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Let property campaign accountants

 

GM Professional Accountants

CALL US NOW FOR FREE CONSULTATION ON 0208 396 6128

E-Mail: info@gmprofessionalaccountants.co.uk

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

Manor park office address: 47 Gladstone avenue , Manor Park, London, E12 6NR

 

 

 

Accountants in Camden Town

Finding a local accountant in  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 in 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 Services

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.

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

Accountants for ECommerce sellers in London

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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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.

Accountants for commerce businesses

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.

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

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.

Contact us today for a fee no obligation quote.

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A Tax Advisers Guide for the Let Property Campaign

A Tax Advisers Guide for the Let Property Campaign

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

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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.

How to handle a personal tax investigation 

How to handle a personal tax investigation

How to handle a personal tax investigation

How to handle a personal tax investigation

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

Likelihood of a tax investigation

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

Tax investigation notification

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

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Dealing with a tax audit

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

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

 

Cost of an Accountant in London

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.

 

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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.

 

 

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.

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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

Claiming Your Tax Rebate

Claiming Your Tax Rebate

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.

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HOW TO CHOOSE A COMPANY NAME

HOW TO CHOOSE A COMPANY NAME

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.

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GM professional Accountants are Accountants based in London, our Tax advisors are specialists in small businesses and self employed individuals. we offer the whole package from registering you as self employed to bookkeeping services as well as the final accounts and tax returns. Manor park office address, 47 Gladstone Avenue, Manor park, London, E12 6NR, Ilford office address, 14 Clements Court, Clements lane,Ilford,Essex,IG1 2QY Tel: 0208 396 6128,
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