Search Results for: self employed
Allowable self employed expenses
Allowable business expenses
You want to only as much tax as you have to, no more no less. This means that when you are submitting your self employed tax return, you need to know what you can, and what you can’t claim back. Let’s talk about what that means, and what you can deduct from your yearly tax.
What is an “allowable expense”?
This is a term used by HMRC to discuss expenses that you are allowed to deduct from your tax return. So for instance, you earn £50,000, and your expenses are £20,000. What this means is that you only have to pay tax on the remaining £30,000. This saves you a lot of money!
Let’s walk through which expenses are allowable according to HMRC.
Office Costs
If you work from home, things like the heating, the rent, the mortgages, and the electricity can potentially be claimed back. You will have to declare exactly what is used for work, and what is used for everyday life, but you could claim a lot of this back.
Stationary Costs
Pens, paper, printer toner, special software for your business. All the small details that you need to run your business effectively, you can claim back. This can be broad, so long as you are not using these programs and items for your home life exclusively, you can claim them back.
Transport
If you drive alot, need a van or travel generally, these are considered as expenses. The fuel you use, the hotel rooms you stay in and even part of the car you drive. Again, you cannot claim for journeys that are personal in nature, but everything that is business related is fair game.
Clothes
No, not your new trainers…unless you are a runner. Many self employed workmen need special equipment to work properly. This can all be taken away from your tax return. This also applies to any uniforms, or outfits if you are an entertainer!
Employee Expenses
If you are employing people, then their salaries, any fees or benefits you give them can also be taken off the tax return. Again, the theme here is anything that is a business expense, you can claim back.
Reselling Items
If you have left over stock, raw materials or production costs, these are all fair game too. Not claiming these can really eat into your profit margins.
Legal and Financial
Lawyers, accountants and anyone else who will help you with your business. This means that if you get an accountant to help you with your tax return, you can claim that back too!
Marketing Costs
This is a great one for entrepreneurs, since these costs are all considered as an expense that can be written off. Marketing is a huge part of a business, especially in the beginning. This means that your business has a better chance of survival early on!
Wrapping Up
By making sure that you are not overpaying your taxes, you will have more money in your pocket and your business. This will mean that in the years to come you can earn more, invest more and not have to worry so much. If you are unsure whether an expense you have would be regarded as tax exempt, then a good idea would be to get in touch with a local accountant and they will have all the answers, and potentially some new ideas about other savings you can make!
The benefits of being self employed
Benefits of being self employed
More and more people are taking the plunge and becoming self employed. There are so many great things about choosing this way of life. Let’s take a look at some of the main things that can convince you that being self employed is for you!
Freedom of being self employed
No more waking up for someone else, no more working to make your boss rich. Being self employed means that all the money you earn, you keep. It is as simple as that! It also means that every day you set the agenda, no one to answer to apart from your own dreams. No matter who you are, this is an attractive prospect.
Expansion
In a job, your personal growth and expansion is limited by the constraints of a company. You are not always rewarded in a way that is commensurate with your value. If you own a small business or are self employed, your expansion and your work are the same thing. This means that your work never goes unnoticed, and expansion is always possible.
No more time trading
Most people who are employed are paid for their hours. They swap 8 hours of their day for some money. This trade limits your growth, and means that the only way you can earn more money if by putting more hours in. One of the largest self employed benefits is that you can create income streams that keep ticking over even when you sleep. No more trading your time for money.
The ability to be able to create value for others means that you are going to be paid upon how much value you can create. This is not an arbitrary figure that an organisation has put on you. This isn’t £x for 1 hour, this is the creation of real value for your clients. This is a liberating and fulfilling experience. You don’t become a millionaire by working for a million hours. You do it by creating a million pounds worth of value for others. This is possible when you are self employed! No more trading your time for money, time to start creating value!
Control Over Everything
As an employee your taxes, your tasks and so many other things are out of your control. When you are self employed you have control over all areas of your monetary life. For instance, with tax, you can use a tax calculator to figure out how much tax you earn, deduct what you are entitled to deduct. (Consulting your accountant first of course!) This can lead to paying less tax than if you are an employee. And this is just one area that you have added control! You will have control over your work hours, your availability, the time you spend with your family. Everything! This is a huge reason that people choose to live a self employed life. In a world where employment and the world economies are increasingly uncertain, to have control over your finances is an important step.
So it doesn’t matter what your situation is currently in life, choosing to be self employed can be a great idea. The benefits are there, all that is required is for you to take action!
GM Professional accountants provide self employed self assessment tax services
How to register as self employed in the UK
Registering for self employed and receiving a UTR number
Deciding to be self-employed can be a hugely important step, and it is one that many people will look on as the best decision they made in their careers. So you right now may be a ball of emotions, your ideas and plans must seem very exciting! This enthusiasm is great, and will serve your business well.
Let’s just come down to earth for one second and talk about the first step you need to take in your self-employment journey. You will firstly need to register for self-employment. What does this mean? How can you do it? What things should you keep in mind?
Right now, there might seem like a million and one things you need to sort out, but it is very important that you sort out your legal and tax issues first, then get on with the rest. Let’s guide you through it step by step.
What are you?
Don’t worry, this isn’t a philosophical question about your existence. It is, however an important question to ask yourself with regards to your legal status. Since you are now responsible for many more things such as business debts, expenses, potentially employees, you will need to answer this question.
With your business, there may be different classifications as to which legal term fits you best. Sole trader, partnership, limited liability partnership, etc. Look in to these different definitions, and decide what will work for you.
We are going to talk mostly about being a “sole trader” as this will fit most people.
First Steps
You will need to go to the HMRC website. to register as self employed. Go to this site and follow the instructions. The term used for self-employment on the site is “self-assessment” this basically means that you are going to asses your own taxes once per year.
1) You may already have a “government gateway” account, and if this is the case you can start registering straight away. If you don’t have an account, then you will need to fill out your address, and in 10 days you will receive an activation code to your new government gateway account.
2) Using your new government gateway account you can now begin the process to register as self-employed UTR number . For this, you will need your national insurance number on hand, and all your usual personal info.
3) The site will present you with a form to fill in. It doesn’t take long, and is just your personal info, national insurance number, address, DOB etc. After filling this in, you will receive confirmation in the post after a couple of weeks.
National Insurance and details
– Something that you will automatically be registered for when you sign up as self-employed is national insurance contributions. You will be paying Class 2 national insurance automatically. This is just a few pounds per week, and is compulsory. There is more to national insurance, read about it here. https://www.gov.uk/national-insurance/how-much-you-pay
– Do you need to register for a VAT number? Only if your earnings are going to be more than £83,000 per year. You can do this later if you see this happening.
– If you are in the construction sector and work as a contractor, you will need to registers for a CIS (Construction Industry Scheme) also. Read about that here. https://www.gov.uk/what-you-must-do-as-a-cis-subcontractor/overview
What Next
Registering for self-employment is very easy. Following the above instructions will lead you the right way. Don’t forget that once per year, you now have the responsibility to submit your tax return through the government gateway.
Keep good records of your income and expenses, and your self-employed journey will be a very enjoyable and successful one.
Now that you have gotten all the paperwork out of the way, you are free to work on your business, worry free!
Self Employed Accountants London
Made the decision to be Self-employed and need an accountant?
Self-Employed Accountants
If you have made the decision to be self-employed or to freelance then you will gain a significant advantage by having an accountant who has the experience with sole traders, freelancers, and self employed. GM professional accountants ensure that you understand the implications affecting sole traders and that you make the correct decisions. When starting self employment, you will have many questions such as what taxes do you have to pay, Class 2NI and Class 4NI thresholds, registering for self assessment and how to maintain your bookkeeping. Your tax year in majority of the cases will run from the 6th April till the 5th April. From our experience we have noted that you will need expert advice on allowable expenses, as this is an area where most individuals need assistance.
GM professional accountants help sole traders, self-employed and freelance individuals with the following:
- Identifying allowable expenses
- Handling compliance issues with HMRC
- Maintaining your bookkeeping
- Registering you for self assessment
- Preparing sole trader and self employed accounts.
- Preparing vat returns
- Preparation and submission of your Self-Assessment Tax Return
- Advice relating to Income Tax payments
- Guidance on national Insurance contributions
- PAYE RTI Returns
Why choose Gm professional accountants if your self employed?
We have the experience and expertise in your field. This ensures that you are compliant and maximising on your allowances.
We have a large existing client base and help you stay up to date with the latest changes to tax.
Efficiency is guaranteed with Gm professional accountants, we ensure that we exceed your expectations
Fixed fees and no additional charges
Give us a call today and let us deal with your tax affairs, we have packages from low as £30 per month.
GM Professional Accountants will help make accounting simple for our clients.
Accountants For Self employed in London
Accountants For Self employed in London and Essex
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.
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 2016/2017 will be 1100L. 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 £10660 for 2015-2016 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 82,000 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.
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.
Made the decision to be Self-employed and need an accountant?
You’ve just taken one of the most important steps in your career, you have completed the Self employed registration form and become self-employed! HMRC has been notified, and you are now your own boss. You feel great. It is now time to sit down and think about exactly what you need to make a huge success of this.
What are your new responsibilities?
You have your business plan, your clients and your vision, but what about the details that you are now responsible for? Well, if you were previously in an employed position, then you know that your employer took care of administration. This included your taxes. Now you are self-employed, the responsibility lies with you.
This is the part of self-employment that doesn’t fill most people with enthusiasm. It can be an added burden considering that you are busy running your business. It is for this reason that many self-employed individuals decide to hire an accountant to assist them. Ask yourself, “would an accountant benefit my business?”. Let’s have a look at a few ways that people have benefited from an accountant guiding them through their self assessment.
Remembering everything
In 2015 890,000 people in the UK failed to turn in their tax return on time. If this is your situation, it can result in a fine from HMRC. Remember, not filing your self assessment return is illegal. You are also required to ensure you keep good records of your business dealings. HMRC have the right to ask you about something from several years ago. Failure to produce the correct record may result in a fine. This isn’t written with the intention of scaring you, it is just attempting to highlight what HMRC expect from the self-employed. It is for this reason that recruiting the help of an accountant can be a good idea. They will know exactly what is needed from HMRC, they will make sure everything is submitted on time, and correctly. It can save you plenty of time. This leaves you with a clear head, to run your business.
Pay Less Tax
Accountants are essentially experts on tax law. The result of hiring an accountant, can many times mean you pay less tax. This is not suggesting that you should get an accountant to weave some complex web of offshore companies. It is however a sound business decision to ensure that you don’t pay unnecessary amounts of tax on your income. Are you completely aware of all the allowable expenses that can apply to your tax return? If you look them up, they may surprise you. Equipment, mileage, and many other things can be claimed as expenses from the tax man. You could do some in depth research into exactly what you can and can’t deduct. Doing so, however, will reduce the amount of time you can commit to your business. An accountant will be able to remove this rather large workload from your shoulders, and make you “tax efficient”. They essentially are in the know of how much to claim for self employed people.
What about the costs of an accountant?
Now, let’s get down to brass tacks (not tax). An accountant will not work for free, it is going to cost you money. However, let’s look at the benefits against the cost. Firstly, we have discussed that often you will be paying less tax if an accountant does your tax return. Secondly, it will also make it so that you aren’t paying any fines to HMRC from late or wrong paperwork on your part. Thirdly, you will be able to focus more time and energy into, for instance gaining more clients, or improving your website. You want to use that extra time to improve your business. The argument can be made that hiring an accountant is a good business choice. The best part of it all is that the accountants fees can be claimed from your tax bill!
Unfortunately, there doesn’t exist some giant tax calculator that can magically solve all tax problems. The alternative is investing in an accountant. This will help your business to function smoothly. So why not think about looking for an accountant that suits your needs? Often, accountants have good business knowledge. This means that in the long run, they can be more than just someone who helps you with tax. Accountants can often become trusted business confidants, so.
Hope that this article has helped you gain insight into your taxes. And of course, food luck with your self-employment!
Self Assessment Tax Return
Self Assessment Tax Return Specialists
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 East London. We make it cheap, affordable and hassle free to handle your tax affairs. Our office is based near East ham and Manor Park.
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 East 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.
Whether you are self employed in East ham, a CIS subcontractor in Ilford, a small business in stratford, or have a rental property business in manor park, 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.
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
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?
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.
Accountants for Estate agents
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?
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.
Get a Quote NowAccountants for start-up business
Accountants for start-up business
Accountants for start-up business
Till date accounting is one of the most important parts of starting as well as operating a successful business. Hiring an accountant not only helps to grow a business but they also help in the case of a complex business structure.
There are a lot of people who are ready to help in this kind of stuff and the level or the size of the business doesn’t matter to them. Accountants are needed doing a range of works like deciding appropriate business format, deciding whether to register for VAT or not and many others.
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What are the filing dates for a start-up business?
If you are self employed or a sole trader then your tax period is normally the 6th April till the 5th April. The filing dates for paper returns are 31st October and for electronic returns the 31st Jan. For limited companies you have an accounting period which normally starts from the date the company was incorporated, and you can choose when the accounting period ends, which is usually 12 months by default. You then have 9 months to file the accounts, tax computations and CT600 to companies house and HMRC.
Sole trader or self-employed people have to pay their taxes on the 31st January after the end of their tax year! HRMC generally requests for payments for the next year’s estimated tax on 31st January and 31s July every year. This means that after one year has passed of the business you started your tax bill can be 150% of what you expected to pay where the 50% is payable in the month of July.
According to HRMC, all self-employers should file a tax return once a year and the given deadline is 9 to 10 months after the end of the tax year.
What are the allowable expenses?
As a sole trader if you have made around 30,000 pounds and you have spent 5000 pounds on allowable expenses you will be taxed on the remaining 25,000 pounds only.
The allowable expenses include:
· Office costs, such as phone bills or stationary
· Travel costs, such as train or bus fares, fuel, and parking
· Financial costs, such as bank charges or insurances
· Advertising or marketing, such as costs of websites
· Clothing expenses, such as uniforms
· Things you need to but to sell on, such as raw materials or stock
· Costs of business premises, such as lighting, heating etc.
What type of accountancy services will startups need?
There are generally two types of accounting methods that is accrual accounting and cash accounting for sole traders. but for companies the accruals method is used, Accountants for start-up business that are sole traders can choose between these two Accruals and cash basis. So you should understand the criteria and GM Professional accountants will help you make the right choice.
For self-employed, will you will need accounts and a tax return?
Yes if you are self-employed you do need to do your accounts and tax return. GM professional accountants can register you with HMRC to receive a UTR number. This can take up two weeks, and the UTR number will come via post. Its recommend to register in time to meet the 31st Jan deadline otherwise you may incur penalties.
Choosing an online accountant?
The right accountant will provide you than just prestige! If you want an online accountant you should understand the services you need. There are a number of good online accounting software packages. GM professional accountants help you make the right decision from the structure, software and guidance on the allowable expenses.
Choosing an online accountant will not only save your time but also you will have access to a valuable source of information! You can check our reviews on Google. We have been rated the three best rated accountants in a number of areas.
Choosing the right accountant in London?
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.
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