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GM Professional Accountants

Gm Professional accountants in Canary wharf and Wimbledon

CALL US NOW FOR FREE CONSULTATION ON 0208 396 6128

 

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E-Mail: info@gmprofessionalaccountants.co.uk

Essex office address: 14 Clements Court, Clements Lane, Ilford, Essex IG1 2QY

Tel: 0208 396 6128

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

Tel: 020 3951 0676

Wimbledon office: The Old Church, Quicks Road, Wimbledon, London, SW19 1EX

Tel: 0208 191 0258

Birmingham office: The Colmore building 20 Colmore Circus Queensway, Birmingham B4 6AT

Tel:0121 663 6553

City of London

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

 

     

     

    Companies house email reminder, your Company Accounts are due, What to do?

    Is it a requirement for Ltd companies to file their accounts with Companies House?

    Every limited company must submit its accounts to the Companies House, regardless of whether it has been successful, operational, non-operational, or breaking even. For more information pertaining to HMRC accounts or tax-connected matters, you will need to reach out to HMRC in person.

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    How long will it take for accounts to appear on Companies House?

    The Companies House strives to process all accounts filed online within 24 hours. Paper documents delivered by POST can take a week or more to process; therefore, it will take time before you can discover whether they have been accepted or declined.

    Does Companies House accept the late filing of accounts due to Covid 19?

    The Companies House grants extension to qualified companies provided they explicitly state how the issues surrounding COVID-19 are derailing filing in their application. Late filing of accounts attracts hefty penalties, so it is necessary to get it done on time. In order to avoid missing the set deadline, get in touch with Companies House Service (CHS) to learn of your filing deadlines.

    When Must accounts be delivered at Companies House?

    For example, business accounts running from 1st January 2020 to 31st December 2020 are ripe for submission. These accounts must be delivered at the Companies House no later than 30th September 2021 if a company is to escape a penalty.

    Regardless of the status of your company, you must file your accounts. You will need to supply us with a single copy of your company’s accounts.

    We advise filing of accounts in advance as some of our employees have been forced to proceed to leave in a bid to comply with the government coronavirus (COVID-19) directive. For this reason, it might take time to process documents conveyed to us by POST.

    Filing online saves most companies money and time

    Settle on an option that works best for your company

    To file your accounts online, you need to have a company number and authentication code. Companies are issued with the authentication code, which is a six-digit alphanumeric code by the Companies House. To find out more about this, visit https://www.gov.uk/guidance/company-authentication-codes-for-online-filing

    For companies filing their accounts through an agent or account, contact them and request them to file online.

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    What happens if you fail to file your accounts with Companies House?

    If the deadline passes and you have not filed your accounts with Companies House, brace yourself for hefty penalties. Failure to file your accounts on time for two consecutive years attracts a double penalty. You can be penalized, and your company gets de-registered if you fail to file your accounts with Companies or fail to send a confirmation statement.

    Is it a requirement for a dormant company to file accounts

    It’s normal for directors of a dormant company to pay little to no attention to the operations of their business, but this doesn’t mean they should not file their accounts with the Companies House. Failure to do so would attract hefty penalties to their ailing company, which would prove more costly. Companies House recommends owners of dormant companies file their annual accounts with it and also share with them annual confirmation statements. This should be the routine until the company resumes or ends its operations.

    Gm professional accountants have offices located in London Canary wharf, London Wimbledon ,Ilford Essex and Birmingham.

    What Is A First Gazette Notice For Compulsory Strike Off?

    Why have I Received a First Gazette notice for Compulsory Strike Off

    If you receive such a Gazette notice, that means that your company is going to be removed from the Companies House, and that will also mean that your company will cease to exist as a legal entity. This strike-off notice allows three months of leeway before it’s removed from the official register due to non-payment of tax or failure to file the company accounts.

    Generally, there are two ways for a company to be struck off from the Companies House registry. One way is through voluntary dissolution because the company directors decided the company has no further use. The second way is because a third-party petitioned for compulsory dissolution.

    However, when it comes to the compulsory strike-off, this event is typically initiated by the Companies house because of the non-filing of the annual confirmation statement or company accounts. The strike-off will be published in the Gazette. From then on, there will be a two-month period in which anyone can object to the strike-off. Otherwise, the company is going to be removed from the official registry.

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    My company has been served with a first Gazette notice for compulsory strike-off – what should I do?

    The first thing you should do is to assess what your plans are for the company. If the company is of no further use to you, then just allow the process to run its full course. Keep in mind that the strike-off application can still be objected to if your company has outstanding liabilities or debts.

    On the other hand, if you want your company to continue, you will have to contact the Companies House and lodge a suspension application to request that the strike-off application be shelved. You also need to know the primary reason for the strike-off application so you can rectify it.

    In most cases, you need to bring the company accounts up to do. This typically involves filing confirmation statements or missing accounts. It’s imperative that you all do this before the ‘grace’ period expires. Otherwise, you’ll end up with a huge mess in your hands.

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    About the compulsory strike-off, can you choose not to stop it?

    You have the option of allowing the company to be formally and officially closed and be removed from the registry. If there are outstanding liabilities and/or debts, then you will need to follow the route of Company Liquidation.

    What are the consequences you will be facing with a compulsory strike-off?

    Generally, any assets of the company (e.g., buildings, stocks, cash) will become the crown’s property. For the directors, they will be barred from becoming a director for the next 15 years because they have failed to act properly and effectively.

    If a company is compulsory struck-off, what happens?

    If that happens, the company does not exist legally and officially. Hence, it will cease all trades, and the crown will acquire the company assets. Keep in mind that only solvent companies can undergo a process of dissolving. As mentioned above, if the company still has debts and liabilities, the company must undergo a different route. Usually, that route is through legal dissolution through the office of Company Liquidation.

    Gm professional accountants have offices located in London Canary wharf, London Wimbledon ,Ilford Essex and Birmingham.

    What is the Enterprise Investment Scheme (EIS) ?

    EIS Income tax relief declaration (30% relief)

    Let’s be honest. If you are not willing to deal with high risk, you’re better off not investing in small companies. Some small companies will succeed and make their investors a lot of money shortly. However, others will have a hard time getting there – or worse yet, will declare bankruptcy.

    Now, the government is aware of this issue and provides Enterprise Investment Scheme (EIS) investors with tax incentives. Said taxes reduce the negative impact of those investments that go wrong and increase the positive outcome of those that succeed.

    Bear in mind, as a disclaimer, that tax rules may vary at any time given, and benefits rely on circumstances.

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    What is EIS Tax Relief?

    Up to 30% of income tax relief

    Provided that you invest £100,000, you can get up to a £30,000 tax reduction on your annual income tax bill. However, you must hold the shares for a minimum of three years to be eligible for this. Also, as expected, you need enough income tax liability from the beginning.

    Generous contribution allowance

    If an amount above £1 million gets invested in knowledge-intensive companies, you invest up to £2 million per tax year. A knowledge-intensive company refers to innovative and fresh businesses that spend on research and development.

    Carry back

    Provided that you hold the tax allowance, you’re eligible to carry it back. You can set off the tax relief to the previous year’s tax bill, which could result in receiving back the tax you already paid.

    Tax-free growth

    Considering you have claimed tax relief and companies qualify, there’s commonly no need for you to pay CGT during the realization of EIS shares.

    Deferral of capital gains

    If you acquire a taxable gain and invest it in an EIS-qualifying investment, you can defer the capital gain as long as the money remains invested and the EIS rules are met. You may earn a taxable gain by selling a property, for instance.

    Profits generated up to three years before the EIS investment and one year after can be deferred. Yes, even if you have already paid the tax, you can postpone the gain.

    Once you withdraw your funds, the gain reverts to you, and you must pay CGT at the current rate. Nevertheless, you might continue deferring said gain by investing in another EIS.

    Inheritance tax relief

    Provided that an investment in an EIS-qualifying firm is held for two years and at the time of death, it should be eligible for 100 percent inheritance tax relief.

    Loss relief

    Let’s say things don’t go as intended. You might choose to deduct any losses from your income tax bill, excluding the income tax relief obtained. Do you know what this means? It means that up to a loss of £1-£38.5 can be reduced.

    It reduces losses and increases gains. How?

    Say you invest £100,000 in an EIS. Due to the income tax relief of up to 30%, the effective net cost could be around £70,000. Along with loss relief, it can affect your ROI, regardless of your investment is successful or not, as shown in the table.

    Loss relief permits you to compose off any misfortunes against income tax. In the event that your investment falls to zero, you could subtract the £70,000 loss from your taxable income.

    This gives a potential duty saving of £31,500 and means the greatest viable misfortune loss could be just £38,500 (viable expense of £70,000 less misfortune help of £31,500). In the meantime, on the off chance that your investment grew by half, because of the duty help, you could be checking out a viable gain of 80%.

    Gm professional accountants have offices located in London Canary wharf, London Wimbledon ,Ilford Essex and Birmingham.

    What is the 1257L Tax Code?

    What is the meaning of the 1257L Tax Code – 

    It is predicted that, not only will the 1257L Tax Code not suffer any changes until around 2026, but that it will be the most common form of tax between 2021 and 2023. Considering its replacement of the 1250L tax code, the most popular tax code between 2019 and 2021, it only makes sense that there will only be any talk of change after the same amount of time is given.

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    No matter what happens, the majority of taxpayers will receive an update notice to the tax code either in February or March by the HMRC. This is the time taxpayers will be fully aware of how they should calculate and determine how much they will pay out in taxes that year.

    What is tax code 1257L M1

    This is an emergency tax code , and means you have been provided the allowance from the month that you have commended your employment. This will not take into account your previous months. This is a measure taken if your tax code cannot be obtained from your previous employer. This should be corrected.

    What Is Tax Code 1257L?

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    It may seem complex or confusing, but the tax code in the UK has always been fairly simplistic, and tax code 1257L is no different.

    Each tax year, there is an agreed-upon personal allowance that is granted to UK’s taxpayer. This personal allowance essentially determines how much a person can earn before paying taxes on their income. During the tax year ranging between 2021 and 2022, the personal allowance was increased to £12,570.

    The HMRC then converts the personal allowance number (£12,570) into a tax code. In this case, that tax code is 1257. From there, an “L” is added, which makes the tax code 1257L.

    Put simply, for the majority of taxpayers, Tax Code 1257L means that you will only be taxed on earnings that exceed £12,570.

    How Much Will I Pay With Tax Code 1257L?

    The 1257L tax code essentially offers an annual rebate of £12,570. This is spread out over a year. This means you’d receive a weekly allowance of £241 and a monthly allowance of £1,047.

    Any income earned over this, ranging between £12,571 and £50,270, is taxed at a rate of 20%. From there, income earned between £50,271 and £150,000 is taxed at a 40% rate. Finally, for those that earn over £150,001 annually, they are taxed at a 45% rate.

    Scotland has a slightly altered tax rate that is only slightly different from the numbers listed above.

    Is My Tax Code Wrong?

    For the vast majority of employees, the tax code should be correct. Generally, those with only a single employer and no benefits or tax-deductible allowances will be in the correct tax code setting.

    Those that run the risk of being placed in the wrong tax code can typically include:

    • Those that regularly shift jobs; have multiple jobs at one time; or have started, left, or are retiring from a job within that year
    • Those with multiple sources of income (eg., a second job or a pension plan)
    • Those with tax-deductible allowances
    • Any changes to their taxable benefits (such as being given a company van for private use)
    How Can I Correct My Tax Code?

    If you are under the impression that you may have an incorrect tax code, immediately contact HMRC on 0300 200 3300. Speaking with them as soon as possible can reduce any potential tax errors.

    Other methods of contacting HMRC about a potentially incorrect tax code is available by following the link below here – Contact HMRC.

    Gm professional accountants have offices located in London Canary wharf, London Wimbledon ,Ilford Essex and Birmingham.

    When will Companies House strike off a company

    When will Companies House strike off a company?

    What Is a Company Strike Off?

    A company strike off ceases a business completely. All operational businesses are taken a record of within the Companies House registry. Once the company has been removed from this list, they stop any kind of existence. This is a company strike off. There are two variations of a company strike off, one that is voluntary and one that is compulsory.

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    A voluntary strike off is a decision made by the company. The owner of that company applies for the business to be dissolved. This tends to be a result of the business no longer having a purpose. This could be down to the owner of the business wanting to retire. Another reason could be that they want to focus on other aspects of their lives.

    A compulsory strike off is when the business is deemed unfit for further endeavours. Usually, a second party petitions that the business is taken off the list. This is often the Companies House that does this if the business has failed to file in their accounts.

    When a company strike off request is made, there is a notice made in The Gazette newspaper. The notice is to inform other companies or parties that they can contest against the strike off. The people who wish to object have two months to respond to the notice. If there are no objections after this period, they then strike the business off the registry.

    What Does It Mean When Your Customer Is on the Strike Off List?

    When a company is struck off, it no longer exists. Any further use of that company is illegal. It must stop any trade it might have, and all assets left over will be handed over to the Crown.

    The owner of any business that ends up on the strike off list should notify all relevant parties. Unfortunately, on some occasions, not all parties are informed. This can lead to creditors overlooking the information of the strike off altogether. This also means that creditors may miss the notice posted in The Gazette and miss their chance to appeal.

    It will be much harder to recover any debts once the company has been struck off and dissolved. Before the strike off is implemented, the company should ensure that they have dealt with all business. They need to ensure that nothing is outstanding. This includes any further work that needs to be done and paying any outstanding bills.

    What Happens If You Object to a Strike Off?
    Sometimes, there have been companies that have requested to be struck off but still owe money. Here, the person or party can immediately object to the strike off as soon as it happens. To do this, they will have to contact the Companies House.

    It is also possible to appeal the strike off once it is implemented if you were not informed. In this incident, you will need to have proof that the debt exists and be able to provide it to the Companies House.

    Why Did My Customer Receive a Company Strike Off Notice?

    Sometimes, a company will receive a strike off notice when they didn’t intend in dissolving. This notice will be sent from the Companies House. It is usually because of a business failing to file its account by the deadline set. They can organise an extension, but this has to be done in advance.

    If a business files its accounts late and receives a strike off notice, it could signify that the company is suffering from financial difficulties. This is quite a common occurrence, with some big companies, such as BuzzFeed UK, receiving a notice in this way.

    If you are doing business with a company that has received a strike off notice, assess their company’s situation. If you think that the company may find difficulties in paying you, protect yourself. There are steps you can take to achieve this.

    • You can negotiate and agree upon better payment terms. The agreement could involve being paid upfront or giving them a reduced payment time. You can also decrease the amount the company owes you if you see fit.

    • You can renegotiate contracts with the business. Some clauses will help cover your work from being unpaid. The Retention of Title clause is good to implement. It will allow you to repossess any unpaid goods if the company becomes struck off.

    • You can cut your losses. If you feel it is definite that the company cannot pay anything back to you, you can immediately stop doing business with them.

    Gm Professional Accountants have offices in London, Birmingham and Essex.

    Privacy Policy

    Our Company Privacy Policy – GM Professional Accountants

     

    This privacy policy will explain how our organization uses the personal data we collect from you when you use our website.

     

    Topics:

     

    • What data do we collect?
    • How do we collect your data?
    • How will we use your data?
    • How do we store your data?
    • Marketing
    • What are your data protection rights?
    • What are cookies?
    • How do we use cookies?
    • What types of cookies do we use?
    • How to manage your cookies
    • Privacy policies of other websites
    • Changes to our privacy policy
    • How to contact us
    • How to contact the appropriate authorities

     

    What data do we collect?

    Our Company collects the following data:

    • Personal identification information (Name, email address, phone number, )

     

    How do we collect your data?

    You directly provide Our Company with most of the data we collect. We collect data and process data when you:

    • Register online or place an order for any of our products or
    • Voluntarily complete a customer survey or provide feedback on any of our message boards or via
    • Use or view our website via your browser’s

     

     

     

    How will we use your data?

     

    Our Company collects your data so that we can:

    • Process your order, manage your
    • Email you with special offers on other products and services we think you might

     

     

    When Our Company processes your order, it may send your data to, and also use the resulting information from, credit reference agencies to prevent fraudulent purchases.

     

    How do we store your data?

    Our Company securely stores your data at [enter the location and describe security precautions

    taken].

     

    Our Company will keep your  per GDRP. Once this time period has expired, we will delete your data.

     

    Marketing

    Our Company would like to send you information about products and services of ours that we think you might like,

     

    If you have agreed to receive marketing, you may always opt out at a later date.

     

    You have the right at any time to stop Our Company from contacting you for marketing purposes or giving your data to other members of the Our Company Group.

     

    If you no longer wish to be contacted for marketing purposes, please email info@gmprofessionalaccountants.co.uk

     

    What are your data protection rights?

    Our Company would like to make sure you are fully aware of all of your data protection rights. Every user is entitled to the following:

     

    The right to access – You have the right to request Our Company for copies of your personal data. We may charge you a small fee for this service.

     

    The right to rectification – You have the right to request that Our Company correct any information you believe is inaccurate. You also have the right to request Our Company to complete information you believe is incomplete.

    Accountants in Wimbledon

    Accountants in Wimbledon

    Our vision and our customer reviews show that we provide:

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

    • Professional and experienced accountants with over 10 years of experience

    • Quick and efficient responses tailored to your needs

    Let us lead the way 

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

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

    Personal tax accountants in Wimbledon

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

    Making your Online Self-Assessment Returns

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

    Accounting for your Limited Company

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

    We are diligent in caring for your business and finances.

    Filing Returns for Property Income

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

    Accounting Services for Contractors

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

    Tax on Capital Gains

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

    R&D Tax Credits

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

    Freelancer Accounting Services

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

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

    Vat Moss Ireland Registration post Brexit Accountants

    EU Vat return accountants guide

    In 2021, there were major changes in the European Union(EU) Value added tax (VAT) rules for ecommerce businesses. The major change was the introduction of the single One stop shop (OSS) EU VAT return and the thresholds for distance selling were removed.

    The other reforms were ending the VAT exemption for low value imports, and the new IOS return and making marketplaces the deemed supplier for VAT purposes.

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    After July 1, 2021, businesses selling to consumers , and dispatching their goods from only one country, will not have to register for VAT in the foreign country and file VAT in the different countries.

    Instead the business can complete the OSS form and file it along with their regular VAT return which will list their sales across the EU. The seller has to remit the VAT amount for items sold to the home country’s VAT authorities, which will then forward the taxes to the relevant countries based on sales.

    Non-EU sellers can also apply for OSS regime, and specify the single EU state for registering, filing returns . The EU VAT reform package was to be implemented from January 1, 2021, but was postponed.

    The new reforms are based on the success of the single VAT return, MOSS return for businesses offering services like digital, broadcast and telecom services to customers in 2015.

    In addition to businesses selling products to customers, event organisers and service providers can also use OSS.

    Distance selling rules ending

    The existing EU VAT rules specify that the seller should charge VAT at the rate of the country, where the customer is residing, called the ‘destination principle’.

    So for EU sales in different countries, sellers have to register in each country, where they sell goods. So to reduce the compliance burden for small sellers, a VAT registration simplification called the thresholds for distance selling, where sellers did not have to register if the amount was less than the specified amount. In Netherlands. Luxembourg and Germany it is Euro 100,000 and for other EU members Euro 35000 annually.

    This simplification will be withdrawn from July 1, 2021, and charge the VAT at the applicable rate in the country where the customer is residing, so that it can remitted to the tax authorities

    Single OSS EU VAT return

    EU is extending the single VAT return to eCommerce business selling goods in different countries. These sellers are usually selling from stocks in their home state. Earlier the businesses were forced to register in every EU country, and this was extremely inconvenient for the sellers, reducing their sales.

    However, the sellers having stock in multiple countries will not benefit, since they must register in every country where their stock is located. This is also applicable for sellers who are part of the FBA program of Amazon. Sellers who already have VAT registrations in other EU countries and are selling stock only from the country where they reside, can close the non-resident VAT registrations from 1 July 2021 to use the OSS report.

    The sellers can declare the sales to customers within the same country in their VAT domestic returns

    In addition to goods, OSS will report cross border services, specific domestic sales through marketplaces. The OSS return is filed by using the delivery address to identify the country where the customer is residing.

    Then based on how the goods are classified, and the applicable rate in the customers country, VAT is charged, which may be lower or nil. The OSS should be filed quarterly. It is a simple form which specifies the VAT which the seller has to pay the country where his customer resides. For uniformity, the OSS return is standardized in all the member states of the EU.

    Effect of Brexit on UK, EU sellers
    The United Kingdom (UK) left the EU on 31 december, 2020 and Brexit is no longer applicable. UK sellers are treated as as non-EU sellers. If they wish to file a OSS return for ‘non-Union’ country sellers, they can register in any of the EU states.

    The UK sellers are able to close their existing EU VAT registration in any country where they do not have a stock. UK sellers had to consider appoint a fiscal representative in the EU countries where they were registered. This will no longer be necessary from July 1, 2021, since they can use the OSS returns for non-EU countries.

    Gm Professional Accountants have offices located in London. Contact us now for registration.

    Ecommerce UK VAT 2021 Changes to Dropshipping, Distance selling taxes

    This article is for ecommerce business owners and provides a review of the most important changes to the UK VAT system from 1 January 2021 onward.

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    Introduction

    As of 1 January 2021 amendments are being made to the way in which the UK VAT system operates. The alterations relating to ecommerce businesses have been years in the making and were agreed upon prior to the outcome of the Brexit referendum was known.

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    The intention had been for the changes to be made on New Year’s day 2021, but in light of the coronavirus pandemic the EU has moved its implementation to 1 July. That the UK did not impose any delay has meant there will be six months’ difference in approach.

    To ensure this does not cause undue difficulty to the online businesses affected by the changes, we cover everything of which ecommerce owners need be aware.

    Ecommerce VAT Changes: an overview

    Here we provide detail on the four major changes to the UK VAT system introduced by the government from the start of 2021.

    1. Withdrawal of Low Value Consignment Relief (LVCR)

    LVCR previously meant that goods valued at £15 and lower were exempt from import VAT. As of the shift in rules on 1 January, vendors or postal services will have to declare and pay VAT to HMRC on any goods sold at £135 and below. This new regime will have a significant impact on the way in which dropshippers account for VAT.

    2. Postponement of Import VAT

    Private sellers are also considerably affected. Prior to 2021, import VAT was placed on goods passing through customs and then reclaimed on VAT returns. The changes introduced a new procedure. Now, import VAT needs to be declared on businesses’ UK VAT returns with nothing being paid on imported goods as they arrive.

    3. UK sales no longer subject to EU Distance Selling Thresholds (DSTs)

    Up until 30June the goods UK ecommerce businesses export to EU customers will move from being classified as distance sales to being UK exports and zero rated. Businesses located in the EU are now required to register for UK VAT. If you are in this position, get in contact and we can help you.

    From 1 July 2021 onward, the VAT MOSS framework will encompass digital as well as physical products. Once this happens UK businesses will be relieved of the need to register in each EU jurisdiction separately and will instead be permitted to export to the EU via VAT MOSS.

    4. EC Sales Lists (ECSLs) no longer apply to UK businesses

    Since 1 January 2021 UK businesses have not been allowed to make EC Sales and so have no further requirement to complete and submit ECSLs.

    We will now examine the consequences of each of these four major changes in greater detail.

    Withdrawal of Low Value Consignment Relief (LVCR)

    Low Value Consignment Relief was in effect prior to 2021 and meant: i) any imported goods with a value of £15 or less were not subject to either Customs Duty or import VAT, and ii) imported goods valued above £15 and below £135 drew import VAT but not Customs Duty.

    The withdrawal of LVCR on 1 January 2021 means VAT is now collected at the point of sale – the online market place (OMP) – rather than the point of importation. All imported products valued below £135 will be subject to domestic, not import, VAT.

    Vendors offering goods at a cost of up to £135 through their own website rather than an online marketplace such as Amazon are now required to account for, and register, UK VAT. As domestic VAT has expanded to include the import of goods from the EU and sales of products under £15 previously exempted by LVCR, it is no longer the responsibility of delivery agents to collect import VAT from customers.

    There are no changes for sales on online marketplaces within the United Kingdom. This means that a vendor operating on eBay or Amazon and sending a product from a location within the UK to a customer within the country has no need to change any of their practices with respect to VAT calculations.

    Consequences for vendors operating from their own online store

    Traders directly importing goods to customers within the UK and selling through an online store such as Wix, Shopify or Squarespace are now tasked with accounting for UK VAT on each of those transactions.

    Customers only see the price they end up paying. For the majority of businesses it means they now lose 1/6 of their profit margin to VAT. For example, a product selling for £24 now includes VAT of 20%, so based on final selling price the charges break down as £20 +£4 VAT because 1/6 of £24 is £4. For the trader to retain their pre-2021 profit margin, their new prices will have to have been increased by 20%.

    The good news is that we provide a comprehensive service for all matters related to VAT registration. So if you are a dropshipper selling products from outside the European Union and importing them into the UK, get in touch with us now and we’ll be able to help you put everything in order.

    Consequences for vendors operating through an online marketplace

    Where trading involves the direct importation of goods to customers within the UK through online marketplaces such as eBay, Amazon or Etsy, responsibility for collecting and charging VAT has now passed to that online marketplace. This means it is imposed at the checkout whilst the vendor includes the amount as zero rated on their UK VAT return.

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    Postponement of import VAT

    In the past, ecommerce businesses had to pay import VAT when their goods were brought into the UK before subsequently reclaiming it on their VAT return. From 1 January 2021 importers no longer hold a duty to pay VAT upon the arrival of goods. They are now required to declare and recoup import VAT on the same VAT return which results in a NIL cash impact.

    Since the changes, postponed accounting is appropriate for use with respect to VAT where:

    • Goods are being imported for business use
    • The business holds a GB EORI number that is also used on the customs declaration, something that is usually linked with UK VAT numbers
    • The business’s VAT number appears on the customs declaration

    Those businesses that are not VAT registered in the UK will not be permitted to account for import VAT in this way. They will have to pay import VAT at the moment the goods have been imported.

    Where postponed import VAT accounting does not apply

    There are different regulations in force for goods in packages below £135. We covered these in the �Withdrawal of Low Value Consignment Relief (LVCR)’ section earlier in this article.

    Completing VAT returns under the Postponed Import VAT scheme

    For imported products it is now necessary to account for import VAT on the VAT return for the period during which those products were imported.

    Import information is now available through a new online account that provides a monthly statement that can be downloaded for record keeping. This is akin to monthly C79 documents and will show the aggregate of import VAT postponed for the previous month, information which needs to be included in VAT returns.

    The changes to how VAT returns now need to be filled-in are:

    • Box 1 needs to include the VAT that was due during the period on imports accounted for through postponed VAT accounting
    • Box 4 needs to include the VAT that was reclaimed during the period on imports accounted for through postponed VAT accounting
    • Box 7 needs to include the total importation value, excluding VAT, of all goods included on the monthly online statement

    UK sales no longer subject to EU Distance Selling Thresholds (DSTs)

    EU Distance Selling Thresholds stopped applying to sales moving from the UK to the EU on 1 January 2021. This has the effect that all sales from the UK are treated as exports and so are zero rated for UK VAT purposes.

    At the EU end, such sales are subject to import VAT upon arrival. This may have the unforeseen and unfortunate effect on consumers of their goods being held at customs until import VAT has been paid. Such a state of affairs is not beneficial for ecommerce businesses because customers will be unhappy and post negative are required to pay more

    Such a state of affairs is far from ideal because customers are unlikely to be pleased at having to pay an unexpected extra charge for their purchase. Should that come about they may well complain or leave negative reviews, a course of action that will mean ecommerce businesses run the risk of suffering reputational damage for something that is beyond their control.

    We will advise on VAT changes due to be introduced by the EU on 1 July 2021 once they have been finalised.

    EC Sales Lists (ECSLs) no longer apply to UK businesses

    Businesses that have supplied goods or services to businesses in the EU no longer need to submit EC Sales Lists.

     

    Register now

    We have compiled a guide on everything you need to know about how to register, including the steps you need to take to do it for yourself. Please contact us if you would like either a copy of that guide or for us to take care of those necessary steps for you.

    Contact us now

    Notice to deliver a company tax return letter Tips

    Notice to deliver a company tax return Accountants 

     Company tax return defined

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

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    Who needs to file a company tax return?

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

    How to file a company tax return?

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

    When to file a company tax return?

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

    Cost of a Company tax return

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

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

    Vat Margin Scheme Accountants guide 

    Accountants guide for Vat Margin Scheme

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

    Get a Quote Now

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

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

    You cannot use a margin scheme if you are selling:

    • Precious stones
    • Investment gold
    • Precious metals

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

    Standard VAT and Margin Schemes

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

    The following cannot be included in any margin scheme calculations:

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

    Instead you can claim these on the standard VAT returns

    How to Calculate the Margin

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

    To calculate VAT on each sale follow the following example:

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

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

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

    Guidance for Stock Books

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

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

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

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

    How to Fill the VAT Return

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

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

    Requirements for Record Keeping

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

    You will also be required to maintain:

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

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

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

    Accountants in Birmingham

    Accountants in Birmingham

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

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

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

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

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

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

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

    Accounting for Limited Companies

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

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

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

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

    Tax Returns for Self-Assessment

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

    Capital Gains Tax

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

    R & D Tax Credits

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

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

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

    Freelancer accounting services

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

    Property Tax return

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

    E commerce online business

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

    Property Accountants 

    Property Accountants

    At GM Professional accountants we specialise in property accounting. The last fifteen years have seen tremendous growth in the UK property sector. This has given rise to high demand for top-quality tax and accounting services for letting agents, landlords, oversea investors, developers, companies and property investors.

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    Thinking of starting a Property Development and Investment business?

    Property development and investment is a complicated business and it can get very expensive if you get your taxation and accounting perspectives wrong. GM Professional accountants are experienced in Income from property, property investment and development and have worked with many clients over the years. We know how to navigate through complex procedures and solve any issues that may arise.

    What type of Ownership Structure should you choose?

    One of the critical issues that we provide advice on is the ownership structure of your investment or development. We provide advice on what is appropriate for longer-term strategies as well as shorter-term requirements. We work with all kinds of businesses including Special Purpose Vehicles (SPV), joint or sole ownership, group, partnerships, corporates, and LLPs among many other businesses.

    What type of accounting services will you need?

    Tax liabilities are to a great extent influenced by how the business transactions are reflected in the books of accounts. As such, it is absolutely critical to have a property accountant with the knowledge of the accounting rules and regulations involved. Moreover, we take into account the longer and shorter-term intentions of our clients when providing accounting advice.

    What types of Taxes will need to be paid?

    We emphasize tax mitigation so that our clients can avoid the tax traps and in doing so claim all the relief that is available and reduce their tax obligations.

    The main taxes are typically Capital Gains, Stamp Duty Land Tax, Corporation Tax, VAT, and Income Tax.  We work hard on these to reduce your tax obligations.

    In recent times, the government has introduced the Annual Tax on Enveloped Dwellings (ATED) for a special class of residential properties owned by partnerships, companies, and other “collective investment vehicles.”

    Property investment and development typically involves several transactions and many of these could involve a lot of money. As such, it is important to take into account what all these transactions will have on taxes before moving forward.

    Property tax Specialists

    We have years of experience gained over more than three decades working as property accountants. We have helped a lot of clients in the appraisal of proposed development investments and projects for both commercial and residential properties. We provide advice on the most appropriate financial structures to adopt. We also use our contacts in the financing industry to get our clients the best financing deals whenever they need them.

    Construction

    Construction has its own peculiar taxation and accounting requirements. Some of the things to watch out for include VAT, employment status of workers and the Construction Industry Scheme (CIS) among several others.

    GM Professional Accountants has the experience in the construction industry since we provide our services to all manner of business from large construction companies to sole traders. We can, therefore, help clients avoid the pitfalls inherent in the industry.

    Outsourcing

    For clients needing help with CIS, accounting, payroll, and VAT we provide outsourced services from professionals that will work according to your particular needs.

    GM Professional accountants have offices in Canary wharf, Ilford and Wimbledon.

    Online Accountants Manchester

    Online Accountants in Manchester

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

    Get a Quote Now

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

    The following are some of the services we provide:

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

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

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

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

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

    Limited Company Accounting

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

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

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

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

    Self-Assessment Tax Return

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

     

    Self-Assessment Tax Returns Online

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

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

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

    Property Tax returns

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

     

    Accounting for Contractors

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

    Capital gains tax

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

    Tax Credits for R & D

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

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

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

    Accounting services for Freelancers

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

    E commerce business accounting services

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

    3 Piccadilly Place

    Manchester

    M1 3BN

    Tel: 0161 883 3198

    Personal Tax return for Company Directors, Accountant Guide

    DO YOU NEED TO FILE SELF ASSESSMENT TAX RETURN AS A COMPANY DIRECTOR

    Are Company Directors Required to File Tax Return in Self Assessment?

    The subject question has had contradictory answers for many years. HMRC have maintained that tax return has to be filed by all directors quoting certain sections of the tax guidelines. However, the same guidelines have other sections which clearly exclude directors from the responsibility of filing tax returns in normal scenario. You need to dig deep into the tax laws in order to find out the correct answer. While HMRC have persisted with their stand, the position has been challenged with success in various tribunals.

    Get a Quote Now

    What’s the Lawful Position?

    Company directors have no separate category as such. They fall under the same provisions as all other employees. If all your income has already been taxed at source and you have no other major income amounting to more than 2500, you don’t have to file tax return if you have not been issued with it. You can yourself check whether you are required to file tax return or not using the tool for self assessment updated by HMRC. The tool offers a set of simple questions to you, which when answered lead you to the logical decision.

    One important point in this regard is the first question that you get from the tool. It may be reworded, but basically it asks you, “whether you were working for yourself or not”. If you were a director during the tax period, you must give “yes” as the answer irrespective of your stakes in the company. This is so because as the director, you are the boss and even though you are getting a salary, the same comes to your account only after tax is deducted at source. The subsequent questions are quite simple and easy to understand. Just answer them and you will get the decision whether you are supposed to file tax return or not.

    Actions on Receipt of Notice to File Tax Return from HMRC.

    If you are the company director and have no other major income that falls under taxable criteria, but have received a notice from HMRC for filing tax return, you need to act immediately. If you feel that you don’t have to file the return, you should write back to HMRC requesting them the withdraw of notice. If you fail to do this, you are liable to be penalized for not filing even if no additional tax is due on you. You should contact the GM with your UTR (Unique Tax-payer Reference) and NI number for an early resolution.

    Procedure for Filing Tax Return. Get yourself registered online for self assessment. This may take about 10 working days for setting up the initial account before the return can be filed. The balance process for filing tax return is the same as for other individuals and is fairly simple. If you don’t have sufficient time to set up your online account and the deadline is closing in, you should opt to get your return filed through A tax consultant. Timely action is required in order to avoid penalties for late filing.

    GM professional are specialist in personal tax returns , we can assist you in your filing and help to make the process simple. We have offices located in London, Manchester and Essex.

    Earning over 100k tax return guide

    Tax implications of earning over £100k

    Tax Filing for High Earners

    If you earn more than 100,000 annually, you need to file your assessment tax returns with the HMRC. If you have not been sending your tax returns, you should register by the 5th of October after the tax year in which the income was realized. We can handle your tax returns and help you avoid penalties.

     

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    Do I Need to File a Returns if I’m Paid PAYE?

    If you happen to be earning more than 100,000, you are classified as a high earner and the HMRC will be looking very closely at your money. Most high earners have more complexities in tax returns due to having more than one source of income. This calls for annual filing of self-assessment tax returns, which will ensure that all income is accounted for.

    HMRC will also require that high earners file their returns since it can impact how much of your Personal Allowance will be tax-free. In HMRC language, this is what is referred to as the “adjusted net income”. The figure does not take into consideration Personal Allowance though it will comprise several types of tax relief. It boils down to a loss of 1 of tax-free Personal Allowance for each 2 over 100,000 of the adjusted net earnings. Things can get complex, which is why the HMRC requires that you file a tax return to make everything clear.

    Can Submitting a Tax Return Result in Double Taxation?

    You do not have to worry about double taxation as the HMRC will not tax the same income twice. However, it is easy to get it wrong if you are unfamiliar with the Self-Assessment system. There are many tax return deadlines and rules that come with Self-Assessment. You will have to register for it and you are likely to pile up penalties if you make mistakes in your filings.

    Even if you somehow don’t fall into the pitfalls of Self-Assessment, you could still find that you are paying more tax than you should. Depending on the situation, you might get tax breaks on allowances that might be applied to the taxable income. Most people do not know how much they can claim for or may try to claim more too much.

    What Information do the Tax Authorities Need?
    HMRC will need a detailed accounting of all your income and expenses. This will include information about earning sources such as share dividends, employment, pensions and interest among others. The authorities will also expect that you declare all employment benefits. The tax authorities will also expect that you declare your allowable expenses too. It can take some getting used to and dropping the ball is more common than you may think. Contact GM If you need any advice or help.

    1. Deadlines
    2. Directors
    3. Penalties
    4. Claiming expenses
    5. Common mistakes

    Will you help with my Tax Returns?

    Absolutely! As some of the best tax specialists in the UK, GM Professional accountants provide Self-Assessment tax return services that will be excellent if you have complex tax circumstances. We will take it off your hands and work on your total taxable earnings and then file the returns for you. Our experienced tax experts will ensure you are in compliance with the HMRC regulations and save you money while at it. Contact us and learn how we can help you with your returns.

    Tax Return for Deceased Person Guide

    Tax Return for Deceased Person Guide (on death)

    Calculating and Paying Taxes after Death

    The estate of the deceased will typically have to pay tax prior to any division of money to their heirs. You may not have to pay tax immediately after you get your inheritance, but tax obligations might arise down the road. Here is a handy guide on when and what to pay in taxes in the instance of death.

    1. Work out the Income Tax obligations up to the day of their decease 2. Complete tax returns
    3. Pay tax on any income that the estate receives
    4. Determine if the estate needs to pay any Capital Gains Tax
    5. Calculate the Inheritance Tax and determine who is responsible for it 6. Determine if you have to pay any inheritance tax

    Work Out income Tax Obligations till the Date of Decease

    It is possible that the dead person may have paid too little or even too much Income Tax.
    This might mean that the estate might owe or be owed a tax refund.
    To ensure that the Income Tax paid is in line with what is owed, you need to contact HM Revenue & Customs (HMRC) who will adjust the tax calculation and make it right.

    If the dead person was resident in Wales, Scotland, or England, you could use the Tell Us Once service to have the calculation reviewed. The Department of Work and Pensions (DWP) and the HMRC will then contact you with details about the entitlements, benefits, and tax regarding the dead person’s estate.
    If they were resident in Northern Island, you can call the Bereavement service, which provides a toll-free number (0800 085 2463) for any queries on a deceased’s estate.

    Completing their tax return

    If the deceased used to complete a self-assessment tax return you might have to do it too.
    If you decide to use the Tell Us Once service, the HMRC will contact you in case you need to complete the self-assessment tax return.

    If you cannot tell if the dead person regularly filed their tax return, consult the HMRC, which will furnish you with the information on how regularly they did so including the last time they submitted their returns. The HMRC will need you to have the National Insurance number of the deceased before they can provide you with the information you need.

    Home visit Accountants in London

    Accountants for Home visits in London

    As we are now moving towards digital technology, people can now operate tasks from home. With Video recording and digital signatures , the need to go the accountant has become less popular. There are still benefits of face to face meeting as this form of communication is far superior and better for undertaking.

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    Why choose us?

    GM professional provide accounting and tax services in selected areas and can also assist you with the latest technology to provide you with the same experience. We provide Self assessment tax returns services, Limited company accounting services and tax advisory services.

    Communication is  the key when you have an accountants that is virtual. Here at GM, we have the systems and the software, this allows you review information an d sign the necessary forms online via software. This all can be done from your home without visiting our offices. We have robust email service that you can rely on.  

    GM professional accountants provide these services around the London and Essex area, we have a specialist team that has the experience and expertise to take care of your tax affairs.

    Contact us today to enquire about an appointment.

    Accountants for Manufacturing Business

    Accountants for Manufacturer business

    Get a Quote Now

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

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

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

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

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

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

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

    Manufacturing Accountancy Services we provide include:

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

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

    Accountants for Opticians

    Accountants for Opticians

    Specialist Accountants for Opticians Are you looking for an accountant that understands the requirements and needs of Locum Optometrists and Opticians? then you have come to the right place. At GM Professional accountants, we understand that Optometrists and Opticians need an innovative and bespoke solution for their compliance, advisory, and accounting needs.

    Get a Quote Now

    Unlike many other accounting firms, we have a specialist team with the expertise and experience acquired over many years of practice. Our team has been providing opticians with personalised accounting and compliance services for years and hence we know exactly what you need. We pride ourselves on the provision of personal service in which you get to have a dedicated contact at GM Professional accountants that take care of all your accounting needs.

    Your contact will break down everything to make it simple for you to understand as we never use jargon or complex financial or technical terms. All that we do is explained to you in a language that you understand. Working with us, you can be sure that you will quickly understand all aspects of accounting and compliance we are discussing. We do this since we intend to build long term relationships, and this can only be done when both the accountant and the client are on the same page.

    The following are some of the services we provide to opticians:

    1. Management Account preparation on an annual basis
    2. Review of business structure
    3. Tax advise and planning
    4. Payroll services
    5. Cash flow and budgeting
    6. Statutory accounts and CT600 preparation and filing
    7. Financial forecasting and business plans
    8. Training and accounting software to ensure you are compliant with all regulations of the Making Tax Digital Legislation of the HMRC
    9. VAT advice
    10. We also do provide customised solutions for Partners at Opticians that include: 1. Personal tax planning 2. Advising potential partners on the financial consequences of partnerships.

    A lot of optometrists work as locums at some point. As a locum, you often have to mix self-employment with salaried work, which can present a lot of complexity in tax accounting. Thankfully, we have a team full of experts that will provide critical advice on anything from national insurance and tax obligations.

    We also offer assistance and guidance to those seeking to form a limited company where they can provide their services while working as a locum. At GM Professional accountants, we serve both beginners and established Locum Optometrists as we are experienced within this sector.

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

    Accountants for Makeup artists

    Accountants for Makeup artists

    We boast of great skills when it comes to accounting for the Freelance’ Make-Up Artist. Having years of experience in our operations, we have been able to handle the most complicated cases of accounting. This has, therefore, built our confidence in providing Make-Up Artists’, which is a service that is both accurate and specialized. Having been self-employed, Make – Up’ artist has become much competitive and at the same time more time-consuming. The focus and high demand to ensure it remains updated all through make it a bit difficult to remain at the top of different financial obligations. GM’ Professional Accountants’ are specialized in offering stress-free tax services which gives the Make-Up Artists Experts’ a great opportunity to put much focus on their daily activities in tandem with tax’ obligations.

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    Deductions and Expenses allowable for Make-Up’ Artists

    The first things we consider while working on your accounts is to make sure you are able to claim all the expenses that belong to you like the make-up artist. Make-up artist’ comes with several tax deductions which are highly unique to other industries. Therefore, here is a list of the expenses entitled to you like the make-up’ artist.

    Using Home As The Office

    Being a make-up artist, it is not just normal to deal with clients who hail from your area or other activities related to work. Home use is an expense that can be claimed, and it is inaccurately’ claimed. You are allowed
    to request a percentage’ of household bills to use in your home. This includes expenses on the bills that are spent on rent/mortgage, heating, electricity, and Wi-Fi.

    Clothing

    Clothing is a basic expense which is highly useful towards claiming the tax return. A make-up’ artist are likely to spend income on clothing that is related to work (not normal day to day clothing), be it clothing’s to be worn during meetings or comfortable shoes which will enable you to remain comfortable for a whole day while operating behind the scenes. Clothing is, therefore, a normal expense that should not be claimed.  It is highly important to understand the entitlements whenever you’re requesting this expense. Most of the make-up artist’ are subjected to penalties as a result of over-claiming.

    Exclusively and Wholly

    Taxes which are legally claimed should be exclusive and whole for work purposes. Nonetheless, the view HRMC’ make-up artists is a ‘grey’ area. Most of the make-up artist expenses form part-work and the part
    personal that will require apportionment.

    Purchase of materials

    Any expense incurred for the business will be allowable, but if you have material remaining at the yearend then this may need adding back to you profits.

    Travel and Subsistence

    Travelling and subsistence only becomes allowable if you go outside your normal working pattern and then reasonable expenses can be claimed.

    Generally, with most of the creative professionals, everything that is carried out by the make-up artist is highly related to their operations. You must clearly understand all the operations of the world theatre and the
    television. You must also get subscribed to the magazines, networks events, and be able to attend social’ gatherings, not forgetting the make-up shows. With everything to do with tax, the actors are required to tread
    with great care especially when filling the tax’ returns.

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

    Contact GM professional accountants now on 0208 396 6128 for a free no obligation quotation.

    Accountants Guide for Courier Drivers

    COURIERS’ TAX RETURNS

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

    How To Become A Freelance Courier

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

    Pros and Cons of The Two Courier Options.

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

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

    How to Advertise Your Courier Services

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

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

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

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

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

    How To Become Better in Your Courier Services

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

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

    stick to their schedules.

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

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

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

    Accounting as a Courier.

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

    Getting Accountancy and Tax Advice.

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

    Deliveroo driver Tax return accountants guide

    Deliveroo driver Tax return Accountants Guide

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

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

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

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

     

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    Four major bookkeeping requirements for efficient Tax management;

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

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

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

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

    Allowable expenses

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

    Mileage claim

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

    Car purchase

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

    Car Lease payments

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

    Service charges and commission at Deliveroo

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

    Finding a good accountant for your business

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

    Among the key roles played by the firms are;

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

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

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

    Accountants in Camden Town

    Finding a local accountant near  Camden Town

    GM Professional Accountants

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

    • GM Professional accountants are Specialist Small Business Accountants

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

    • Awarded the Three best rated Accountants

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

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

     

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

    Limited Company Services

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

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

    Self employed accounts and self assessment Tax return

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

    Property Income tax

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

    Contractor Accounting services

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

    Capital gains tax 

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

     

    For further information on Accounting and Tax Services ,

    Contact GM Professional Accountants today on 0208 396 6128

     

    Company formation with registered address

    Company formation Services in London

    Setting up a new company can be difficult, GM Professional Accountants are here to make the process simple and easy to understand. Our packages are affordable and we ensure that you understand the structure.

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    More information on company formation services

    There are a number of Company formation agents, it is important for you to understand the responsibilites of the Directors and shareholders.  GM Professional accountants can assist with the following:

    • Limited company shareholder agreements
    • Articles of Association
    • Share capital structure and dividend policies
    • Tax planning advice

    If you have been operating as a sole trader and you have decided to make the move to a limited company, we can assist you and guide you on how to cease trading and incorporate.

    There are various benefits of a limited company; one of them is the veil of corporation, which basically means this separates and limits the liability. Your personal assets are separate from the company and this can be overruled if you have a directors guarantee in place.

    We have an article on sole trader v limited company , you can assess and see if this route is right for you. Once you have selected to form a company, we will incorporate the name and then register you with HMRC for payroll, corporation tax and vat value added tax. You will need to set up a limited company bank account and if this has not been done then there could be additional taxes at the year end.

    You will have responsibilities as an officer of the company, GM professional Accountants will assist you on this and we have a Directors guide that we provide to all our clients. This ensures you understand your responsibilities and the deadlines for the limited company.

    You can contact us for further information and a detailed quote.

    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.

    Contact us now

    A Tax Advisers Guide for the Let Property Campaign

    Let Property Campaign Expert Accountants

    The residential property landlords now have the responsibility to comply with the new income declaration scheme. The payment of tax is an obligation that every citizen should meet in the United Kingdom. This noble cause prompts Her Majesty’s Revenue and Customs believe in the need for landlords should get the opportunity rightly disclose their taxes. Let Property campaign fills the gap by providing the necessary knowledge to people with income from property.

    Let property campaign accountants

    Contact us now

    Why it is important to make the disclosure

    The main advantage you get due to voluntary disclosure is the favourable terms in the payment of the tax you owe. Notably, tax evasion results in penalties. Therefore, it is important to undertake a voluntary and full disclosure of the unpaid tax to benefit from the low penalty rates that are associated with it. Meanwhile, if you decide to wait for the HMRC to discover that you are evading tax, you will be dealing with higher penalties. The penalties can be 100% of what you owe. When you add the higher penalties to the likely cost of  investigation , voluntary disclosure is far much cost effective to the landlord.

    Why it is important to use a professional Tax Adviser

    Landlords are susceptible to several tax errors which may be deliberate or due to misunderstanding. Our Tax advisers will help you to know whether the Let Property Campaign applies to you or not. There is an instance when you can be a landlord and you fail to realise. A simple misunderstanding of the rules that occur when you inherit a property or renting out your flat to cover mortgage payment is part of what makes one liable to unpaid tax. In such cases, a professional adviser will be helpful in attaining updated tax affairs.

    Additionally, the Let Property Campaign has a wider scope. It varies significantly with the previous disclosure systems. This means you may not have a complete grip of all that is required of you in this regard. The professional adviser becomes handy in guiding you through the steps you need to follow based on your circumstance.

    How far back do I need to go with my declaration?

    The declaration goes as far as when you started receiving the letting income. It is important to keep a record, especially of the expenses as if you do not have the proof of these, then you will not be allowed a deduction. The Tax adviser will assist you between capital and revenue expenditure.

    What happens if I cannot pay the tax?

    If you cannot pay what you owe, you must contact HMRC before the submission of your disclosure. The HMRC will make decisions depending on your current financial position to advice accordingly. The Let Property Campaign is something to consider because payment of tax is an obligation to be met by every citizen.

    GM Professional accountant are Experts in the Let property campaign procedure and the cost of our services is affordable. Our accountants are experienced in this field and ensure that you maximise on any allowances.

    Our Offies are located in London, Manchester and Essex.

    How to handle a personal tax investigation 

    Tax investigation Specilaists 

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

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

    Likelihood of a tax investigation

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

    Tax investigation notification

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

    Contact us now

     

    Dealing with a tax audit

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

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

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

     

    Cost of an Accountant for small business

    How much should an accountant Cost you in London

    Hiring a poor quality accountant in London can cost you
    dearly. In a city where individuals come to buy their fortune, they start new
    businesses and, similarly, they fail every day. However, what is the contrast
    between those who have staying power and those who overlap?

    the cost of an accountant in London

    Hypothesize to collect

    Only one of each strange business starts with a massive
    spending plan and, despite those who do, it may be tempting to remove the corners at the beginning. However, investing in great financial planning can get more in the long term.

    When a decent accountant can cost you a little more
    initially, they should deserve at least some respect regarding saving you cash and helping you develop your business.

    A decent accountant costs more since they leave out the
    opportunity to understand your business and the procedures so that they are in
    a situation that ensures that you are prepared for development and minimises
    work quotas on the way. For a self employed package, it will cost between £25 to £30.00 per month. For a limited company package this could be between £70 to £80 per month if you are not vat registered.

    Get a Quote Now

    The most effective method to detect a horrible accountant

    Billing per hour is something that many accountants still do. The problem here is that it gives the accountant an incentive to take as much time as necessary and allow the work to expand at the convenient time. It is not clear that this generates a better orientation, but induces a higher bill.

    If an accountant forgets to set goals that begin before working or does not know what will be achieved or transmitted due to his work for you at that time, stay away.

    On the off chance that things start to appear on your bill that you did not request, or did not become aware of what you required, you are generally correct to address them.

    The bad skills of the organisation from time to time disappoint even the most sincere accountants. Be that as it may, losing a deadline will cost you money. In case your accountant consistently exceeds the timescales, it may be an indication that you can fight to meet the HMRC deadlines for your benefit.

    A decent accountant

    A decent accountant will cover the basics, such as your legal records or self-assessment. However, the best you can hope for is to guide you through your information so that you can take a look at your business
    dispassionately. GM professional accountants are a highly reputable firm and have won the award by three best rated.co.uk

    In addition to complying with the HMRC, you will not get an incentive from an accountant who does not think of freshness. When shopping, make sure you are looking for someone educated and interested in what you are
    trying to achieve. As your business develops, you will need a lawyer to incorporate your business and VAT enlistment. It is useful to start with an accountant who will stay with you for a considerable period.

    Past the balance

    At GM professional accountants, we look beyond the balance sheet. Our clear way of dealing with accounting means that we unexpectedly work a bit. And in addition to a group of qualified and reliable accountants, when you hire us,
    you also get your business manager who is committed to helping you understand your information in a way that allows you to develop your business.

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

    How to declare property rental income

    How to declare property income

     

    While renting out your property to tenants can be a very profitable business, you need to know that you do not get to keep all the income. Legally, you are required to declare the income that you get from your property even if you are just renting out a small unit to a student. Although it’s required by law, many people still decide not to declare their rental income. Not declaring your rental income is not worth the risk since if you get audited by the government you will have to pay the tax on the income. You are also likely to pay penalty on interest on the tax that you were required to pay.

    Contact us now

     

    How can HMRC found out about rental income?

    Apart from using very sophisticated computer systems, HMRC has a variety of tools at their disposal with connections to the public databases such as the Electoral Roll and the Land Registry. They also regularly carry out tip-off campaigns and even pay huge rewards when any undeclared tax is finally found. They’ve even put in place tax amnesty that they give to those who come voluntarily.

    not declaring rental income penalties

    Another important trick that they use is obtaining information from third parties. For instance, they normally write to letting agents and estate agents instructing them to submit the names and addresses of all the properties on their books. This means many landlords who are not declaring their property income are likely to receive letters from HMRC.

    How to declare property income

    One method that landlords can use is taking advantage of Let Property Campaign and pre-empting the HMRC correspondence. Let the Property campaign is among the honesty programs that are currently being run by HMRC. According to this campaign, if the landlord comes forward and discloses undeclared income then HMRC will give him a much more lenient penalty. While most penalties are 10% they can even be as low as zero.

    However, if the HMRC finds out about the income then the penalties can be between 15% and 100% depending on the conduct of the landlord. Let Property campaign is, therefore, a very important tool that can help the landlord to update their tax information. Since it will not always be there, landlords are advised to take advantage of it while it’s still there.

    How to go about it

    First, you need to alert them that you want to participate in this program by filling a form and calling their helpline. Once you’ve done this, they will give you 3 months determine and settle what you owe. By doing this, you may not have to pay any penalty but in case you do, it’s likely to be lower than what you would pay if HMRC finds out themselves. Thankfully, HMRC has Let Property Campaign calculator that can greatly help you work out what you owe them. However, if you need to disclose more than 5 years then there is a different calculator.

    It’s also advisable to use an accountant so has to ensure that you have someone on your side when you are negotiating with them and make sure you are claiming the right expenses and reliefs. Although it can be tempting not to declare the income, the law requires you to do so.

     

    GM Professional Accountants in Ilford

    Accountant to claim tax refunds

    Claiming Your Tax Refund

    Claiming Your Tax Rebate
    Claiming Your Tax Rebate

    It is estimated that 1 in 3 people in the UK have overpaid on their taxes but are not even aware of it. This means that you too could be due a tax rebate which could amount to several hundreds or even thousands of pounds. Applying for a tax rebate typically means filling in numerous forms and completing a number of calculations and if you don’t have any experience of dealing with this kind of thing (which very few of us really do) then you may consider it to be too much hard work or your tax rebate claim may be unsuccessful despite having a genuine case.

    The actual amount of tax you are required to pay on an annual basis will depend on your personal circumstances as well as how much you earn but it will usually amount to several thousands of pounds and could be anywhere from around one fifth of your total earnings to nearly a half.

    If you have overpaid for any reason then you are entitled to claim a tax rebate and receive that money back. After all, it is money that you have worked hard to earn so why shouldn’t you claim it back if you have unknowingly overpaid? Whether you have only worked a part of a year, were made redundant part way through the year, or you are set to leave the UK you may be due some tax back.

    The difficult financial situation that many of us find ourselves in means that every penny counts and none of us can really afford to lose an average of nearly 1,000 from our annual salary. You could spend the money on a family holiday, on paying bills, or on updating and upgrading your car. Most of us place our faith in our payslips, our employers, and the Inland Revenue to get taxes right and we don’t even check that we are being charged the correct amount. If you are part of a PAYE scheme then you could be owed several hundred pounds in backdated, overpaid tax and you should consider starting
    a tax rebate claim in order to try and get this money back.

    How to Calculate Your Tax Rebate Effectively

    A number of taxpayers keep a check on all these issues with the help of a professional accountancy services provider. They help them in managing their accounts and keep them updated with such type of news so that they can file all the documents on time. Several tools are also available in the market, which is capable of estimating your amount for a return. These tools demand an input of all the relevant information for computing your return on the income tax that has been paid. These tools are available for free of charge and are very easy to use. If you are not willing to use these tools, you can always opt for professional accountants who will assist you in this task and provide you with refund estimation
    in advance.

    Every nation has different tax policies which depend on various internal factors. Thus, for estimating most accurate amount, you will need to provide certain personal information like marital status, yearly income, number of dependants, age, etc. These factors will define that for what amount of tax  refund you are liable. If any exemptions are there, the accountants will consider the factors from above to provide estimations.

    Generally, the government decides if any year requires them to provide tax rebate to people who have made more tax due to some erroneous calculations. A rebate is decided for all the eligible tax payers by taking in account their different activities. This figure depends on different policies and from nation to nation. There are different schemes introduced every year in a country based on the current progress. They are provided as a facility to the citizens for cutting down on their taxes. These generally include different forms of investments, donations and various personal factors like if someone has low salary, belongs to armed forces, a widow, etc.

    A lot of the above things depend on your accountant’s skill and the way they deal with it. It is always better to file your tax return on time to avoid any penalties which might cost you much more than what you had to pay. While working for your business, you tend to forget these things because of the daily work tasks that require much more attention. If you fail to abide by the deadlines which are set by governing bodies, it will become difficult for you to get any exemptions because of your bad record. This is the reason that putting all this in the hands of professional is a much better option.

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

    Get a Quote Now

    HOW TO CHOOSE A COMPANY NAME

    HOW TO CHOOSE A COMPANY NAME FOUR YOUR BUSINESS STARTUP

    HOW TO CHOOSE A COMPANY NAME
    HOW TO CHOOSE A COMPANY NAME

    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.

    Contact us now

    How to maximise your CIS HMRC Tax rebate

    Claiming Your Tax Rebate

    It is estimated that 1 in 3 people in the UK have overpaid on their taxes but are not even aware of it. This means that you too could be due a tax rebate which could amount to several hundreds or even thousands of pounds. Applying for a tax rebate typically means filling in numerous forms and completing a number of calculations and if you don’t have any experience of dealing with this kind of thing (which very few of us really do) then you may consider it to be too much hard work or your tax rebate claim may be unsuccessful despite having a genuine case.

    Contact us now

     

    How much Tax have you Paid

    CIS Tax rebate in London

    The actual amount of tax you are required to pay on an annual basis will depend on your personal circumstances as well as how much you earn but it will usually amount to several thousands of pounds and could be anywhere from around one fifth of your total earnings to nearly a half.

    If you have overpaid for any reason then you are entitled to claim a tax rebate and receive that money back. After all, it is money that you have worked hard to earn so why shouldn’t you claim it back if you have unknowingly overpaid? Whether you have only worked a part of a year, were made redundant part way through the year, or you are set to leave the UK you may be due some tax back.

    The difficult financial situation that many of us find ourselves in means that every penny counts and none of us can really afford to lose an average of nearly 1,000 from our annual salary. You could spend the money on a family holiday, on paying bills, or on updating and upgrading your car.

    Most of us place our faith in our payslips, our employers, and the Inland Revenue to get taxes right and we don’t even check that we are being charged the correct amount. If you are part of a PAYE scheme then you could be owed several hundred pounds in backdated, overpaid tax and you should consider starting a tax rebate claim in order to try and get this money back.

    How to Calculate Your Tax Rebate Effectively.

    A number of taxpayers keep a check on all these issues with the help of a professional accountancy services provider. GM professional accountants help them in managing their accounts and keep them updated with such type of news so that they can file all the documents on time. Several tools are also available in the market, which is capable of estimating your amount for a return. These tools demand an input of all the relevant information for computing your return on the income tax that has been paid. These tools are available for free of charge and are very easy to use.

    If you are not willing to use these tools, you can always opt for GM professional accountants who will assist you in this task and provide you with refund estimation in advance. Every nation has different tax policies which depend on various internal factors. Thus, for estimating most accurate amount, you will need to provide certain personal information like marital status, yearly income, number of dependents, age, etc. These factors will define that for what amount of tax refund you are liable. If any exemptions are there, the accountants will consider the factors from above to provide estimations.

    Generally, the government decides if any year requires them to provide tax rebate to people who have made more tax due to some erroneous calculations. A rebate is decided for all the eligible tax payers by taking in account their different activities. This figure depends on different policies and from nation to nation. There are different schemes introduced every year in a country based on the current progress. They are provided as a facility to the citizens for cutting down on their taxes. These generally include different forms of investments, donations and various personal factors like if someone has low salary, belongs to armed forces, a widow, etc.

    A lot of the above things depend on your accountant’s skill and the way they deal with it. It is always better to file your tax return on time to avoid any penalties which might cost you much more than what you had to pay. While working for your business, you tend to forget these things because of the daily work tasks that require much more attention. If you fail to abide by the deadlines which are set by HMRC, it will become difficult for you to get any exemptions because of your bad record. This is the reason that putting all this in the hands of professional is a much better option.

     

    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.

    Get a Quote Now

    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.

    How to get a Free Valuation For Your House with Estate Agents in London

    How To Obtain A Free Valuation For Your Property

    The value of the house is one of the major things that potential home owners look for when selecting a house to buy. The value of the house depends largely on the location of the house and the furnishing and repairs needed to be done. Getting a valuation for your house is important in helping you to estimate the amount you will possibly get when you are planning to sell your house.

    Contact Estate Agents

     

    Free house valuation

    To ensure you get the correct value for the house, there are a few things you need to consider. Some of the most important things to consider include the following;

    • The value of the houses in the street. The value of houses vary depending on the location and area of the county or country you are in. Houses in urban areas tend to cost more than the houses in rural estates. Finding the value of the adjacent houses in the street also enable you to estimate the real value of the house.

    • Finding out amount of money the previous buyers of the house got it for. This enables you to estimate the real current value of the house at that particular time.

    Our choice is Estate agents London because they provide a free no obligation valuation with competitive fees in London

    • The trends in the real estate prices in your area. This is important information to any house owner. The trends in the real estate prices in the area enables you to know when it is most convenient to sell your house. Knowledge of the market trend also enables you to avoid inconveniences when planning to sell your house. Trends in the national level on the real estate market also hugely determine the prices of the houses.

     

    How to get a ballpark valuation

    Ballpark valuation is able to help you calculate the real value of the house depending on the market value. There ae several ways to calculate the value of the house for buyers, sellers, and all other parties that are interested in the value of the house. Using the ballpark valuation, mainly helps sellers to get the actual value of the house. Here is a breakdown of the approaches to use when using this method to calculate for the value of the house.

    a) Using price multiples

    This is one of the simplest and easiest to use approach when you are valuating your house. This is mostly used by people to get the market value for small businesses. Under this approach, there are two main types which are the cash flow and revenue. To calculate the cash flow, you are required to sum up all the incomes and revenues accrued before deducting taxes, interest rate and depreciation. After determining the values, you can find the most commonly used multiplier which you multiply with the value you have found. You should find the correct multiplier to multiply with your value depending on the demands of the market and changing trends.

    Comparison

    This is another approach that you can use to valuate your house. This involves finding the value at which recent buyers have been getting the house for. You can also go a little further and determine the value of other property in the same industry, location and even size. Comparing your house with other properties, putting the features side by side, enables you to get a clearer picture on the value of your house. The information you need can be easily found in the internet and even from the property brokers

    b) Bring in professionals

    The purpose of hiring a professional is to enable you get a specific value depending on the dynamics of the market. Our recommended choice Estate Agents London are able to calculate the value of the house and give the accurate value. This is one of the advantages of this approach over the other approaches, it is accurate. They are also familiar with the correct and most suitable multipliers available for you depending on the industry you are in. Having a professional will also enable them to get deeper into specific details that you cannot be able to handle and understand on your own. A professional is also able to shorten the process from valuation to the final sale of the house.

    Can making repairs increase the value of the house?

    Making repairs and adding finishes to your house is guaranteed to increase the value of the house. This is because potential buyers mostly prefer to move in without having to make any repairs to the house. However, the repairs o you want to do to the house depend on the industry you are in. Some of the buyers will prefer to do the repairs on their own so that they are able to customize the house. The capital gains tax is the tax accrued from the profit you gain from the sale of assets like properties and houses. You are required to find out whether the area where you are selling your property requires you to pay the capital gains tax. In addition to that you should ensure that the rate at which the tax should be paid in order to know how much you should sell your house at.

    Considering Capital Gains tax on your property

    If the property is your main residence then then this will be covered by PPR relief. If this is your second home then there may be capital gains tax implications. if you have lived in the property at any given time then letting relief may apply.  This type of relief is not automatic and will need claimed in the tax return.

    Conclusion

    Finding the real value of a house can be a bit difficult. This is because of the different change and trends in the market today. However, it is easy to valuate your house by using the ball park valuation. This involves the use of either of the three approaches, the use of price multiples, bringing in professionals and using comparison. Hiring the services of professionals is the best approach because it is accurate. This is because the professionals are able to get into deeper details of the property and are also conversant either the current trends in the market. When valuating your house, other things like repairs may also greatly affect the value of your house. Doing repairs may increase the value of your house depending on the industry you are in. Some buyers may prefer to do repairs on their own so that they are able to customize the space to meet their needs and specifications. In valuating your house, the price of other properties in your locality can also be studied and used to arrive at an estimate value.

    Contact Estate Agents

    Accountants for construction limited company

    Accountants for construction companies

    Why Accountants are important for construction companies

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

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

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

    What are the filing dates for limited construction companies?

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

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

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

    Limited company allowable expenses

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

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

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

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

    Why choose GM professional accountants?

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

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

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

    How to change my accountant – considering switching?

    How to change my accountant – considering switching?

    How to change my accountant - considering switching
    How to change my accountant – considering switching

    Introduction

    When it comes to changing service providers especially accountants, most people are often reluctant. Even with poor services and total dissatisfaction, most clients remain loyal to their accountants. This tendency might be as a result of certain perceptions that clients hold with regards to the whole process of changing an accountant.

    These include;

    • The notion that changing an accountant is a risky process.
    • Doubting whether another accountant will be any more effective that the current one.
    • The notion that changing an accountant is a difficult process.

    In this article, I will provide information on how the process is undertaken, offer reasons as to why one should change their
    accountant and offer a review of GM Professional Accountants.

    Contact us now

    How to change your accountant?

    A clear procedure is provided for within the accounting profession on how one should change their accountant. At this point, I should mention that this process is common and legitimate accountants will take the whole process professionally.

    The steps you are to follow as a client when changing you accountant are;

    Give your accountant a notice.

    This notice is written to the current accountant. It can be in form of an email. It details which companies you would like to move to new accountants. It also provides information on the date in which the move should be completed. In the notice, it is important that you provide information about the new accountant. The notice is important as your current accountant must have a written statement from you before they can move your financial records to another accountant.

    Preparation of a professional clearance letter.

    After you have provided your current accountant with a notice, your new accountant will usually send a written document to your
    current accountant in order to request for a professional clearance. The accountant will request for professional clearance as well as any paperwork relevant to you from your outgoing accountant.

    As part of due diligence, your new accountant will ask the current one whether there are reasons why they should not take you on as a client. The professional clearance letter also provides an avenue where the current accountant can point out issues they have had with the client. They include issues to do with the client’s honesty with regards to their finances. This serves to point out fraudulent clients.

    I should point out that your current accountant may charge you a fee for this service especially when a lot of work is involved.

    Transferring records and assignment of authority.

    At this point, when everything else is complete and it is all in order, the outgoing accountants will transfer your financial records to the new accountant. This is usually an easy process. After the records have been transferred, you may now assign authority to the new accountants so as to allow them to handle your tax affairs including filing your tax returns.

    When should you change your accountant?

    In a case where your accountant is not providing tax planning advice, then it is time for a change. An accountant should offer
    relevant advice on ways to reduce your tax bills. Your accountant should essentially help you pay the least amount of tax you are legally required to pay and not just filing tax returns.

    For effective financial administration, communication between you and you accountant is key. Hence, if your accountant fails to pick your calls or takes too long to reply to your emails, then this is a red flag and it is time to look elsewhere.

    For a case where your business might have outgrown your accountant, then it is time to get a new accountant. This can be signalled by your accounts becoming too complex for your accountant. It might also be the case that your accountant has outgrown you. This might be the case for a small business in whereby, a very large accounting firm might not offer you the best value for your money and as such you might want to get a different accountant.

    Why you should choose GM Professional Accountants firm?

    GM Professional Accountants is a well-established accounting firm based in London that offers a variety of financial services to businesses and individuals in various industries. The services include but are not limited to; accounting services and tax management services.

    The firm also offers online accounting which increases flexibility for those in far-off areas. Another key aspect of the firm is that it offers adequate small business accounting ensuring that even for a small business, you get the relevant accounting services. The many 5-star reviews on google ratings from satisfied clients portray a well-structured firm where everyone gets the necessary attention ensuring seamless service delivery.

    Contact us now

     

    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.

    Contact us now

    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.

    Get a Quote Now

    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

    Get a Quote Now

    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
    View Prices

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    What type of accountancy services will amazon sellers need?

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

    Limited companies services:

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

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

    Commissions

    Purchase of goods

    Postage and carriage

    Subscription fees

    Residence as office

    Accountancy fees

    Marketing Fees

    Directors Salaries

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

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

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

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

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

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

    What are the filing dates for Amazon sellers?

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

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

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

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

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

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

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

    What do HMRC Expect?

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

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

    Choosing an online accountant?

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

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

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

    Choosing The Right Accountant with affordable fees

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

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

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

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

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

    Get a Quote Now

    How to choose the best property accountant

    How to choose the best property accountant

    How to choose the best property accountant
    How to choose the best property accountant

    Owning property in the United Kingdom is not easy for first-time buyers. It is important to hire property accountants to offer you insights and advice on your investments. There are many property accountants in the UK. However, selecting the best accountants can be one of the most daunting tasks. It is advisable to compare more than one accountant in the nation before making your final decision. Here is a simple guide to finding a great property accountant in the UK.

    Reviews

    It is advisable to read reviews of different property accountants online. Reviews will enable determine whether the services you are about to hire are worth your money. There are different sites that offer reviews on various services including property accounting. Read several reviews in order to make an informed decision. Do not waste time and money hiring an accountant with many negative reviews. If other clients are lamenting about the services they received from the accountant then you are equally not safe. Only hire services of an expert with positive reviews if at all you care about your investment.

    Yellow pages

    Yellow pages offer information on different services across the United Kingdom. The platform has contacts, address and other details of property accountants. You can check the contacts to find property accountants near you. Once you have selected several accountants, you can consult them to find out the kind of services they offer before you make any move as far as property ownership is concerned.

    Google

    With the growth of technology, property accountants have also opted to create their presence on the internet. Google has an endless number of property accountants who can come to your rescue whenever you want assistance. The accountants offer different services at different costs. However, it is wise to conduct proper research before accepting to work with any of the accountants you will find online. A good number of Google property accountants promise what they do not deliver. Read what others are saying about the accountant you are about to hire before you determine your next move. Failure to conduct research is likely to make you land someone who will fail your investment with poor analysis. If you decide to hire an accountant from Google then you should consider the following aspects

    Qualifications

    Academic qualification is among the aspects you cannot afford to ignore when hiring a property accountant in the UK. You need to find someone with the right academic qualifications. A good accountant is one who studied in an accredited institution. He or she should also be a member of different chartered accountancy organisations in the UK. The accountant needs knowledge to advice you on capital gains tax and income tax. This will only be possible if he or she is qualified.

    Experience

    Find out how long the accountants have been offering services in the UK. An experienced accountant is better placed to offer high-quality services than a new entrant in the field. This, however, does not mean that new accountants do not offer great services but it is hard to determine the same.

    Cost

    The cost of hiring an accountant varies across the United Kingdom. Find out what you will end up paying in reference to the quality of services before hiring one. You can compare several service providers before you select one for your firm.

    GM Professional have offices Located in London, Manchester and Essex.

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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.

    Get a Quote Now

     

    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.

    Contact us now

    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 Traders

    Accountancy and Taxation Services for Traders

    As a trader, you need to meet a range of significant tax deadlines annually. We have compiled a list of the most critical ones to assist you to fulfil your obligations. Deadline date may be subject to change. That is if, they fall on a bank holiday or weekend, therefore, payment may be required to be completed on the last working day before the deadline.

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    Filing Dates for Self-Assessment filing

    On 31 October. If you are one of those taxpayers who have received a notice from HMRC to file your tax on paper and not online, you need to do so by 31st October.

    30 December. If you have less than £3000 in tax dues, you must file your tax returns online so that HMRC can collect it through your tax code.

    31 January. If you are willing to file your tax returns online, you must comply by midnight 31 January. Bearing in mind, you have to have a government gateway sign in and password to do this, and the process obtaining the credentials can take up to 10 days – so it is always advisable you apply in advance more so if you are filing returns for the first time.

    Also, you will be required on January 31st to make your first payment. This payment is equal to fifty percent of your tax liability the tax year just ended and will be transferred to next year’s tax bill.

    6 April. This makes the beginning of a new tax year. If HMRC believes that you require completing, a self-assessment, you can expect to receive a tax return paper soon after this date.

    31 July. On this date, you will be needed to complete your second payment.

    Accountants for traders in london

     

    Filing Dates for Limited Company filing

    For limited companies you have 9 months from your accounting period end to file your accounts and tax return. For example, if your accounting period is

    01/01/2016 – 31/12/2016 then 01/10/2017 is the latest date to file your accounts at companies’ house and HMRC.

     

    Allowable Expenses

    If you are a business owner, your enterprise will have several operational costs. You can debit some of the running costs to total your taxable only if they’re allowable expense. Some of the costs you as a business can claim as allowable expenses include; Clothing expenses, travel costs office costs, financial costs, costs of your business premises, and staff costs. Please note that allowable expense doesn’t include cash taken from your Business to pay for private purchases.

    Filling end year returns as a sole trader can be tedious and can lead you to lose concentration on your business. Accountants for traders like GM Professional Accountants help you have a peace of mind.

    GM Professional Accountants

    GM Professional Accountants provide accountancy services to business owners. They relieve you from the hassle and time taken to complete end-year tax returns by being stress-free knowing that you are totally compliant with HRMC and up to date with all tax-related guidelines.

    The accountancy services take care of all the taxation and accounting requirements for business for a competitive low-cost monthly fee. Also at GM Professional Accountants, we offer other accounting services which include aiding one in registering a business and give support and assistance going forward. GM Professional Accountants regularly review your Business to check whether it’s running the most tax efficient way.

    Gm Professional Accountants have offices located in London,  Essex and Birmingham.

     

    Let property campaign helps landlords bring tax affairs up to date

    Let property campaign helps landlords bring tax affairs up to date

    Let property campaign helps landlords bring tax affairs up to date
    Let property campaign helps landlords bring tax affairs up to date

    If you are a residential landlord in UK and you want to get your tax records straight and accurate, then the Let Property Campaign is for you. HMRC believes that all people should get an opportunity to pay the right amount of tax and this campaign is for those who have some inaccuracies in their tax records. If you are a landlord and you have some undisclosed income, then you should immediately contact HMRC regarding it. They will give you a time period of 90 days to calculate all your undisclosed income and finally pay what you owe.

    Why it’s important to join the campaign?

    This is a great opportunity to reveal your undisclosed income even if you have not disclosed it intentionally. The advantage is that HMRC is allowing you to tell what you believe how much you should pay as penalty. In case it was unintentional, then you may not need to pay at all. And don’t worry about the amount of penalty. If your financial position is not strong, HMRC will allow you to pay in instalments.

    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.

    Contact us now

    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

    Introduction

    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.

    Contact us now

    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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    Accountants for personal trainers

    How do I start with Tax filing?

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

    What are the filing dates for personal trainers?

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

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

    What are the allowable expenses?

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

    ● Training Equipment:

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

    ● Computer and Printer:

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

    ● Website:

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

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

    What type of accountancy services will personal trainers need?

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

    ● Advice on Establishments of the business structure.

    ● Service on startup expense checklists

    ● Selection of accounting software and providing appropriate training.

    ● Invoicing,Bookkeeping and Payroll services

    ● Analysis and Preparation of Financial Statements

    ● Strategies for Tax Planning.

    Choosing an online accountant:

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

    Choosing the right Accountants in London:

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

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    Accountants for Individuals Annual return

    Tax return Accountants for Individuals

    Accountants for Individuals

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

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

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

    What is Self-assessment Filing?

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

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

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

    Do you need Tax advice?

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

    Type of accountancy services for Individuals

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

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

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

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

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

    Choosing an online accountant

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

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

    · Also see if the person has good experience.

    · Connect through social media and know about the person.

    Choosing the Right Accountants 

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

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

    Contact us now

    Accountants for Pharmacists

    Accountants for Pharmacists

    Introduction

    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.

    Contact us now

    How to Avoid Paying Capital Gains Tax on Your property

    Tax Advisers on planning and dealing with Capital Gains Tax on Your Home

    Capital gains tax or CGT is the tax on profit paid when one disposes of an asset. It is charged on profits made from selling any property that is not your residential home. Fortunately, you can waive this tax, and a London expert on tax matters shows you how.

    Get a Quote Now

     

    Capital Gains Tax Rates

    The amount of CGT charged in the UK on assets differs according to certain categories. For individuals, the capital gains tax rate ranges between 18% and 28% of the amount gained on disposing of an asset. Trustees or representatives of say a deceased person is required to pay 28%of the gains made from disposing of assets they are trusted with or representing.

    Any gain that qualifies as Entrepreneurial Relief will be charged 10% on gains. Private companies not based in the UK will be charged 20% on gains for disposing of assets that were owned by the UK. Property whose Annual Tax on Enveloped Dwellings has been paid will be viable for a 28% capital gains tax.

    capital gains tax on property

    Annual Tax Allowance or Exemption

    Residents in the UK are eligible for tax-free allowance on CGT. This tax relief is applied annually and under certain conditions. Individuals who are domiciled in the UK qualify for the annual tax exemption on gains. Trustees or representatives of an estate previously owned by a deceased individual also qualify for tax exemption. Thirdly, trustees of disabled persons also get an annual tax relief on asset gains.

    On the other hand, there are individuals or groups that are not eligible for an annual tax-free allowance in the UK. This includes any individual who is not a permanent resident in the UK but owns assets in the UK. Private foreign companies holding assets on UK soil also do not qualify for annual capital gains tax exemption. Anyone who has claimed remittance basis from a foreign country instead of the UK will also not qualify for annual exemption on capital tax gains.

    Annual Exempt Amount

    The annual exempt amount is a marked amount which qualifies individuals and companies for annual relief on capital tax gains. This amount varies with each year depending on revisions made by the UK government. For the period 2016 to 2017, the annual exempt amount on gains made by individuals was £11,100. This amount has been revised to £11,300 for period 2017 to 2018. For trustees, the annual exempt amount for 2016 to 2017 is £5,500 which will increase to £5,650 for the period 2017 to 2018.

    To avoid capital tax on the gain, individuals and trustees must ensure their total annual profit does not exceed the set annual exempt amount.

    Other Ways to Avoid Capital Gains Tax

    Capital gains tax will only be applicable when an individual or trustees sell property that is not their own residential home. Selling anything else like a business, second home, or shares automatically mandates the paying of capital gains tax.

    Capital gains tax on a second home applies where one is selling a buy-to-let home or a resort home. The capital gains tax paid will be high but one can make it lower. Once a profit or gain has been made, deduct expenses like legal fees, stamp duty, real estate fees and any other expense. Secondly, deduce your allowance from the remaining amount. Calculate the gains tax on the net amount using your income tax status; this will likely be between 18% and 28%.

    Letting relief is another way to avoid paying capital tax on gains. This relief is offered on any gains made from selling property that has been the taxpayer’s home for a period of time. This relief also applies if the said property was once rented out as residential accommodation. However, capital gains will be charged albeit it will be a smaller amount of what would have been originally charged.

    The regulations on capital gains tax keep changing each year. It is important to consult the advice of tax accountants to calculate how much you should pay or whether you qualify for tax relief.

    Contact Us

    Uber Driver Tax return Accountants Guide

    Uber Tax return Accountants Guide

    Uber is a leading transportation company, operating in 633 countries worldwide. It has its headquarters in San Francisco in the United States. The company mostly operates via the mobile app and allows users to book vehicles via the application. Also, independent, self-employed drivers can register on the app or website and become a member of Uber community. They allow attractive rates per miles and also flexible timings as per driver preferences. The company has got firm roots even in the United Kingdom.

    What are the allowable expenses for Uber
    Drivers?

    Knowing the list of allowable expenses is important as it will reduce your tax bill. You need to pay tax on the amount earned minus the allowable business expenses. So make sure you keep a note of these.

    • Mileage claim – You can do this claim if you own the car. The
      rates are 45p for the first 10k miles and 25p thereafter. If you make this
      claim you are not eligible to claim for the cost of the car, servicing,
      and insurance.
    • Car purchase – If you purchase a new vehicle, you may able to claim it all (depending on the private use) or the cost over a few years. Rates are as follows :
    • 75g/km-130g/km (CO2) you will get 18% capital allowances.
    • 130g/km or more you will get 8% capital allowances
    • Car lease payments – You can redeem the monthly cost of the lease as well as fuel cost, servicing, insurance, and repair cost.
    • Uber commission and service charges
    • Tolls and Parking charges
    • Business usage of your phone
    • Accountants fees
    • Vehicle and Public Liability insurance
    • Car cleaning
    • Bank charges

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    The four major bookkeeping requirements for tax management of an Uber driver are as follows:

    1. You must register yourself as a self-employed individual on the HMRC website, 

    2. Make sure that you keep the receipts and expenses of all the business transactions handy.

    3. Complete self-assessment of the income and expenses must be done prior to 31st January of each year.

    4. Any pending tax or National Insurance must be paid before the due date of 31st January.

     

    However, being an independent self-employed driver makes it difficult for some people to handle their taxes. Few drivers are not educated enough about the taxes and other legal guidelines of bookkeeping. Due to this, they may land up in paying extra money or some kind of penalties as well. To avoid such a situation, it is very much important to understand the tax mechanism and hire a proper accountant for your needs.

    How to find a good accountant for your
    business:

    There are several accounting firms as well as private accountants that provide accounting services for Uber drivers to
    manage their accounts in the UK. As there are lots of receipts and expenses on a daily basis, the bookkeeping process is little tedious, but if the driver maintains a proper logs or file of the receipts then it can become very easy.

    Many of the accounting firms also provide Mobile apps to the uber drivers to record their transactions in an easy way.
    Major responsibilities of the firms include:

    • Helps in creating profile in HMRC
    • Does auditing to judge the real profit of the driver
    • Can provide mobile app for the HMRC Self-assessment, Housing benefit applications as well to know your tax credits
    • Keep track and note of all the business income and expenditure
    • Register details of the vehicle mileage and other details of the vehicle
    • Provides accounts that are ready to be submitted for filing HMRC Self-Assessment return
    • Gives advice on record keeping
    • Helps in Tax investigations.

    The cost of hiring an individual accountant for tax consultation in the UK can be less than 250 GBP, however, for companies; it can vary between 600 to 650 GBP. The services provided may vary as per the pricing. You must research the company or individual over the internet properly and read reviews and ratings before hiring for your tax management.

    See our Ecommerce guide, for online businesses.

    Contact us now

    Get A Quote Now

    View Prices

      GM Professional Accountants

      Contractor and Freelancer accountants in London

      CALL US NOW FOR FREE CONSULTATION  ON 0208 396 6128

      E-Mail: info@gmprofessionalaccountants.co.uk

      Choosing an online accountant for your small business 

      Choosing The Right Accountant For Your Business

      Determining an accountant for your business is a significant and complex choice. You aren’t just hiring a number cruncher; you’re hiring an essential business partner as well. So, as with any business partner, you must make sure that they understand your business.

      Online small business accountants 

      Online  accountants for self employed play a vital role in the modern day business world, as they offer many vital services such as completing your tax returns, bookkeeping, cash flow projections, payroll, and even online accounting. If you run a small business, making the right choice is particularly important because at the outset your accountant is likely to be your only professional adviser.

      Well, don’t worry – this article is all about imparting the key steps towards finding the perfect accountants. You may think it’s as simple as looking one up in the phone book, but the brutal truth is that just about anyone can call themselves an accountant without any real qualifications. Finding a bona fide, experienced accountant takes much more effort.

       

       

      online accountants for self employed

      The following steps are designed to cut through the dross and find you the perfect accountant:

      – Ask for referrals to accountants from other business owners.

      – The Institute of Chartered Accountants, the Association of Chartered Certified Accountants, AAT, and The Chartered Institute of Management Accountants – these are seals of approval that you should insist on finding. If your accountant can’t produce any of these on demand, then look elsewhere

      – Meet your accountants in person for one-to-ones – do this several times before you make a decision. Ideally, you should be able to communicate freely and easily with each other.

      – Outline your current and predicted needs of your business so your accountant can meet them and synchronise their efforts.

      When it comes to cost – be cautious. The first consultation, where you begin ascertaining whether or not they’re right for you, should be free. Most accountants offer this service, but it’s always good to check, just in case. Also, always decide upon a fee limit early on with your accountant – if they only seem interested in making money for themselves, they aren’t right for you. Also, make sure they are capable networkers, able to provide you with contacts and arrange meetings with integral supporters such as suppliers, bankers, and customers

      In addition to your accountant’s financial knowledge, you can also have personalised cash flow projections, have your bookkeeping and payroll managed efficiently and provided important advice. Fuelled with your data, there’s no limit to what your accountant can do – it’s just up to you to find one with the right skills to match your business.

      Setting up a day-by-day accounting system, however, should be a priority, whether it’s merely compiling an organised ledger system or a more sophisticated computer programme. Your accountant should be ready to assist and advise in setting this up.

      Never underestimate the power of the accountant in your business. Their knowledge of finance and business will no doubt exceed those of the first-time businessperson, so don’t underestimate the power they have. Treat them with respect, but also let them know where their responsibility ends, after all, you’re the boss.

      Accountants are a regular benefit to your business – they’re experienced, capable and potentially crucial in the running of your business. Without a proper accountant, your chances of financial survival in an increasingly competitive market drop significantly.

      How to 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. Glassdoor.co.uk, yell.com, ukaccountancyfirms.co.uk/reviews 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 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

      Call us now on 0208 396 6128 for a free consultation.

      How to find accountants in Ilford Lane

      Searching for accountants in Ilford lane

      Run your business in a lucrative and hassle-free way by hiring the accountants from GM professional accountantsAccountants in Ilford

      Are you wondering, “How can I find skilled accountants in Ilford near me?”  GM professional accountants is near you. Yes, ours is a leading Accountancy firm in Ilford, London. Since the start of our firm, we have been offering individualised service to local businesses of all sizes. This means that if you are the owner of a small business, you can also get our professional services at the best prices and find expert accountants near Ilford lane.

      Why does choosing our Accountancy firm your best option?

      Finding small business accountants in your area is not all a difficult task. They are always available to offer you a variety of services, including accounting and tax return services. Our skilled accountants will make sure that you will get a quality, competent service at a competitive price. GM professional accountants is always ready to advise you for the growth of your business.

      You can completely count on our professional accounting services. This is because we have vast expertise, as well as experience in the Bookkeeping and Tax industry. At GM professional accountants, we focus on your business accounts as well as on offering you a practical solution to aid you as well as your businesses and we specialise in capital gains tax.

      Our firm has a well-organized team of highly qualified tax accountants near Ilford. All of them have vast years of combined experience in the industry. They will suitably advise you on the way to make your business accounts keep simple. They have the required skills to cut your tax bills. Thus, you can rest guaranteed that you could save a considerable amount of dollars during your tax return. This will allow you to save your hard-earned money as well as your time.

      At our firm, all our qualified accountants near Ilford are well versed in accounts practices as well as in tax laws. They will steer you in the right way to develop your business. They will also suggest you the ways to improve profitability, growth rate, cash flow, as well as to boost your business value. Thus, you can rest be confident that you could develop your business effectively.

      Furthermore, we can assist your business to develop at a fast pace by practically offering suitable tax suggestion in a timely way. We are the only service providers in Ilford, offering all sorts of tax-associated services. Our knowledgeable accountants will offer you a tailored service, which you cannot find anywhere in the Ilford area.

      Our variety of accounting services

      As one of the leading accountants in Ilford, we will do our level best to incorporate our expertise and experience for the welfare of your business. Our courteous, professional accountants will do their best to aid you greatly in saving your time as well as your cash through their hands-on business suggestion. We can assist you in finding the easiest way to reduce the overheads and costs. This, in turn, will allow you to charge your valuable customers less. It will also allow you to compete capably with your business competitors.

       

      If you need any additional Accounting services, pertained to your business, feel free to contact GM professional accountants. As we are always available to help you, you can contact us on 0208 396 6128

      Gants Hill Accountants

      Accountants near Gants hill

      Are you looking for local reliable and accurate accounting services near Gants Hill ? If yes, look no further. GM professional accountants is right here to carter to your every need.

      Get a Quote Now

       

      We specialise  small business and self employed businesses. We are based in the heart of  Greater London. We have been providing excellent accounting services to local clients as well as those in neighboring regions over the years. Our team comprises of well trained and highly experienced accounting professionals.

      accountants in Gants hill

      OUR SERVICES

      We provide the following accounting and business management services:

      ~Company accounts

      We help companies maintain financial records. Every company needs clearly detailed and comprehensive financial records, these help with management, decision making, and planning as well as evaluation processes.

      We will help you prepare profit and loss accounts and balance sheets. We will also help you prepare statutory reports to table at AGMs alongside the company’s annual financial statements.

      ~Cis Tax returns

      With our intensive knowledge in construction tax, we help you prepare tax returns to submit to authorities for assessment or refunds. We have helped a number of Construction Industry Schemes file their annual tax returns over the years.

      ~Payroll services

      We offer effective payment solutions to small businesses as well as self employed persons. Our payment services are at par with modern technology and are customised so as to meet the specific needs of clients.

      ~Self assessment tax return

      We help clients fill and submit self assessment tax returns to the government. In regards to this, we will advise you on whether you’re obligated to fill a self assessment tax return or not.

      ~Capital gains tax

      In addition to helping small businesses and entrepreneurs with various income tax matters, we also offer them assistance in determining taxes on profits. Businesses and entrepreneurs are usually taxed a certain percentage of the profits they make on assets.

      ~Bookkeeping services

      We help small business Limited companies keep records of their financial transactions. These include sales, purchases, receipts, and payments among other details. We will attend to all your bookkeeping tasks leaving you to concentrate on running your business.

      ~Company formation

      We help clients who are seeking to form a new company or even to upgrade an existing one. We will take you through all the vital financial and legal processes pertaining to company formation. These include capital and financing, registration, licensing, partnership, and even mergers and acquisitions among others.

      WHY CHOOSE US?

      If you’re looking for reliable and efficient local accountants, you should by all means choose us. We are some of the best accounting professionals you can ever find near the  Gants Hill region. Here are six key reasons you should turn to find accountants in this area.

      ~We are highly skilled and competent: Our team comprises of well trained and knowledgeable accountants.

      ~We are highly experienced: We have been practicing as professional accountants and quality is guaranteed.

      ~We provide excellent services: Our team is committed to offering clients nothing but the best services we can offer.

      ~We are reliable: We keep our word and aim to get every document ready in time.

      ~Customer satisfaction: We are driven by the desire to see our customers satisfied with our services. We therefore go to great lengths to ensure this becomes the case.

      ~Diligent accounting services: We help you maintain accurate financial records.

      ~Customised services which fit the individual needs of our clients.

      ~Affordable fees for our accounting services.

      Contact us

      Are you in need of reliable professionals to offer you accounting services? If yes, you need not go on searching through accountants near me lists anymore. Just give us a call today and let us help you with all your accounting needs and requirements.

      How to choose the best Tax Advisor in London

      Best Tax advisor in London

      When getting your tax done, you want to make sure you get it done right. It’s often a hard and confusing process, but don’t worry, we’re going to take your hand and take you through step by step. If you’re looking for one of the best Tax Advisors in London, you’re at the right place!

      What To Look For In A Good Tax Advisor

      When it comes to looking for a good tax advisor at GM PROFESSIONAL ACCOUNTANTS, it can be very hard. Not to mention, very expensive. When it comes to looking for a good tax advisor, you need to take a few variables into consideration.

      Get a Quote Now

       

      Experience

      When you’re hiring a tax advisor, you need to know his or her experience. You want to know that this person has the years of experience needed to be able to help you save money on your taxes. You’d want someone that has the ability to set up bookkeeping services, personal or corporate taxation, audit and report services, setting up and managing accounts, landlord support, tax investigation support, payroll services, and VAT submissions. You also want someone who is constantly updated to the constant changes in the world of taxes. best tax advisor in london

      Trust

      When ever you’re giving all of your bank account details and information over to someone, what you have to have is tax. Make sure this person is trust-worthy with all of your bank details and other information. You always want someone you feel completely comfortable with. If you feel like that the firm you are working with is not qualified enough to do the jobs they are required, it’s best to find business else where as soon as possible.

      Qualifications

      When you’re looking for a good tax advisor, it’s probably not a good idea to look up the yellow pages, flip to a page and hope for the best. Since the internet has developed our ability to research companies, it’s best you research what qualifications the Tax Advisor has. If he’s recent, he probably won’t have the experience to stop you from paying as much tax as as possible. That’s what you want to stay away from.

      Transparency And Integrity

      When you’re looking for someone that you can trust to do your taxes, what you’re looking for is someone that will give you the satisfaction of knowing that all costs and fees have been discussed and agreed to in a professional manner. One thing you need to do as a trusted company is to make sure that all agreements and prices are transparent. This makes it better for you as a client and others to build a healthy relationship. Make sure that you find a firm which has fixed fees so they cannot add or change fees to their advantage when you continue to do business with them.

      Why I Should Hire GM PROFESSIONAL ACCOUNTANTS To Do My Taxes

      In this section we’re going to give you some advice on why you should get GM PROFESSIONAL ACCOUNTANTS to do your taxes. GM PROFESSIONAL ACCOUNTANTS Provides a service for individuals who are just looking to get their taxes done, as well as sole traders and business owners. The great thing about GM PROFESSIONAL ACCOUNTANTS  is that they offer great bookkeeping services that will stop you having to worry about doing the work yourself. They are a respectable and honest company which is built on a foundation of integrity and trust to provide you with their best service possible.

      To Finish Up

      If you want a good Tax Advisor, there are many ways to go about it. You can cut some corners and end up getting it done by Uncle Harry, but the chances are he’s probably not going to know how to save you from taxes. If you’re willing to invest a bit more in having a quality agent look at your taxes, and sometimes other areas to help you, then that’s the best solution. Just research who you’re going to go with first completely before you hire someone.

       

      Get a Quote Now

       

       

       

       

       

       

      LATE TAX RETURN PENALTY ACCOUNTANTS  

       PENALTIES FOR LATE TAX RETURNS

      The tax year always holds up from 6 April until the 5 April following year. At the end of the tax year (after 5 April) the employees should receive a P60 form from their employer. This form contains the current year income statement, the amount of tax withheld and social security. This must be sent to the HMRC (tax office) by the employer.

      If a person leaves his job during the year, the employer must issue a P45 form, which also contains the income, the withheld tax and the social insurance. This form has three copies and the next workplace should transmit copy 2 and 3, that the new workplace may deduct the tax appropriately and return it to the tax authorities.

      Smallbusinessaccountants

      It is essential that the new workplace receives the data of income from the previous working places, otherwise it will not deduct properly the tax advances, and the person will possibly have tax backlog at the end of the year that he will be required to pay to the tax authority.

       

      But who is obliged to submit it?

       

      • If you are self-employed

      • If you had at least £ 2,500 of untaxed income in the current tax year 

      • If your saving or investing was over £ 10,000 before taxation

      • If profit was derived from shares, second homes and the sale of other taxable assets

      • You are a director at a company (except if it is a non-profit organization and you weren’t paid for it)

      • If your or your partner’s salary exceeded £ 50,000 and you required child support

      • You have incomes from abroad, after which you must tax 

      • You live abroad, but you also gained money from Britain 

      • Your salary exceeded £ 100,000

       

      If you work as an employee, your employer will arrange this, so you can ease the belly, because you do not have to do anything in this matter. However, the information may be useful for everyone. 

       

      According to the British tax authorities (HMRC), tens of thousands of small taxpayers could avoid the lump-sum, simply by an earlier administration of the declaration. Those who administrate before 30 December have the opportunity to pay in installments if their payment obligation is less than 3,000 pounds. Those who owe less than £ 3,000 and want to pay in installments have to return their tax online until the midnight of 30 December and have to request a PAYE (Pay As You Earn) code.

       

       

      The late return fine

       

      Late return is a quite costly passion. Tax declarations arriving after 31 January are penalized by a late fee of 100 pounds, even if you have no tax liability or you pay your tax on time, and that’s not all.

       

      If the tax return is delayed for three months, you need to count another 10 pounds per day late fee, so the 90-day pro-rata late fee and the original 100 pounds fee may climb up to 1,000 pounds. 

       

      If the return is delayed for six months, then you have to pay 300 pounds or the 5% of the debt besides the original punishment, depending on which is higher. In case of a 12-month delay another penalty will be added and in severe cases the duty may be even reduplicated. 

       Contact GM professional Accountants and choose a Local accountant to assist in your tax affairs. Gm professional accountants have offices located in London, Essex and Manchester. 

      Tips on Selecting the Best Accountants in London

      Best Accountants in London

      While seeking the best Accountants in London, you’ll need a leading and diverse accountant’s firm. Accountants are well versed in managing and keeping all types of accounts and are of great help in managing the finances of the business. They can be of substantial help to every type of business as they will well assist employers in keeping their accounts up to date. The assurance is, if you have the best accountants, you’ll have the best insights and updates in the current business and economic markets. Trusting someone with your money can be a daunting prospect, but with the experienced and innovative accountants, you will always be at peace since your finances are in safe hands.

       

      Get a Quote Now

       

      It is not much difficult to find the best accountants in London. Today, many reputable companies are offering such services to their customers. This article discusses on how to find the most reliable accountants in London. best accountants london

      Check on their Certification

      Whether you want to hire full-time or part-time accountants in London, for both jobs, you need to understand what you’ll need to look for in the accountant you will be hiring. Your future accountant should be a member of a given accounting body here in the UK. Whether

      they are Certified Public Accountants, Chartered Accountants, AAT Licensed accountants or any others, a license is necessary. Check the expertise of the person you are employing.

      Good Working Experience

      Furthermore, accountants in London should have a good work experience. Choose for the companies that can offer very diverse services because of their experience with a number of accounting aspects. Consequently, one can hire such firms for bookkeeping services, personal or corporate taxation, audit and report services, setting up and managing accounts, landlord support, tax investigation support, payroll services, VAT submissions and information on account software. Aside from the knowledge they possess regarding all these accounting services, they can offer financial advice based on the latest news in the financial world. By hiring them, you will always be updated with the latest trends in the financial industry, and you will make the most informed decisions.

      Budget Friendly

      Accountants in London are not only for the selected few with very high income. While many self-employed individuals consider that it is easy to do their own bookkeeping, they seldom find out what they are missing out on until actually hiring a professional to help out with their calculations and tax returns. When hiring accountants in London, they soon learn that what they saved in terms of money, they lost in terms of time spent preparing the documents and learning how to submit their calculations to HMRC. Please do not make the same mistakes. Accountants are not a luxury. They are beneficial to you and most often are necessary as the system is quite complicated to figure out on one’s own.

      Trustworthy Service

      The most important aspect when hiring accountants in London is to be able to trust their services. To ensure they get their jobs done well and on time, we recommend you check the way they present their firm, the recommendations they have, their reviews and testimonials. If they are trustworthy, reliable accountants they won’t let any of your clients down and will do their best to earn the confidence of new clients by showing their reputation with pride.

      Transparency and Integrity

      The best accountant firms in London will ensure that all costs and fees have been explicitly discussed and agreed upon prior to carrying on any financial services. Good companies have to make sure that all prices are transparent since integrity and honesty is an important part of a healthy client relationship. Additionally, such companies ensure that they offer a fixed fee on advice and consultation disregard of the time taken. They do this to cater for surprises or hidden costs that may incur at the end of the month.

      Get a Quote Now

       

      Hmrc Tax Investigation Specialists

      Hmrc Tax Advisors for Investigations

      No one wants to hear that the tax man is snooping around. HMRC tax investigation can be a real challenge. This is what is happening with the ongoing “Let Property Campaign” that is being undertaken by HMRC currently. Many landlords across the UK are receiving notices from the government encouraging them to participate in this campaign. What is the campaign? Why is it being done? How does it affect you? What will it mean for the future?
      What is the campaign?

      Contact us now

      HMRC tax investigation can be daunting, HMRC has been going through a significant effort of late to crack down on people who are not reporting their income. The eyes have now become fixed on landlords.
      The campaign essentially gives landlords a period whereby they can come forward about undeclared income from rented properties and not incur such a serious penalty. If the landlord decides to not come forward, a further investigation can be launched, and if irregularities are found a much more severe set of penalties will be charged.

      Making a Voluntary Disclosure

      This is essentially a way of encouraging people to pay the right amount of tax and offering an incentive to do so. Since many landlords have incorrectly reported their earnings for many years, the penalties would be huge. This incentive means that the penalties will be slashed if the tax is paid. Thus, HMRC are creating an environment that encourages voluntary disclosure before things get too complicated.
      This campaign only applies to people who rent out residential properties, it does not apply to commercial properties of any sort.

      Why is this being done?
      Tax evasion is something that HMRC are cracking down on in many areas. There is an estimated £500 million of unpaid landlord tax, and this number keeps growing. HMRC also estimate that 1/3 of landlords are not accurately reporting their income, and they are aiming to bring this number very low.

      With technology evolving, the future will create a much more difficult place for tax evasion, so this is a good will gesture by HMRC to reclaim what they are rightfully owed. In the future, information from the land registry, and every other public institution will be very easily accessed by HMRC, thus making their job much easier.

      Who should take advantage of this?
      It may be the case that you have not willfully under reported your rental income, but it might be the case that you have made a mistake, or perhaps been a little negligent in getting all the right information. These, although treated as less severe by HMRC are still subject to penalties if you do not take advantage of this opportunity.

      Many people make simple mistakes, for instance, capital repayments on your mortgage are not tax deductible, only the interest is. Many people make this mistake and can thus be stung with a heavy penalty if the situation is not sorted. This is just one example of how a simple error could result in a large tax bill and a fine to boot. Avoid this stress by getting in touch with a local accountant. An accountant can comb through your rental income history, point out any irregularities, and even handle the liaising with HMRC. It could save you a huge headache, and a hefty fine.

      What does this mean for the future?
      As mentioned, tax evasion is the new pet project for HMRC. This makes sense in this era of global financial stagnation, and the extra money from under reported income is a non-trivial amount for the UK government moving forward.
      The loopholes and sloppy HMRC tax investigation are coming to an end. It is good advice to get on board with the new way of doing things, because as the country begins to handle things like Brexit and market uncertainty, they will be looking to recoup every single pound they are owed.

      For your income, it means that taking extra care is in order. Get a reputable accountant to take care of the details of your rental income. This will help you to avoid any complications as HMRC begins to grow teeth.
      Summary.  The Let Property campaign is targeting landlords who have neglected to pay all their taxes. The campaign will not last forever so get on board in good time. Minimise the damage that can be caused by getting good counsel with an accountant. Make sure that moving forward all your rental income affairs are in order so as to avoid any problems in the future.

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

      Contact us now

      Tax preparation services

      Tax return preparation services

      The preparation and filing of returns can be quite a challenge. The whole process is not only time consuming but is also highly complex. Moreover, you cannot afford to file incorrect tax returns or even worse not file at all, as you could face severe consequences for doing so. As such, it is critical to work with expert tax accountants in London, if you are not very conversant with tax processes. GM Professional accountants are highly rated  tax accountants in London that will assist you not only with your tax returns but will also provide advice in how you can pay less tax within the legal frameworks.

      Get a Quote Now

      Tax preparation services for small businesses

      No matter your revenue sources, whether you are a company director, self-employed person or any other designation, you are required by law to submit your tax returns. You have to file HM Revenue and Customs tax returns before the set deadline if you are to be compliant. If you fail to submit the yearly tax returns on time, you could find yourself having to pay a huge fine. Moreover, if you do not submit your tax returns, the HMRC will become more interested in your finances. As such, you could be the subject of a tax investigation which could just cause more problems for you.

      We take off the burden of having to prepare your end of year accounting and tax returns so that you can focus on business development. We have integrated platforms that takes all your accounts and compiles them for easy record keeping. Once we have all your records, we submit your tax returns to the HMRC and Companies House. You no longer have to waste days or even weeks digging through spreadsheets, trial balances and other books to try to prepare your tax returns. We will take care of all your accounting so that you can sit back knowing it has been done right.

      Why Contract GM accountants as your personal tax accountant?

      We have assisted and continue to assist hundreds of clients in London, giving advice on accounting and tax matters. We are professionals with years of training and experience, which means we have the expertise to provide unparalleled tax accounting services to any type of business. Our clients range from big corporate entities, medium size corporations, high net worth individuals and self-employed persons. Our tax accountants provide the entire tax accounting package as they will do everything from the preparation of accounts, right up to the filing of tax returns. If you are looking for a professional accounting firm for some practical advice on tax accounting and returns, then we can assist you with the following:

      1) Calculation of your tax liability
      2) Advice on compliance with rules and regulations
      3) Preparation of your yearly tax returns
      4) Representation in your dealings with the Tax Office
      5) Submission of your tax returns
      6) Capital gains tax advice
      7) Tax relief claims
      8) Residence and domicile advice
      9) Practical advice on how to minimize your tax liabilities through proper tax planning

      GM Professional accountants have offices in Ilford, Canary wharf and Wimbledon.

      Contact us now

      HMRC LAUNCHES NEW WORLDWIDE DISCLOSURE

      Introduction

      Launched on 5th September 2016, Worldwide Disclosure Facility (WDF) relates to offshore interests. This is interlinked with the Common Reporting Standard (CRS) which automatically gives bank information and registers of beneficial ownership around the world.

      Through WDF, HMRC will now have full ammunition in investigating those individuals who don’t use voluntary disclosure opportunity. This will see closure of all available closure opportunities such as Liechtenstein Disclosure Facility (LDF).

      With up to 300% maximum penalty for defaulters, WDF is considered as the last chance before tough penalties and sanctions are applied. This sanctions include criminal investigation , naming and shaming.’

      Who can use WDF?

      WDF is available for anyone who is willing to disclose a UK tax liability relating to offshore issues. These includes:

      · All income obtain from a business or asset outside the UK boundaries.

      · All activities carried outside the UK territory.

      · Assets outside the UK boundary

      · Anything with the same effect as income, activities or assets as described above.

      · Funds connected to unpaid UK tax not included in the above but has been transferred outside the UK boundaries.

      The facility does not only apply to UK residents. Anybody who is not in UK is able to make disclosure if they are eligible to the above criteria.

      Registration

      One is required to notify HMRC using its Digital Disclosure Service with the following information.

      · Name

      · Address

      · Date of birth

      · Unique Tax Reference

      · National Insurance Number and

      · Details of references

      · It is advisable to give extra information as HMRC uses it to check for accuracy.

      After disclosing the above details, one is given 90 days to:

      · Get all required information needed in filling the disclosure.

      · Calculate tax, duty, penalties and interest liabilities

      · Use the Unique reference number obtained after notifying them to fill in the disclosure.

      Terms and conditions for WDF

      The terms for WDF include

      · Be eligible.

      · Be able to make full disclosure of all previously undisclosed tax liabilities.

      · Be able to calculate interest and penalties based on the applicable law.

      If one fails to make an accurate or complete disclosure or decides not to send additional required information, HMRC is allowed to:

      · Open an investigation and file a case in a court of law and open a criminal prosecution.

      · Publish your details in their website.

      · Apply a much higher penalty than it could be the case if the disclosure was voluntary.

      Terms and facility limits

      This facility is only applicable for issues on assets, activities and income outside the United Kingdom territory. One is able to fill disclosure for onshore liabilities with a much lower penalty.

      The facility is also limited to liabilities of a period of not more than one year before filling the disclosure.

      How to notify HMRC

      As soon as you are aware of the disclosure facility, notify HMRC that you intend to make disclosure. This is done through their Digital Disclosure Service on their website.

      After that, HRRC will notify you through an email your unique DRN that use will use for the disclosure process and a payment reference number (PRN) that you will use to make payments.

      Completing the Disclosure

      After notifying HMRC your intention to make disclosure, you will be given 90 days to make your offshore liability disclosure. You will be provided with details on how and when to make payments.

      If you are not able to make the required payments, you will be required to sign a payment agreement and submitting it to HMRC before making disclosure.

      You will be require to fill the HMRC disclosure service form available at the HMRC website.

      Penalty

      After calculating you offshore liabilities depending on the disclosure categories, the penalty will be applicable depending on:

      · Inaccuracy in returns and document factsheet.

      · Failure to notify.

      Higher penalties will be applicable under the following conditions:

      · Whether you are under investigation by HMRC.

      · You are not following the current laws on penalty calculation.

      · Your disclosure is connected on a previous inaccurate disclosure.

      Conclusion

      WDF is not only targeting notorious tax evaders. The facility apply to anybody, unknowingly or through ignorance. It is therefore advisable to keep up with the latest HMRC development and make timely and faithful offshore liabilities disclosure. You can contact them to discuss specific circumstances and disclosure requirements.

      Register as self employed to day with GM professional Accountants. we specialise in self assessment tax returns and we are in the heart of London.

       

       

       

      Blogs

      Posted on 26/02/2016

      Dividends

      It will be clear that for 2015/16 financial year, those with all or some of their basic rate tax band available will be better off taking dividends rather than salary during the year, as they will pay no further tax on the money they receive. Basic rate taxpayers are treated as having already paid 10% tax on the cash they physically receive. In light of the changes that are happening for the new financial year, it will be beneficial for basic rate tax payers to take advantage of this and pay dividends to yourself by 5th oh April 2016 without paying any tax. Delaying dividends till after 6th April 2016 may mean that you will have to pay an additional 7.5% on any dividends you receive after you exceed the threshold. The dividends tax free threshold for 2016/17 will be £5,000, which is added onto any of your personal allowances, which you may have only used some or none of your allowance.

       

       

      Posted on 22/01/16

      Tax Return Month

      Tax Returns are a legal requirement for Businesses, so it is important that you submit them before the deadline. There are two deadlines for Tax Returns, 31st October (paper submission) and 31st January (online submission). A number of businesses choose to submit their Returns online, as it quicker to submit and gives the business more time to submit their Tax Returns. This is the same for Self-Employed individuals.

      Staying organised and having Bookkeeping done by a specialist reduces the chances of your Tax Return from mistakes and your return can be submitted very quickly. Accountants provide Tax packages that include Bookkeeping, which benefits the Small Business owner, as it reduces the cost of having to hire a Bookkeeper. Your accounts will be easy to follow and read if you hire an external auditor to check if everything is done correctly for your accounts. Payroll Services are extra costs on Accountancy Services, as employers need to be on a P.A.Y.E scheme, unless they hire subcontractors. The prices may vary depending on how many staff you have hired and they will give you advice for the most tax efficient way for your business to pay your staff members.

      Tax Accountants also Specialise in Tax Refunds. Tax Refunds are a major issue for employed individuals, especially for those who have had multiple jobs within the Financial Year. This may have affected your Tax Code, but HMRC usually contact individuals if it has changed. If ever in doubt, contact a Local Accountant and they can answer your queries for you. This service is usually free of charge.

       

       

      Posted on 22/12/2015

      Travel and Subsistence

      The government has approved that the changes will go ahead to prevent contractors from attaining tax relief on the costs on travel to work. This is including the cost of accommodation related to the travel or the cost of the contractors’ meals.

      The change of travel and subsistence was declared earlier this year, at the time the decision was being made the government was considering to include everyone who worked via a PSC (personal service company).

      We now know that the changes for Travel and Subsistence will not affect personal service company contractors, unless the contract is caught by IR35, the anti-avoidance rules. This means the contractor was registered as self-employed and worked as individuals rather than using a personal service company, he can then continue to obtain tax relief on travel and subsistence.

      Though, this is not the end of the story. Changes to the anti-avoidance rules (IR35) are also likely, following a review this year (2015) by the Office of Tax Simplification. Any changes are likely to tighten the current rules and make it easier for HMRC to police and enforce.

      Accountants in East London

      Winding up for tax reasons

      When companies strike off their company, the money within the company can sometimes be paid out to them as capital, so that the more kind capital gains tax regime applies. This is a way of avoiding income tax, but this planning is now likely to be stopped.

       

       

       

      Posted on 27/10/2015

      Latest Tax News

      Dividends Changes

      The new tax on share dividends, announced in last week’s UK Budget, has been the cause of both confusion and dismay. People have said they expect their retirement incomes to be affected rigorously by the new tax changes, while others are still baffled about how it will all work.

      How will the new tax work?

      The new tax free dividend income each year will be the first £5,000. Additional income above that, for basic-rate taxpayers, will be taxed at 7.5 per cent, 32.5 per cent for higher-rate taxpayers and for additional-rate taxpayers 38.1 per cent (8% increase!). The new tax changes will take effect on the 6th of April 2016. Taxpayers must prepare a self-assessment tax return to pay any tax due; no tax will be deducted automatically.

      How does this differ from before?

      Under the current tax dividends system, which ends on the 5th of April 2015, basic-rate taxpayers currently pay no tax on their dividend income, while higher-rate taxpayers pay a generous rate of 25 per cent and additional-rate taxpayers pay a whopping 30.56 per cent. Taxpayers in all the current bands pay less tax and have been paying less tax than normal income workers. This is because dividends are paid out of the company’s profits after they have suffered corporation tax.

      Will everyone be worse off under the new regime?

      No. While it will seem as though many taxpayers will pay more, you still have £5,000 tax free dividends to play with. Some basic-rate taxpayers may not go above that threshold. Some higher-rate taxpayers are also better off, as at the moment they pay tax on their dividends, which may be £100, but now they can earn up to £5,000 without being taxed. So thanks to the £5,000 allowance; basic rate, higher-rate and additional rate taxpayers can now play around to decrease profits to avoid paying tax.

      What if some of my dividend income is within the tax-free personal allowance?

      Dividend income is still eligible for the personal allowance you already receive. So next year you can earn up to £16,000 (tax free!), £11,000 from personal allowance, plus the extra £5,000 from the new dividends allowance. As a result, you will pay less or no tax.

       

       

       

       

       

      Posted on 16/10/2015

      Top 3 Tax Bill Tips for Small Businesses

      Making sure your bank account balance matches your accounts

      The base of your business’s finances is the bank account. Remember that the money coming in is food of your business and without a sufficient flow of money it may struggle to develop and grow, so this means you, the business owner, are required to regularly keep track of how much money you have in your business bank account.

      Another tip, try not to use your business bank account for personal spending.

      If you are not doing this by now, check whether you can set up a feed that will automatically pull this data from your business bank account straight to your accounting software, this way it will minimise data entry errors. Then make sure you at least check your business bank account weekly, if not daily; to make sure that your bank balance is correct in your accounting software and that all your day-to-day transactions have been recorded. And remember if your bank balance in your accounts does not match with your bank balance, you’ll have to look back at all your transactions and find out the difference; it won’t automatically match, this is why double checking and reducing personal expenditure will make it easy for you!

       Are your invoices up to date? Are you issuing invoices?

      If you issue invoices to your customers, take advantage of your free time to check through your day books and make sure you have sent invoices for all the work you have done to the current date. It is the worst feeling when you are waiting for the money owed to you, but then you have found out you never actually asked your client to pay you for the work you have done!

      It is a good idea to also separate paid and unpaid invoices, so you know who has and hasn’t paid you. On occasions there might be some invoices that have not been paid because the customer’s just forgotten and/or you just have not followed them up for payment. There may also be old invoices, like from the last tax year, in your accounts that have not been paid at all and won’t be, possibly because your customer has gone a-wall, out of business or they have come to terms with you that they cannot pay you. If you know the customers will never pay you, then write those invoices off, as they are bad debts, and then chase up those customers, now, who haven’t paid you for your hard work yet.

      If you do not record any invoices, then you may be missing out on some money, so have a think about issuing them.

      Record all of your ‘out-of-pocket’ expenses!

      These ‘out-of-pocket’ expenses are expenses related to your business but have been paid by your personal account, or by cash. Don’t be afraid to put them in, it’s an allowable expenses that will reduce your tax bill! For example, you are a taxi or chauffeur driver, but you did not have your business bank card with you, so you paid in cash, you are allowed to put that expense in, because it is an essential expense for you business to generate money. You won’t pay this with your bank account on your accounting software; it will be paid by the cash account. So remember as long as your expenses are business related, you can put them in; it reduces the taxable profit for the year. So keep track of them!

      Have a look at your wallet right now, some of the receipts you put in there may be business related, you may not have known to put it in there because sometimes it is second nature to shove the receipt in your wallet. Remember just put business costs in, not your lunch from the local fish and chips shop. If you have a bag where you keep all your receipts, look at them now, rather than the last week of your tax return, it saves you hassle and time if you record them daily or weekly.

       

       

       

       

       

       

      Posted on 07/10/2015 posted by Umar Suhail

      The following changes will be made from April 2016 for property income.

      Wear and Tear allowance

      From April 2016, Wear and Tear allowance is being abolished. This is important because clients can now deduct the cost of replacing/buying new furniture, as this is now an allowable expense.

      If the landlord pays any expenses that would normally be paid by the tenant, then these should deducted from the invoices, which means the rent received (income) will be stated lower. The type of expenses that are allowable, and will deduct the rent received for the year are; utility bills (water, gas, electricity), council tax and/or for Northern Ireland, domestic rates.

      Furnished lettings are allowable for the wear and tear allowance, which is calculated 10% of the net amount received from the rent. Unfurnished lettings do not receive this allowance, so the 10% wear and tear allowance is excluded from the deduction, this does include any expenses that would be normally paid by the tenant.

      10% wear and tear allowance, what does it cover?

      The 10% wear and tear allowance covers things like:

      • televisions
      • beds and other furniture
      • crockery or cutlery
      • movable furniture or furnishings, such as beds or suites
      • curtains
      • linen
      • fridges and freezers
      • carpets and floor-coverings

      This list is not complete but gives an idea of what the assets the wear and tear allowance do cover.

      What the 10% wear and tear allowance does not cover?

      Wear and tear allowance relates to any changes or replacements of furniture and fittings made to the property, this is what makes it a furnished letting. It does not apply to the fixtures that are an essential part of the property.

      Fixtures that are essential to the building are those that cannot normally be removed by either tenant or owner if the property is sold or vacated. Examples include:

      • Toilets
      • Baths
      • Immersion heaters
      • Washbasins

      This list gives you, the property developer or new property developer, an idea of the assets that are fundamental to the building and are not included in the wear and tear allowance.

      As these are items that are fundamental to the building, replacing these items are normally given as an allowable expense as repairs to the building.

      Rent a Room

      Rent a room increases from £4250 to £7500

      Mortgage interest

      From 2017-2018 the 25% of Mortgage interest on mortgages will be allowable as deduction at basic rate, see example below,

      • Then from 2018 – 2019 it will 50%
      • Then from 2019 – 2020 it will be 75%
      • And eventually in 2020- 2021 it 100%

      Tax Accountants in London & Essex

      Tax Accountants in London and Essex

      GM Professional Accountants is a highly reputable accounting firm based in London and Essex. We provide professional accounting and taxation advice to businesses, as well as individuals.

      Self-Assessment

      If you live in London or Essex and are self-employed or engaged in business, you need to file personal tax returns each year. There are numerous rules and penalties for failure to comply with the tax obligations as laid down by the government. It is incumbent upon an individual to ensure his/her tax liability is calculated and that any tax owing is paid on time.

      Basics of the Tax Year

      Tax returns are normally issued at the end of every fiscal year. The Tax year runs from 6 April to 5 April the following year. For instance, 2017/18 fiscal years will run from 6 April 2017 to 5 April 2018. Her Majesty’s Revenue & Customs (HMRC) office issues tax returns every year to all individuals recognized under it, including those that are self-employed and company directors.

      The deadline for filing tax returns is usually 31 January following the end of the fiscal year. All returns submitted in paper or manual format must be filed on 31 October before the fiscal year elapses. Anyone wishing to submit returns after this date must do so online, otherwise the stipulated penalties will apply.

      Tax accountants in london and essex

      Benefits of Using Tax Experts When Filing Personal Tax

      Accountants can do tax returns filing on your behalf and advise you on the appropriate payments on account that you need to make. All you need is to give them all the necessary documents relating to the given financial year and they’ll do the rest for you. Most accountancy firms in East London can also help you make changes (corrections or amendments) to your tax returns by submitting the request to the HMRC.

      Personal Tax Return

      When filing personal tax returns you need to submit records of your income, expenditures and reliefs claimed. That means all the necessary documentation must be attached to the tax returns form. HMRC usually requires a number of books and records for inquiry. Employees and directors may be required to submit record of payment details (receipts and/or credit card statements), share options awarded as well as deductions and reliefs. Other documents that need to be submitted include interests and dividends, tax deduction certificates, gift aid cards, dividend vouchers and personal pension plan certificates.

      Businesses are required to submit records of their invoices, bank statements and paying-in slips. HMRC may also need invoices for purchases and other expenses as well as details of personal drawings relating to cash and bank receipts. You might also be required to submit any personal financial records like certificate of interest to support any claims based on the particular amounts paid.

      Benefits of Using a Tax Return Service to File Personal Returns

      Working with a tax returns firm in London can be one of the surest ways of getting your personal returns filed on time. The process of submitting returns can sometimes be daunting, considering the number of documents and amount of time needed to complete the filing process. That’s why a tax return service can be of great help to you.

      A tax return service firm can basically help you with the following:

      -Advice you on all the documents that required when filing returns

      -Complete a self-assessment form for you

      -File returns before the deadline elapses

      -Promptly pay any penalties associated with late filing of returns, if any

      Income Tax

      An individual’s taxable income is not usually the same as his/her total income. That’s because taxpayers in England are allowed a certain amount of income that’s tax-free. Some individuals may also be eligible to allowances and tax reliefs.

      To arrive at your taxable income for a given fiscal year, you need to add your income from all sources, deduct personal allowance, non-taxable income and any other allowances and reliefs.

      PAYE Deductions

      At the end of each tax year, after 6 April, HMRC requires employers operating PAYE schemes to report to them on a number of employee income status. The employer is basically required to submit information regarding the total amount paid to the employees, the amount of tax income submitted and the national insurance contributions that have been deducted from their payments.

      Income from Property

      HMRC requires all property owners to pay income tax on any profit they make from renting out property. Profit here refers to the sum left after adding all rental income and deducting allowances and expenses. Apart from the basic rent, property income may also cover tenant payments for services such as utility bills, cleaning of communal areas and property repairs costs.

      If you’re still paying mortgage on the property you’ve let out, you may need to include mortgage interest as an expense for the given tax year. Contacting a property income expert or accountant can help you get all the relevant documents and records in order before filing your returns. You might pay a certain fee for the service but it will be worth it in the end.

      Capital Gains Tax

      Capital gains tax is a tax charged on profits made from selling or disposing of an asset that has appreciated in value. Some assets are free of capital gains tax if your capital gains in a year fall under your given tax-free allowance. Disposing of an asset can be in the form of selling it, giving away as a gift, swapping it for something else or getting compensation for it (e.g. insurance payout).

      Contacting a tax expert in London can help you understand the procedure on how to go about filing capital gains tax, if at all you are eligible.

      Importance of Working with a Tax Advisor When Doing Self-Assessment and Tax Returns Filing

      A tax advisor is an expert with vast knowledge on tax matters within a given jurisdiction. GM Accountants mainly provide consultation services to clients who need guidance on returns filing procedures and requirements. They can help you put together all the necessary tax documentation, assess them and provide advice on how to go about the filing processes.

      Most of the advisors work in reputable accountancy firms in the city or are operating independently. If indeed a tax advisory firm is independent, it can provide perfect recommendations on the tax returns filing experts to go for in town. Tax advisors usually charge a certain amount of fee for consultation, based on your tax needs. You can always compare among the reputable tax advisors and advisory firm sin town to choose the most reliable and efficient.

      Self Assessment Accountants London

      How to find Self Accountants in London

      GM Professional Accountants specialize in accountancy services for individual and small businesses . Our self assessment accountants are not just experienced in this field, but provide guidance in taxation matters to a variety of sectors. A number of our clients are sole traders or a limited company. You don’t need to live in London for us to be your accountants; we provide accountancy services for the whole of the United Kingdom. We ensure that your tax return is prepared and filed in a timely manner.

      Get a Quote Now

      Looking to start your business?  We help with business start ups, one of the many accountancy services we provide.

      Do I need an Accountant for my Self assessment?

      Yes- If you are a earning regular income from selling goods or services. The badges of trade will decide whether these are trading profits. As Income from property is not regarded as a trade. An Accountant will assist with the bookkeeping , accounts and self assessment tax return. Certain trades have special rules and these will need to be reviewed.

      Who must send a tax return

      You must send a tax return if, in the last tax year (6 April to 5 April), you were:

      • self-employed as a ‘sole trader’ and earned more than £1,000
      • a partner in a business partnership

      You will not usually need to send a return if your only income is from your wages or pension. But you may need to send one if you have any other untaxed income, such as:

      • money from renting out a property
      • tips and commission
      • income from savings, investments and dividends
      • foreign income

      GM Professional Accountants offer a wide range of services that can help you with all aspects related to your accounting and taxation requirements. GM Professional Accountants take care of all your accountancy needs. The accountancy services we provide for businesses are:

      • Bookkeeping
      • Business start ups
      • Company formation
      • Preparation to submission of self assessments
      • Tax Planning
      • Tax advice
      • Tax Returns

      How much does an Accountant charge for a self assessment?

      The price depends on they type of income declared , services that you require. They add-on services are bookkeeping and accounts. These are required to prepare the self assessment tax return. The price can start from £250 – £650 plus vat depending on the services you require.

      GM Professional Accountants support businesses and individuals, as we like to support the growth of your business. Our aim as accountants is to make sure you remain focused on building your business, and leave the finances for GM Professional Accountants to deal with. We keep all your accounts up to date, so any queries, we can deal with straight away. All your tax affairs will be dealt with us, and always update you about your tax returns.

      Our specialist tax accountants will work close to you through a proficient and friendly service to support and advise you with all your taxation needs.

      GM Professional Accountants will take care of everything from preparation to submission of self assessments, tax returns, and tax planning. Contact us today on 0208 396 6128.

      Landlord Accountants London

      Landlord and Rental Property Accountants

      GM Professional Accountants work with a variety of property portfolios including landlords who own by-to-let properties, property investors, housing associations and property developers.

      Whether you are a rental property landlord, an experienced by-to-let landlord or simply just renting your home, GM Professional Accountants specialise in the field for landlords and property rentals, as all of our clients recommend their peers to use our accountancy services. We are always here to guide and advise you on your tax returns.

      You should make sure you are aware of your financial requirements, whatever your current financial situation is. Our specialist accountants will keep your books and tax returns up to date and in agreement with the Regulatory Authority, keeping you up-to-date with regulations and changes in legislations and update you with latest financial amendments in your interest.

      GM Professional Accountants years of experience serving landlords and property rental businesses allows us to advise you on ways that suit your accounting and taxation affairs.

      Tax implications

      Things landlords need to know about income tax and capital gains tax liabilities:

      Income Tax

      Rental income: you will have to pay income tax on this, after deducting your expenses. Your income will be the totals of the income you earn during the year, including your rental income, to calculate your tax liabilities. This must be declared in your Self Assessment Tax Return every year.

      You can decrease your tax bill significantly by claiming expenses wholly and exclusively for your business. This includes, for example, mortgage interest payments (if you have a buy-to-let mortgage), maintenance cost or letting agent fees.

      Capital Gains Tax

      You will have to pay Capital Gains Tax on any properties sold (not your main home), this includes rental properties, only if you have made a profit from the sale of the property.

      What can our Landlord and Rental Property Accountants do for you?

      GM Professional Accountants Landlord and Rental Property Accountants can offer you a wide range of services to support, guide and advise you with all the aspect related to your rental activity:

      • Rental accounts
      • Self Assessment tax return
      • Capital gains tax submission and planning
      • Annual tax on enveloped dwellings (ATED)
      • Property tax advice, tax planning and tax consultancy
      • Property VAT planning and advice
      • Splitting companies with both trading and property investment activities
      • Unlimited tax advice

      Our experienced accountants will work close with you through a welcoming, yet professional accountancy service, in order to advise you with all your property tax returns needs. Visit GM Professional Accountants sector base page for any other queries. Any queries on your Tax Returns, Tax advice on your rental property, then do not hesitate to contact GM Professional Accountants.

      Accountants for Freelancers London

      Specialist Accountants for Freelancers

      Finding an accountant that understands the operations and workings of freelancers can be a frustrating endeavour. While there are many accounting firms and accountants out there, the 1-2-1 service that you need to make sure you are making the right choice is severely deficient. For freelancers, there is no better thing than to find advice from an accountant who will offer advice from how much to keep aside for a rainy day. At GM professional accountants we have an in-depth and vast knowledge of freelancing and how freelancers work, and hence we always strive to be flexible to their needs and accessible whenever they need us. We provide customized accounting packages that are a perfect fit for the working lifestyle of a freelancer.

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      Freelancer Accounting Software Solutions

      Similar to our contractor accounting package, we also do have accounting software designed for our freelancer accounting package. We strive to ensure that you always get an excellent overview of how your accounts are coming along. The cloud-based software makes it easy for freelancer clients to keep up to date with their accounting records which is a feature that they just love.

      Freelancer Tax Support

      Our freelancer accounting solution is designed to meet the needs of every type of freelancer. We do provide information and support that will be beneficial in your quest to grow your freelancing business. We got you covered whether you are in finance, IT, the creative or any other freelancing endeavour.
We have the experience, skill, and commitment to help you towards achieving your career objectives. We do everything right from assisting you to set up a limited company and advising you on how to claim refunds on expenses, to ensure that you do not pay much more tax than you should. We pride ourselves on providing professional and accurate advice right from the start of the working relationship, which ensures that we start off right so nothing slips under the radar.

      Accounting Help & Support

      We work one on one with all our clients which ensure personalised accounting support and help whenever you need it. We do not believe in having account managers but rather we have personal accountants who will provide support fast, whenever you are in need of their services.
Your freelancer accountant will make certain that you pay the least amount of taxes. They have the experience and skill that makes them provide realistic guidance and advice on circumstances, clientele, working arrangements and other personalized issues that may qualify you for a tax break. We believe that it is our stellar reputation and our commitment to customer satisfaction is the key tour success. Our best practice will ensure that both HMRC and you our client are happy.

      Why choose GM professional accountants

      1) We make sure that we get to know you: We will understand your business and the industry that your business is in, ensuring that we deliver and exceed on what we promised and offer the best accountancy support whenever you need it.

      2) You get a personal point of contact: Unlike other accounting firms we do not have an account manager or deal with our clients through call centers. GM professional accountants provides you with an experienced personal contact that will take care of you anytime you need his services.

      3) We take Care of your Returns and filing: You do not have to deal with financial compliance for your business or have to sort out tax bills as we will do everything to ensure you are compliant.

      4) Great Advice: Our accountants will make sure that you pay the least tax you can while still being compliant with the HMRC requirements.

      5) Market leading Accounting Software: Our accounting package for freelancers includes our simple to use accounting software which you will have access to once you sign up with GM professional accountants

      Fees

      Our fees are fixed, which are agreed in advance. Our accountancy services are affordable, so do not hesitate to contact GM professional accountans based in London and Essex.

      How can you contact us?

      You can click the Contact Us page or call us today on 0208 396 6128.

      CIS Construction Accountants London

      CIS Construction Specialist Accountants based in London

      If you are in the building industry, there is no escaping CIS tax returns. However, one of the pitfalls of the CIS tax returns is that if you make a mistake when filing, you can end up paying much more than you should. This is where GM professional accountants comes in with its experienced and professional team that assists construction workers to file their CIS tax returns. We are Specialists in this field and have experience and expertise in this field.

      The CIS deductions are balanced off in the tax payers’ return at the end of the tax year and there may be a refund or additional tax to be paid after taking into to consideration the CIS advance payments.

      Get a Quote Now

       

       How CIS Scheme Works?

      It is mandatory for contractors to register for the CIS scheme.nSubcontractors have a choice not to register, but CIS deductions are taken at 30% rather then 20% from their pay if they have not registered.

      How we can help?

      There rates vary from  0-30% this will depend on the eligibility of the subcontractor. The purpose of CIS is to reduce tax evasion in construction industry, as this method takes tax in advance and ensures subcontractors register for self assessment. The process is complex and requires handling the expertise of CIS specialists in order to ensure that the process is prepared and filed correctly.

      When you receive your wages or salary through CIS, the contractor slices off a huge chunk of your pay before you get any of it. This money goes to pay HMRC returns as an advance payment on the National Insurance and tax that you will owe. There is nothing your contractor can do to get out of this as they are required by law to do this. However, it can be quite painful as a subcontractor to have every penny you earn taxed, and yet not get your tax free Personal Allowance. The regulation was put in place to reduce tax evasion rampant in the construction industry, though as it stands, it is the honest contractors who carry most of the burden.

      However, it is not all bad news as you can claim all the extra tax you paid when you file your Self-Assessment tax returns. Yeah, you still have to file your returns even when the HMRC has already taken 20% of your earnings. If you paid more tax than you should have, you are entitled to a tax refund.

      Contact us now

      I’m CIS, Do I still have to pay tax?

      Yes, you will still have your tax deducted from the contractor (the tax is deducted before you get your pay) typically at a rate of about 20% of your earnings as explained above.

      However, do not confuse this as being employed, as the CIS still counts you as self-employed even if you feel that you are not. The requirement to still continue filing annual Self-Assessment returns is the big difference. If you do not file the returns you could run into serious trouble that include:

      -Loss of the tax-free Personal Allowance
      -Loss of your entitlement to tax relief for any work expenses
      -You will have trouble with the HMRC, which will come after you for not filing!

      If you are still getting CIS statements when you should not be, contact GM professional accountants for a consultation. Our experts will explain how the system works, and ensure that you do not pay too much taxes, while still keeping you compliant with HMRC regulations.

      You are self-employed but you have not been receiving any CIS statements from the contractors. What do you need to do?

      CIS contractors have to adhere to strict rules regarding deduction and payment statements. They have to send these statements whenever subcontractors get paid and before certain deadlines.  If you have not been getting your CIS payments, you do not have to panic. More likely than not, it could be a simple admin mix. Contact the contractor and ask that they give you your certificates for the sake of keeping your Self-Assessment records current.

      However, it is important to take care of the problem. It may just turn out that the contractor has not been filing correctly with the HMRC, which can cause problems for you at the end of the tax accounting year. If you can’t get anywhere with your contractor, consult GM for help and advice moving forward. We are experts in all tax accounting when it comes to the UK construction industry, and we will get right onto your case to get a solution fast.

      CIS TAX RETURNS

      You are self-employed, do you still need to file tax returns?

      You have to submit Self-Assessment returns if you are engaged in any business or are self-employed. If you work in construction, you will more likely than not have to file under the Construction Industry Scheme (CIS). You will have to take into consideration a few extra points in your self-assessment returns when you are a subcontractor under the CIS. If you do not have a good understanding of how the system works, you can end up paying a lot of extra taxes that you should not be paying. If you believe that you may be entitled to a tax rebate, check out our packages for CIS tax refunds.

      CIS TAX RETURN ACCOUNTANTS

      I already contracted an accountant, can I still work with you?

      It should be no problem that you already have an accountant as nothing could be easier than switching to GM professional accountants. All we will do is get you to sign a new 64-8 form if you already had your accountant registered as your agent. We can also contact your old accountant and explain everything to them.

      If you like, we can help you avoid the awkward conversations with your old accountant, as we can furnish you with a template of termination of contract agreement to send to them.

      We have served a lot of people who have their own accountants file their self-assessment returns even when they were contracted under CIS. Since we have a lot of industry expertise, we know best how to ensure you get the maximum rebates you are entitled to.

      Our wide experience in the construction industry means that we can handle all the complicated regulations unique to the CIS that a general accountant may not have the expertise to handle. Instead of an hourly rate, we charge a simple package fee that includes everything up to aftercare throughout the tax year. This is the reason many clients have shifted all their tax accounting needs to GM.

      We offer ongoing services that are more in-depth than anything out there. If you are VAT registered or have a limited company, our full GM Accounting package would be a great fit. It is a great package for Partnerships and Limited companies, as it helps grow your business and keeps you compliant and safe from the tax man. The packages are some of the cheapest in the industry starting from as little as 60 pounds every month.

      CIS CONTRACTOR TAX RETURNS

      On what areas of my business can I claim rebates on expenses?

      Understanding what expenses you can claim when submitting your Self-Assessment returns is one of the most critical information you need to have. A lot of people have no idea what expense they can claim, and end up paying more tax than they should be.
      Some examples of tax rebates you can claim in construction include:

      1)Accountancy fees
      2)Work travel expenses
      3)Materials needed for work
      4)Essential equipment and tools
      5)General costs of running a business which is anything from advertising to stationery

      Most of these are critical to the running of your business and can be claimed against the income that is taxable.

      For more information on CIS subcontractor accountancy services, contact GM Professional Accountants

      Contact us now

      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

      Setting up a Limited Company

      Setting up a Limited Company information

      There are benefits of setting up a limited company, a limited company is a separate legal entity and own assets and have liabilities. A company can  sue and be sued whilst a sole trader can be liable for debts and be sued for it’s personal assets to reclaim the costs.  Companies are run and managed by directors, business decisions are be made on behalf of the company and the owners are liable for the share of investment they have made in the company. A minimum of one director is required for a limited liability company, the responsibility of the director is to manage the company.

      A limited liability company requires more legal supervision, whilst a sole trader does not have this restriction. Profits and losses are a part of the company and companies can continue in the case of death. Limited companies have  to pay corporation tax at the end of the tax year.

      One of the main benefits of limited companies is that the financial risk of  the amount invested into the company is restricted. But if the company fails and the directors role
      has not been conducted appropriately, then liability may passed on for the debts and can be disqualified and removed as a director.  This may affect your positions in future if
      you decide to become a director in another company.

       

      GM professional accountants can help you register your new company.

      Registration of a new company requirements

      1. Memorandum of association
      2. An Application for registration
      3. A statement of compliance
      4. The appropriate fee

      For more information on Setting up a Limited Company, contact GM professional Accountants

      Limited Company Accountancy Fee’s London

      Accountancy fees for Limited Company’s

      Accountants deal with a number of businesses in all types of sectors. They deal with preparation and submission of self assessments, bookkeeping, tax advice and tax planning, tax returns, CIS Tax, and company formations.

      Accountant fees for Limited Companies are listed below:

      •Sole trader accounts and tax returns range from–  £250 to £350*
      •Limited companies accounts and tax returns – £650 to £850*
      •Payroll per employee – £100- £120
      *Prices are dependent on the size and scale of the work.

      Gm professional accountants have self employed packages from £20 a month, small business accounting services from £60 a month this is an exclusive offer for 2019 and with limited numbers, contact us today on 0208 396 6128.

      Get a Quote Now

       

      Limited Companies

      • The costs of trading as a limited company are larger than if you were a sole trader. Though there are significant benefits, mostly the saving of Class 4 National Insurance; and also the limited liability.

      • The main accounting fees for Limited Companies will be accounts for the Year End, which then are filed at Companies house and returned to HMRC.

      • Services of an accountant is highly advisable for a Limited Company. This is because the preparation of Year End Accounts is a legal requirement and requires specialist accounting knowledge.

      • You will be probably paying yourself a salary as a director, if you trade as a Limited Company. This will require registering a PAYE scheme and administer a Payroll.

      • Dividends can be paid if you are making profit, which you probably are paying yourself. You will also need to register for Self Assessment to pay yourself dividends.

      • Small limited companies are not legally required for an auditor.

      Small Businesses / Self Assessment

      • Sole traders are permitted to prepare and file their own accounts and tax returns.

      • Tax Returns (Self Assessments) can be done online but a small business may need a specialist online filing system.

      • Accountants’ services will include tax advice, consultancy and general help with business issues which new businesses can benefit from.


      Bookkeeping

      • Accountants offer a bookkeeping service, which many of them do. Keeping good records of your business will be able to save the cost of this extra help, as it saves the accountants’ time from filing.

      • As a busy business owner you may well conclude that it is a better use of time to concentrate on developing and growing your business, rather than spending hours doing your accounts and bookkeeping, and therefore you appoint a bookkeeper.

      • Bookkeeping fees are considerably much cheaper than accounting costs. You are more likely to save money if you combine the whole accounting costs together. Make sure all the roles are clear, so they know what they are doing.

      Software

      • Online filing is now compulsory, so your accounts and tax returns can be filed online. Small business may require using specialist online system.

      • Accounting and bookkeeping software, like Sage, will help a business owner complete the records before hand, which can reduce the accountant’s year end fees. The added advantage is that your records are updated, business reports will be ready to hand in and your accounts can be done quickly.

      Limited Company Accountancy Fees

      What do Accountants do?

      • Most businesses accounts are legally required to be presented and prepared on an accruals basis. Adjustments are likely will need to made to the accounts to bring them to the legal standard, this does include sole traders.

      • Accountants are also often tax advisors and are likely to be able to give you advice on tax strategy and potential tax savings.

      • Accountants have many contacts and clients in various trades and professions. Therefore they are able to guide you to additional business services, like business planning, which may require additional service.

      How Much are Accountant Fees for a Small Business

      Accountancy Fees for Small Businesses

      Accountants deal with a number of small businesses in all types of sectors. They deal with bookkeeping, preparation and submission of self assessments, tax advice and planning, tax returns, CIS Tax, and company formations. Accountants have a high quality standard at low rates.

      Small business accountancy fees are listed below:

      •Sole trader accounts and tax returns range from–  £250 to £350*

      Gm professional accountants have self employed packages from £20 a month, small business accounting services from £60 a month this is an exclusive offer for August 2017 and with limited numbers, contact us today on 0208 396 6128.

       

      Get a Quote Now

       

      •Limited companies accounts and tax returns – £650 to £850*

      •Payroll per employee – £100- £120

      *Prices are dependent on the size and scale of the work.

      Limited Companies

      • Small limited companies are not legally required for an auditor.

      • The costs of trading as a limited company are larger than if you were a sole trader. Though there are significant benefits, mostly the saving of Class 4 National Insurance; and also the limited liability.

      • Services of an accountant is highly advisable for a Limited Company. This is because the preparation of Year End Accounts is a legal requirement and requires specialist accounting knowledge.

      • The main accounting fees for Limited Companies will be accounts for the Year End, which then are filed at Companies house and returned to HMRC.

      • Dividends can be paid if you are making profit, which you probably are paying yourself. You will also need to register for Self Assessment to pay yourself dividends.

      • You will be probably paying yourself a salary as a director, if you trade as a Limited Company. This will require registering a PAYE scheme and administer a Payroll.

      Self Assessment

      • Sole traders are permitted to prepare and file their own accounts and tax returns.

      • Self Assessments can be done online but a small business may need a specialist online filing system.

      • Accountant services will include consultancy, tax advice and general help with business issues which new businesses can benefit from.

      Bookkeeping

      • Accountants offer a bookkeeping service, which many of them do. Keeping good records of your business will be able to save the cost of this extra help, as it saves the accountants’ time from filing.

      • Bookkeeping fees are considerably much cheaper than accounting costs. You are more likely to save money if you combine the whole accounting costs together.

      • As a busy business owner you may well conclude that it is a better use of time to concentrate on developing and growing your business, rather than spending hours doing your accounts and bookkeeping, and therefore you appoint a bookkeeper.

      Software
      • Accounting and bookkeeping software, like Sage, will help a business owner complete the records before hand, which can reduce the accountant’s year end fees. The added advantage is that your records are updated, business reports will be ready to hand in and your accounts can be done quickly.

      • Online filing is now compulsory, so your accounts and tax returns can be filed online. Small business may require using specialist online system.
      What do Small Business Accountants do?

      • Most businesses accounts are legally required to be presented and prepared on an accruals basis. Adjustments are likely will need to made to the accounts to bring them to the legal standard, this does include sole traders.

      • Small business accountants have many contacts and clients in various trades and professions. Therefore they are able to guide you to additional business services, like business planning, which may require additional service.

      • Small business accountants are also often tax advisors and are likely to be able to give you advice on tax strategy and potential tax savings.

      Accounting and Tax Return information for Private Limited Companies

      Information of Accounting and Tax Returns for Private Limited Companies

      At the end of its financial year, your limited company must file full statutory annual accounts.

      You then use this information to:

      • Send accounts to Companies House
      • Pay the Corporation Tax – or inform HM Revenue and Customs (HMRC) that your limited company doesn’t owe any

      File a Company Tax Return to HMRC

      Submit annual accounts with Companies House 9 months after your year end

      Make Payment for Corporation Tax 9 months and 1 day after your year end

      submit a Company Tax Return 12 months after your  year ends

      The deadlines are for private limited companies.

      Your Corporation Tax and Company Tax Return deadlines may be the same if your accounting period is different to your financial year.

      If you need more time to file your accounts

      Accounting and Tax Returns for Private Limited Companies

      Companies House may extend your accounts year end deadline if both:

      • an event you couldn’t control that stops you from sending your accounts
      • apply for a extension before the filing deadline

      Email or write to Companies House, explaining what has happened and how much more time you’ll need to file your accounts.

       

      For more information on Accounting and Tax Returns for Private Limited Companies contact GM Professional Accountants today on 0208 396 6128

      Upton Park Accountants

      Accountancy and Tax Service in Upton Park, London

      GM professional accountants  practice is near Upton park. We provide specialist Accounting and Tax Services near Upton Park. Our accountants specialise in small businesses and in self assessment for business or personal tax. We help you prepare, complete and file your company accounts sole trader tax returns and personal tax returns.

      We make it cheap, affordable and hassle free to handle your tax affairs. Our office is based near Upton park.

      Your small business are in capable hands of our specialist accountants and we provide advice for your tax queries. We answer your tax returns question for
      free without obligation. This is part of our tax return package here in East London. Our accounting practice near Upton park offer great packages for contractors that need a limited company set up and managed.

      Our professional accountants process your bookkeeping, Company accounts and tax returns that enables you to keep your tax affairs up to date. Our accountants will use their expertise to help you claim a maximum tax refund if you are due one and shed light on areas where expenses can be claimed . We identify the allowable expenses and help you with tax planning . This helps you to maximize your expenses, this can be mileage allowances , a resident office or transfer or spouses personal allowance.

       

      For more information about our Accounting and Tax Services near Upton Park, contact GM Professional Accountants today on 0208 396 6128.

      Stratford Accountants

      Small business Ltd Company & Tax return Services near Stratford London. 

      Finding an Accountant in Stratford is stressful but we help you make the right choice. Our accountants provide specialist Accounting and Tax Services near Stratford and we visit you at your premises if that is convenient for you. Our services are cheap and affordable , we specialise in self assessment for personal tax returns and provides small businesses with company accounts including company tax returns . We help you through the whole process from preparing your bookkeeping, filing your accounts and tax returns. Our accounting practice near Stratford offer great packages for contractors that need a limited company set up and managed. Even if you a small sole trader and need to file a tax return, we can help.

      Get a Quote Now

      Your tax returns are in capable hands of our tax experts and we provide advice for your tax queries. We answer your tax returns question for free without obligation. This is part of our tax return package here in East London.

      Personal Tax return

      You may be required to file a personal tax return, its important to understand the deadlines, you have to register for self assessment by the 5th October of the second tax year. You will need a UTR number in order to file a self assessment and will need to leave enough time to file this by the deadline. The paper based tax return deadline is the 31st October and electronic format deadline is the 31st January. Some of the common bits of information you will need will be your P60 , self employment income, interest income , property income, child benefit and dividends. This is not the whole income list but some of the most common  types of income received in the tax year. This will need to be declared within your tax return. We also specialise in CIS tax reruns and are experienced in this field, you may be an itinerant worker and this enables you to claim your travel and subsistence expenses.

      Contractor Accounting

      We have tailored packages specifically designed for contractors that run their own small limited company, we provide tax planning solutions and ensure that you are maximising your allowances. As a result this increases your take home pay. We have specialists that deal with Vat issues and provide guidance on allowable expenses. There is also the 24 month rule which needs to be followed which is important when you claim travel and subsistence expenses.

      Property Tax return

      With the latest Mortgage interest restriction changes that have come into affect, it’s now even more important to appoint an accountant to ensure that you have the best tax planning advice. The renewals method has come in to effect and the wear and tear allowance has been abolished. At GM professional accountants we review your personal tax position and highlight areas of tax planning and ensure that you are compliant with HM revenue customs.

      For more information about our Accounting and Tax Services near Stratford, contact GM Professional Accountants today on 0208 396 6128.

      Plaistow Accountants

      Accounting and Tax Services near Plaistow

      GM professional accountants  is based near Plaistow. We provide specialist Accounting and Tax Services near Plaistow. Our accountants specialise in small businesses and in self assessment for business or personal tax. We help you prepare, complete and submit your company accounts, sole trader tax returns and personal tax returns.

      At affordable prices and efficiency guaranteed with GM Professional accountants based in East London.  We make it cheap, affordable and hassle free to handle your tax affairs. Our office is based near Plaistow.

      Your small business are in capable hands of our specialist accountants. We answer your tax returns question for free without obligation. This is part of our tax return
      package here in East London. Our Accountancy Practice based near Plaistow can help Contractors set up their Limited Company and explain to them what is the most Tax Efficient route for them. A Contractor can be used universally, as you may be a Doctor and helping a Hospital, due to Staff Sickness or you are in the Construction industry doing 6 months work for different sites.

      Our professional accountants process your bookkeeping, Company accounts and tax returns in a fast accurate manner that enables you to keep your tax affairs up to date. Our accountants shed light on areas where expenses are to be claimed for in your  tax return.

      We are experts in the field and with a excellent review rating on google from our clients, you can trust us to do a satisfactory job.

      3 Common errors in Tax returns

      1. Tax code is incorrect, Thousands underpay or overpay tax due to the wrong tax code
      2. Leaving out income, This could be Rental income or other income which falls within the income tax rules.
      3. Not stating that you have a Student Loan in the tax return

       

      For more information about our Accounting and Tax Services near Plaistow, Contact GM Professional Accountants today.

      Manor Park Accountants

      Accountancy and Tax Service in Manor Park, London

      GM Professional Accountants are here to help you locate your local accountant. Our Specialist Accounting and Tax Service practice is based in Manor Park. We specialise in providing Accounting and Tax Services all areas of Newham. Our accounting services are affordable and hassle free, we specialise in Small Businesses accounts, Self Assessment Tax Returns, Payroll and Bookkeeping. We help you file and submit your sole trader or limited company Self Assessment Tax Returns, Company Accounts and personal tax returns. Our accountancy practice is based in Manor park and offer great Accountancy and Tax Service packages for Limited Companies and Sole Traders, for any sector your business is in. For Self-Employed individuals, or if you are interested in Registering as Self-Employed, we can discuss our packages with you. Our accountancy practice here in Manor Park is in a convenient location, a 10 minute walk from Manor Park rail station and 5 minutes from East Ham underground station.

      We answer your accounting and tax questions for free without obligation. Our professional accountants here in Manor park process your Bookkeeping and Tax Returns in a fast and accurate manner that enables you to keep track of your tax affairs. Our accountants use their expertise to help you identify the maximum allowances and shed light on areas where expenses can be claimed in your company and Tax Returns. We go the extra step by helping you understand the financial statements, this enables you to make the right choice. As the core of Bookkeeping is based on accounts payable, accounts receivable and bank reconciliation, it is important that you know how to efficiently control these departments from invoicing to the bank entries. This keeps the foundation solid and helps you in the year end process from avoiding penalties.

      You can check our “Sector” page out to find out the different types of sectors we cover. For example we produce accounts for Taxi Drivers, Takeaway/Restaurant Owners, Rental Property Owners, Property Developers, Contractors and etc. GM Professional Accountants deliver exceptional service and have a proven track record of doing so in Manor Park. We are Specialists in many fields of Business and have more than ten years experience in the field of Accounting. Our Accountants can guide you through your Annual Returns and Tax Returns. From Organising to Submitting your Self Assessment Tax Returns.

      GM Professional Accountants are based in Manor Park and have been serving the Manor Park area for many years. We have a large client base in Manor Park as there are many business owners and Self-Employed individuals in and around the area. We cover nearly every Small Business Sector so you can have confidence when contacting us regarding your Annual Accounts and Tax Returns. Keeping your Bookkeeping and Filing System well organised increases the efficiency of your Small Business. Look at our home page for more details on how to stay organised with your filing and Bookkeeping.

      For more information about our Accounting and Tax Services in Manor Park, contact GM Professional Accountants today.

      Manor park Address

      47 Gladstone Avenue

      Manor Park

      London

      E12 6NR

      East Ham Accountants

      ­Personal tax return accountants, business accountants East ham London

      Getting an accountant near east ham can be a daunting task, not because there is a shortage of accountants, but because they are just too many. They range from well-established high street accounting firms to online budget service providers. However, not all of them are qualified accounting professionals. You, therefore, must be very careful not to enlist the services of an incompetent accountant.

      If you are in search of a respectable, top accountants near east ham, you are in the right place. Besides having a reputation for being one of the leading companies offering exceptional services, we have a competent team of certified accounting professionals. Our team provides excellent Tax Planning advice, income tax returns, Payroll, Small Business Accounting, Bookkeeping as well as online accounting services.

      How to locate the best Tax specialist in London

      When business owners need accounting services in London, their predictable behavior is to conduct an online search. Some of the favorite online search platforms the business owners use include; “Find An Accountant” and “Accountants Near Me.” Even though they are efficient ways of locating accountants, it is prudent if you research more about the tax specialist whose services you wish to enlist. The following are some of the factors you need to consider.

      i. Reviews and Ratings

      Find out what current and previous clients of the tax specialist you wish to contract have to say about his or her Accountancy Practice. You can get hold of the reviews by conducting a simple online search, going through the accountant’s website or checking out their Google page. Furthermore, you could ask the accounting specialist to provide two or three reference names of previous or current clients. If the reviews are negative, that should serve as a red flag and a warning not to enlist that contractor’s services. Credible and reliable accountants will have active and impressive reviews.

      ii. Membership and registration with an accounting body

      Just because an accountant claims to be a professional, it does not make them one. Find out if they have the qualifications and are members of a credible accountancy body in the UK. For instance how many of the staff are Certified (ACCA) or are members of a body AAT . If the “Professional” is not a member of any such body, high chances are they are not accounting professionals.

      iii. Array of services

      Professional accountants should be well versed in a variety of accountancy services. They should offer their clients the flexibility and convenience of enjoying various accounting, bookkeeping and taxation services. Even though accountants do specialise in particular fields, it is wise if you approach a professional who is well versed in various accounting and tax practices.

      Our specialty

      We appreciate the fact that every business is a unique entity with specific accounting needs. As such, despite providing multiple accounting and tax products, we tailor our services to our clients on an individual basis. Our team specialises in the following areas;

      a. Self-assessment tax returns

      We have a team of seasoned accounting and taxation experts ready to assist you with your self-assessment. Whether you are a business owner or a rental property owner, with income report to file, we will identify the areas where expenses arise and come up with ways for you to not only comply with the taxation regulations but also enable you to file your personal tax returns accurately and promptly.

      b. Small Business Accounting

      Our accountants near east ham cater for Small business owners, they often have little or no time to focus on their business’ accounting needs. One major reason for this handicap is the firm has one or very few staff. Consequently, if the business owner decides to work on the books, critical business operations must come to a halt or at least suffer some slight interruption. Furthermore, not every small business owner possess accounting and bookkeeping skills. Acquiring such skills might require time and patience, a luxury that very few small business owners can afford. Through our Small Business Accounting services, we free you from the tasking role of daily bookkeeping, giving them more time to focus on growing and developing the business. We also discuss your small business’s financial plan, offer advice on levies and even help in the submission of HMRC Tax Return Online.

      c. Payroll Services

      Your business’ needs evolve from time to time. One such requirement involves having an efficient Payroll processing system. Processing the payment can be daunting, time-consuming and costly, no wonder many organisations prefer to outsource that service. We offer accurate, user-friendly, reliable and cost effective payroll services to firms of different sizes ranging from small, medium to large organisations. By enlisting our Payroll Service, your business’s efficiency will significantly increase, since your staff will have more time to concentrate on their yield.

      d. Tax Planning Advice.

      Whether you are a sole proprietary, partnership or a limited company, one of your goals should be to make tax savings. Not only should you identify legal ways of keeping the taxable amount on the lower side, but also identify avenues from which you can make claims and earn. Our team of taxation experts has both the competence and skill required to help you make significant tax savings. We will offer valuable input to your strategic tax planning methods. Our experience in serving different local, national and global clients guarantees you of receiving valuable tax planning advice.

      e. Consultancy Services

      Whether you are a small, medium or large enterprise, our company has experienced specialists ready to offer relevant accounting and taxation related advisory services. We tackle issues like how to keep accounts orderly based on each accounting period, how to keep proper business records as well as assessing how well your business is doing. Furthermore, we offer advice on how to file quarterly or annual accounts. If you want to start a business, our team of experts can advise you on the best forms of business ownership open to you. For instance why you would be better off trading as a limited company instead of operating as a partnership. Enlisting our consultancy services will furthermore open your eyes to the various ways you can avoid taxation, reduce the amount you pay and even earn rebates.

      Why should you consider our accounting and taxation services?

      As a business owner or manager, you obviously want the best accounting and tax service provider. Over the years, through professionalism, excellent customer service, and transparent accounting practices, we have cemented our position as a top firm in London. Some of the reasons why many local, national and international clients value our services include;

      i. Best industry practices

      We handle all our clients using the best accounting industry practices. Whether it is the preparation, completing, filing of returns, or offering consultancy services, we do not compromise on quality. Additionally, our core value is the commitment to staying up-to-date with the ever dynamic accounting, HM revenue as well as customs tax laws. Since we keep up with these legislations, all our clients end up being tax compliant. When you work with us, we will offer self-assessment services to identify all the possible avenues for you to claim expenses legally, after which we will proceed to complete accurately and file your returns.

      ii. A comprehensive package

      Whether you are searching for advice on bookkeeping or you need to contract a Limited Company Accountant, we have a full package for you. We cover all accounting matters ranging from Accounting and Bookkeeping for small business, to Self-Employed Taxation returns, and corporate taxation issues. We literary have tailored accounting and tax services to suit client’s requirements. You will find the ability to satisfy all your accounting need using a single contractor a rewarding and satisfying experience. Besides, it has a few vital benefits. For instance, you will not have to share sensitive financial data with so many people.

      iii. Cost efficient services

      One of the essences of enlisting accountancy services is to help your business maximize profit. It is, therefore, absurd if the cost of contracting an accountant or taxation specialist outweighs the benefits your business receives. Working with us you will notice a vast improvement in your firm’s bottom line, without denting your pocket or breaking the bank. Even though the tax return fees vary depending on the type of business and the kind of service you require, our services are affordable and have a fair price. Furthermore, the cost of essential services like Bookkeeping are in all of our Accounting packages, which acts as a discount to the overall service cost.

      iv. A stable Business Partner

      We have been in operation for an extensive period. Enlisting our services means dealing with a stable and credible business partner and not a service provider that is likely to fold or disappear a few weeks or months down the line. Not only are we London based, but we have a favorable standing with our clients who are sprawled all over East London, Manor Park, Wanstead, Barking, Plaistow, Stratford, East Ham, and Ilford.

      Effective tips to create a stress-free tax return filing experience

      One of the secrets to having a stress-free tax return filing experience is to enlist the services of a competent accountant. However, if you have well-organised business records, it becomes easier for the specialist to help you. The accountant’s service fee is also likely to be lower. Moreover, if the files are proper, it eliminates the possibilities of your final returns submission having errors. Commission and omission errors on a form you submit can lead to fines or even prosecution. It, therefore, makes sense to have proper documents. The following are some useful tips on how you can maintain your books.

      · Separate your accounts according to their respective accounting periods, be it annually, semi-annually, quarterly or monthly. Doing so will help you prepare you and make it easy to read and comprehend, as well comply with the monthly, quarterly and annual deadlines.

      · Keep related documents together and separate ones separate. For instance put all bank statements together, but separate them from expenses, purchase and business.

      · Make sure you record the transactions as they occur. There should be a systematic flow of events in your files. Having up to date records is a crucial element in knowing your firm’s performance and financial position. For example, the data will prove useful in the creation of the final accounts like the Profit and Loss accounts.

      · Avoid waiting until the submission deadline becomes due to start gathering the necessary data. Instead, ensure your accounts are always ready and compliant with the legislations. For instance, Sole Traders and Limited Companies need to file returns annually. However, if you are a VAT Registered Firm, Sole Trader or a Limited Company, you need to file your VAT returns either annually or quarterly. Whatever period the law dictates, just make sure you are ready with the correct information. It will make the process efficient and rewarding.

      · Have well-organized documents to help you get your rebate claim? Ensure you have the correct p45s and p60s to facilitate correct calculations. Also, ensure that you accurately fill your Tax Rebate Form before submitting so as to avoid hiccups. An effective way to ensure all your documents are up to date is by organizing your pay slips, p45s, and p60s in a filing system. Moreover, arrange these documents according to the financial year, month and date. If you are employed or was previously employed, ask your previous employer for your p45 or p60. After all, they will prove quite handy in helping you win your claim.

      · In case you have been taxed unfairly, consult with our experienced taxation specialists to find out if you are legible for a refund and how to successfully submit a tax refund claim.

      Although a business owner can work out his or her firm’s taxes and expenses, it is always cost effective and prudent to enlist the services of a qualified accounting and taxation specialists. In the long run, the financial cost and the opportunity cost of handling the business accounts outweigh the benefits your firm will enjoy. Besides VAT, income and corporation tax legislations keep on changing, making it easy for your business to land in trouble. Contact our abled team today and let us handle your business accounting and taxation needs, while you focus on what you do best; growing your enterprise.

      Canning Town Accountants

      Accounting and Tax Services near Canning Town

      GM Professional Accountants  is based near Canning town and we provide Specialist Accounting and Tax Services near Canning Town. At affordable prices and efficiency guaranteed with GM Professional accountants.  We make it affordable and hassle free to handle your tax affairs. Our accountants specialise in small businesses and in self assessment for business or personal tax. We help you prepare, complete and submit your company accounts, Sole Trader Tax Returns and Personal Tax returns. We help you through the whole process from bookkeeping until your final accounts.

      Your small business accounts are in capable hands of our specialist accountants. We answer your tax returns question for free without obligation (only once you have passed due diligence). This is part of our tax return package here in East London. Our Accounting Practice near Canning town offer great packages for Contractors, Restaurant Owners and Taxi Drivers that need a limited company set up and managed. GM Professional Accountants are experienced in many business sectors, which have gained over 10 years.

      For employed individuals who feel as they have been taxed unfairly may come to us with any queries. Tax Refunds can be dealt by our Accountants, we can deal with any issues that may have occurred on your payslips and contact HMRC directly for you. There are many reasons for this, one may be because you have changed jobs during the Financial year. Speak to one of our Accountants in East London today.

      Our professional accountants process your Company accounts and tax returns in a fast accurate manner that enables you to keep your tax affairs up to date.
      Our accountants shed light on areas where expenses are to be claimed for in your  tax return.

      We are rated the best accountants  in Newham by three best rated.

      For more information about our Accounting and Tax Services near Canning Town, Contact GM Professional Accountants today.

      Beckton Accountants

      Accounting and Tax Service near Beckton

      GM Professional Accountants Accountancy Practice is located near Beckton. We specialise in providing Accounting and Tax Services all over East London. Our accounting services are affordable and cheap. Our accountants specialise in small businesses which could be a sole trader through self assessment and limited companies. For personal tax, we have a range of resources which makes accounting simple. We help you prepare, complete and file your company accounts and tax returns.  Our professional accountants process your company account and tax return in a fast accurate manner, We submit these for you at Companies House  and HMRC. We help you with a range of duties once your limited company has been set up and help you through the year end accounting process, this helps you focus on your business. Our accountants will use their expertise to help you claim a maximum tax refund if you are due one and shed light on areas where expenses can be claimed for in your  tax return.

      Our accounting practice near Beckton offer great packages for contractors that need a limited company set up and managed. Our Accountants and Bookkeepers at GM Professional Accountants have Specialised in CIS Tax deductions. CIS Tax has been put into place by the Government so it reduces Tax Evasion from people in the Construction industry.

      For more information about our packages on Accounting and Tax Services near Beckton, Contact GM Professional Accountants today to book an appointment.

      Redbridge Accountants

      Accounting and Tax Services in Redbridge

      We are Specialist Accountants near Redbridge and finding an accountant is difficult. We prepare and submit your personal self assessment tax return or small business company accounts in an accurate manner. Our fees are cheap, affordable and our accountants shed light in areas to help you identify allowable expenses. We specialise in bookkeeping, sole traders, tax returns for individuals and small businesses. We offer great packages for Contractors who need an accountant to help submit their year end accounts.

      Get a Quote Now

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      GM Professional Accountants have many clients in the area of Redbridge and are Specialists in many fields of businesses. If you are looking to Register as Self Employed and live in the area of Redbridge, then contact us today as we have helped many individuals register as self employed. Self-Employed individuals have seen a positive change to their life once becoming self-employed.

      For more information about our Accounting and Tax Services we provide in Redbridge, Contact GM Professional Accountants today.

      Barking and Dagenham Accountants

      Finding a local accountant in Barking and Dagenham

      Finding a local accountant near Barking and Dagenham should be difficult. Our Accountancy Firm near Barking and Dagenham in Essex help you prepare and complete your Self Assessment Tax Returns or Corporate Company accounts in a fast and accurate manner. Our fees are affordable, provide a hassle free service and our professional accountants shed light in areas to help you maximize on your expenses.

      Get a Quote Now

       

      We help you through the whole process and guide you through tax implications, this helps you stay compliant. We specialise in tax returns for individuals, sole traders and limited companies, we process small business accounts from Bookkeeping until the submission of their Self Assessment Tax Returns. We will deal with your Company Accounts, Personal Income Tax Return, Self Assessment Tax Returns or VAT Return and Tax Refunds, we help you prepare, complete and submit your company accounts in a fast accurate manner. We provide great packages for individuals who are Contractors, Tutors, Taxi Drivers and need an accountant to help finalise their year end accounts.

      Our Accounting Services:

      • Company Accounts
      • Self Assessment
      • Business Tax returns
      • Personal Tax returns
      • Bookkeeping
      • VAT Returns
      • Payroll
      • Tax planning
      • Corporation Tax return
      • Capital Gains Tax return

      A number of our clients have recommended us to their friends and family, as they are satisfied by the work we produce. Get yourself an accountant who you are comfortable with and contact GM Professional Accountants today so we can discuss any queries you have or to book an Appointment. We have many years of experience in a wide range of fields in Accountancy and Tax, which will help you concentrate on generating more income for yourself and your business.

      GM Professional Accountants have many clients in Barking. Many different sectors are covered for Barking and Dagenham. You may look at our Sector based page for all of the areas of business we cover. There are differences between Sole Trader, Partnerships and Limited Companies, one of them may apply to you, that is if you are looking to register as self-employed or start up your business with us. Professional Accountants can explain to you what legal entity is best for your business, as we analyse the risks of your business before making any decisions.

      Stay Organised with your Accounts

      Your Accounts are filed Annually and it is important that your Bookkeeping is all up to date. Creating an organised filing system will make your business more efficient because your accounts will be easier to follow and process for the Year End. Organise your Accounts in month order and separate each Accounts between your Accounting Periods and hold them for six years. You should also do this with Payroll, as some individuals may be allowed a Tax Refund at the end of the Financial Year if you feel you have been Taxed unfairly during a Financial Year. Have a look at our page on Tax Refunds to see if you are within the criteria. We are Specialist Tax Refund Accountants in London to help with your queries. All your Tax Affairs are dealt with our experienced Accountant who has been the field for more than 10 years.

      For more information about our Accounting and Tax Services near Barking and Dagenham, contact GM Professional Accountants today on 0208 396 6128 or email us at: info@gmprofessionalaccounants.co.u

       

      Accountants in London

      Accounting and Tax Services in London

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      GM Professional Accountants are based in Ilford and London. Our accountants are Specialists in providing Accounting and Tax Services all over London. we specialise in small businesses and in self assessment for personal or business tax. We prepare, complete and file your company accounts and tax returns to companies house and HMRC. At affordable prices and efficiency guaranteed with GM Professional accountants based in East London. We make it cheap, affordable and hassle free to handle your tax affairs. Your small business are in capable hands of our specialist accountants and we provide advice for your tax queries. We answer your tax returns question for free without obligation. This is part of our tax return package here in East London. Our professional accountants process your Company account and tax return in a fast accurate manner that enables you to keep your tax affairs up to date. Our accountants will use their expertise to help shed light on areas where expenses can be claimed for in your tax return.

      GM Professional Accountants are also Specialists in Registering individuals as Self-Employed. Many individuals have seen a positive impact when they have been working for themselves rather than for someone. You see an increase in profit and income when you are Self-Employed.

      For more information about our Accounting and Tax Services in London, please contact GM Professional Accountants today.

      Contact us now

      Accountants in Essex

      Finding a Local Accountant in Essex 

      Finding an Accountant can be difficult, GM Professional Accountants near Essex. We are specialists in providing accounting and tax services all over Essex. Our accountants specialise in small businesses and in self assessment for personal or business tax. We prepare, complete and file your company accounts and tax returns. At affordable prices and efficiency guaranteed with GM Professional accountants.  We make it cheap, affordable and hassle free to handle your tax affairs.

      Complying Corporate Legal Requirements:

      Company accounts and tax returns are such legal requirements that are mandatory in every case for every organization which is formed for earning profits. In case of non-compliance of such legal requirements, penalty can be charged of heavy amounts. Professional Accounting Services: Our Accountants specialise in preparing company’s financial statements, filling complete tax returns and fulfilling all the legal requirements for formation of a company. We have professional accountants who help you to prepare all the accounting records including bookkeeping in an organized and professional manner which will be consistent with the nature of the business of an organization and its statuary obligations.

      Advisory and Consultancy Services:

      Our addition to accounting, tax returns and company formation we also provide advisory and consultancy services for small  businesses. Our target is to see all the organizations running with prosperity without any hurdle in their path towards success. We provide advice which will be best suitable for your company having minimum procedures to comply with. We have trained professional accountants who will handle all your accounting problems and solve them under the light of their experience and expertise.

      For more information on our Accounting and Tax Services near Essex, contact GM Professional Accountants today.

      Rental Accounts

      Property Accountants and Tax Return Services in London

      GM Professional Accountants prepare your Property Rental Accounts and submission of Self Assessment Tax Returns. We have clients from all over United Kingdom, so you can be confident selecting GM Professional Accountants. We have years of experience in the field of Rental Properties, our clients love us as we do offer Tax Advice and Tax Planning to everyone.

      Get a Quote Now

       

      Does GM Professional Accountants only do buy-to-let properties?

      No, our rental property accountancy services is also provided to property investors, buy-to-let landlords, property developers, housing associations and other related property businesses such as architects, engineers, chartered surveyors and estate agents.

      What does GM Professional Accountants Property Accountants provide?

      Our Accountancy Services we provide to Property Developers are:

      • Property and Personal Tax Advice
      • Property and Personal Tax Planning
      • Preparation to submission of Self Assessment Tax Returns for Properties
      • Property Business start ups
      • We can deal with your undeclared property income (HMRC Let Property campaign)

      Undeclared property income is the most common issue for property developers, as some people may also miscalculate their rental property to HMRC to. We will deal with this the moment we have all the paperwork. Our Property Accountants are quick and efficient when dealing with your books and accounts; it will not take a day for our accountants to deal with your queries.

      Why choose GM Professional Accountants?

      We have a proven track record of completing all property accounts as soon as possible. GM Professional has a big client base for rental properties, as our clients use our property accountancy services as well as our other services from different sectors.

      GM Professional Accountants are cheap and affordable, which is good news for your pockets. Our accountants support and love seeing our clients building their businesses and portfolios.

      For more information about Rental Accounts and to book an appointment to see our Accountants please contact us on:

      Telephone: 0208 396 6128

      Email: info@gmprofessionalaccountants.co.uk

      Accountants For Self employed in London

      Accountants For Self employed

      GM professional are Accountants for self employed individuals. If you would like to operate as a freelancer or are self-employed, then this is by far the quickest and easiest way to start a business.

      Get a Quote Now

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      Why register as self employed?

      The requirements to disclose are a lot less than a limited company as you are only required to complete a Self assessment tax return once a year. Also:

      – You are in control of the business and are entitled to all the profits
      – You are the business and not an officer which you would be under a limited company.
      There are no restrictions of withdrawing funds from your bank account compared to if you were a limited company director then you would be withdrawing as a salary, dividend, bonuses or a loan account.

      Before you set up as a sole trader or self employed

      Anyone can set up as Self employed, although certain type of work will require you to obtain a permit or a licence from your local authority, such as Taxi Driving, Childminding or Street Trading. Setting up as a Sole Trader has some legal requirements you need to follow.

      Planning to run your business from home? You may have to pay business rates for section of your home that you are using for business purposes. Depending whether or not you are using that part of the home for domestic purposes.
      For example, if your work is online based and you work in your bedroom, it is very unlikely you will have to pay business rates because it is used for domestic purpose – but if you work in a separate room such as an office then you may have to pay business rates. You may need to bear in mind that you may need planning permission to work from home, depending on the type of business it is.

      Any changes on your property for business reasons, such as a side extension for another access for your business or if your business will cause a disturbance in your neighbourhood; then planning permission may be necessary. You can receive more information on business rates and planning permission from the planning department in your local authority as every area is different.

      Who registers as self employed?

      Registering as self-employed does not require a lot of administration like a limited company. However,  you must register as self-employed by 5th October of the business’s second tax year of when you have started your self-employment or when you have started to trade. You may receive a penalty of £100 if you have failed to register and can increase after three months.
      Contractors/Freelancers and people who own a Sole Trader Business are classified as Self-Employed. Contractors can be people who work on a contract basis, for example Builders, Plumbers, Electricians (CIS Tax), Locum GP’s and etc. You will receive a Tax Free code, which for the new Tax Year of 2020/2021 will be 1250L. If your income is over £100,000 then your personal allowance will be reduced. The personal allowance for individuals born before 6th April 1938 is £11850 for 2018-2019 tax year.

      Registering for Self-Assessment Tax Returns for Self employed

      Self Assessment Tax Returns are required to be submitted to HMRC by Self-Employed or Sole Traders. This requires you to fill out a Tax Return form; paper based or online (both of which have different deadline dates).

      You must inform HMRC of your Sales and expenses with a simple three line format if you are under the threshold of 85,000 in a short return. In certain circumstances you may need to fill in the full self assessment tax return if you fall under a certain category that requires a full discourse of expenses in each box and balance sheet entries. Please refer to the HMRC website to see if that applies to you.

      HMRC will usually send your Self Assessment Tax Return in April, but if your Self Assessment does not arrive by the end of April then you need to contact the Tax Office immediately and let them know otherwise you will receive penalties. If you are doing your first Tax Return you will need to fill in a self-assessment registration form first. Your National Insurance number must be with you when you are filing this.

      Self employed Registration

      A CWF1 form will need to be completed to inform HMRC about your business, which will also register you for self-assessment. If you are not self-employed you will need to complete an SA1 form. Once you have done this, HMRC will set up Tax Records for you and your business and will send you a UTR number (Unique Taxpayer Reference). This number you should never lose.

      If you need an accountant to register as self employed sub contractor and you would prefer to do this online, then GM professional accountants specialise in registering as self employed and helping you to obtain a UTR number. You will not need to fill out a register as self employed form or phone as we can take care of the whole process, find out out more from GM professional accountants about registering as self employed within 3 months.

      How to Register as Self-Employed

      Anyone who is looking to become self-employed or is self-employed must register to be charged income tax and national insurance contributions with HMRC. You can register by phone, post or online, whichever way suits you. However, the most convenient way to sign up is by the online application.

      You will need to have your National Insurance number on you, as you will need to provide HMRC with your details when you are registering for national insurance contributions and income tax. If you do not know or have not got your National Insurance number, contact Jobcentre Plus ‘application’ line, which can be found on their website.

      It is important that you inform HMRC the moment you have started working, as it is not possible to register in advance. The information you will need to provide while registering as Self-employed are:

      • National Insurance Number
      • Name
      • Date of Birth
      • Business telephone number
      • Telephone Number
      • Your Unique Tax Reference (UTR) – only if you were within self-assessment previously
      • The nature of your business
      • Start date of self-employment
      • Address
      • Business address
      • The business’ UTR – if you’re joining an existing partnership
      • Email Address
      • If relevant, the full name and date of birth of any business partners
      Once you have done all of this you will receive a letter from HMRC stating your unique tax reference number.

      Self employed Self-Assessment Payment Deadlines

      You must pay the amount you owe by 31st January the following year if you owe any money by the end of the Tax Year (April), the April before January. The deadline for payment is the same whether you have filed your Returns online or on paper. You will need to pay both or one of the following:

      • The balancing payment (the balance of tax you owe for the previous year)
      • The first of the two ‘payments on account’ (the advance payments for the current tax year)

      You will receive a self-assessment statement that shows the amount due for your return. If you do not receive this before your payment date, then you will need to work out the tax due yourself or by your accountant by registering for self-assessment online and selecting the ‘view account’ option.

      If you’re asked to make payments on account, your deadline for making your second payment is July 31.

      Maintain books as self employed

      In order to stay organised with your accounts, you should file them by Accounting Periods. This helps you stay compliant and organised when you reach the quarterly and yearly deadlines, which makes your books easy to follow and be read. Keep Bank Statements, Purchases, Sales and Business Related Expenses separate from each other. If you do not maintain your records, this will lead to confusion and penalties with the local authorities.

      Accounts are very important to keep up to date with, as it is the foundation for your tax returns, accounts and your net worth. This also allows you to check whether your small business is doing well over the years and see if there is anything you could do to expand your business. A profit or loss for the year can be created to see how well your business is doing in your current year once your bookkeeping has been processed.

      allowable expenses uk
      allowable expenses uk

      Self employed Filing

      As a Sole Trader  you will have to file tax returns annually. If you are VAT Registered businesses as self employed, your VAT returns must be done quarterly or Annually.

      This means you will have to stay compliant and more importantly, organised at all times to help you make the year end process quick and efficient. When the new Digital Tax Scheme comes into place in the near future all Small Business and Self Employed Individuals will have to file and submit Tax Returns Quarterly, so it will be better if you organise your Accounts every quarter.

      Staying organised when submitting a Tax Rebate is a must , depending on your legibility for Tax Refunds. You may have felt that you have been taxed unfairly so you can go over this with your Accountant. If you have still not received your p45 or p60 from your previous employers, contact your previous employers as soon as possible, especially if you are registering for Self-Employed.

      They are likely to have these forms as it is a legal obligation for companies to keep financial and legal records for 6 years. Accountants may have a look at your p45 and p60 forms once you are looking to register as self-employed.

      If you operate as a sole trader there are some legal formalities you will need to keep on top of. So to Register as Self Employed, contact GM Professional Accountants today for more information.

      See further information on Ecommerce Amazon FBA sellers 

      Small Business Accounting Services in London

      What are Small Business Accounting services ?

      What is small business accounting?

      An important part of an accounting system for a small business is to enable business owners to record, analyse, and interpret the financial information to make an informed decision.  Accounting records have to be correct so that a business can keeps track of its operations.

      One of the most important reports for business owners is the profit and loss account. This can give a snap shot of the sales and expenses of a business for a given period.

      Get a Quote Now

      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.

      Contact us now 

      Call for a free no obligation consultation on 0208 396 6128

      Bookkeeping Services for Small busines London

      Bookkeeping Service Specialists in London and Essex 

      Why does a business need bookkeeping?

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

      Get a Quote Now

      How does the process work?

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

      How much does a bookkeeper cost?

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

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

      Bookkeeping services Barking

      Bookkeeping charges for small businesses 

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

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

      So what do our Bookkeepers do?

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

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

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

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

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

      Telephone: 0208 396 6128

      Or email: info@gmprofessionalaccountants.co.uk

      Accounting

      Accounting Services

      GM professional accountants are based in East London. Our accountants are specialists in providing accounting and tax services all over London. we specialise in small businesses and in self assessment for personal or business tax. We prepare, complete and file your company accounts and tax returns to companies’ house and HMRC.  At affordable prices and efficiency guaranteed with GM Professional accountants based in East London.  We make it cheap, affordable and hassle free to handle your tax affairs. Your small businesses are in capable hands of our specialist accountants and we provide advice for your tax queries. We answer your tax returns question for free without obligation. This is part of our tax return package here in East London.   

      Our professional accountants process your Company account and tax return in a fast accurate manner that enables you to keep your tax affairs up to date. Our accountants will use their expertise to help shed light on areas where expenses can be claimed for in your tax return. Do not hesitate to contact us for more information about our Accounting Services in London.

      Corporation Tax Return

      Business accountants 

      Our business accountants ensure you understand that Limited company business owners have a legal responsibility to calculate the correct Corporation tax liability (Corporation Tax return), and we therefore aim to prepare Tax returns efficiently to minimise any burdens or constraints caused by tax administration here in London.

      Contact us now

      Business accountants providing corporation Tax returns for Limited Companies

      GM Professional Accountants address small limited company businesses, we prepare and submit your corporate tax returns, in a quick and efficient manner. Our specialist accountants deal with all of your business tax matters, including preparing income or corporation tax computations here in London and Essex.

      Filing Responsibilities for Limited Companies

      These are some of the filing responsibilities for limited companies are:

      • Annual Self Assessment Tax Return
      • Annual Accounts
      • CT600 Corporation Tax Return
      • Annual Employer Returns
      • Quarterly VAT Returns

      Small business tax services

      You may be considering setting up a limited company or may have done so already? The filing responsibilities may sound and look daunting, but do not be afraid. Yes, it does create more paper work for you, but that is business and you can transfer all your paper work to an accountant. GM Professional Accountants Tax Services in London provide all the services you need for a limited company, from Business Start-up, Bookkeeping, Payroll Services and preparation to submission of your Corporation Tax or Self Assessment Tax Returns.

      As we are experienced professionals in accounting we can give you detailed and informative advice on what is best for your business, Sole Trader or Limited Company. All of our clients and new clients come to us and have no idea of the consequences of what they have selected as their type of business, after our advice they feel confident on which route to take, as certain companies may benefit being a Limited Company and some businesses benefit being a sole trader.

      Annual Return: Your annual return must be filed at Companies House, with a fee of £13 if you have filed it electronically or £40 if on paper. This is an overview of information about your company. People do confuse this with the annual accounts, which are also filed to companies’ house, but are different.
      Annual Accounts: HMRC requires a full set of your companies’ accounts with a director’s report and a detailed profit and loss account, whereas Companies House only requires a condensed set of accounts.

      You must file accounts to both HMRC and Companies House, as they are two separate government departments, our Accountancy Service provides this.
      CT600 Corporation Tax Return: This must be left to an accountant; GM Professional Accountants Tax Services does include this with the limited company package. We will complete a CT600 form for you, as HMRC will need this information along with the full set of accounts.
      Annual Self-Assessment: Despite how much the director’s earn, each director has to complete a self-assessment that shows all the directors income, not just the income from the company they are director of.

      Annual Employer Returns: Any business, sole trader or Limited Company who employ staff have a multiple requirements to report to HMRC. For example P.A.Y.E RTI submissions, all employers are required to send payroll information to HMRC on or before each payday. GM Professional Accountants will do this for you, once you have planned how you would like to pay your staff, so we can submit this information for you.

      Quarterly VAT Returns: All businesses who has a turnover that exceeds the VAT threshold in the previous 12 months must account for and register for VAT. Once you have registered for VAT, you are required as a business to complete a quarterly VAT Return. Call GM Professional Accountants for more information about registering for VAT, as you may need to register for VAT as soon as possible, before you start gathering fines from HMRC.

      Our business accountants can also discuss the different types of  Accountancy Services that we provide so why not book an appointment with GM Professional Accountants in East London today. For better understanding on Corporation Tax Returns and extra free advice on Limited Companies, call us today on: 0208 396 6128 or email us at: info@gmprofessionalaccountants.co.uk

      you may need to register for vat , for more information visit our vat return page.

      Contact us now

      Self Assessment Personal Tax return

      Personal Tax Return Specialists with Fixed Fees

      Preparing and completing your self assessment tax return should not be stressful or costly. At affordable prices and efficiency guaranteed with GM Professional accountants based in London. We agree a fixed fee ,we make it cheap, affordable and hassle free to handle your tax affairs. Our office is based near Canary Wharf and Ilford Essex. Our self assessment accountants  will provide tax planning solutions and this can help you to make informed decisions. 

      Contact us now

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      Subscribe Now

      Filing Self Assessment Tax Returns online

      Your tax returns are in capable hands of our tax experts and we provide advice for your tax queries. We answer your tax returns question for free without obligation. This is part of our tax return package here in London.

      Our professional accountants process your personal tax return in a fast accurate manner that enables you to keep your tax affairs up to date. Our accountants will use their expertise to help you claim a maximum tax refund if you are due one and shed light on areas where expenses can be claimed for in your personal tax return.

      Our accounting firm handles the completion of personal tax returns all over London.If you are in business, either as a company director or self-employed, you must complete a self-assessment tax return. Correct and simple tax planning and advice can make your tax return for the year reasonably painless.

      Self Assessment Tax Return Deadline

      Timescales for Self Assessment Tax Returns

      your income tax return should be filed by 31st of January, online, following the end of the tax year, which is 5th of April. Paper income tax return should be processed earlier, which the deadline is 31st of October. Not filing or paying your tax return on time, or when payment is due, will lead to penalty charge, which is kind of like a top up on your tax return. So we suggest looking for an accountant who will constantly remind you.

      Asking yourself whether you need to complete a self-assessment tax return? You may be automatically notified by HMRC (HM Revenue & Customs). If you are not notified, then it is up to you to find out whether you are due on, or let HMRC know you need to file a tax return, otherwise you may end up with multiple penalties if you try avoid it. If HMRC does not know that you were self-employed in the previous tax year, then you MUST register as self-employed by 5th October the latest.

      Filing your self-assessment tax return can be done by you, but can also be done by an accountant. It will benefit you if you do have an accountant (or if you don’t, to look for an accountant) who can do this for you, as they will give you the correct planning and advice to reduce your tax bill. Also reduce work load of the long paper work, as they are qualified professionals to file your self-assessment tax returns correctly. For you to file your self-assessment tax return online, which is easier, you have to register for HMRC online services. *Note: it takes at least a week to activate online access, so leave enough time, or register early.

      Paper based filing of self-assessment tax return, using this method you should remember and always allow time for postal delays, so this should be done early as possible receiving or delivery of the forms. Double check if you have all the correct pages you need for your self-assessment tax return, in order for you to complete. If you do have any general queries, usually accountants will answer them for you.

      Records for Self-Assessment Tax Return

      Completing your income tax return can be fairly straightforward, providing that you have a good accountant, with excellent advice, planning and keep your tax records well-organised. You could organise it yourself, help out your accountant, rather than them having to contact you a lot about “what is what”. In your records it needs to include any details of employment income and/or other types of personal income, such as capital gains from selling investments or savings income. Details of tax reliefs you will be claiming on your self assessment tax return, such as charity or pension contributions.

      For the self-employed, you will need your business tax records. If you run a business as a limited company, then you will need to complete a separate corporation tax return. Partnerships will need to include details of you and your partners and your income share you receive from the partnership on your income tax return. The partnership then will have to file a partnership tax return.

      How Much does an accountant cost for tax returns the UK 

      The price can start from £250plus vat and this can go up to £650 plus vat. This depends on the type of tax return and the income too be declared. The services start from a basic income tax return to foreign income declaration.

      The more complicated your tax return is, the longer it will take to complete. The price will reflect this, it is important to assess your requirements early in order to plan and stay compliant. 

      To talk to us right now regarding your Self Assessment Tax Return, Call us on 0208 396 6128. Or just email us on info@gmprofessionalaccountants.co.uk and we’ll be in contact.

      If you are thinking of incorporating then visit our corporation tax page

      Contact us now

      GM Professional Accountants

      Why choose Gm Professional Accountants?

      Gm Professional accountants in Canary wharf and Wimbledon

      Our vision and our customer reviews show that we provide:

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

      • Professional and experienced accountants with over 10 years of experience

      • Quick and efficient responses tailored to your needs

      Let us making accounting simple for you. 

      Get a Quote Now

       

      Finding a local accountant can be stressful, as you may need many different types of services combined. We specialise in the following:

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

      Latest updates

      Subscribe to our channel for the latest updates.

      Subscribe Now

       

      Who we are ?

       

      We provide a broad array of accounting services including every phase of managing Limited Company compliances, Business and Tax Advisory, as well as process standardization,

      and automation to businesses and individuals. We understand the desire of our clients for friendly, accessible, simple, and transparent service.

      We also know our clients want the latest advances in accounting software and apps for enhancing their businesses. At the same time, we never neglect our hands-on, personal touch.

      Is your service easy to use?

       

      We aim to provide an industry-leading accounting service for small businesses which is affordable and easy to use. You can concentrate on making your business successful, while we take the utmost care with your accounts.

      We ensure that our accounting services are easy to use, and that support is always available whenever needed.

      Our priority is to provide our clients with a simple, affordable, small accounting service which is industry-leading and provides top notch ongoing support. We strive to take the utmost care in handling all your accounting needs, while you concentrate on the success of your business.

      Just provide all your invoices, bank statements, and expenses to us monthly or yearly, and we will do all the rest.

      We will crunch the numbers with our software to manage your bookkeeping and produce the reports. We will provide you with tax efficiency advice tailored specifically toward your business.

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

       

      If you think these services sound great and would be beneficial to your business, don’t hesitate to contact us.

      If you are interested in signing up, you can submit the required information to us either through our on-line web portal or by mail. Our team will take care of all your company’s bookkeeping and accounts and return them to you.

      We will provide you with insight on how your small business is performing with Yearly accounts

       

      Our yearly accounts contain valuable insight on your business’s performance. The reports you receive will contain in-depth insight on your business’s performance.

      Also, we will include a profit and loss account, a balance sheet, and a ledger listing which will outline all your transactions, in addition to an overview of your accounts.

      Within the tailored advice report, you will receive an estimated personal and corporation tax bill, plus tax-saving advice, when appropriate.

      We’ll produce your employee pay slips for you

       

      In addition, as part of our overall accounting services, we include payroll services.

      We will produce pay slips for your employees, ensuring timeliness and accuracy. Just email us your employees’ hourly rates and hours worked, or salaries, and we will supply your pay slips.

      Our payroll service includes making deductions, submitting Real Time Information (RTI) to HMRC, and informing you regarding staff and HMRC payment amounts.

      You’ll also be able to access our highly experienced and dedicated payroll staff throughout the year to handle any payroll-related questions and get advice with no additional charge.

      No dealing with HMRC!

       

      We will act as an agent for you with HMRC so you will not need to deal with them directly. We will deal with HMRC on your behalf and will submit your digital returns.

      No more spending countless hours of wasted time on hold with HMRC! Our team will speak on your behalf with them and update you regarding all necessary, important information.

      Will I have access to speak to a real person?

       

      Yes, absolutely! Our fee includes advice and support provided to you by your own dedicated U.K.-based Accountant throughout the year. Your Accountant processes all your paperwork and will become thoroughly familiar with the workings of your business.

      What’s the catch?

       

      There is absolutely no catch! Sign up today! You’ll never have to be worried about your accounts, bookkeeping, taxes, or dealing with HMRC.

      Your New Accounting Team

       

      When you have the expert team of UK Accountants managing your data, you’ll be able to put your time and effort into managing your business..

      You will have peace of mind that comes from knowing that accounting experts are managing everything for you.

      Even if HMRC were to launch an investigation, you can still sleep soundly, knowing you have an expert team backing you up every step of the way.

      You will never have to worry that you claimed an expense accidentally that’s not allowed, or somehow forgot to declare some income on your tax return.

      Get a Quote Now

       

      Our services 

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