienced.

What to look for in a good online accountant?

Looking for a good online accountant should not be very expensive, but you will need to take a few points into consideration.


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When choosing the best online accountant, you should look at the experience of the accounting firm. You will need to look to see if they are registered agents with HMRC. This is important as an experienced firm will have controls and procedures set by the accounting bodies. Furthermore, it’s important to know whether they specialise in your field. You may be self-employed or a limited company. This ensures that you are gaining the maximum benefit of that service by an expert. Experienced will have CPD, which ensures they are up to date with the latest budgets and tax changes.


This is an important factor, as you will provide them with sensitive information such as your passport and bank details. You should enquire to see if they are registered with the information commissioner’s office. This will confirm if they have controls in place to comply with the standards. It is important that you are comfortable and can trust your accountant.



When choosing a good online accountant, it is important that you conduct enough research, looking at the first website and hoping for the best may not be a good idea. You will need put some time and effort to know the firm and to see the qualification of the person you are dealing with. The other important factor is to see experiences of others. This can be done by checking their reviews and understanding the level of service that is being provided.


Transparency and Integrity

When choosing an online accountant, it is important that the accounting firm is straight forward and honest on the fee structure. This should be discussed at the beginning of the engagement and engagement should be signed by both parties in order to avoid a dispute later.

Why I Should Hire GM PROFESSIONAL ACCOUNTANTS as my online accountant.

GM professional accountants are bound by the professional ethics as discussed in this article. Our 5-star reviews have resulted in us being the three best rated accountants in our area. This gives our clients confidence in our services and in our ability. We are a respectable and honest company which is built on trust and integrity to provide the best possible professional service.

We specialise in accounting and tax, which ensures both fields are covered. Our current client base ranges from freelancers, contractors, landlords, small limited companies and many more. General tax support is included in all our packages; this is our speciality and an important factor throughout our relationship. This provides confidence that you are not overcharged for a service. The fees range from £25-£70 plus vat per month, which depends on the type of structure and services you require.


Call us today for a free consultation 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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Accountants For Cryptocurrency

How To Choose Specialists Accountants For Cryptocurrency.

If you are looking for a specialist, experienced and one of the best accountant that is able to specialise in a particular field, such as cryptocurrency accountant in London, then there are several key points that need to be fully considered prior to using the services of the right person.

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The nature of the asset

A recent article in the Financial Times1 suggested

“Cryptos may be based on nothingness, but it doesn’t necessarily follow that they’re worthless. In fact, the value they provide might depend upon them being linked to nothing, rather than something. This is a kind of security that crops up very rarely, like precious metals, or great works of art.”

The exponential growth of transactions in bitcoins and other cryptocurrencies has inevitably caused significant questions about how these activities should be treated in financial statements. Just think about the values involved. If we take a market capitalisation of bitcoin in February 2019 as circa $69.61 billion, the cumulative market capitalisation value of all 11 cryptocurrencies referred to in these notes is circa $105.53 billion, with bitcoin accounting for 66% of this market value.

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In July 2018, the International Accounting Standards Board considered

  •   How an entity might apply existing IFRS standards in accounting for cryptocurrencies
  •   Whether new standards are required
  •   Whether this should this be a priority for the IASBThe answers to these considerations were clear
  •   Not sure how we should apply current standards, as a cryptocurrencydoes not directly meet existing definitions of a financial asset
  •   Yes, standards are required
  •   Yes, this should be a priority, we can expect more regulation to be issued around this whole area of cryptocurrencies, but priority in these circles does not mean quick, so we need to find a solution in the meanwhile.

There are various options available to us within our current classification of assets, as discussed briefly in the module screens.


IAS 7.6 suggests “cash comprises cash on hand and demand deposits”

IAS 32 suggests “cash is a financial asset because it represents the medium of exchange”
As cryptocurrencies are not supported by any central bank the regulators believe that they cannot be classified as cash or cash-equivalent.


IAS 32 and IFRS 9 suggest that the holder of a non-cash financial asset has the contractual right to receive cash or another financial asset in exchange for their holding.
Again, generically, cryptocurrencies cannot be deemed to have this attribute.


IAS 40.5 defines an investment as being something held either for “use in the production of goods or services” or for “sale in the ordinary course of business”
This might apply to some cryptocurrencies, in some instances, but not from a generic financial reporting perspective.


IAS 38.8 defines an intangible asset as “an identifiable non-monetary asset without physical substance.
This would seem to be the most likely definition that could be aligned to the majority of cryptocurrencies in the majority of situations.

This would then raise the question of how to arrive at the correct balance sheet value – cost or fair value, and how the ‘asset’ should be impaired. Given the already referred to variability of the cryptocurrency markets this will always prove an interesting challenge for preparers and auditors.


One final option might be to account for a cryptocurrency holding as inventory, recognising the lower of cost or net realisable value, but this will raise a whole raft of other considerations.

Suffice to say that there is, as yet, no firm guidance or conclusions from the IASB. As with much of todays financial reporting, preparers and auditors need to justify their treatment of individual instances and be prepared to defend their underlying judgements.

The future

If this brief module has shown you nothing else, it will have made you realise that the understanding of cryptocurrencies, and the associated blockchain technology which underpins their existence is a complex matter, and not for the faint-hearted. The currencies themselves and the technology are increasingly permeating our financial world so, as accountants, we need to have at least some understanding of what we are dealing with, and, as in so many cases, what questions we ought to be asking.

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Here are several tips to consider for choosing a reliable accountant in London:


During your interviews, it is a good idea to have a list of questions ready for the accountants. The most important, and often overlooked, the question is whether they are a licensed CPA. Many people simply assume that all accountants are licensed. You don’t want to hire someone who does accounting on the side and never got around to being licensed. Find out how many accountants work with him at his firm. Having a large number could save you money because you could use the cheaper ones for less important issues. You also have to make sure the firm is used to dealing with a business of your size when choosing an accountant.



When looking for the cryptocurrency accountants it is also good to consider how long they have been in service. A contractor accountant with many years of experience has the capacity to do a good job since he/she has done the same thing over and over again. An accountant with a good experience know the various challenges likely to be encountered and how to deal with them. On the other hand, a contractor with little or no experience at all is most likely not going to give you the desired result.


In the process of searching for the right accountant, you will often come across a range of accountants offering a range of services. It is often the case that cryptocurrency accountancy requirements are often unique and specific. It is therefore vital to choose a specialized accountant that is qualified in this particular sector. Many of the larger accountancy practices or high street firms are more likely to focus on dealing with large corporations, personal tax planning, or small businesses which might not be suitable for your specific needs. In an initial interview with an accountant, you should ask whether they are specialized in dealing with matters that relate to cryptocurrency and that they are fully qualified on such requirements. This is a key consideration and will often drop many of the high street based accountancy firms.


Oftentimes, when people are choosing an accountant, the individual’s personality is forgotten. You have to remember that you will be working closely with this person, so make sure you choose someone you and the rest of your employees can trust. Convenience also should play a part in your selection. You may have found the perfect accountant. The only problem is that his firm is located hours away from your company. He no longer is the perfect accountant. Choose someone in your area because these are the people you know well and can trust.  The above are some of the things to look at when choosing an accountants for cryptocurrency.

Purpose of this Brief

This brief sets out HM Revenue & Customs (HMRC) position on the tax treatment of income received from, and charges made in connection with, activities involving Bitcoin and other similar cryptocurrencies, specifically for Value Added Tax (VAT), Corporation Tax (CT), Income Tax (IT) and Capital Gains Tax (CGT).


Anyone making charges or otherwise receiving income, in whatever form, from activities involving Bitcoin (or other cryptocurrencies), including:

Bitcoin miners

Bitcoin traders

Bitcoin exchanges

Bitcoin payment processers

Other Bitcoin service providers


Bitcoin is seen as the worldʼs first decentralised digital currency, otherwise known as a “cryptocurrency”. The advent of cryptocurrencies such as Bitcoin is a new and evolving area and determining their legal and regulatory status is ongoing. Cryptocurrencies have a unique identity and cannot therefore be directly compared to any other form of investment activity or payment mechanism.

HMRC understands that Bitcoin operates via a peer to peer network, independent of any central authority or bank. All functions such as issue, transaction processing and verification are managed collectively by this network. All Bitcoin transactions are recorded in a shared public database called a “block-chain”. New Bitcoin is produced when a new block is attached to the chain. A new block can only be added to the chain when the answer to a complex cryptographic algorithm is solved. Participants in this activity are known as “miners”.

As well as mining, activities include the buying and selling of Bitcoin and providing exchange facilities for parties to trade Bitcoin with recognised currencies. Bitcoin may be held as an investment or used to pay for goods or services at merchants where it is accepted. In the UK, there are already a number of outlets, including pubs, restaurants and internet retailers, that accept payment by Bitcoin.

VAT treatment of Bitcoin and similar cryptocurrencies

As an EU tax, the VAT treatment for cryptocurrencies adopted by the UK must be consistent with any treatment that may eventually be implemented across the EU.

Given this, the evolutionary nature of these cryptocurrencies and the legal and regulatory environments in which they currently operate, this brief outlines HMRCʼs provisional VAT treatment pending further developments; in particular, in respect of the regulatory and EU VAT position. Taxpayers can rely on the VAT treatment outlined below unless and until HMRC announces any changes. Any changes will not apply retrospectively.

For VAT purposes Bitcoin and similar cryptocurrencies will be treated as follows below, this in no way reflects on how they are treated for regulatory or other purposes:

(1)Income received from Bitcoin mining activities will generally be outside the scope of VAT on the basis that the activity does not constitute an economic activity for VAT purposes because there is an insufficient link between any services provided and any consideration received.

(2)Income received by miners for other activities, such as for the provision of services in connection with the verification of specific transactions for which specific charges are made, will be exempt from VAT under Article 135(1)(d) of the EU VAT Directive as falling within the definition of “transactions, including negotiation, concerning deposit and current accounts, payments, transfers, debts, cheques and other negotiable instruments.”

(3)When Bitcoin is exchanged for Sterling or for foreign currencies, such as Euros or Dollars, no VAT will be due on the value of the Bitcoins themselves.

(4)Charges (in whatever form) made over and above the value of the Bitcoin for arranging or carrying out any transactions in Bitcoin will be exempt from VAT under Article 135(1)(d) as outlined at 2 above.

However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for Bitcoin or other similar cryptocurrency. The value of the supply of goods or services on which VAT is due will be the sterling value of the cryptocurrency at the point the transaction takes place.

Corporation Tax, Income Tax and Capital Gains Tax treatment of Bitcoin and similar cryptocurrencies

As with any other activity, whether the treatment of income received from, and charges made in connection with, activities involving Bitcoin and other similar cryptocurrencies will be subject to Corporation Tax, Income Tax or Capital Gains Tax depends on the activities and the parties involved.

Whether any profit or gain is chargeable or any loss is allowable will be looked at on a case-by-case basis taking into account the specific facts. Each case will be considered on the basis of its own individual facts and circumstances. The relevant legislation and case law will be applied to determine the correct tax treatment. Therefore, depending on the facts, a transaction may be so highly speculative that it is not taxable or any losses relievable. For example gambling or betting wins are not taxable and gambling losses cannot be offset against other taxable profits.

For businesses which accept payment for goods or services in Bitcoin there is no change to when revenue is recognised or how taxable profits are calculated.

Corporation Tax: The profits or losses on exchange movements between currencies are taxable. For the tax treatment of virtual currencies, the general rules on foreign exchange and loan relationships apply. We have not at this stage identified any need to consider bespoke rules. For companies, exchange movements are determined between the companyʼs functional currency (usually the currency in which the accounts are prepared) and the other currency in question. If there is an exchange rate between Bitcoin and the functional currency then this analysis applies. Therefore no special tax rules for Bitcoin transactions are required. The profits and losses of a company entering into transactions involving Bitcoin would be reflected in accounts and taxable under normal Corporation Tax rules.

Income Tax: The profits and losses of a non-incorporated business on Bitcoin transactions must be reflected in their accounts and will be taxable on normal income tax rules.

Chargeable gains – Corporation Tax and Capital Gains Tax: If a profit or loss on a currency contract is not within trading profits or otherwise within the loan relationship rules, it would normally be taxable as a chargeable gain or allowable as a loss for Corporation Tax or Capital Gains Tax purposes. Gains and losses incurred on Bitcoin or other cryptocurrencies are chargeable or allowable for Capital Gains Tax if they accrue to an individual or, for Corporation Tax on chargeable gains if they accrue to a company.

Future implications

The tax treatments outlined in this brief are for tax purposes only. They in no way reflect on the treatment of cryptocurrencies for regulatory or other purposes.

Given the evolutionary nature of these cryptocurrencies, HMRC will issue further guidance as appropriate.

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

How To Choose Accountants For Contractors

How To Choose Best Accountants For Contractors

How To Choose Accountants For Contractors

If you are searching for a skilled and qualified accountant that is able to specialize in a particular field, such as contractor accounting, then there are several key points that need to be fully considered prior to using the services of the right person.  Here are several tips to consider for choosing a reliable accountant:

1. Qualification.  In the process of searching for the right accountant, you will often come across a range of accountants offering a range of services. It is often the case that contractor accountancy requirements are often unique and specific. It is therefore vital to choose a specialized accountant that is qualified in this particular sector. Many of the larger accountancy practices or high street firms are more likely to focus on dealing with large corporations, personal tax planning, or small businesses which might not be suitable for your specific needs. In an initial interview with an accountant, you should ask whether they are specialized in dealing with matters that relate to contractors and that they are fully qualified on such requirements as the IR35. This is a key consideration and will often drop many of the high street based accountancy firms.

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2. CPA Reviews.  During your interviews, it is a good idea to have a list of questions ready for the accountants. The most important, and often overlooked, the question is whether they are a licensed CPA. Many people simply assume that all accountants are licensed. You don’t want to hire someone who does accounting on the side and never got around to being licensed. Find out how many accountants work with him at his firm. Having a large number could save you money because you could use the cheaper ones for less important issues. You also have to make sure the firm is used to dealing with a business of your size when choosing an accountant.

3. Trust.     Oftentimes, when people are choosing an accountant, the individual’s personality is forgotten. You have to remember that you will be working closely with this person, so make sure you choose someone you and the rest of your employees can trust. Convenience also should play a part in your selection. You may have found the perfect accountant. The only problem is that his firm is located hours away from your company. He no longer is the perfect accountant. Choose someone in your area because these are the people you know well and can trust.

4. Experience.    When looking for the contractor accountants it is also good to consider how long they have been in service. A contractor accountant with many years of experience has the capacity to do a good job since he/she has done the same thing over and over again. An accountant with a good experience know the various challenges likely to be encountered and how to deal with them. On the other hand, a contractor with little or no experience at all is most likely not going to give you the desired result.      The above are some of the things to look at when choosing a contractor accountant.

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

How to Choose Tax Accountants Online

Finding the Best Tax Accountants online

Filing your own tax returns can be a daunting experience and getting professional help an expensive ordeal. This is why more and more people are choosing to go online and finding themselves tax accountants online. Choosing tax accountants online not only helps you save time but helps you save money too. A simple Google search will give you access to thousands of tax accountants online but should you always trust them? The answer is no!   Calling yourself an accountant doesn’t necessarily make you one too. In order to be an actual accountants, one needs to have the proper certifications. In the UK, you can check a firm’s status by logging on to their Accounting body website.  

GM Professional Accountants are trusted tax accountants,  you can search through our reviews given by our clients on google and Yellow pages.

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Accountants in Ilford

The following list will tell you all that needs to be checked- 


The first thing that you need to check is how experienced your accountant is. Is he/she a beginner? Have they worked with any companies similar to yours? Do they have famous clients? This is because experience matters. The more practice your accountant has had, the better they will be at their job.   If you’re filing tax returns for an individual, accountants that are beginners will be able to do the job pretty well too.   Qualifications  You need to make sure that your accountant has the necessary qualifications for the job they’re doing. In the UK, the most commonly recognized bodies are ICAEW, CIPFA, AAT and ACCA. Stay away from fake websites that lure customers by offering low fees, chances are the accountants aren’t qualified at all.  


Choose your tax accountant online wisely. After all, this is the person who will have knowledge of every intimate detail of the finances of your company. The accountant could have loads of experience and be properly qualified but until you feel you can trust them, it is not advisable to hire them.   Transparency and Integrity  Before you hire a tax accountant online, make sure that you communicate your company’s rules and regulations. This ensures that the accountant is aware of the policies and he doesn’t deviate from them. Make sure that the accountant is following the generally accepted accounting principles. It is very important to have an accountant who has values and has integrity. You can ask for a list of old clients and verify with them. 

Why I Should Hire GM professional Accountants to do my taxes 

GM professional accountants is a trusted firm comprising of registered tax agents who are experts in their fields. The tax accountants are well qualified individuals who have complete knowledge of the tax laws in the UK. Whether you’re an individual or a business, the accountants at GM are committed to serving their clients and offering them the best financial advice. Not only do you save money but you can be sure that your finances are in good hands.

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 Estate agents

Accountants for estate agents

What are the filing dates for estate agents? 

While going about their work, estate agents have to file their taxes. Sole estate agents have to file by 31st of January. On the other hand, estate agent companies have to make the filing 9 months after the period of accounting is over.

This is an important part of the job for estate agents. It is just as crucial as assessing the condition of a property, making comparisons and getting the best prices for their clients.

What are the allowable expenses?

While filing their taxes, there are some allowable expenses that estate agents can enjoy. These are essentially tax benefits. Building repair costs are allowable expenses.

Furthermore, general maintenance is also an allowable expense. If you pay the water, gas, council tax and electricity yourself as the estate agent, then they are allowable expenses.

Any insurance cover that you may have is an allowable expense too. In addition to that, the charges for services such as gardening, cleaning and renting grounds are allowable expenses. The fees involved in property management and agency are also allowable.

What type of accountancy services will estate agents need? 

To keep track of their expenses, estate agents need some accountancy services. If the estate agent is a limited company, they will need payroll, accounts, self assessment, vat and directors return accountancy. On the other hand, if the estate agent is self employed, then they will need tax return accountancy as well as accounts maintenance services too.

Estate agents should hire accountants so as to ensure that all finances and responsibilities stay on track. Accountants also help with the confusing task of filing taxes. Furthermore, professional accountants for estate agents can help you to make sound financial decisions such as where and when to invest.

Choosing an online accountant ?

Today, you can procure the services of an online accountant. Thanks to the Internet, these professionals can now deliver their services right to you as long as you have a computer system and a comfortable connection. There are literally thousands of these accountants online.

How can you find the right one for your business? The first step is to do a Google search and then check their reviews. Good online accountants have positive reviews from their past clients and also from peers in the industry. Also, check their credentials to see if they are part of a recognized professional accountancy body. This adds credibility to their services.

Choosing the right Accountants in London or Manchester? 

London is a big city with many accountants for estate agents. How can you choose the right one for you? Begin with identifying what sort of accountancy service suits your company the best.

You can hire the services of an accountant who has a practice located close to your professional office. Alternatively, you can hire an accountant who provides their services through the Internet.

Pick the type that fits your enterprise the best. During this process, ensure that you go for a Chartered Accountant. This shows that they are highly qualified and regulated by a professional body.

Furthermore, you should choose an accountant who has the expertise which you desire in your business. For example, if you work in the real estate sector, the accountant who you choose should have knowledge about properties and practices in this industry.

GM Professional accountants have offices 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?


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 Architects

Accountants for Architects

Accountants for Architects

Just like any other normal people, architects need their own accountants in order to build better financial plans. The right accountants for architects must possess professional skills in order to help and guide them for all their financial situations. Let us dig deeper into the things that architects need to know about all their accounting needs.

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What are the filing dates for architects?

The filing dates for architects depend on the type of structure. However, most of them have a December year-end. For self-employed, the date is usually 5th April. The filing deadline for paper returns is 31st October and 31st January for electronic return. For companies, their corporation tax bill must be payable within 9 months and one day after the end of their accounting period.

What are the allowable expenses?

As an architect, there are allowable expenses that can be deducted from their tax. Some of these are expenses in travel which include parking, tolls, and taxis if you are required to travel for seminars or meeting.

It also includes the cost of using your own car whenever you travel to attend training or meeting or if you need to pick supplies on different job sites. Work clothing, training, and work tools and equipment are also included in the allowable expenses.

Other work expenses such as annual memberships, work-related books or magazines, mobile or telephone calls, and internet connection fees are also considered allowable expenses.

What type of accountancy services will architects need?

Whether you are with limited companies, or self-employed, architects need different accountancy services. For limited companies, services such as the director’s self-assessment tax return, payroll bureau, and dividends and corporation tax computations are needed by architects. On the other hand, self-employed architects need accounts, payroll, self-assessment tax return, and proactive tax advice throughout the year.

Choosing an online accountant

It is very important to take your time in choosing an online accountant that will guide you in your financial needs. To start off, you can check reviews and their qualifications online in order to give you their brief background. GM professional accountants are three best rated accountants in a number of areas and have a 5 star rating.  Consider the fees that you need to incur and whether they can help you reduce your business taxes. Choose an online accountant who is capable and has an experience in handling your finances properly. It is a very wise decision to choose accountants who are expert in tax laws that apply to your needs.

Choosing the right Accountants in London or Manchester

GM Professional accountants are experienced in the field of accounting and tax and help you with your tax planning needs. We excel in our skills and experience and we are highly qualified for the role. We spend the time to speak with you regularly. This means that we are willing to see you at the convenient of your own time. Create a wise strategy in picking the suitable accountant in London or Manchester. Don’t settle for the first person you come across. Remember, not all accountants are created equal.

Accountants for Startups

Accountants for Small business Startups

Accountants for start-up business
Accountants for start-up business

Till date accounting is one of the most important parts of starting as well as operating a successful business. Hiring an accountant not only helps to grow a business but they also help in the case of a complex business structure.

There are a lot of people who are ready to help in this kind of stuff and the level or the size of the business doesn’t matter to them. Accountants are needed doing a range of works like deciding appropriate business format, deciding whether to register for VAT or not and many others.

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What are the filing dates for a start-up business?

If you are self employed or a sole trader then your tax period is normally the  6th April till the 5th April. The filing dates for paper returns are 31st October and for electronic returns the 31st Jan. For limited companies you have an accounting period which normally starts from the date the company was incorporated, and you can choose when the accounting period ends, which is usually 12 months by default. You then have 9 months to file the accounts, tax computations and CT600 to companies house and HMRC.

Sole trader or self-employed people have to pay their taxes on the 31st January after the end of their tax year! HRMC generally requests for payments for the next year’s estimated tax on 31st January and 31s July every year. This means that after one year has passed of the business you started your tax bill can be 150% of what you expected to pay where the 50% is payable in the month of July.

According to HRMC, all self-employers should file a tax return once a year and the given deadline is 9 to 10 months after the end of the tax year.

What are the allowable expenses?

As a sole trader if you have made around 30,000 pounds and you have spent 5000 pounds on allowable expenses you will be taxed on the remaining 25,000 pounds only.

The allowable expenses include:

· Office costs, such as phone bills or stationary

· Travel costs, such as train or bus fares, fuel, and parking

· Financial costs, such as bank charges or insurances

· Advertising or marketing, such as costs of websites

· Clothing expenses, such as uniforms

· Things you need to but to sell on, such as raw materials or stock

· Costs of business premises, such as lighting, heating etc.

What type of accountancy services will startups need?

There are generally two types of accounting methods that is accrual accounting and cash accounting for sole traders. but for companies the accruals method is used,  Accountants for start-up business that are sole traders can choose between these two Accruals and cash basis. So you should understand the criteria and GM Professional accountants will help you make the right choice.

For self-employed, will you will need accounts and a tax return?

Yes if you are self-employed you do need to do your accounts and tax return. GM professional accountants can register you with HMRC to receive a UTR number. This can take up two weeks, and the UTR number will come via post. Its recommend to register in time to meet the 31st Jan deadline otherwise you may incur penalties.

Choosing an online accountant?

The right accountant will provide you than just prestige! If you want an online accountant you should understand the services you need. There are a number of good online accounting software packages.  GM professional accountants help you make the right decision from the structure, software and guidance on the allowable expenses.

Choosing an online accountant will not only save your time but also you will have access to a valuable source of information! You can check our reviews on Google. We have been rated the three best rated accountants in a number of areas.

Choosing the right accountant in London or Manchester?

Choosing the right accountant is a decision that will have a significant impact on your business. If the information and tax planning is correct you will be able to make informed decisions and this will reduce the burden and help you to stay intact.

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

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Accountants for Immigration

Accountants for Immigration

What are the Filing Dates for Immigration Self Employed or Limited Companies? 

The sole trader dates are 31 January and limited companies nine months after the end of the accounting period. The self assessment tax year runs from the 6th April till the 5th April. you must file paper tax returns by the 31st October and electronic by 31st January. The first Limited company accounting period can be a long period, which means there will be once set of accounts but two tax computations and CT600’s to file.  

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What are the Allowable Expenses?

Allowable expenses are all revenue trading expenses that are exclusively and wholly incurred for business purpose. They include:

  1. Subscriptions- That includes, the membership and subscription costs to professional membership organizations

    Accountants for Immigrants
    Accountants for Immigrants

    or trade bodies relevant to the business

  2. Staff costs to include staff and employee salary, employer national insurance contributions, bonuses, benefits, pension contributions and agency fees
  3. Clothing such as the cost of uniform, actors and entertainers costumes and the necessary protective clothing

d. Marketing costs including website cost, newspaper advertising, free samples, mailshots, and directory listing.

  1. Business insurance costs like professional indemnity insurance and public liability insurance.
  2. Legal and financial costs to include costs incurred when you hire a professional like an architect, solicitor or surveyor for business reasons. It also consists of the interest on bank and business loans, bank overdraft, and credit card charges.
  3. Office expenses such as printing costs inclusive of the printing ink, business stationery, business equipment like plant and machinery, computers, computer software and printers.
  4. Business premises expenses such as rent, property insurance, and security, utility bills, expenses for buying or building the business premises and maintenance and repair.
  1. Stock and material cost to include the direct cost associated with the production of goods, the cost of the raw materials, and the stock cost.

j.Travel costs such as business-related car costs like break down cover, fuel, insurance, hire charges, servicing and repair

What Type of Accountancy Services Will Immigration Individuals Need?

A. Limited Companies

A limited company will need:

  • Payroll
  • Accounts
  • Self-assessment directors return
  • VAT returns
  • A balance sheet with details of everything owed or owned by the company on the last day of the financial year
  1. Self Employed

A self-employed individual will need

  • Accounts
  • Payroll
  • Tax returns

Choosing an Account Online

When choosing an accountant online, it is important to consider the following factors

GM professional accountants have the following skills, qualifications and reputation:

  • Google reviews- check our review on Google, and see the opinions of our clients
  • Qualifications- We are take experts and are registered and regulated
  • Experience – We have years of experience in the field of accounting and tax
  • Customer support- we have a 5 star rating from our clients

Choosing the right accountant in London

Choosing the right accountant is an important part of a business whether it is a sole enterprise or a limited company. Here are guidelines for choosing the right accountant in London

  • Ensure that the accountant is qualified through one of the main accountancy bodies such as Association of Chartered Certified Accountants (ACCA), Institute of Certified Accountants, or Chartered Institute of Management Accountants, CIPFA and AAT.
  • Choosing the accountant before starting the business to give the business the right structure from the start.
  • Fees- How much the accountant charges and whether they are hourly or fixed fees.
  • How responsive the accountant firm is on offering proactive services throughout the year.
  • Choose the accountant with the sufficient cover and has access to specialist advisors.

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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.

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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 Ebay sellers business

Accountants for ebay sellers 

eBay offers an incredible exposure to your online business. It offers a huge potential for the product sales as it is a reliable option online to sell your product. Online business is financially regulated just like any other business. You need to take care of the financial matters diligently if you conduct business online. You might need an accounting expert to handle financial matters and taxation if you are an eBay seller.

What Are The Filing Dates For eBay Sellers?

Tax filing dates for sole traders and companies are different. If you are a sole trader, i.e., you own the business entirely, whether you have employed staff or not, you are supposed to file taxes before 31st January. However, if you run a registered company that sells products on eBay, you need to file taxes within nine months after the accounting period.

What Are The Allowable Expenses?

Whenever you sell anything on eBay, you must record the expenses incurred for the sale.

– Reselling

– Taxes and shipping costs associated with the item.

– Manufacturing – Costs of materials, tools, and supplies.

– Postage cost, bank fee, PayPal fee and eBay fee if any.

– Damaged or Returned Items. You need to record the beginning and ending inventory for these deductions.

– Home Office Deduction – If you use your home office exclusively for eBay business, you can claim this deduction.

– Office Equipment – Expenses related to office supplies such as a computer, furniture, Internet service, etc. can be deducted.

– Travel Expenses – If your business requires you to travel to drop eBay packages to a post office or travel to source the product, you may be eligible for such deductions.

– Accounting Expenses – Whether you use an accounting software or paying an accounting professional, you can claim deductions for tax filing and tax preparation expenses.

What Type Of Accounting Services Will eBay Sellers Need?

Whether you sell an item or two or just make a small amount of money by selling on eBay, you are liable to pay taxes. It is important to hire a professional to handle your accounting and taxes as handling the accounts and other financial matters need expertise. Moreover, you can claim deductions for the account preparation costs and it is better to focus on your business. The type of accounting services you will need depends on your business requirements. Define your business requirements elaborately and interview the accountant accordingly. Companies need accounting services for maintaining accounts, payroll, self-assessment directors return and vat returns. Sole traders need accounts and tax return services.

Choosing An Online Accountant

Once you define your business needs and start shortlisting the accounting firms, you should take the following factors into account. – Expertise The firm or the accountant with at least a few years of experience in accounting is suitable for hiring. It would be even better if the accountant has an experience handling eBay taxation specifically. – Approachability You will need tax advise regularly to maximize your profits. The accountant should be easily approachable so that you can ask for advice or get other accounting needs fulfilled without delay. – Communication You should be able to communicate with the accountant without any problem. There should be no communication barriers such as language problems, etc. You must be able to communicate with the accountant through various channels such as phone, email, social media, etc. – Professionalism The accountant must be professional and take their job with utmost sincerity.

Choosing An Accountant In London

The first step is to google search the accountant and check the reviews. After you see enough positive reviews, you should look at the qualifications of the accountant to make sure that he is a suitable candidate. Get accountant references from fellow contractors. References, recommendations, and endorsements can help you hire suitable professional easily. Confirm what’s included in the price they have offered and what’s not included. It is crucial to make sure that the accountant understands IR35 thoroughly. Remember, it is your job to maintain your accounts and accountant properly. Accounting professionals can provide their services appropriately only if you provide them accurate and timely information. You are responsible for your accounts entirely and you are hiring the accountant’s services only. Hiring the right accountant can save you time and take the burden off your shoulders, but does not take away your accounting responsibilities.

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Accountants for online sellers business

Accountants for online sellers

What are the filing dates for online sellers

Accountants for online sellers 
Accountants for online sellers

Online seller or e-commerce shopping sites, such as Alibaba, EBay and Amazon are also obliged to comply with the Goods and Services (GST) Act, which means must pay taxes and file their respective returns. As an online seller, you should practice filing your returns according to the rules and policies in order to avoid penalties in case the deadline has passed. Knowing the filing dates helps to promptly know the income and expenses you incurred in a particular year. For a sole trader business, the filing deadline is 31st Jan, while other types of businesses have up to 9 months after the end of the accounting period.


What are the allowable expenses

Allowable expenses refer to the essential business expenses that you can claim against their tax returns. These costs are very important to keep your online sales running because you have to remit their respective taxes irrespective of your expenditure, meaning they are tax deductible. Allowable expenses include your motor expenses, office stationary, plant and machinery as well as travel costs and staff salaries.

What type of accountancy services will online sellers need

There are many services that accountants can give to online seller; however, a wrong choice can be time wasting and costly in the end. When it comes to picking the most suitable accountancy services for your online business, limited companies will need accounts, payroll, vat returns as well as self-assessment and company directors’ tax return. HM Revenues & Custom (HMRC) mandates that all company directors of online business must also file tax returns or notify them if they are unable to file their annual tax returns. On the other hand, as a self-employed online seller, you will need accounts and tax returns.

Choosing an online accountant

In the modern-day business world, company owners rarely have to meet their accountants physically because online accountants are more flexible and prompt in their work. Choosing the right online accountant can help you manage your accounts easily and according to the current policies. One key benefit of hiring an online accountant is that you will be able to access your accounts remotely from any location. Therefore, before settling for a particular accountant for your online business, it is important to check their review on google as well as their qualifications. While google search sometimes presents the candidate’s knack to provide excellent services, always remember that almost anyone can call himself or herself an accountant in the UK. Apart from their qualifications, always check the firm’s status as well for reassurance.

Choosing the right Accountants in London

If you want to be free from semi-skilled accountants who are poor communicator and always files your tax returns late, it is important that you appoint an accountant before starting your business. Choosing an accountant in London can be compared to deciding on the right business partner because you need to build trust in the long-term. A dedicated accountant should give you unsolicited ideas about growing your business. He should also be fully client-focused and offer high-quality accounting services at reasonable rates. The right accountant should have a unique approach to solving your accountancy issues according to your needs and requirements.

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Accountant for Actors

Accountant for actors


Accountant for actors

Apart from being a creative profession, the profession of acting is unique when considered for taxation purposes also. It has several accounting challenges due to fluctuations in income, different means of income such as income from acting in productions, from advertisements, by giving interviews and attending inauguration functions etc.

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Acting is considered as business for taxation purposes and there are several special rules for taxation which need expert attention to get the maximum possible benefit for the actors.

Filing dates for Actors

For self-employed individual returns, the last date for filing is 31st January of the year after the taxable year period. For corporations, the return date is 9 months after the end of the accounting tax period.  Example, if the accounting year ends in 31st of March, the corporation needs to file for tax returns by 31st December.

Expenses included for tax relief

Actors can get tax relief for clothing expenses. They can use your home rent for tax relief because most of the times actors use their home as office. They need not have a separate office to claim tax benefits. Actors can also claim their travel expenses related to their work.

They can also claim fuel expenses as fixed mileage costs. Cash spent on researching the role also comes under tax benefits. Marketing expenditures done for self-promotion and money spent for training and special classes to prepare for the role can be claimed. There is good provision in the income tax rule for claiming all these expenses.

Types of accountancy services actors need

It’s important to evaluate the kind of business as well as supporting staff & cash inflow for deciding which type of accountancy service is ideal. If you have established as business firm then full time tax practitioners are required also payroll & balance sheets needs to be maintained.

For individual receiving payments as self-employed, there is a need to keep accounts and to fie returns.

Choosing an online accountant

Based on the volume tax practitioners can be appointed or requirement based services can be availed from accounting consultancies

It’s important to know about your online accountant before you choose one. First to look for few good examples of online accountants and to be care full to check the reviews in independent sites such as google etc.

Rather than recommendation written in their own site. The qualification and registration details needs to be cross checked with relevant authorities who has approved the certificate for e.g. ICAEW, AAT, CIPFA and ACCA

How to choose the right Accountants in London

Picking an accountant in London seems to be easy but not the quality deliveries can be expected from everyone. Now a days availability of tax practitioners and accounts are like going for shopping online.

It is important to know few facts about accountants before choosing one. It is important to verify that the accountant has gone through the qualification test/certificate from any of the agency such as AAT, CIPFA, CIMA (Chartered institute of management accountants), ICAS (Institute of chartered accountants).

It is also good to know that these agencies also suspend its members if found doing wrong practice. It is also good that if we choose and accountant from a firm which is having enough experience. This will definitely help in cross consultation whenever the need arises.

Fees is another important agreement when you choose accountant in London always go for a fixed fee agreement to avoid any disputes or un controlled invoicing which will hit your pocket.

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

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Accountants For Property Developers

Accountants For Property Developers

Accountants For Property Developers

Property development is a complex business where you can’t afford to get matters wrong from an accounting and taxation perspective. To have a solid foundation for your property ventures, you need to get the right financial structures in place. This guide is intended to help property developers navigate their way through the various issues involved.


Filing Dates For Property Developers

Property developers must file a company tax return when they get a notice to deliver it from HM Revenue and Customs (HMRC). HMRC uses a system called Self Assessment Company Filing to collect income tax. The system allows HMRC to collect tax automatically. The deadline for filing tax returns for property developers who file online is 31 January. Property developers should ensure they are not late in filing their tax returns as this would attract tough penalties from HMRC.

Tax Advice on the Allowable Expenses For Property Developers

As a property developer, you are bound to incur expenses in the running and maintenance of your property. You can reduce your tax bill by claiming for the expenses you have met. Knowing how to make the most of the allowances and expenses you have will see you reap more profits from your business by cutting down your tax bill. The most common expenses that property developers can deduct include:
* Water rates and council tax
* Cost of maintenance services
* Rents and service charges
* Accountant’s fees
* Contents insurance
* Direct costs such as electricity, advertising for tenants, etc
Where only a part of the expense meets the conditions set for a deduction, then property developers will deduct that part from their income.

Accountancy Services Property Developers Need

Property development involves relatively few transactions but each is of a very high value. How these transactions are reflected in the accounts have far-reaching effects on taxation liabilities. Property developers, therefore, need accounting services from expert property accountants to ensure everything is done right. Property accountants offer different services depending on whether you are self-employed or a limited company. These services include audit, securing finance, account preparation, tax planning, advice on long-term efficiency and specific services tailored to meet business requirements.

Choosing an Online Accountant

Choosing an online accountant can be a daunting task. You will be putting your company’s finances in the hands of an individual you have never met face to face. It is important that you choose an online accountant carefully. Start by checking the accountant’s reviews and qualifications on Google. Qualified accountants are regulated by a professional body. Pick an accountant whose reviews portray him as knowledgeable, experienced and ethical.

Choosing the Right Accountants in London

Choosing the right accountant to handle your finances will save you time and money. There are many companies offering accounting for property developers in London. Selecting the right accountant begins with determining your business needs and then evaluating specific factors such as the accountant’s division of workload, the software they use and how much they charge.
It is advisable to find an accountant with experience in preparing financial documents for companies that are similar to your company in size and revenue. An accountant who has previously worked in your niche is a suitable candidate since he will understand the unique needs of your business.

Accountants for Recruitment agencies

Hire Accountants for Recruitment agencies in London and Essex

Recruitment has always been the art of finding the right skills, knowledge, and expertise on a particular subject matter. Accountancy, co-incidentally, require the same set of skills as well. This is why hiring accountants for recruitment make the ideal game plan for any situation.

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You might be wondering what benefits you might get from taking such a bold move. This article covers all the main advantages of taking such a decision.

1. Self-Assessment

Before asking yourself if you need an accountant, ask yourself what are the filing dates for recruitment agencies. When assessing your company assets & numbers, many have to make the deadline of to file the dates for recruitment. A recruiter might not be able to handle all the numbers by himself or herself.

Accountants in london

In such situations, accountants can come in quite handy and might prove to be the heroes that the situation demands. if you are self employed then your tax return filing date will be either 31st October for paper form and 31st January for electronic returns. If on the other hand you operate as a limited company, then your filing date is 9 months after your accounting period ends.

2. Allowable expenses.

Many agencies do not understand what are allowable expenses and neither on the tax return form. An accountant can assess any given situation within minutes and roll out numbers to satisfy the needs of the client. This comes in extremely handy. Instantaneous tax advice. You may claim motor expenses, office equipment, stationary, travel and many more.

3. Services required.

You might wonder at this point, what type of accounting services might a recruiting agency need? This is a complex question, as the need can vary from organisation to organisation. The type of organisation plays a pivotal role in the type of service required. If you’re a private limited company, you might require company accounts, payroll, vat returns and directors self assessment. But if you are self employed then you will need to do accounts and self assessment tax return.

4. Choosing the right one.

After making up your mind about hiring an accountant for the recruitment agency, you might still be faced with the humongous task of finding the right one. Choosing an accountant online is not as easy as it seems. You must carefully scrutinise the inherent qualities of each and every accountant. You can check GM Professional Accountants google reviews, see reviews from our previous clientele.

These were some of the reasons why accountants for recruitment agencies is a good idea. There are many tasks which can be handled by the recruiter and the accountant simultaneously to ease the work pressure on the recruiter. The numbers can speak for themselves and thus, give the accountant a chance to work his or her magic on the said numbers is the best way to run a successful business. If you’re looking for trustworthy accountants in London, you can simply perform a simple Google search to see who tops the list in your area. While it is not true that the first result is the best one. GM Professional Accountants have 5 start reviews and have been rated the best rated accountants in our local area.

Call us today on 0208 396 6128 and grow your business today!

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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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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 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 Pharmacists

Accountants for Pharmacists


This article provides the information you need about tax filing as a practicing locum pharmacist or as a limited liability company. The possibility of a tax office investigation into your business account is a constant possibility. This is why your books should be in order all the time.

What are the filing dates for pharmacists?

Self-Assessment is a system run by HM Revenue and Customs to collect income tax. Self-employed or locum pharmacists must report their income using the self-assessment tax return. You need to fill it at the end of the tax year it applies to. The tax year ends April 5. However, if you are filing online the deadline is January 31. If you did not file one for the previous year, you have to wait for 20 working days as you need to register first.

What are the allowable expenses?

Your allowable expenses are all the costs of running your business. These include everything from postage to utilities. Here is a list below:
1. Computers
2. Travel Expenses
3. Industry specific subscriptions and licenses
4. Stationery and postage
5. Utilities
6. Internet access
You must make sure to keep receipts for all these expenses to claim them as allowable expenses.

What type of accountancy services do pharmacists need?

You need different accountancy services depending on if you are a locum pharmacist or run as a company. As a locum pharmacist there are several online options for you like small business software like Quickbook or Waveapps help self-employed to keep meticulous accounting records and take very little time to learn to use and update.
However both locum pharmacists and companies can use verified online accountants. If you have a larger organization you would do best hiring an accounting firm to keep your books straight.

Choosing an online accountant
If you decide on an online accountant, keep in mind that you have to be able to trust this individual with the reputation and well-being of your company. Do not be sloppy when vetting your accountant. Do Google searches on the accountant and look for reviews on their services on LinkedIn.
You can also check that their experience is in your industry and how many years they have offered their services. Another key factor is the software and tools the service uses. Ask them. Also pay attention to their response times and working hours.
Last but definitely not least, check that there qualifications are legitimate. Keep an eye out for accountants who are not accredited. Weed them out. Accountants without accreditations are not dedicated accountants.

Choosing the right accountants in London or Manchester

Location is important when you want to choose an accountant. If hiring an accountant online does not sit well with you, then you can go ahead and choose an accountant in London or Manchester. You can support the local economy in that way by hiring certified, highly trained book keepers.
For you to choose the right accountant for your business it boils down to three things. The person or company providing the service, their processes and the technologies they use. Focus on these three qualities and look for an accountant who has integrity and is dependable.

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Accountants for Foster carers

Accountants for Foster carers

Foster caring is an important and difficult job and simply looking after a foster child can be difficult enough without worrying about financial issues. However, for those interested in becoming a foster carer knowing what taxes and other financial matters can are applicable is important. Indeed you may wish to hire a professional, as accountants for Foster carers can clear away many of the complexities of the tax regulations that foster carers should follow.

What Taxes Apply to Foster Carers

As foster carer income is consider self employment income and must be treated as such for income tax, though there are deductibles for foster care expenses. You will get an allowance from the government but this is counted towards income tax, though there are many deductibles and tax relief available to foster carers.

What are the Filing Dates for Foster Carers

Like all self employed workers tax filings need to be submitted on or before the January 31st that follows each finical year, so long as you are using online submission. Paper submissions must be made instead by no later than the October 31st after the end of the relevant tax year. A self assessment tax return means you give an estimate of the tax you need to pay. Keep careful and thorough records to prevent later tax bills or other penalties.

What are the Allowable Expenses

The allowable expenses for a foster carer are different that most self employed people and can be incredibly simple, and you will also get tax relief for each week the child/ren are in your care. Though you should still keep detailed records of expenses any expense directly related to the foster caring can be claimed, either separately or under an
optional rule called Qualifying Care Relief. This rule allows you to group together all relevant expenses and claim them as one item.

What Type of Accountancy Services Will Foster Carers Need

There are two main methods of calculating tax and income with foster caring, the simple and profit methods. Of these the simple method is usually the most beneficial but it depends on the situation. More complex cases, such as additional payments and allowances because of disability or other factors, may need the help of an accountant to ensure you are paying the correct amount of tax and are getting all possible deductions and allowances. There is little benefit to being a limited company when dealing with finance to do with foster caring, however if you are there is little changes to how to do your tax returns.

Due to the variance one what taxes are applicable to foster carer income, hiring an accountant may be a wise choice even outside of more complex foster care situations.

Choosing An Online Accountant

Make sure any accountant you plan to use has verifiable professional qualifications like certification from CGMA(Chartered Global Management Accountant) or ACCA (Association of Chartered Certified Accountants). It is also a good idea to check any online reviews and/or word of mouth.

Choose the Right Accountants in London

Little difference from selecting an online journalist, you should confirm their qualifications, and check word of mouth or any relevant reviews. Checking business directories as well as accounting organisations (such as the Institute of Charter Accountants in England and Wales) is a good idea, so you can check for any codes of conduct or ethics breeches.

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

· 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:







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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Accountants for Engineering

When becoming an engineering contractor there are many new issues that you need to know about regarding how to pay your taxes and if you will need an accountant to help you with them.

What taxes apply to engineering contractors?

Accountants for Engineering
Accountants for Engineering

Of the tax laws around contracting the most important for independent contractors, no matter their profession, is IR35. This law was conceived to stop tax avoiders using the Limited company rules to avoid paying certain taxes. These ‘disguised employees’ use an intermediary, such as a limited company, to supply services to a client, while essentially being employed by the client. If you come under this law you will need to pay both income tax and National Insurance Contributions (NIC). Contracts up to six years old can be investigated, so ensure you keep good records.

What are the filing dates for engineering contractors?

All tax filings need to be submitted on or before the January 31st that follows that finical year, assuming you are using the online submission method. Non online submissions must be made by the October 31st after the
end of the tax year. A self assessment tax return means you are estimating the tax you need to pay. Make all attempts to be accurate in your record keeping to make this process easier for you or your accountant.

What are the allowable expenses?

Allowable expenses for contractors are expenses that are exclusively for your business. This includes, but is not
limited to the following list:

· Travel Expenses.

· Clothing.

· Accommodation.

· Meal Allowance

· Training

· Pre-Trade Expenses. Only relevant to contractors in a Limited company this would only include expenses
(from a maximum of seven years before your first day of business) that would be
normally counted as business expenses.

This type of allowable expenses applies if you are not in IR35, in that case it is capped at a 5% of your total income and can only be claimed for administration expenses. Always keep receipts of business expenses whether under IR35 or not.

What type of accountancy services will an engineer need?

The services that a contractor requires will depend on whether they are self employed or part of a Limited Company:

· Self Employed.

For self employed contractors only once tax return needs to be submitted per year. So
long as you are keeping accurate records and separating out the necessary tax,
you required accountancy services would be minimal. Necessary services would
generally be the single tax return.

· Limited company.

Due to the more complex administration and tax return procedures, someone part of a
Limited company many find themselves in need of regular accounting services.
This is especially important for IR35 issues and self assessment tax returns.

Choosing an online accountant

Like any other professional, an online accountant should have verifiable qualifications such as CGMA(Chartered Global Management Accountant) or ACCA(Association of Chartered Certified Accountants). Also check online reviews and general word of mouth opinions.

Choosing the right Accountants in London

Like choosing and online accountant you should check their qualifications, any reviews and word of mouth. You can also check business directories and professional accounting organisations (like the Institute of Chartered Accountants in England and Wales) to see for any previous sanctions or breeches of codes of conduct or ethics.

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

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

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

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

Capital Gains Tax Accountants

Capital Gains Tax Specialist


Benefits of Choosing the combined package

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

• Professional and experienced accountants with over 10 years of experience

Quick, reliable and efficient responses tailored to your tax saving needs

Call 0208 396 6128 for more information.

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GM Professional Accountants advise and provide service on Capital Gains Tax Return.

Capital gains tax is applicable when making a profit. This is normally when you sell an asset, this includes shares, property or business.

Currently, taxes are paid on the sale, they are subject to a number of factors such as the reliefs and incidental expenses.

The UK budget of 2016 included a number of reforms that determine the capital gains tax of an individual based on their income. For example, taxpayers that receive minimum income rates are liable to a CGT of 10% while those who get better income rates pay a CGT of 20%.

Lastly, the rates change when it comes to property sales. GM professional provide expert advice on properties and letting relief on our helpline on 0208 396 6128.

Capital gains tax on Shares

Investment experts buy and sell shares speculatively based on an underlying intelligence of the market trends. Secondly, It is important to note that you could either make a profit or a loss in the share business.

You can buy shares of a quoted company for a given price and then sell these at a higher price in the future. The difference between the selling and the buying price is effectively subject to a capital gains tax. Share transactions forms the basis of the capital gains tax.

Capital gains tax on property

The prices of properties are normally volatile with the passage of time. Some people participate exclusively in the business of buying and selling properties for the sake of making profits. The profit made from the sale is subject to tax after the deductions are made and these are legal fees and agent fees. Furthermore, it is important to note that gains from selling a first home is not subject to any form of tax.

Capital gains tax on business/ investment

You may plan to sell your business after it has gained some value. Furthermore, the proceeds made from the sale is also liable to the CGT. Lastly, in case you retain a stake of 5% or more in the business, under the business asset disposal relief you can be taxed at 10%.

Allowances on the CGT, the government of the UK has provided an incentive that encourages taxpayers to pay any capital gains tax due through the annual tax exemption. Therefore the financial year 2020/2021 has £12,300 tax free allowance.

Lastly, when £12300 profit is made then no tax is payable, the threshold will be updated each year.

The tax allowances will be renewed each tax year and cannot be carried forward. Filing tax returns annually will ensure that any CGT deductions made will be recorded by the tax authority and consequently.

Any government helpline usually guide citizens on how to file tax returns. Tax accountants normally provide an expert’s point of view on the technicalities related to tax returns. They will also provide invaluable advice on how to comply with the tax authority. We have been providing excellent services to our current clients in Ilford , barking, Romford and East Ham

Gm professional accountants have offices in London, Manchester and Essex

How to choose the best CPA online – 5 Things To Consider

How to choose the best CPA online – 5 Things To Consider

It is always a challenging task to choose a CPA for your business from the

How to choose the best CPA online - 5 Things To Consider
How to choose the best CPA online – 5 Things To Consider

deluge of accountants available online. There are around 76,000 qualified accountants in UK and this will add to the dilemma of choosing the right one. London has some of the most renowned accountancy agencies but you need to be aware of certain steps in order to hire the right CPA for your company.

1. Experience

If you want to ensure that you are getting the correct tax advice, do not forget to check the experience of the accountant. It is important that the CPA has worked with similar sized companies and had job responsibilities that were at par with the job role offered. Accountants will also be only valuable to the company if they have worked in similar industries and can provide expert advice on the tax system. CPA’s have to also keep abreast with the latest tax laws running in the country and have to report periodically to accountancy associations about their development.

2. Trust

You will not always depend on employees but this is not an option where it comes to choosing an accountant for your firm. You need to trust your CPA inside out to be able to confidently grow your business. Accountancy embezzlement is not totally unheard of and needs to be paid attention to. You should perform a thorough background check via Google or yellow pages etc. Be extremely wary and alert when you are interviewing the person. You need to establish beyond doubt whether he is going to be with your company for the long term.

3. Qualification

Anyone can call themselves an expert in the UK tax system but you will not hire them unless they possess technical qualifications in accountancy. Usually everyone starts with the AAT qualification and then gains experience. While they climb the career ladder, accountants can get higher qualifications to expand their job roles in bigger companies. Once the CPA has a basic qualification, they can register into a training contract with an ICAS authorised employer to become a chartered accountant. It is highly prestigious for a chartered accountant to follow this route.

4. CPA reviews

When trying to find an accountant online, you can always check the reviews that they have acquired from various firms/individuals they have worked for. There are many dedicated websites that review the accountants and you can find valuable information in these reviews. There is of course an option to choose an agency instead of an individual and there are again review websites for them.,, etc. are websites that will help you to choose a high calibre CPA. The reviews will contain a lot of polarised content so be alert in making your decision.

5. References

Always request the CPA whom you have shortlisted to provide the necessary references of people. You can then conduct a thorough investigation into the previous employers of the CPA. Prevention is always better than cure so it is important to interview the references provided and check for consistency in their information. References can be a good judge of one’s character because you can always tell a person by the company he/she keeps. Also, in the event of a mishap, you can always contact the references for more details.

It will definitely be to your benefit to keep in mind the above factors while you search online on search engines like Google, Bing etc. for the right CPA for your business.

How to set up or create an Amazon Seller Account UK 2021

Are you contemplating starting a business online? We live in the digital age where many people spend time online. Setting up an online business is a good way to tap into this pool of potential customers. As it stands, over 2.14 billion people shop online, representing about 27.6% of the total population in the world. This statistic shows the growing adoption of online shopping by various people. Therefore, starting a business on a well-known platform is a wise and profitable investment decision. Amazon is such a platform. According to Forbes, 89% of people are more likely to purchase items from Amazon than other online shopping sites. In this post, we will focus on starting an Amazon business.


Starting an Amazon business

What makes Amazon great is that there are various ways of starting a business on the platform. On Amazon, there are many ways to succeed. However, they begin with choosing a business model and the products that you plan on selling. Regardless of your business model or your chosen type of product, setting up and running an Amazon Business remain the same. Below are the steps to set up and run an amazon business:


1. Choose a business model

There are many business models that you may use for your Amazon business. Settling on a business model plays a critical role in improving sales. Below are some models that you can use:


Private label: This refers to the process in which a retailer renames/rebrands a product that they have manufactured.

Wholesale: A retailer may buy goods at a discounted price or a low cost and then sell the individual units for profit in a retail market.

Dropshipping: This is a business model by which a seller transfers the customer orders directly to a supplier or a manufacturer instead of keeping their inventory.

Handmade: You can make your products like accessories, jewelry, home décor by hand and put them up for sale on the Amazon marketplace.

Retail and/or Online Arbitrage: Arbitrage refers to a method that retailers find a discount or low-cost goods on eCommerce sites and resell them on the internet.


2. Choose the fulfillment method

You can choose between;

Fulfillment by Amazon (FBA)

Amazon has among the most advanced networks for order fulfillment in the world. With FBA, you store products in an Amazon fulfillment center. Workers pick, package, ship, and offer customer service for your products.

Fulfillment by Merchant (FBM)

This refers to when retailers put their products on Amazon, but they handle the fulfillment of orders and customer service.

Each method has its advantages and disadvantages. Therefore, closely examine each before settling on either of them.


3. Settle on the products that you will sell

The next step is deciding which products you will be selling. You can sell fashion products, food products, handmade items, among many other categories. If you plan to sell handcrafted items, this process may be already sorted, although you still have ensured that there is a demand for the product on Amazon. Tools like Jungle Scout are essential for finding the highly demanded products.


4. Apply to become a seller

We will discuss the process of registration to become a seller in the next section.


5. Sourcing your products

Once your registration has been approved and verified, you can start sourcing for the product(s) that you will be selling. If you use a private label business model, you can find a manufacturer using the supplier database on Jungle Scout or Alibaba.


6. Creating your product listing

Finally, you can create your listing and use it as a basis for growing your Amazon sales.



Creating an account as a seller on Amazon


After figuring out the product(s) that you intend to sell on the platform, complete the process of registration as a seller. The process is as below:


1) Head to


2) Next, scroll the page that is below the link showing how you can become a seller on amazon

You will see a link labeled “see pricing->”, click on it.

(With the “See pricing->” link, you can see the difference between professional and individual accounts. Thus, you can choose what registration to use”.)


3) Choose between professional or individual accounts

You have two options for seller plans on Amazon, Individual and professional plans.

Are you going to sell over 40 products per month? Then a professional plan is your best option. Whether you do not consider yourself a professional or sell as a hobby, the plan helps you save money. However, if you plan on selling less than 40 units a month, select an individual plan.


4) Key in your details and click “Create a new account”

After selecting a seller plan, a form will appear for you to enter your seller account’s credentials. Click “Next” when you are done.

You will see another screen requesting you to enter a Time Password (OTP) sent to your email by Amazon. It verifies your email. After entering the OTP, click on the “Create Your Amazon account” button.


5) Choose the location and type of your business.

Business Location

In which country is your business located? You must get this right because Amazon will verify it.

Business type

Amazon lets you choose from the following business types; Charity, Privately owned business, publicly owned business, state-owned business, or none (if you are an individual). You then have to enter all your three names. After this, click on the “Agree and continue” button.


6) Provide your personal information

After selecting the type of business, Amazon will ask for your details. To validate them, Amazon will ask you to give identification. It may be a driving license or a passport. For verification, they may ask you to provide your phone number.


7) Select your marketplace

After filling in the personal details, check the box below to select the marketplace(s). A marketplace, in this case, is the location of an Amazon store,,,, among others. Click “next”.


8) Provide your billing information

This is a way for Amazon to verify your identity and ensure that your credit card information is valid. Amazon requests the credit card number, the name as it appears on the card, and the date of the credit card’s expiry. Click “next” at the bottom of the page when done.


9) Adding the Amazon store and the product information

After your credit card information is validated, Amazon will ask you several questions about the products you intend to sell and your amazon store. They include;

  • What is the name of your Amazon store?
  • Do you have UPC codes for your product(s)?
  • Are you the manufacturer? Who is your product’s brand owner?
  • Do you have registered trademarks for your products?

After answering these questions, click “next”.


10) Validation of the address

After completing the steps above, Amazon requests you to confirm the business address you had provided earlier (in the “personal information” screen).

If the displayed address is correct, click on the “confirm” button. A message appears showing that Amazon will send a postcard to that address. It also includes a verification code. When the postcard arrives, enter the code into the “enter the code” field. To finish the process of verification, click “next”. You are now in. All you have to do is log into To get started.



To ensure increased security, set up two-step verification on your Amazon account. However, note that there has been a change registration process for a seller on Amazon. It is primarily to help in verifying the seller’s details. To be prepared with the documents, read our article on “Amazon seller verification”.



GM Professional Accountants have offices Located in London, Birmingham and Essex.









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.

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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.

What is a group company in the UK

All About Group Structure Company

Businesses that owners manage come in numerous forms. There are partnerships, sole or individual and
multinational companies. However, as usual, there is not an actual size that fits every kind of approach.

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Group Structure is?

Group structures are established as a group of companies or companies that are indirectly or directly
occupied by an individual company called the Parent. You can say that all of the organizations in a group
structure format are hence under the leading ownership and supervision of the top or Parent company.

Kinds of Group Structure

Group structures of companies take an assortment of forms, such as vertical group structure, horizontal
group structure, and even the various forms offered of cross structures.

Below are some illustrated examples

for you to know more about group structure. The diagram portrays the three categories of group structures
which are vertical, hybrid, and horizontal.

Forming another option is to construct separate individual organizations or corporations, which are often
established by identical individuals or groups of shareholders or companies.

In that kind of case, the corporations are correlated with each other as periodically pertained to as a term
called sister companies, which are under the overall supervision of one or many individuals but still do not
form any group. Aside from that, one more option is to reorganize the said industry into separations of

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Why Forming A Group Is An Alternative?

You may ask why forming a group is a good alternative as contradicted to solely establishing a sector or
arranging a separate commodity?

That’s because a spectrum of probable commercials, advertisements, regulatory, tax, and legal benefits can
exist in constructing an organization. However, conceivably the most accepted explanation for doing that is
the excellent supervision of risk.

Advantages of a Group Structure

There are four main explanations why it is reasonable to form a group: It includes Ring-fencing investments
and drawbacks; The regulatory advantages; The centralized processes & assets; And Tax benefits as well.

Ring Fencing – Properties and liabilities can be fencing by choosing the subsidiary company to be used in
ring-fencing the possessions or drawbacks of each potential company inside the organization with a bit of
penalty. For example, suppose you prefer to broaden your company or business into a unique product. In that
case, you can do it by using a deputy to assure that the properties of those in the actual industry are protected
and are safeguarded from any detriments that may occur concerning the recent investment.

A separated structure can never have the capacity to provide such safety as well as ring-fencing financial

So, the only use of separating groups and companies is to encourage diversification and enable
the new venture to assemble its name or status. Though, with such assistance, an existing company may be

You can see that the group configuration can thus also support safeguarding against commercial
and reputational danger.

The use of an organizational structure can constantly fence all commercial dangers and penalties as, from an
empirical viewpoint, this could not be feasible.

For example, loans and mortgages may instruct the prominent or Parent firm to ensure or finance the
subsidiaries and liabilities.

Nonetheless, straight in those situations, the harms and detriments are still
generally limited and countable.

Thus, whenever shifting assets around inside a group, the unfavourable for
acquiring new investments can be amassed promptly into the related holding company. As a parent company
and a familial unity, care is required to ensure that borrowers are not accused and prejudiced.

Assets that are comprehensible in importance, such as IP and property, can commonly be transported to a
new group corporation.

However, only to a group at their value relatively than demand value. Suppose they
were not transmitted at the market price, and the substituting company rides into financial complications. In
that case, the transfer will be surveyed, and the request could probably be set aside by officials and

Reasons include because there may be a selection that may assist in ensuring against such bankruptcy risks.
A deal of the purchases at market price and value can be leased back to a trading company.

So, in short, forming an organization and shifting properties such as IP and property from out of trading into a different
carrying company can be very helpful in protecting and ring-fencing the properties that are going ahead but
expects comprehensive planning and guidance.

Regulatory Benefits – is the usage of different deputy companies who will accomplish various activities or
hold certain assets.

For example, intellectual property. They can also assist from an executive or regulatory
viewpoint. Some distinct regulatory relations can extend to enclose other group partners. Many times, the
procedure for performing has become either spontaneous or shortened to indicate that there’s widespread
custody and the organization from a financial standpoint effectively constructs one strengthened entirety.

Centralized Functions and Assets – faction structures intend to give the foremost holding step for distinct
functions or assets. For example, if the industry inhabits several stations or properties – an organization of a
corporation can be constructed to carry all the estate assets. Moreover, to rent out or license as expected to
the other related committee members.

Similarly, when the industry involves some exploitation regarding the IP across and from a spectrum of
demands or commodities, the company in charge can be utilized to grant the IP licenses to the group
companies. Please take note that this is prohibited as crucial to the related commodity of the market.

This way, it guarantees that a business likes to alleviate any specific division/product, and it’s well-organized in
the structure of a group so it can be relatively simple and cost-efficient rationale by eliminating the relevant
helper which is holding out only the IP privileges that it can benefit from. The rest of the IP privileges are
maintained within a conserved organization.

Tax Benefits – this is one crucial benefit of an organization arrangement as rejected by operations is the
design of the sister companies. It is accountable to distinct circumstances that are being met. Some
corporations are paid for some tax liberties and assistance in connection to agreements between every group

You can say that specific tax misfortunes solaces can be across the institution rather than just in one
company that they originate on. In comparison, this assistance does not mainly pertain to related companies.
The transfers of substantial assets between every company in the same group, such as for UK equity profits
tax objectives, are also considered to happen on an impartial tax rationale.

The susceptible transferring of purchases between-group corporations is allowed because of it. Also, captive
to certain circumstances being met, the immunities from UK company tax in connection to earnings from the
removal of interests in the deputy and assistance from the stamp tariffs on the move shares and possessions
between every group partners.



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.


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.


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.


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


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.




One of the greatest challenges of starting a company is choosing the name for the company. It is a process that doesn’t need only dedication but also creativity. One has to be ready to come up with something unique and different from the other names around.

Choosing a Company name?

There are several names one can pick for his company but there is nothing as spectacular as a name that is both unique and unforgettable. Also, do not pick a name which spelling is unusual. Stick with something that customers can spell easily and is also easy to pronounce and remember. The shorter the length of the company name, the better. Also, pick a name that makes some sense. Lots of names have negative connotations in other languages. Try to avoid that embarrassment. Also, try to make sure your name is available. You can do this by checking up your preferred name with your State Incorporation site, Network Solutions for the domain name and the U.S. Patent Office for Trademarks.

Starting the Company Name Search?

When you want to choose a company name, you will have to do a Company Name Search. This is to
prevent embarrassments. Having the same name as another company is like infringing on someone’s right because many companies have had their names trademarked. This is to stop callous elements from trying to make a fortune off their name or dupe people. Whichever way, it is good if a name search is done before picking a name for your company. You can do this by searching through the internet, telephone and trade directories. A lot of companies have their domains online and you will definitely see the same name as the name you chose for your company if you search through. This will prompt you to choose a more unique name.

The Law and Your Company Name?

A company name is an important and valuable part of your business. It can be used to reflect what
the company does, or the attitudes and ideals that you want your company to embody. A lot of people, complying with their State laws have gone ahead to register their companies with their State. This may prevent someone from using your company’s name within the State but it doesn’t affect the country. What gives you absolute power is the trademarks right. Only federal registration gives you truly comprehensive rights. When this is done, your-company-name-is protected by the law and cannot be used by someone else. It becomes your sole property.

Protecting Your Company Name?

If you have a unique business name and you don’t want someone else picking it and using it as their
own company name, you have to take steps to protect it. First you have to register the name of your company either as a sole proprietorship or partnership. The process of incorporating your company comes next. This is done with the Secretary of the State your company is located. This will prevent
confusingly similar names from popping up in the future.

Choosing a Company name FAQ

The purpose of an FAQ is to address frequently asked questions about your company. The FAQ is always featured on the site of the company. It can act as a point of contact for customers looking for answers-before they reach out to you directly with your questions. So it is important to choose your FAQ carefully. FAQ featured should be able to alleviate purchasing anxieties that your product page doesn’t address directly. It should also be able to earn trust by demonstrating product expertise and explaining your business model. Customers should be delighted when the page creatively answers their questions.

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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.

Pension auto-enrolment 

Pension auto-enrolment Services

Benefits of pension auto-enrolment

Governments have put in place laws and regulations that protect employees from too much workload given to them by their employers. It is evident that some employees stop working at their original workplaces before they make any savings for future benefits. For this reason, head of states in collaboration with departments that manage employees’ welfare has put up infrastructure that is geared towards the betterment of workers.

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Pension auto-enrolment
Pension auto-enrolment

One of this is the pension scheme. Employers are, therefore, required to automatically enroll their new workers into the scheme so that they are able to benefit like the older workers. Pension auto enrolment makes it easy for newly recruited workers to join the pension schemes immediately they are officially accepted as workers in any company. Workers do not have to be selected in terms of qualifications before they are automatically enrolled into the scheme. Proof of being hired is the only qualifications that workers need to have, and they will be automatically enrolled.

Employer duties for auto enrolment

Duties of the employers vary as there are different types of workers that can be employed. The employers must first come up with the most appropriate pension scheme that suits his or her business. The pension must be able to facilitate automatic enrolment for the types of workers intended. Next, the employer needs to make sure that the employees are informed of the scheme and its benefits. This is because if workers do not know anything about the pension scheme, there are fewer chances of them joining the same. After that, the workers are tasked with making sure that all the employees are automatically enrolled into the scheme. Employers will then contribute enough funds towards the scheme as per the law requires.

This is done regularly as much as the employees are still employed by the organization in question. Another important duty is to make sure that the amount contributes towards the pension scheme is calculated and automatically deducted from the employees’ salaries at the end of every month. Another duty of the employer is to make sure that the pension enrolment of all the workers is properly managed so that workers who are not paying for the scheme are well differentiated from those who do. Employers will also need to make sure that the pension regulators are continuously updated with correct information about workers who are paying for the pension scheme.

Reasons for choosing GM firm

The firm is known for its strict adherence to the employees’ laws and regulations. Many workers would want to work there because their rights as employees are protected. Above all, the company pays good money towards the pension scheme for its workers. For this reason and more, GM is known to be the experts when it comes to taking care of employees and employees welfare. In addition to that, they have a well-structured plan of how to manage employees who opt in and out of the pension scheme. Pension auto enrolment has made GM more popular when it comes to addressing employees’ issues.Their workers are also one of the most knowledgeable among workers of other companies since they are given enough knowledge about the benefits of joining a pension scheme and many more. These are some of the reasons why they are experts in the same field.

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How to Open a Limited Company Bank Account

How to Open a Limited Company Bank Account

Why a Limited Company Account?

Though it is not mandatory to open a separate limited company bank account for your organization, it makes the bank transactions a lot easier in the long run. Using a different business account allows you to distinguish personal finances from the company’s. Otherwise, different problems may arise. For example, since having company money in your account is taken as borrowing from the company, the account will be in credit; this can cause increased tax liabilities. It may even be illegal to borrow money from the company. Certain tax benefits intended for businesses may not be provided for such accounts as it may be said that the money (and the charges paid for it) is not in the company’s name. Another potential hazard may occur if the company becomes insolvent and had an overdraft that could fall onto the shoulders of the person whose account is being used.

Steps to Opening a Business Account

• Let’s start at the very beginning and assume that you are thinking of creating a limited company. The first step would be to open the company.

• Next, you will have to get the Certificate of Incorporation, which is a license granted by the government and allows you to form the organization officially. This certificate is issued after the company is active and may take a while to obtain.

• Select a bank where you will open the limited company account and book a meeting with them.

• The meeting requires you to show documentation proving your identity and address, where you have to fulfill the bank’s requirements in order to be able to open the account.


Bank Requirements

Banks will ask you to provide the following documents: (Note that people applying from other countries to the UK will have to give notarized translations of their national ID, and other documents)

• Passport, national ID, or a driver’s license with photo – this proves identity and will be required of all the named company directors

• A recent bank statement, council tax statement, or a recent utility bill – this provides proof of address

• Company details such as the complete business address (with postcode), contact details, Companies House registration number, and estimated annual turnover are needed

• Personal financial documents may be asked for as proof of clean credit and banking history (Un-discharged, bankrupt, or disqualified directors cannot open a limited company account)

Which Bank?

Though you may prefer to stick to the bank you are already using, you should consider several before you go ahead. You can try the Big Four that dominates UK – HSBC, Barclays, Lloyds, and the Royal Bank of Scotland. Look carefully at the fine print and, before choosing, take into account the following factors:

• Banking fees and charges

• Competitiveness of interest rates

• Availability of mobile or telephone banking services

• Availability of online banking services

• Incentive offerings

An overwhelming majority of UK businesses fall into the small and medium enterprise category (SME), i.e. they employ less than 250 people. If you’re thinking of joining them, you should open a limited company bank account. Not only is it similar to opening a personal account, it will help you, and the company, avoid the pitfalls of mingling business and personal finances. Also, choose the bank that works best for you.

GM Professional Accountants are small business accountants in London and Essex

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benefits of outsourcing payroll services in London

Outsourcing payroll services in London

benefits of outsourcing payroll services in London to compute salary, wages, compensations and other benefits can help your productivity and efficiency of your organization. Well compensated labor induces workers to work more innovatively, productively and competently for their organizations. Most multi-national companies and corporate ventures outsource their payroll requirements from outside payroll specialists.

Outsourcing payroll services in London

Some companies assign local accounting firms to administrate their payroll departments while others will choose foreign or offshore payroll service providers. However, majority of management officers prefer to local accounting firms for payroll services due to great accessibility and practicality. Anyway, you can minimize the administrative costs if you outsource payroll services from outside payroll specialists. As outsourcing payroll services from outside company demand very cheap cost, big companies can benefit a lot. For small or medium business ventures, they can save significant time and money in the financial and payroll chores. Beyond all, outsourcing payroll operations help managers to concentrate on other administrative functions.

benefits of outsourcing payroll services in London
Payroll service companies update the payroll system on a regular basis. They are complying with restructured rules and regulations on payroll and taxation system. Private payroll service providers ensure updated payroll systems and upgraded payroll software which enable on time contribution of salary to employees. Payroll service providers complete all the payroll operations within a specific time frame. They do calculate gross salary from work performance by withholding the deductibles from gross salary and filing and sending tax documents to the related government agencies. With private payroll service providers, you will be able to provide salary and bonus to employees in a stringent timetable. Consequently, the relationship between the employer and employee will be enhanced.

Payroll providers in London

This article is going to explain about payroll service and its need in today’s time. It is understood as the amount of money that is to be spent by the firm for paying the wages to employees on monthly basis. Big firms are blessed with their own in-house payroll department that is responsible for making complicated and also time-consuming payroll calculations for every employee. Meanwhile, small and also medium size organizations generally don’t make any investment in setting up another department but also assign duties to the administration department.

The lack of expertise and knowledge in making fully complicated calculations that are actually compliant with the latest payroll tax laws lead to errors. services are introduced with the main aim to eliminate errors occurred due to human involvement. In these services, calculations are generally performed with the help of automated payroll software, in order to deliver fully accurate and timely results. The reason is simple every employee waits for his/her salary and incentives and also desires to get paid on time. Moreover, inability to pay timely is something that can also make an adverse impact on the reputation of any organization.

Therefore, those of small and mid-sized businesses are generally hiring payroll services, in order to relieve themselves from all stresses relating to payroll. There are numbers of such service providers so finding them is certainly not a big challenge. In order to hire best payroll services in London, you can explore some best service provider and gather their history, record of accomplishment, client testimonials and more to analyze their past performances. It will definitely help you in making a perfect selection and you can enjoy the best services.

Once you hire such services, you must be sure of the complete accuracy of payroll and payroll taxes. Even if the firm gets any notice by the concerned department, the notice is then actually sent to the service provider mainly to tackle directly with the concerned department. It generally ensures that such firms are highly efficient in performing such calculations and also are highly responsible for any kind of notices due to late payment or also inaccurate tax payment.

GM Professional Accountants are specialists and is the best choice if you are actually keen to save your valuable time and also seek to stay away from difficulties involved with payroll process, you can certainly rely on a highly reputed payroll service provider. This will certainly not assist you to ignore errors but also help you in keeping your administrative department and employees highly satisfied.

Best payroll providers

With so many different types of payroll services, however, it may not be an easy task to find one that is perfectly suited to your business needs. In this article, we will give you tip on which questions to ask yourself as well as your prospective payroll service provider so that you can make an informed decision.

With so many payroll service providers on the market, when choosing a service to meet the requirements of your business and its employees it is important to ascertain whether the service can offer you what you need.

After signing your contract agreement with the payroll service you should have immediate access to the system so that you can set up your account, add your employee details and so on. Also, make sure that you will be able to access and run your payroll from your mobile device.

You need to be absolutely certain that all sensitive and private payroll data won’t fall into the wrong hands. Before you sign on the dotted line, ascertain whether the payroll service uses data encryption technology to protect identity numbers, passwords and other sensitive information from theft. Most payroll services use the same encryption protocols as banks.

That’s why GM Professional Accountants is the best choice as your business grows and your workforce expands, your payroll service should be able to accommodate that growth by providing the option to add extra employees as well as additional users to the account.

Payroll providers for a small business

Business process outsourcing is a way of easy task management available to big and small companies whereby the business owners utilizes the technical expertise of service providers all over the world to perform a task or job that was once undertaken by the business itself. Business process outsourcing is basically shifting a job to an external company that might have a completely different address or location.

Business process outsourcing services always have been in a win-win situation for both parties in the deal. Businesses can utilize their services for development activities and can expect higher profits as operational costs are down. Business Process Outsourcing Services are growing as time goes by. Earlier, jobs like only payroll processing were outsourced. With time and technical advancements, tasks like cataloging, indexing, and media analysis were included. When we talk about business process outsourcing, one name that instantly comes to our mind is a virtual administrative assistant.

In today’s stiff competition, Outsourcing Data Entry helps global business organizations to maintain uptime and to be competitively effective. Everyone starting from industries to individuals, professional to retailers all look forward to outsource their back office work to ease the work load at affordable rates.

Outsourcing data entry also has some major benefits that include access of specialized service, fast delivery, increased customer satisfaction and advantage of low cost services. Thus, why GM Professional Accountants is the best choice by outsourcing your work, you can easily reduce tons of time-consuming work and focus on major issues.

GM Professional Accountants  are small business accountants based in London

The benefits of being self employed

Benefits of being self employed

More and more people are taking the plunge and becoming self employed. There are so many great things about choosing this way of life. Let’s take a look at some of the main things that can convince you that being self employed is for you!

Freedom of being self employed

No more waking up for someone else, no more working to make your boss rich. Being self employed means that all the money you earn, you keep. It is as simple as that! It also means that every day you set the agenda, no one to answer to apart from your own dreams. No matter who you are, this is an attractive prospect.

In a job, your personal growth and expansion is limited by the constraints of a company. You are not always rewarded in a way that is commensurate with your value. If you own a small business or are self employed, your expansion and your work are the same thing. This means that your work never goes unnoticed, and expansion is always possible.

No more time trading

Most people who are employed are paid for their hours. They swap 8 hours of their day for some money. This trade limits your growth, and means that the only way you can earn more money if by putting more hours in. One of the largest self employed benefits is that you can create income streams that keep ticking over even when you sleep. No more trading your time for money.
The ability to be able to create value for others means that you are going to be paid upon how much value you can create. This is not an arbitrary figure that an organisation has put on you. This isn’t £x for 1 hour, this is the creation of real value for your clients. This is a liberating and fulfilling experience. You don’t become a millionaire by working for a million hours. You do it by creating a million pounds worth of value for others. This is possible when you are self employed! No more trading your time for money, time to start creating value!

Control Over Everything

As an employee your taxes, your tasks and so many other things are out of your control. When you are self employed you have control over all areas of your monetary life. For instance, with tax, you can use a tax calculator to figure out how much tax you earn, deduct what you are entitled to deduct. (Consulting your accountant first of course!) This can lead to paying less tax than if you are an employee. And this is just one area that you have added control! You will have control over your work hours, your availability, the time you spend with your family. Everything! This is a huge reason that people choose to live a self employed life. In a world where employment and the world economies are increasingly uncertain, to have control over your finances is an important step.
So it doesn’t matter what your situation is currently in life, choosing to be self employed can be a great idea. The benefits are there, all that is required is for you to take action!


GM Professional accountants  provide self employed self assessment tax services

sole trader vs limited company pros and cons

Sole trader vs limited company pros and cons

Becoming self-employed is a career-changing decision. The need to conform to an employer’s standards is exchanged to being your own boss at the cost of handling all of the legal and financial aspects of your business. Hence, most business enthusiasts consider teaming up with a few individuals or with a relatively large group of people to ease the responsibility of keeping the business afloat. As a sole trader, you are the business itself. In a limited company, however, the business is an independent body where you are a director and a shareholder holding a portion of the company’s capital. However, success in business is a case-to-case basis. Some may find themselves paying more tax than necessary which is why it is imperative to decide on the best business structure early on and carefully plan out the course you want your business to take.

1. Legal Disputes

Sole traders are personally sued unless they are covered with applicable insurance such as employer’s liability. Limited companies can also be covered by insurance and more often, it is difficult and rarely a case in the UK to directly sue the chief executive of the company. Unless they are proven to have perpetrated fraud (as employers, as service providers or as taxpayers) and have committed offences against the law such as violating environmental acts.

2. Tax

Corporate taxes are considerably lower than income tax. Shareholders and employees are subject to PAYE (pay-as-you-earn) and NICs (National Insurance Contributions) based on their individual earnings where many other benefits may attract tax as well. An income tax based on dividends and other distribution types are rules among shareholders with a £5,000 tax-free allowance.

3. Losses

Sole traders can negate their trading losses against their other means income. However, in 2013-2014 in UK, there has been a restriction on the respite that may be claimed for losses and interest payments. On the other hand, limited companies can still neutralize their losses to other revenue sources but without compensating their income as an individual.

4. Profiting

Withdrawing cash from a sole proprietorship include no taxes while any income from a company, be it a dividend, a distribution or personal earnings, are subject to respective tax collection. Employment benefits received by a shareholder or their family and household are also taxable as with the shares and securities.

5. Borrowing

As a sole owner, you are free to run the funds of your business considering that tax relief and bank charges will be comparably controlled. On the contrary, a director may borrow business funds subject to the limits set by the Companies Act of 2006 where a tax charge of 25% is paid by the company if the loan is not paid within nine months. If the loan is interest-free, an individual tax is charged against the director based on their beneficial loan interest.

6. Accounts

There is no requirement to maintain accounts if you are a sole trader (although it is difficult to manage your business without keeping some). But you have the leisure of choosing cash or conventional accounting if you decide to do so. Further, you may need annual accounts to provide your personal tax return even if these accounts are not required by the HMRC (Her Majesty’s Revenue & Customs). Your taxable earnings must also be filed in accordance with the GAAP (Generally Accepted Accounting Practices) where you must hire a business accountant unless you can do the job yourself.

For limited companies, annual accounts are required in accordance with the Companies Act for filing with Companies House and should be in par with UK’s accounting standards. HMRC is imperative on the full accounts for Corporation Tax which should be submitted through the government’s provided format.

7. Selling the Business

Sole traders are personally taxed on any gain from selling the business under the CGT (Capital Gains Tax) while shareholders are taxed twice: corporation tax and dividend tax but may consider selling company shares than selling the trade or business itself.

8. Death

The sole proprietorship terminates when its owner dies unless they transfer all ownership to another. Limited companies can still continue to operate even when the executive officer dies because the business is an independent legal entity.

9. Personal Earnings

As you hold the funds of the business, a sole trader may withdraw any amount he wishes although paying a family member must be commercially supported for tax purposes. Members of limited companies have no limits on the amount of earnings they can receive. But these are subject to PAYE and NICs where service payment given to family members follow the same tax rules.

10. Expenses in General

Tax reliefs are obtained by declaring expenses exclusively incurred for sole proprietorship operations. The same can be said in a limited company, however, the private expenses of the director can be declared as a company earning, or a distribution if incurred by a shareholder.

With all the items presented above that show the differences between a business run by one person and a company shared by a group. A business enthusiast should be guided on which option to choose to make the best out of their planned business (this can also be a guideline for ongoing businesses that wish to restructure their operations) to maximize profits, minimize tax returns and ultimately, avoid bankruptcy.

GM Professional Accountants are Accountants in London that specialise in small businesses and self employed tax returns.

Small Business Accounting Services in London

What are Small Business Accounting services?

Our vision and our customer reviews show that we provide:

• A high quality valued service with over one hundred ‘5 star’ reviews “Eliminating stress”

• Professional and experienced accountants with over 10 years of experience with HMRC

• Quick, reliable and efficient responses tailored to your tax saving needs

Let us making accounting simple for you. 

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