Allowable self employed expenses

November 19, 2016November 19, 2016 Leave a comment

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

October 18, 2016 Leave a comment

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

September 24, 2016 Leave a comment

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

GM professional are Accountants for self employed individuals. If you would like to operate as a freelancer or are self-employed, then this is by far the quickest and easiest way to start a business.

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Why register as self employed?

The requirements to disclose are a lot less than a limited company as you are only required to complete a Self assessment tax return once a year. Also:

– You are in control of the business and are entitled to all the profits
– You are the business and not an officer which you would be under a limited company.
There are no restrictions of withdrawing funds from your bank account compared to if you were a limited company director then you would be withdrawing as a salary, dividend, bonuses or a loan account.

Before you set up as a sole trader or self employed

Anyone can set up as Self employed, although certain type of work will require you to obtain a permit or a licence from your local authority, such as Taxi Driving, Childminding or Street Trading. Setting up as a Sole Trader has some legal requirements you need to follow.

Planning to run your business from home? You may have to pay business rates for section of your home that you are using for business purposes. Depending whether or not you are using that part of the home for domestic purposes.
For example, if your work is online based and you work in your bedroom, it is very unlikely you will have to pay business rates because it is used for domestic purpose – but if you work in a separate room such as an office then you may have to pay business rates. You may need to bear in mind that you may need planning permission to work from home, depending on the type of business it is.

Any changes on your property for business reasons, such as a side extension for another access for your business or if your business will cause a disturbance in your neighbourhood; then planning permission may be necessary. You can receive more information on business rates and planning permission from the planning department in your local authority as every area is different.

Who registers as self employed?

Registering as self-employed does not require a lot of administration like a limited company. However, you must register as self-employed by 5th October of the business’s second tax year of when you have started your self-employment or when you have started to trade. You may receive a penalty of £100 if you have failed to register and can increase after three months.
Contractors/Freelancers and people who own a Sole Trader Business are classified as Self-Employed. Contractors can be people who work on a contract basis, for example Builders, Plumbers, Electricians (CIS Tax), Locum GP’s and etc. You will receive a Tax Free code, which for the new Tax Year of 2020/2021 will be 1250L. If your income is over £100,000 then your personal allowance will be reduced. The personal allowance for individuals born before 6th April 1938 is £11850 for 2018-2019 tax year.

Registering for Self-Assessment Tax Returns for Self employed

Self Assessment Tax Returns are required to be submitted to HMRC by Self-Employed or Sole Traders. This requires you to fill out a Tax Return form; paper based or online (both of which have different deadline dates).

You must inform HMRC of your Sales and expenses with a simple three line format if you are under the threshold of 85,000 in a short return. In certain circumstances you may need to fill in the full self assessment tax return if you fall under a certain category that requires a full discourse of expenses in each box and balance sheet entries. Please refer to the HMRC website to see if that applies to you.

HMRC will usually send your Self Assessment Tax Return in April, but if your Self Assessment does not arrive by the end of April then you need to contact the Tax Office immediately and let them know otherwise you will receive penalties. If you are doing your first Tax Return you will need to fill in a self-assessment registration form first. Your National Insurance number must be with you when you are filing this.

Self employed Registration

A CWF1 form will need to be completed to inform HMRC about your business, which will also register you for self-assessment. If you are not self-employed you will need to complete an SA1 form. Once you have done this, HMRC will set up Tax Records for you and your business and will send you a UTR number (Unique Taxpayer Reference). This number you should never lose.

If you need an accountant to register as self employed sub contractor and you would prefer to do this online, then GM professional accountants specialise in registering as self employed and helping you to obtain a UTR number. You will not need to fill out a register as self employed form or phone as we can take care of the whole process, find out out more from GM professional accountants about registering as self employed within 3 months.

How to Register as Self-Employed

Anyone who is looking to become self-employed or is self-employed must register to be charged income tax and national insurance contributions with HMRC. You can register by phone, post or online, whichever way suits you. However, the most convenient way to sign up is by the online application.

You will need to have your National Insurance number on you, as you will need to provide HMRC with your details when you are registering for national insurance contributions and income tax. If you do not know or have not got your National Insurance number, contact Jobcentre Plus ‘application’ line, which can be found on their website.

It is important that you inform HMRC the moment you have started working, as it is not possible to register in advance. The information you will need to provide while registering as Self-employed are:

• National Insurance Number
• Name
• Date of Birth
• Business telephone number
• Telephone Number
• Your Unique Tax Reference (UTR) – only if you were within self-assessment previously
• The nature of your business
• Start date of self-employment
• Address
• Business address
• The business’ UTR – if you’re joining an existing partnership
• Email Address
• If relevant, the full name and date of birth of any business partners
Once you have done all of this you will receive a letter from HMRC stating your unique tax reference number.

Self employed Self-Assessment Payment Deadlines

You must pay the amount you owe by 31st January the following year if you owe any money by the end of the Tax Year (April), the April before January. The deadline for payment is the same whether you have filed your Returns online or on paper. You will need to pay both or one of the following:

• The balancing payment (the balance of tax you owe for the previous year)
• The first of the two ‘payments on account’ (the advance payments for the current tax year)

You will receive a self-assessment statement that shows the amount due for your return. If you do not receive this before your payment date, then you will need to work out the tax due yourself or by your accountant by registering for self-assessment online and selecting the ‘view account’ option.

If you’re asked to make payments on account, your deadline for making your second payment is July 31.

Maintain books as self employed

In order to stay organised with your accounts, you should file them by Accounting Periods. This helps you stay compliant and organised when you reach the quarterly and yearly deadlines, which makes your books easy to follow and be read. Keep Bank Statements, Purchases, Sales and Business Related Expenses separate from each other. If you do not maintain your records, this will lead to confusion and penalties with the local authorities.

Accounts are very important to keep up to date with, as it is the foundation for your tax returns, accounts and your net worth. This also allows you to check whether your small business is doing well over the years and see if there is anything you could do to expand your business. A profit or loss for the year can be created to see how well your business is doing in your current year once your bookkeeping has been processed.

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.

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Made the decision to be Self-employed and need an accountant?

September 19, 2016September 19, 2016 Leave a comment

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!

Why has the Self assessment tax return deadline been extended in the UK until February 2022

January 26, 2022January 26, 2022 Leave a comment

Self assessment tax return deadline extended in the UK February 2022

Paying tax on time is very important. A taxpayer must know and remember that failing to pay owed taxes on time or having late tax returns will result in extra charges. To avoid paying these late penalties, you need to make sure that you submit your Self Assessment Tax return within the set deadlines by HMRC or HM Revenue and Customs.

In the UK, the tax year runs from April of the current year until April next year. For this year, the tax year had started last April 6, 2021, and will end on April 5, 2022. You can submit your Self Assessment tax return by paper or via HMRC online. The deadline for you to register for Self Assessment if you are a self-employed or a sole trader (not self-employed), or registering a partner or a partnership is last October 5, 2021. For paper tax returns, midnight of October 31st is the deadline while the deadline for online 2020/2021 tax returns is on the midnight of January 31st but you can still submit up to the 28th of February 2022 without having a late filing penalty as filing tax return of the year 2021 has been extended on that day.

The deadline for paying tax owed for the previous year 2020/2021 is on midnight on the 31st of January, 2022. The only time that the deadline of the tax return in the UK may change is when you received a notice from HMRC informing you to submit an online tax return after the 31st of October, 2021. With that scenario, you will still have 3 months to pass your tax return starting from the notice date.

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What Will Happen If You Miss The Deadline?

If you are paying late or paying a day after the deadline, the charge is 100 pounds. Paying 3 months after the deadline will result in a penalty up to 1,000 pounds. If you will pay your tax bill between 6 to 12 months after the deadline, you will have to pay an additional 300 pounds aside from the earlier fines being mentioned. Some cases include paying 5% of your tax bill which is a bit expensive for any taxpayer. For worst cases like paying more than 12 months late, there will be a fine of 300 pounds including all the other penalties. If you can’t pay within 1 year, you can be penalized as high as 100% of the tax you owed on top of your original tax bill.

Penalty Waivers

HMRC has the authority to waive late penalties or charges of taxpayers for 1 month for them to have more time in paying their taxes. Penalty waivers are applicable only for those who can’t file their online return on the 31st of January if they will file online on February 28, and those taxpayers who can’t pay their tax on the deadline if they will pay their tax in full or set up a time to make arrangement and pay by April 1st. If you can pay your tax on time, then that’s the best thing to do to avoid asking for penalty waivers or paying late fees.

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

HMRC Self Assessment Late Tax Return Penalty Notice, What to do?

January 10, 2022 Leave a comment

HMRC Self Assessment Penalties

Paper self-assessment tax returns were due on October 31st, and online self-assessment tax returns are due on January 31, 2022, to pay what is owed. Failure to complete a return by the due date can result in a penalty. Automated penalties are sent to those failing to complete a return, and can be sent in error.

With a reasonable excuse, a late tax return penalty can be challenged, but when you fail to submit your return the HMRC will demand payment.

What Are Some Reasonable Excuses For Filing Your Tax Return Late?

A reasonable excuse is required to challenge a tax return penalty. Don’t ignore the tax department, as they are not going to forget about you.

Common reasons why people are late in submitting a return are:

You may not be eligible for self-assessment.
Postal delays
Illness or death of a loved one.
Software meltdown
Acrimonious divorce proceedings

The penalty incurred is usually 5% of the amount owed, and if the return is three months late you will pay a penalty of 100 pounds, so it is important not to delay, and get help to make a valid appeal.

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Employment Rights

Employment law does not usually cover self-employed people, as they are considered their own boss. However, they still have protection for health safety and discrimination. Their rights are set out by a contract signed with their client.

HM Revenue and Customs (HMRC) May regard someone as self-employed for tax purposes and often need to check whether they are exempt from PAYE or whether they have employee’s rights.

If the employment status is proven to be wrong. Both individuals and their employees may have to pay the unpaid tax or lose entitlements.

Checking Employment Rights

A person is considered self-employed and does not have the rights of an employee when they submit invoices for the work done and are not under direct supervision when working. They use terms like consultant or independent contractor to describe themselves.

Excuses For Late Filing of Tax Return

If you failed to file a return by October 31, you are not alone, as the deadline is missed by over 800,000 people a year. It is obviously a huge waste of HMRC time to process all these excuses. So in 2015, a press release from the HMRC revealed that the standard 100 pound fine for failing to submit a return on time, would be waived without inquiry for those offering a reasonable excuse for lateness.

Your Appeal

If you are feeling anxious about your ability to successfully appeal to HM Revenue and HMRC, it may be for the following reasons.

Late return
An inaccurate return
Late payment
Incomplete records

When you do appeal an HMRC expert who was not involved with your penalty decision will conduct a review.

You may be appealing over customs duty incurred, and if you are offered a review, you can accept it to state your case. Alternatively, you can appeal to the tax tribunal, and if your excuse is reasonable your penalty may be canceled.

Procedure to Appeal

If the HMRC issues you with a penalty letter, use the form that accompanies it to appeal.

There may be some extra documentation to fill in for Self Assessment, VAT, PAYE, and Corporation Tax.

You can get your penalty canceled if you failed to send a tax return because you no longer need to. So if you are no longer working, you can probably explain this online. If you are going ahead with the appeal you will need.

Date of penalty
Date of filing your Self Assessment
Excuse for late filing

If you are appealing the 100-pound late penalty you can do your appeal online by setting up a Government Gateway Account.

Otherwise, submit your written appeal:

Self Assessment

HM Revenue and Customs

BX9 1AS

United Kingdom

When appealing on behalf of a partnership for a late return, submit your appeal by post using the SA371, The nominated partner must make the appeal. Do not pay the fine before checking if you can appeal as there are penalties of 1600 pounds or more for one year.

How much do you get fined for late tax return in 2021 and 2022? or Will I get fined for late tax return?

Conclusion

As you can see, the HMRC assessment is complicated, if you don’t feel able to meet the requirements and deadlines, employ the services of a tax expert.

Starting a business while employed legal in the UK

December 14, 2020October 20, 2021 Leave a comment

SETTING UP A LIMITED COMPANY WHILE IN EMPLOYMENT

Several people aspire to start their own business, but they feel stuck in a full-time job. They intend to break the chains which hold them to employment and prevent them from doing something different.

Besides, it is quite challenging to set up a new business. It is unchartered territory, and you need to consider many factors before venturing into the unknown. In a scenario where you work full-time for a company and plan to set up a new venture, such pressures can be quite intense.

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REVIEW YOUR EXISTING EMPLOYMENT CONTRACT

Before taking an important decision to start a new business while in employment, we highly recommend going through your job contract to check for unfavourable clauses. You may watch out for any terms and conditions that may prohibit you from starting any business while working for the organization. Moreover, there is a possibility of some conflict of interest too.

CONSULT THE HUMAN RRESOURCES DEPARTMENT

In such a situation, you may consult the HR department of your company. Usually, responsible HR handles such inquiries with the utmost care by ensuring confidentiality. You needed to be extra cautious about finding out that you don’t breach your employment contract inadvertently. It is the last thing that you would like to happen and face unwanted termination notices.

If you don’t have so much time to research all the ifs and buts, we suggest you download our entrepreneurship guide here, which provides several more tips for people like you who intend to begin their freelancing career.

HAVING THE INTEGRITY

Several stealth startup aspirants never discuss their business ideas with their bosses. They quietly keep working on their business ideas. They put in their papers the moment they feel that their new business can support them financially. It may seem to be an attractive way of going about your new business but let me tell you that it is not a correct strategy.

We always recommend aspiring entrepreneurs to discuss with their bosses. Remember that starting a new business can change your employment status. You may not keep your activities confidential for long. If you register yourself as a director of a limited company, it becomes public information. An apprehensive employer can search about you on the Companies House website and find the truth about your new business almost instantly.

But nowadays, employers are becoming supportive of their employees who have business insights. They even help employees in realizing their dreams. It is becoming more of an exception than a rule to support staff running side-projects. You may try to explore your work benefits. Ask your employer if they can allow flexible working hours or reduce the number of working hours. They may agree it will not affect your day to day work.

WHO SHOULD YOU TELL?

It is natural to feel excited about starting your own business, and you would like to share your experiences with someone. It is your individual decision to tell your co-workers or not. They may not be supportive or discourage such behaviour. They may also be jealous of you, and it could lead to conflicts. However, it may be precisely the opposite as well. They may support and encourage you and help out of the way. You need to take a call as per the circumstances.

WORK WITH OBJECTIVITY

You may be super excited to leave your full-time job to devote more time to your business. But don’t forget that you are still working for that company. It would help if you showed full respect to your colleagues and bosses. Never work on your business idea during office hours. Never burn the bridges. Keep good terms with your colleagues and employers. You don’t know what will happen in the future, and you may have to fall back upon the same set of people for support in an emergency.

PLANNING WORK AND LIFE BALANCE

It may be quite challenging to juggle between two jobs. Ensure a balance between work and life by finding time for your loved ones, friends, family members.

If you work overtime, you may damage both your job and business. If you devote more time to one of the two, you are sure to harm the other. If you somehow fail in business and want to rely on the job where you have been underperforming. It will be so stressful. That’s why you should maintain a work-life balance that suits you. You may choose to devote a week a month or evenings or weekends. Whatever it is, ensure to allocate some time for family and yourself to relax and recharge.

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

Top tips on Filing your Self assessment Tax return 2018-2019

November 10, 2018January 2, 2020 Leave a comment

Key points on how to file your self assessment tax return 2018-2019

Deadline to register

Its important to understand that you will need to notify HMRC before the 5th October if you need to file your tax return 2018-19, Otherwise you may incur a penalty. You can register online or by paper, the online method is usually quicker, the UTR number can take up 4 weeks to arrive in the post. You cannot file your tax return if you have not received your Unique tax reference number.

accountants for limited companies

Information needed to file your tax return

The information you will need will depend on your source of income.

Simple income Tax Tax returns

P60 or P45
P11d
Pension income

Property income Tax return

Rental income Statements
Mortgage interest certificate
Service charges
Repairs and maintenance costs
Accountancy costs

Self employed tax returns

Sales invoices
Purchases
Expenses
Bank statements

Capital Gains property Tax returns

Sales completion statements
Purchase completion statements

The information listed above is what you will need to complete the basic tax return and you may need other information depending on your circumstances.

Other information needed

Interest income
Dividend income

The deadline to file the electronic tax return 2018-2019 is the 31st Jan 2020. GM professional Accountants can help you in the preparation and filing of your tax return. It is important to complete a tax return if you have been issued with one. If you ignore the filing deadline and do not file by the deadline. you can be looking at fines that can run into the hundreds.

You must submit your tax return by the 30/12/2019 if you would like the tax to be collected from your wages. The UTR number can take up to three weeks to afrrive if you have lost your number. Ensure you order this in time order file your tax return by the deadline. GM professional Accountants are based in London and Ilford.

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.

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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.

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.

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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

Accountants in City of London

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.

Who we are?

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

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Is your service easy to use?

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

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

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

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

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

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

What’s the catch?

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

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

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

Accountants for Self employed individuals and businesses

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

City of London

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

E commerce Accountants Guide for Sole traders

June 26, 2020June 26, 2020 Leave a comment

E commerce Drop shipping Accountants for Sole traders Guide

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

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

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

Sole Trader Taxes

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

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

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

Accounts guide for sole trader in an E-commerce business

ACCOUNTING

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

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

BOOKKEEPING

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

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

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

VAT RETURNS

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

E commerce Accountants for Sole traders operating as drop shipper

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

Frequently Asked Questions

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

Your right time to register for UK VAT is when:

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

What should I do to optimise my tax bill?

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

In brief, be sure to:

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

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

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:

Tax return services for Personal Self-Assessment
Self Employed and Self-Assessment tax returns
Preparations and filing of CR600 and accounts for Limited company and small businesses
Property income tax and capital gains tax
VAT returns and VAT advice
Company incorporation services
Contactor accounting services
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

230% of R&D expenses including the existing 100% in addition to another 130%
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

Accountants near Mayfair

Contractor, Property & Personal Tax return Services in Mayfair

While it is one of the best locations for a self-employed entrepreneur given that few areas outside central London have as much commercial activity, finding a local accountant in Mayfair can be quite the challenge. With excellent linkages to central London and a lot of commercial activity, there is a huge opportunity for success if you are self-employed.

If you are thinking about working as a small business or as a self-employed person, it is critical to engage the services of an accountant.

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Why You Should Get an Accountant

With all the commercial activity in Mayfair, there is a huge opportunity for success in Mayfair. There are hundreds of thousands of businesses and millions of people that you could sell your service or products to. But this will more likely than not require a huge commitment in time leaving little for other things. To take advantage of the opportunities available you need to focus your energy and time on taking care of clients and taking care of clients. Moreover, with the uncertainty in the global markets likely to persist for a long time, carving out a space for yourself and dominating a niche is particularly important.

Taking into account all of this, working with an accountant becomes very important. For instance, doing accounting for a self-employed person will often be time-consuming even if it is not complicated. In other instances, the complexity of small business accounts can increase rather quickly. This can result in neglect of innovation, the product and the customers which are the most important components of the business.

Small business accounting services

What returns should you expect

If you are working in a business you are not exchanging your time for hourly wages. Rather your time is a tool that you use to create more value and wealth. As such, there is nothing more valuable than your time as a business person. Rather than using that time with tedious paperwork, investing in the services of a professional accountant is always advisable. You just need to think of it as an expense or investment the same way you would when thinking about marketing. You would typically budget and track the ROI of the marketing budget and you can do the same for your accounting.

Your time is very valuable and hence spending some money on a small business accountant will boost your business over time.

Why Use Us?

Just like with any other location, the personality and culture of Mayfair can only be understood by a local. We have been operating in Mayfair and hence we know what works and what does not. You do not have to worry about a learning curve as we guarantee effective and smooth accounting experience that takes into account local culture so that your company can zoom into the next level.

As such, if you are a small business owner or a self-employed person or maybe you are thinking of becoming an entrepreneur, you should ensure that you have the best professional accountants. Similar to any good business decision, having a professional working with you will ensure that you are on the right track.

Personal Tax return

If you have to file personal tax returns there are deadlines. For self-assessment, you have to register by the 5^thof October in the second tax year. To file a self-assessment, a UTR number will be required. All electronic returns need to be submitted by the 31^stof January while paper returns have to be completed by the 31^stof October. The following are the common documents that you will need for self-assessment filing.

P60
Dividends
Self-employment income
Child benefit
Property income
Interest income

It is critical to remember that the tax year is between 6^thApril and 5^thApril.

GM professional accounts have the experience to provide CIS tax returns services. If you are a worker who moves from place to place then you can claim subsistence and travel expenses.

GM professional accountants are specialist accountants for freelancers, we guide you on the allowable expenses that you can claim and this will minimise the tax liability. You may select to be self employed and will need to complete accounts and a self assessment tax return. We ensure you are reminded and guided through the process

Contractor Accounting

The demand for contractor accounting services is high and hence we aim to ensure that your take-home pay is as high as it can be. There are several rules such as the 24-month rule that determines subsistence and travel expenses. If you are registered for VAT, then you should have the appropriate VAT treatment applied. This will depend on the input VAT given that the cost of trader rule has made the flat rate scheme less desirable.

Property Tax return

The abolishment of wear and tear allowance and the restriction on mortgage interest has made property tax returns more complicated. As such, it is important to get proper tax planning advice right from the start. This will ensure a proper split between partners and spouses. You stand to get significant control by undertaking advanced tax planning.

At GM Professional accountants we help you be in compliance with HM revenue regulations by taking into account the range of tax planning solutions.

Victoria Accountants

Contractor, Personal & Property Tax Services near Victoria London

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

Get a Quote Now

Some of the services we provide include:

Tax return services for Personal Self-Assessment
Self Employed and Self-Assessment tax return services
Property income tax and capital gains tax
Preparation and filing of accounts including CT600 for small and limited companies
Incorporation services for companies
VAT returns and VAT advice
Auto-enrolment services for payroll and pensions
Accounting services for contractors

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

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

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

Accounting for Limited Companies

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

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

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

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

Self-Assessment Tax Return

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

Online Filing of Self-assessment Tax Returns

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

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

Accountants for Sole traders

Specialists Accountants for Sole traders

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

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Accounting for Sole Traders

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

Which Expenses Can you Claim as a Self Employed Person?

Office Expenses

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

Business premises

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

Travel

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

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

Financial and Legal Costs

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

Business insurance

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

Marketing

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

Clothing

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

Staff costs

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

Subscriptions

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

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

Accountants 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

Cost of an Accountant for small business

June 7, 2018January 8, 2020 Leave a comment

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.

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

Accountants for Estate agents

Accountants for estate agents

What are the filing dates for estate agents?

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

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

What are the allowable expenses?

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

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

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

What type of accountancy services will estate agents need?

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

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

Choosing an online accountant ?

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

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

Choosing the right Accountants in London or Manchester?

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

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

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

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

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

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Accountants for Startups

Accountants for Small business Startups

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

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

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

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

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

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

What are the allowable expenses?

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

The allowable expenses include:

· Office costs, such as phone bills or stationary

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

· Financial costs, such as bank charges or insurances

· Advertising or marketing, such as costs of websites

· Clothing expenses, such as uniforms

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

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

What type of accountancy services will startups need?

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

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

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

Choosing an online accountant?

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

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

Choosing the right accountant in London or Manchester?

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

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

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:

Subscriptions- That includes, the membership and subscription costs to professional membership organizations
Accountants for Immigrants

or trade bodies relevant to the business
Staff costs to include staff and employee salary, employer national insurance contributions, bonuses, benefits, pension contributions and agency fees
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.

Business insurance costs like professional indemnity insurance and public liability insurance.
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.
Office expenses such as printing costs inclusive of the printing ink, business stationery, business equipment like plant and machinery, computers, computer software and printers.
Business premises expenses such as rent, property insurance, and security, utility bills, expenses for buying or building the business premises and maintenance and repair.

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

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 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.

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!

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.

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.

Accountants for Foster carers

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

What Taxes Apply to Foster Carers

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

What are the Filing Dates for Foster Carers

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

What are the Allowable Expenses

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

What Type of Accountancy Services Will Foster Carers Need

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

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

Choosing An Online Accountant

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

Choose the Right Accountants in London

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

Accountants for Graphic designers

Accountants for Graphic Designers

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

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

Accountants for graphic designers

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

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

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

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What are the allowable expenses for
Graphic Designers?

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

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

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

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

1. Computer & Printer

2. Website Development

3. Licenses, Software and Subscriptions

4. Phone and Internet Access

5. Travel costs incurred on the job

6. Utility costs

7. Rent

8. Wages paid

9. Training

10. Marketing

11. Bookkeeping

12. Bank Charges

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

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

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

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

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

· Pick a certified accountant.

· Pick an accountant with relevant experience.

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

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

· Check what bookkeeping software the accountant uses

· Always negotiate the fees you pay. Save money.

Choosing the right Accountants in London

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

· ICAEW

· ICAS

· ACCA

· CIMA

· CIPFA

. AAT

2. Check experience level.

3. Check what online resources the accountant uses.

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

The Structure of a Limited Company in
the UK

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

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

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

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

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

The Benefits of the Veil of Incorporation

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

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

Filing your accounts and tax return

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

Filing deadlines

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

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

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

· File your Company Tax Return 12 months after the accounting period for Corporation Tax is over.

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Accountants for Engineering

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

What taxes apply to engineering contractors?

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

What are the filing dates for engineering contractors?

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

What are the allowable expenses?

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

· Travel Expenses.

· Clothing.

· Accommodation.

· Meal Allowance

· Training

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

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

What type of accountancy services will an engineer need?

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

· Self Employed.

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

· Limited company.

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

Choosing an online accountant

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

Choosing the right Accountants in London

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

Choosing an online accountant for your small business

October 23, 2017October 23, 2017 Leave a comment

Choosing The Right Accountant For Your Business

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

Online small business accountants

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

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

online accountants for self employed

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

– Ask for referrals to accountants from other business owners.

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

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

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

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

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

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

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

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

How to find accountants near me using reviews

May 5, 2017 Leave a comment

Accountants near me reviews

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

Use Yell.com business directory

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

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

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

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

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

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

You can trust GM professional accountants

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

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

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.

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.

Accountants for new businesses

The success of any economy in the long run is a strong core of small businesses. These businesses are highly encouraged in most societies and contribute to employment, taxes and innovation. This means that if you are in the process of creating your own small business, you are doing something far more important than you can think! Not only are you fulfilling your own dreams, but you are making a way for a more prosperous future for the overall economy.

Get a Quote Now

There are many things to consider when starting a small business, and they should all be figured out in advance. If decisions are made too late, then the general running of the business can take over, thus compromising the integrity of your choices.

One such decision that is important to make is whether to create a limited company or just register as self-employed. If you are just starting out, then let’s talk about how to structure your company based on your needs. If you are already rolling, then the decision can still be made wisely, just make it quickly!

Registering as Self Employed

The first option is to register for self assessment. For many people this is the best option. It is simple, uncluttered and doesn’t require too much maintenance throughout the year. This will fit your business if you are a freelancer, don’t have many employees or are providing a consultancy service. The more complicated your business becomes, then the more need there is for legal protections.

The big advantage of being registered for self assessment is that the accounts you are required to keep are much less involved than a limited company. A simple ingoings and outgoings is sufficient, and then a once per year tax return is then required. The simplicity of this is that you and your business are viewed as the same legal entity by the government, so everything starts and stops with you. This includes national insurance and income tax.

So to recap, a simple business where you are not crowded with huge overheads and employment responsibilities is easier to manage if you are registered as self employed.

Registering as a Limited Company

The next option that is available to you is to create a limited company. This is what all major companies are registered as, so that tells you how important it can be. The nature of a limited company means that legally it is viewed as a legal entity in it’s own right. This means that any debts or liabilities stop with the company, you as a person cannot inherit the debts from a company. However, this also means that the profits from this company are subject to a “corporation tax”, so it isn’t all good news!This fact should bring to mind when a limited company is appropriate to have a limited company. If you are going to be holding large amounts of stock, and in turn huge levels of debt, then it is a very wise decision to make the company limited. If you have large overheads, staff needs or potential legal issues then having a limited company is highly recommended. This will mean that if a storm comes, your company will be the one that has to answer and not you personally. With this protection however comes closer scrutiny from the tax man. The accounts that need to be kept are much more involved than when you are self employed. This is why most large companies have an on site accountant, or even accountancy department. If you are not quite there yet, hiring an outside accountant is much cheaper and wise investment.

Accountants for new small businesses

Many people setting up a company in London or the surrounding area would benefit greatly from the help of an accountant from the ground level up. A well skilled accountant can point out cash issues you may have in your company long before you are able to spot them. Another advantage would be that the continual maintenance of the accounts can be outsourced. Doing everything in house can lead to a loss of priorities. Focus on building your business, and leave the number crunching to the accountants.

So to sum up, a complicated risk heavy business would require a limited company to safely function, but a simple low cost business can be handled adequately with a self employed status. No matter which is right for your business, the right choice is always to hire an accountant!

Do i need to complete a tax return

December 7, 2016December 7, 2016 Leave a comment

Tax return season is almost upon us. The dreaded deadline looms where we have to get ready to pay up to the tax man. If you are wondering whether you are required to fill out a tax return, wonder no more. Let’s go through in detail about who and why you are required to fill out a tax return.
Who needs to fill out a return?
If you are self employed, in a partnership or run a limited company, you need to submit a return. It’s quite simple really, if you are an employee, then your boss has the responsibility to liaise with the tax man. However, if you are in charge of your own affairs (for instance, you are registered for self assessment, have your own Unique Tax Reference (UTR) etc) then you are where the buck stops in terms of tax.
What if I have stopped being self employed?

If you were self employed, but now hold an employed position or perhaps are taking some time off, you may still need to fill in a return. The tax year runs from April to April, so let’s say for instance you were self employed from from April 2015 until February 2016, then stopped. You will be required to fill out a tax return at the end of January 2017 for the time you were self employed. Make sure you inform HMRC that you are stopping self assessment so you are not liable for any more tax returns.
In some cases, you may be entitled to a tax rebate if you have overpaid tax too, which is an extra incentive to get it done!
How do I do it?

Filling out a tax return form is very easy. All that is required is your accounts for the year, a computer and 20 minutes of your time. However, some people find the process a little difficult and time consuming, which is why it can always be a good idea to hire an accountant to take care of any of the stress that you may be feeling.
Steps1) Get your UTR, and sign in to the government gateway2) Calculate all of your income, and deduct from it all of your employment related expenses (check with an accountant, or HMRC as to what exactly you are allowed to claim)3) Fill out the form as instructed via the online portal4) Submit the form5) Pay your calculated amount of tax
What comes next?
If you are going to be registered for self assessment for the foreseeable future, then you are going to have to get used to filling out a yearly tax return. If however you are going to be an employee, there is no need to worry about filling out a return regularly.
To alleviate yourself from any pressure, it is always good advice to seek the help of an accountant near you. In this way, all the paperwork can be submitted on time and in order so that you are left to pay attention to your business.
Nobody likes paying tax, but making sure everything is in the correct order and organized will can lead to great benefits in your business and quality of life!

Accountants for Hairdressers

Finding a Local accountant for Hairdressers and Salons

Finding a specialist local accountant for hairdressers can be stressful. The world needs skilled hair stylists. If you are a hairdresser, then there will always be a regular stream of work for you to tap in to. It can be a great self employed business for you to flourish in.
How should you structure your business? How should your accounts be organized? These might be questions that you have never asked yourself before. Most hairdressers are creative types, and thus business plans can often be an afterthought. Let’s look at some of the options that are available, and see what will be the best choice for you.

Self Employed Hairdressers and beauty salons

If you are a freelance hairdresser, perhaps someone who travels to their clients, or doesn’t own a studio, this can be the best option for you. Being self employed means that you are in charge of your own tax reporting once per year, and are personally liable for any debts. Many hairdressers will rent a chair in a salon, and maybe travel to do hair for special occasions. If this describes your situation you are most likely using your own tools, don’t have any employees and don’t need a complicated structure. The reason that being self employed if this is your position is good is because you do not have any large overheads. Even if you are in a situation where you are renting a chair in a salon, there shouldn’t be a need for you to form a limited company.
At the end of the tax year, all you will have to do is a simple deduction of your expenses against your revenue, and pay tax on that. Another advantage could be that expenses such as travel, equipment and other such things can be claimed on your tax return, thus reducing the overall size of your tax bill.

Limited Company for Hairdressers and beauty salon

If you own a hairdressing salon or business, then having a limited company may well be the best option for you. If you own a salon, then you will likely have employees working there. You will have expensive overheads (rent, utilities and salary) and it is a wise move to make sure you are personally covered if anything was to go wrong. This is where a limited company can help you protect yourself.
If your business is hit with a problem, you will not bear any personal responsibility for the debts or liabilities. This is not the case if you are self employed. Thus, the more complicated and larger your business becomes, the more likely it is you should register a limited company.

Accountants for Hairdressers

The main concern of any hairdresser should be growing their client base, and honing their craft. That is why often times, the most successful hairdressers out there will employ an accountant to take care of their financial welfare and provide the correct advice for if you are self employed.
This means that whether you are self employed or run a limited company, your accounts can be done on time, and in the most tax efficient way.
There are many deductions that you can claim when you are a hairdresser, but knowing and tracking them all can be very time consuming. This is why, an accountant would be a great choice to make sure your hairdressing business is taken to the next level

Digital tax: ‘HMRC wants a direct link to everyone’s bank accounts’

November 25, 2016November 25, 2016 Leave a comment

Digital tax: ‘HMRC wants a direct link to everyone’s bank accounts’

HMRC have announced that they want to build, “the most digitally advanced tax system in the world”. This includes in particular a direct link to your bank account, making self employed taxation almost automatic. What are the benefits of this system? What will it change for you? Let’s explore this.
How do they do it currently?
The way that self employed tax is collected now is through a yearly return, with records being kept by each individual business. Of course, HMRC doesn’t have the time or resources to go through each and every invoice or expenditure that a business generates. To a certain extent, they trust your word on the tax return. However, HMRC reserve the right to audit your business at any time, requiring you to provide evidence for any tax calculation you have submitted.
What are they planning on introducing?
The proposed system from HMRC, although not explained in great detail at this point will essentially digitize the entire tax process. This thus means that in theory that they can view your business bank account in real time. This will allow them to monitor the activity throughout the year and make it easier to spot potential tax fraud when tax time comes.
Another feature that they are discussing is the possibility of logging all payments and earnings in real time. Through the release of some apps that are integrated with various systems any invoice that you receive can be simultaneously logged by the HMRC system. This also is true for any revenue you receive, thus giving HMRC an approximate idea as to how much profit you are making before you even send your tax return.
HMRC claim that this is not an attempt to gather all our information like the, “stasi” but a way to streamline their processes, and make the collection of tax pounds easier.
Why are they doing this?
It makes sense that in an era where technology is advancing very rapidly, the government will start using it more and more. Another large reason will be that hiding some income will be increasingly difficult. This includes people who work in a mainly cash based business. Eventually you are going to put the money in your bank account, and when you do, it will show up on the HMRC system.
It will also mean that computer systems can be set up to spot fraud or irregularities and flag them quicker. This will save man hours in terms of auditing or other admin tasks that a computer could handle.
What will it change for you?
If you are already paying your taxes on time, not massaging your accounts and generally being honest, then nothing really should change. What some people are worried about is that HMRC may start demanding tax more regularly throughout the year. This is something that HMRC have categorically denied, stating that the current once per year model will remain. We should always bear in mind that they are the government, and the government doesn’t always have a good track record for keeping their word!
One fear that people are voicing include the idea that the technologically slow will suffer with this new technology. Obviously, as time goes on, this factor will become less and less important. It does mean however that the tech non-savvy will have a period of adjustment to this new process. HMRC will probably provide good help and guidance for these people, and of course hiring a good accountant will be very important in these cases.
How can you prepare for it?
There is nothing that can especially be done to prepare for this new technology. What is important is that you are making sure you are currently paying your taxes properly. Since, when this new technology comes into place, you may end up with less money in your pocket than you are used to. As mentioned previously, hiring an accountant will save you plenty of headaches in the long run.
If you are currently diligent about your taxes, then there isn’t anything to worry about, this technological trend isn’t going to end anytime soon, it is going to transform almost every area of our life, so we just need to get used to it!
Wrapping Up
This isn’t bad news for people who are honestly paying their taxes. It can be alarming to think that the government will have a prying eye into our personal accounts, but the boring truth is that it is probably just a cost saving exercise on their part! Sit back, relax, the robots are taking over!

GM professional accountants based in London and Essex.

The Scientific Reason Why Dressing for Success Works

November 11, 2016 Leave a comment

Dress for success.

It sounds like a cheesy phrase rolled out by salesmen of the 1980’s, but is there some truth to it?

Overwhelmingly, all research done on this matter has concluded that yes, dressing can have a direct impact on your success in business. What are some areas that science shows us are directly impacted by how you dress? Let’s take a look.

Negotiation

An experiment that asked people to negotiate the same deal, but the two test groups were made to wear different clothes. One group wore a track suit, the other a smart suit. The difference was astonishing. On average, the group who were dressed smartly would walk away with 4 times more profit that the previous scruffy group. This is not a small amount, and it can show that the skills that you are able to employ when dressed for success can include negotiating a much better deal than you thought was possible.

First Impressions

A large study found that based off who we appear, people will make conclusions about our character that are quite detailed. For instance, whether you look like you are on your way to a promotion, whether you are successful, intelligent, adventurous or trustworthy. This means that making sure that your dress matches the message you want to send is very important. If you an accountants firm that is hoping to attract the business of a small tech firm who all wear hoodies, then maybe a three piece suit will send the wrong message.
Dressing for success can depend on the situation. However, in general, a smart, well fitting suit will get you noticed in good ways.

Confidence and Self worth

There are hundreds of studies that confirm a strong correlation between dressing well and your confidence level. If you feel attractive, then it will show on your entire body. Your walk, your voice, your posture, it will all change. This might be exactly the advantage that you need over your competitors. There is a reason why most people walking around London aren’t in jeans, but in suits.
This is a good lesson to learn, since your self worth can often become how much you are worth. Think about how you feel after a new haircut, with new shoes, with that new perfume on. You feel unconquerable, you feel like you are walking as a god among men! This feeling, if then applied to your work, can bring in new levels of success.

If you are self employed

If you work from home, it can be tempting to just wear whatever you find in your wardrobe, however this isn’t always the best idea. If feel sloppy, untidy and generally unfit for public, how are you going to create something that is fit for public? Your work is always affected by your own perceptions of self worth.
This being the case, making sure you are dressed well, even if no one sees you is a very important for your continued success in your business. Your work will most likely improve, your productivity will most likely improve, and as a result, you may be earning more money.
All this from putting on a shirt in the morning instead of that coffee stained Batman t-shirt with holes in!

GM professional accountants based in London provide small business accounting and tax services

Common Tax return questions

November 4, 2016November 11, 2016 Leave a comment

Common Tax return questions

Far from being the mysterious entities that are completely impossible to understand by mere mortals, they are quite simply really! There are so many questions that people consistently ask about their tax returns. So let’s take a look at these, and give a clear precise answer!
Your tax return troubles are over!

1) How long do we have to keep business records?
Good that you are asking this question firstly! Most people don’t even consider keeping their records when it comes to their business. However, there is an obligation on your part to keep your records for 5 years if you are self employed.

This is so HMRC can review any data that you may have over the past 5 years as they might have questions.
If you are a limited company, they you should keep them for at least 6 years. There are some exceptions, for instance, if you have some data that spans more than one tax year, then you should keep that for longer. In general, keep them all for 6, and the very important ones keep a hold on indefinitely.

2) How much does it cost to get an accountant to do your tax return?
This all depends on where you live, and what type of accountant you choose. The nationwide average (not including London) is around £200 -300 for a tax return. However, remember that you can reduce this from the tax you pay.
If you go to a large accounting firm, then the price could be even higher, and in London, often accountants can charge a lot more. The best practice in this case would be to look for a reputable local accountant. You want quality and not just a cheap price, it could save you more money!

3 ) How much does it cost to get an accountant?

So this question refers to hiring an accountant in general to assist with all manner of financial dealings in your business. This rate is generally applied by the hour, and the rate can be anywhere from £70 per hour up. However, again, talking with local accountants, and negotiating some sort of deal is possible. Remember, when approaching an accountant you should have a good idea as to how much you will use them over the course of a year, this can then be budgeted into you business.
4) How long do you have to keep receipts for tax purposes?
The receipts that you have from your day to day business activities should be kept with the rest of the accounting information. This would then fall under the rules stated in question 1. So keep a neat file with the receipts in, and then dispose of them after you are no longer legally required to have them.
5) What is meant by self assessment tax?
The term is fairly self explanatory when you understand it. Essentially, unlike when you are an employee, your tax is not automatically calculated for you by the government. You are in charge of your own calculation, therefore, you “assess” the level of tax that you pay. This obviously doesn’t mean you can pay as little as you want, what it means is that the calculation process falls on your shoulders.
6) Who has to fill out a tax return?
If you are self employed or own a business, you have to fill one out. This means if you do a little work on the side, it all needs to be declared and answered for! So if you are not an employee of a company, and make money another way, then you have to fill one out. Simple.

7) What is the annual return?

The annual return is something that is submitted to companies house, and it is solely for the purpose of taxing limited companies. Many self employed people do run a limited company, and this means that they are required to do exactly this.

8) What is a short tax return?

A short tax return is something that only specific types of people have to fill in. One such person would be someone who started trading in July, something happens, and they cease trading in September. HMRC will then usually ask that person to fill in a short tax return. It is a condensed version of the regular tax return. However, don’t worry excessively about these, since if you need to fill one out, HMRC will ask you directly.
Hopefully this has answered some

Barkingside Accountants

Finding a Local Accountants near Barkingside

Finding a local accountant can be stressful, essex is packed full of entrepreneurs. There have been some very successful organisations that have sprung out of the Barkingside area. Notably is the huge non-profit Barnardos which was set up over a century ago in the area..

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All of this goes to show that self employment, small business and entrepreneurship has much potential in this area. If you are a self employed person or a small business, then there are plenty of opportunities for you in Barkingside. Depending on what your business is, there is excellent access to central London, and thus an enormous amount of opportunity to be had. When setting up or running your small business, a key thing to consider is the quality of your accountancy service. Let’s take a look at a few things that you should keep in mind when looking into accountants in Barkingside.

Small business accountants

Many small business owners or self employed people could be tempted to choose a big city accountant, with the hefty bill that goes with it. However, each borough and area of London is unique in it’s challenges. If your business relies on local custom then good sound advice can be given if your business from local accountants.
Understanding of the best practices for your area, things to avoid and things to invest in can give you a huge edge in your business over your competitors.
Experience

A similar point to above, but having access to an experienced accountant is very important. This does not necessarily mean that you should only go with people who have been practicing for decades, because experience can come in different forms. Seeing how an accountant can help your business is the paramount concern for you. So pick the brain of your prospective accountant, and see how much value they can add to your company. You should treat your accountant as you would when hiring an employee. An accountant who has good experience will be used to giving you as much great advice as is possible. This will mean that you will see a greater return on your investment immediately and in the long run.
Self employed and Small business accountants

self assessment self employed businesses

There will be some accountants that specialize in large businesses. This may not be of as much use to you if you are a small business. A small business, or a self employed person faces unique challenges that a large company does not face. So making sure that your accountant has a special connection with small businesses and self employed persons is very important. You don’t want to be paying for any services that you are not going to absolutely need. Remember, you would not pay your employee for something you didn’t need, so you should use the same approach when dealing with an accountant.
Wrapping Up
So we have seen that there are some important things to take into consideration when recruiting a great accountant for your business based in Barkingside. With so much opportunity to expand and make a real success, make sure that this decision is a wise one, so you can create the compelling business you are capable of.

Gm Professional Accountants are accountants in Essex.

Romford Accountants

Small business Ltd Company & Tax return Services near Romford

Finding a local accountant near romford can be challenging, it is one of the largest areas of commercial activity outside of central London, Romford is perfect territory for the self employed entrepreneur. With the massive amount of activity in the area, and the excellent links to central London, small business and the self employed have huge opportunity to create success.

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When thinking about working as a self employed person, or a small businesses, accountants are an important area to make sure you have covered. Why is this important? Let’s discuss this further:

Should you get an accountant?

With all the activity that is happening in the Romford area, your business has the chance to be very successful. There are millions of people and hundreds of thousands of businesses that you can be selling your product or service to. This is already a huge, more than full time commitment. To be able to do your company justice, your energy and time should be focused on growing the business and taking care of your clients. In the current climate of uncertainty in the world markets, dominating your niche and carving out a good chunk of business for yourself if extremely important.

Taking all of this into consideration, the idea of working with accountants can begin to make sense. For instance, the accounting required for a self employed person, whilst not always difficult, can be time consuming. In other cases, small business accounts can become unwieldy very quickly. This leads to over work, and a neglecting of the main priorities of the business, which are customers, product and innovation.

Small business accounting services

What returns will you see?
In business your time is not traded for an hourly rate. Your time is a tool that you utilize to create more wealth and more value. As such, your time as a business person is very valuable. Instead of fiddling with endless amounts of paperwork (which in some cases you will have to anyway!) it can be seen as an investment to work with an accountant. Think of it like budget that you would allocate for something else. We all know that we spend money on marketing to create more money. The money spent on marketing is tracked and then an ROI figure can be calculated. The same principle should apply to all your business dealings, including your accountant.
Your time is valuable, so making sure you have the right accountant is going to boost your business, it is a simple and true fact.
Why Use us?
As with all areas, Romford has a culture and personality that only a local can fully grasp. We have seen what works, and what doesn’t work. So instead of having a long learning curve, get in touch with us and we can make sure that your accounting is done smoothly, effectively and with the kind of local knowledge you need to make the company rocket to the next level.
So, if you are a self employed individual, a small business owner, or are even contemplating joining the entrepreneurial ranks, then make sure you are well represented, and not selling yourself short. Just like any good business decision, an accountant will make sure your business stays on the right track.

Personal Tax return

You may need to file a personal tax return, there are deadlines, registration has to be done by the 5th October in the second tax year for self assessment. In order to file a self assessment, you will need a UTR number. Electronic tax returns need to be filed by the 31st Jan whilst paper tax returns by the 31st Oct. The list below is some of common documents that you will need to file your self assessment.

P60
Self employment income
Interest income
Property income
Child benefit
Dividends

It’s important to identify the correct tax year, the tax year runs from the 6th April till the 5th April.

GM professional accountants provide CIS tax reruns services and we are experienced in this field, if you are an itinerant worker then you may be eligible to claim travel and subsistence expenses.

Contractor Accounting

Contractor accounting services are in demand, as the aim is to maximise the take home pay. There are certain rules such as the 24 month rule which determine the travel and subsistence expenses. If you are vat registered then the correct vat treatment needs to be applied. This will be dependent on the input vat, as the flat rate scheme has now become less attractive because of the cost of trader rule.

Property Tax return

Property taxes have now become more complex, this is due to the mortgage interest restriction and the abolishment of the wear and tear allowance. Correct tax planning advice needs to be taken at the start in order decide the correct split between spouse and partners. There could be significant tax advantage planning in advance and this will ensure that you are in control.

At GM professional accountants, we look at tax planning solutions and we help you stay compliant with HM revenue customs.

How a hard brexit will affect businesses and indiviuals

October 11, 2016October 11, 2016 Leave a comment

How Brexit will affect Small businesses

The moments that Farage and over half of the country has been waiting for is nearing. Article 50 is just months away from being triggered, and the position the UK is in currently doesn’t seem to be poised for an amicable split.
The crux of the negotiations all hinge on the single market, and the caveats that come with it. According to polls, the second biggest issue in the whole referendum was immigration. The rhetoric about overcrowding, low paid labor and British workers missing out was at the heart of everything.
Britain is trying to stay within the single market, but change the parameters, namely, all the perks, but no free movement of people. Francois Hollande on the 6th October gave a speech which has strongly warned other EU members that this cannot happen.
In Hollande’s words, ” Britain wants to leave, but not pay”. Essentially, his comments tell us that either you can stay in the single market with everything that comes with it, or you can leave completely. This seems to be the feeling across the whole continent, and a so called “Hard-Brexit” is every more likely.

How will it affect small businesses?

Brexit has heralded in an era of a slumping pound. The strength against the dollar and the euro is down considerably. Whilst foreign exchange rates aren’t always the best indication of overall economic strength, it can give us an indication of the feelings out there. Since Britain is a trade deficit nation, not entering the eurozone in the first place enabled the country to keep out of the recessionary cycle the eurozone is in right now. This means then, that a hard brexit can only present a difficulty for businesses. Since we enjoy a single market relationship with Europe without the disaster of the Euro currency to deal with, what will remain is no access to that single market. This will cause costs to rise, and the potential for firms to move into the single market zone.
The logic behind the Brexiteers is that Britain will once again take up it’s old manufacturing past (which was deftly dismantled by Thatcher) this solution will take years to implement, and won’t have an affect for a long time. So for businesses, expect some tumult in the following years, as a hard brexit can and will affect trade.

How will it affect the self employed

Depending on your area of expertise, the self-employed person might be in their element. The modern day self employed entrepreneur is well equipped to deal with market tumult, since often times, money can be made anywhere on earth. This also means that there will be many opportunities opening up in the near future with all the brexit uncertainty in Europe.
Perhaps now is the best time to be self-employed, since you will have control over your own finances. This means that huge shifts in the world economy can largely leave you unaffected. Relying on salaried work might leave a more uncertain future.
To summarize, a hard Brexit may or may not happen. Currently, it seems likely that the EU will try and make the UK feel the consequences for leaving. However, the EU is headed for a stagflationary spiral that will affect the UK anyway, so the best advice would be to focus on creating your own sources of income, and don’t rely on market stability in the coming few years

GM professional accountants are specialists in small business accounting services.

Goodmayes Accountants

Finding a Local accountants near Goodmayes

Finding a local accountant Near the dead center of Essex can be difficult, Goodmayes is a bustle of activity, and a place were many self employed persons or small businesses thrive. Finding the right help in this area can be tough, especially when talking about accountants. Who should use accountants? Why should you think about hiring an accountant? And why should you work with us?

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Who needs accountants?
If you are self employed, thinking about becoming self employed, or run a small business, you need an accountant. Why? Well, do you know exactly what it takes to keep adequate records for HMRC? Do you know the best way to structure your finances? Are you aware of what you can and can’t deduct from your tax bill? If the answer to any of these is no? Then do you want to spend all that time researching and learning how to do it?
As a self employed person or business owner, you have greater responsibilities. You have the responsibility to work tirelessly on your business. That task alone can be the same as having 2 full time jobs! Taking on the right help can free up your time, and your mind to focus on your business, making it a success.

Why are accountants a good decision?
Instead of thinking that you are “hiring” an accountant, think of it in a different way. An accountant will generally help you, save time, pay less tax, and give you the mental space to grow your business. Choosing the right accountant is an investment, and one that you are very likely to see returns on.
If you are thinking of becoming self employed, a good accountant can help get you set up, registering for self assessment. They can then hold your hand through the year, giving good advice, and then finally submitting your self assessment return, making sure you don’t pay unnecessary amounts of tax. The same goes for a small business, instead of wrangling with the complex paperwork that is required of you, let a bookkeeper and accountant manage everything, and you can chase new business, make new deals or help your employees to grow.

Why we should work together?
As a company who have had deep roots in the Goodmayes area for many years, the experience that comes with that is invaluable. Goodmayes, just like any area in the world has it’s own unique characteristics and ways of working. Local knowledge of what works and what doesn’t work can give your business the boost it needs to progress.
Helping your business succeed has been a passion of ours for years. Our specialism is that of small businesses. This is because small businesses face unique challenges in this day and age, and we have seen them all. Don’t try and combat problems or overcome obstacles by yourself that we already know how to defeat. Whether it is cash flow, accounting, bookkeeping, they all require a specific set of skills. Getting good, local experience can really take your company or business to the next level.
Our passion for years has been to help the businesses in the Goodmayes area and watch them grow into something truly great. Let us help you to see your company grow into something special.

visit our accountants page for information on Accountancy and tax services in Goodmayes

HMRC LAUNCHES NEW WORLDWIDE DISCLOSURE

September 16, 2016September 16, 2016 Leave a comment

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.

Sole trader v limited company

September 13, 2016September 16, 2016 Leave a comment

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

1. Legal Disputes

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

2. Tax

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

3. Losses

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

4. Profiting

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

5. Borrowing

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

6. Accounts

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

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

7. Selling the Business

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

8. Death

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

9. Personal Earnings

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

10. Expenses in General

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

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

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

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.

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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.

• 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

• Bookkeeping fees are considerably much cheaper than accounting costs. You are more likely to save money if you combine the whole accounting costs together.

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?

• 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.

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.

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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.

GM Professional Accountants

Why choose Gm Professional Accountants?

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.

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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

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Who we are ?

We provide a broad array of accounting services including every phase of managing Limited Company compliances, Business and Tax Advisory, as well as process standardization,

and automation to businesses and individuals. We understand the desire of our clients for friendly, accessible, simple, and transparent service.

We also know our clients want the latest advances in accounting software and apps for enhancing their businesses. At the same time, we never neglect our hands-on, personal touch.

Is your service easy to use?

We aim to provide an industry-leading accounting service for small businesses which is affordable and easy to use. You can concentrate on making your business successful, while we take the utmost care with your accounts.

We ensure that our accounting services are easy to use, and that support is always available whenever needed.

Our priority is to provide our clients with a simple, affordable, small accounting service which is industry-leading and provides top notch ongoing support. We strive to take the utmost care in handling all your accounting needs, while you concentrate on the success of your business.

Just provide all your invoices, bank statements, and expenses to us monthly or yearly, and we will do all the rest.

We will crunch the numbers with our software to manage your bookkeeping and produce the reports. We will provide you with tax efficiency advice tailored specifically toward your business.

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

If you think these services sound great and would be beneficial to your business, don’t hesitate to contact us.

If you are interested in signing up, you can submit the required information to us either through our on-line web portal or by mail. Our team will take care of all your company’s bookkeeping and accounts and return them to you.

We will provide you with insight on how your small business is performing with Yearly accounts

Our yearly accounts contain valuable insight on your business’s performance. The reports you receive will contain in-depth insight on your business’s performance.

Also, we will include a profit and loss account, a balance sheet, and a ledger listing which will outline all your transactions, in addition to an overview of your accounts.

Within the tailored advice report, you will receive an estimated personal and corporation tax bill, plus tax-saving advice, when appropriate.

We’ll produce your employee pay slips for you

In addition, as part of our overall accounting services, we include payroll services.

We will produce pay slips for your employees, ensuring timeliness and accuracy. Just email us your employees’ hourly rates and hours worked, or salaries, and we will supply your pay slips.

Our payroll service includes making deductions, submitting Real Time Information (RTI) to HMRC, and informing you regarding staff and HMRC payment amounts.

You’ll also be able to access our highly experienced and dedicated payroll staff throughout the year to handle any payroll-related questions and get advice with no additional charge.

No dealing with HMRC!

We will act as an agent for you with HMRC so you will not need to deal with them directly. We will deal with HMRC on your behalf and will submit your digital returns.

No more spending countless hours of wasted time on hold with HMRC! Our team will speak on your behalf with them and update you regarding all necessary, important information.

Will I have access to speak to a real person?

Yes, absolutely! Our fee includes advice and support provided to you by your own dedicated U.K.-based Accountant throughout the year. Your Accountant processes all your paperwork and will become thoroughly familiar with the workings of your business.

What’s the catch?

There is absolutely no catch! Sign up today! You’ll never have to be worried about your accounts, bookkeeping, taxes, or dealing with HMRC.

Your New Accounting Team

When you have the expert team of UK Accountants managing your data, you’ll be able to put your time and effort into managing your business..

You will have peace of mind that comes from knowing that accounting experts are managing everything for you.

Even if HMRC were to launch an investigation, you can still sleep soundly, knowing you have an expert team backing you up every step of the way.

You will never have to worry that you claimed an expense accidentally that’s not allowed, or somehow forgot to declare some income on your tax return.

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Sole trader Accountants

Sole Trader Tax return accounting Services

As a sole trader, you may benefit from a variety of accounting solutions provided by GM. Although operating as a sole trader is one of the most straightforward methods of getting started a business, several procedures must be followed.

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Is it your intention to establish a business as a sole trader, or are you currently in the process of launching one? In this case, GM Accountants can assist since we offer a ‘one-stop-shop for accounting and tax services for independent companies and self-employed professionals.

Establishing yourself as a Sole Trader

If you are self-employed or want to become self-employed soon, you should consider starting as a sole trader. According to the United Kingdom government, sole trader accounts for 76 percent of all small companies. A sole trader is a business owner that operates only for themselves.

To become a sole trader, you must agree to assume financial risk on your account. Given that your business is not a distinct legal entity, you would be personally responsible for any debts or legal actions brought against your business. This is in contrast to a limited liability corporation, in which business owners are only liable for up to a certain amount.

For many business owners, deciding whether to form a limited business or not is a critical choice. There are many significant changes, including tax benefits, when switching your business from a sole trader to a limited-liability corporation.

You should carefully examine the tax consequences of being a sole trader before making the decision to go into business for yourself. In addition, depending on your yearly revenue, you may be required to register for VAT.

When you operate as a sole trader, you should maintain comprehensive records of all of your revenue and expenditures, just as you would with any other kind of business.

It is possible to record invoices, receipts, and spending using essential accounting software that is simple to use. The process of submitting your self-assessment tax return to HM Revenue and Customs (HMRC), which is a legal obligation for all sole businesses, is made more straightforward due to this arrangement.

In the event that you are still in the process of working out how to start up as a sole trader and are taking your time to establish your business proposal, we may assist you in finalizing a comprehensive business plan. A business plan may serve as a road map for your new venture and can offer clarity and assurance for sole traders seeking business financing from banks or alternative finance providers.

Registration of a Business Name

Functioning as a sole trader is less formal than operating as a limited business when registering a business name. You have the option of trading as a self-employed individual rather than under a business name. Even if you choose not to incorporate, you still have the opportunity to register a lone trader business name.

Remember, if you are operating as a sole trader, you are not permitted to use the following words to describe your business:

Public limited company (Plc)
Limited (Ltd)
Limited liability partnership (LLP)

These terms would give the impression that your self-employment is functioning under a different business status than it really is. A sole trader’s business name should be chosen with care, and it must not include any trademarked terms or phrases, among other things.

Sole Traders tax

HMRC collects income tax and National Insurance payments (NICs) from self-employed people via a system known as self-assessment. You must register with HMRC for self-assessment, which GM can assist you with.

The following are the critical dates for filing tax returns and making payments as a sole trader:

31st January

The deadline for filing the previous year’s tax return. Tax balances owing of the prior year and the first payment for the current tax year are due on this day.

31st July

Payment of the second instalment on account of the current tax year is due on this day.

It’s critical to evaluate the effect that these account payments may have on cash flow. After your first year as a sole trader, you may be obliged to pay 150 percent of your tax for the first year by the next January 31st and another 50 percent by the following July 31st.

It is critical to maintaining precise records of your sales and expenditures to guarantee you give an accurate account of your yearly profits. Our accounting services can take care of the details, allowing you to concentrate on expanding your business. By retaining the services of a professional GM Accountant, you can be certain that you will pay the correct amount of tax on time and avoid HMRC penalties for late filing.

If you work as a self-employed subcontractor in the construction sector, you must follow particular tax rules that regulate how contractors handle payments. As a sole trader subcontractor, you may be required to deduct 20% of your bills and pay them directly to HMRC unless your contractors register for gross payment status. You shall, however, be responsible for the maintenance and organization of accurate self-assessment tax returns on a yearly basis.

Registration for the VAT

If your sole trader revenue is expected to exceed £85,000 per year, you must additionally register for VAT with HMRC. As a VAT-registered sole trader, you must charge consumers VAT on all qualifying sales and remit it directly to HMRC when filing your VAT reports.

Being VAT registered offers a number of advantages, including the ability to recover VAT on qualifying goods and services purchased for your business.

Special Privilege

When establishing a sole trader business, you may also need to consider exclusive trader insurance, as well as specialized licenses or permits to operate legally. For instance, taxi drivers who work independently must get either a Hackney Carriage or a Private Hire Vehicle (PHV) license.

Likewise, if you want to experiment with selling products on the street as a street trader, you must acquire a license from your local government. If you’re new to the catering business, you’ll need to have your facilities inspected and authorized before you can serve meals to the public at large.

Can GM assist me in establishing myself as a sole trader?

GM Accountants can take care of your sole trader registration swiftly and effectively, allowing you to focus on establishing and operating your business. We will need just the bare minimum of information from you in order to complete the registration procedure for our agent account.

Is it possible to be a sole trader and work at the same time?

If you want to operate a self-employed business as a secondary source of income to complement a full-time or part-time wage, you must ensure that this is permitted under your employment contract. Additionally, self-employed individuals must report and pay their own taxes and National Insurance on their earnings through self-assessment tax forms. You must disclose your employment income and any other income for the relevant tax year on your yearly self-assessment using P60/P11d forms.

Additional ways that GM may assist you as a sole trader

Numerous services that we provide are suitable for expanding sole merchants. We provide very affordable options for digital scanning expenses through the platform. This program enables you to electronically record and transmit receipts to your accountant, allowing you to stay on top of your books.

Additionally, we can produce monthly management accounts and year-end financial statements at reasonable prices to help you formalize your yearly self-employed revenue. This enables you to get a better understanding of your business’s performance. At the same time, official year-end accounts may also be required for sole traders seeking a mortgage or raising financing from high-street banks and lenders.

GM professional accountants have offices in Ilford, Canary wharf London , Wimbledon and Birmingham.

Accountants Guide on Domestic reverse charge in 2021

July 16, 2021July 16, 2021 Leave a comment

Domestic reverse charge Guide

Earlier this year, the government introduced a new legislation bill that sought to tackle and deal with fraudulent building and construction activity. This bill, known as the Domestic Reverse Charge Bill was officially put into place earlier this year on March 1st, of 2021.

What is the DRC and what does it do?

Known simply as the DRC, the Domestic Reverse Charge is a new piece of legislation that states certain construction businesses may no longer be required to charge the supply of materials and services to VAT. In order to qualify, the materials must be required to be reported under the CIS. Those that aren’t will still have to account for their own VAT and what they would normally pay the supplier to the HMRC.

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The reason for this legislation is due to the increase in fraud opportunities observed for micro-businesses. Smaller and sub-contractors, due to their micro-status, have been able to avoid paying their collected VAT.

VAT (also known as Value-Added Tax) is a consumption tax that is put onto products as the value of the product increases throughout its production and ultimate point of sale. Users pay an amount of VAT that is on the product’s cost, less the material costs that may have already been taxed individually.

The CIS (also known as Construction Industry Scheme) is used to collect VAT as well as Income Tax from those involved in the construction world. This includes subcontractors and other self-employed or independent builders as well. This is done in place of them paying Income Tax or making National Insurance contributions. This is done by way of the HMRC using the CIS to collect taxes from said contractors.

In the construction industry, in particular, the DRC for VAT will specifically apply for any construction-based services that are supplied at standard rates or reduced rates. The services must also need to be reported under CIS and relates to both materials used as well as labour.

If a construction or business does not make onward supplies regarding their services, reverse charges will not apply. Because of this development, it is important that all customers that are currently registered for VAT and CIS ensure that their suppliers do not apply a reverse charge for services supplied to them.

As there will often be times a person does and does not pay the VAT reverse charge, it is important that everyone involved in the construction based industry have a full understanding of the new system. This may likely require working with an experienced accountant to ensure everything is properly in order.

In the below section, we have broken down and listed many possible and potential issues that may arise depending on the company’s business type. It is important to keep in mind, however, that there are no absolute rules, and that there will certainly be a fair bit of “grey area” involved. Reviewing this with an experienced accountant will ensure you and your company do not run into any issues later on in the construction process.

Accountants for Therapists

Accountancy services for therapists

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

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

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

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

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Tax allowable expenses

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

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

Expenses that are usually likely to be permissible include:

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

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

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

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

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

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

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

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

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

You can find more information on allowable expenses

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

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

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

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

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

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

Two useful links for more information:

SIMPLIFIED EXPENSES

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

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

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

• Curtains, rugs, pictures, table and table lamp

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

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

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

HOW TO REPORT A SEISS GRANT ON YOUR TAX RETURN?

April 27, 2021October 20, 2021 Leave a comment

The SEISS Grant

What is SEISS Grant?

SEISS (Self-Employment Income Support Scheme) came as good news for several sole traders in the UK. Chancellor Rishi Sunak extended the scheme on 3 Mar 2021 while presenting the budget. It will now remain in force till Sep 2021. The government introduced this policy in May 2020 as a temporary measure for self-employed people who suffered financially due to the covid 19 pandemic and the first lockdown in the country.

We have already seen three rounds of this grant. The fourth round can grant up to 7500 per sole-trader, accounting for 80% of earning losses in Feb-Apr 2021. Self-employed people can claim the fifth round of grants also in Jul 2021 for covering their losses from May onwards. It would cover 80% of your loss if you suffered a fall in turnover by 30%.

Who Is Eligible for A SEISS Grant?

You can apply subject to the following conditions:

Annual trading profits below 50,000

Most of your income comes from self-employment

Completed self-assessment tax return

An ordinary partnership can claim based on an individual share in profits.

Those who earn income from property cannot apply

The sole trader’s profits reduced significantly due to decreased demand or capacity or inability to trade due to the pandemic

You must declare that you want to continue trading

You can apply for the SEISS grant online, and HMRC will get in touch with you with the claim dates. You can expect the SEISS grant within six working days.

What Is Different in The Fourth Seiss Grant?

Even if you did not qualify in previous rounds, you could still apply provided you have filed the self-assessment tax return by 2 Mar 2021. Remember that late filers are not eligible. Moreover, if you claimed in any of the first three rounds, you cannot apply this time.

The scheme promises to help about 600,000 sole traders who could not get any grant so far. The system will consider the tax return of 2019-20. If you were self-employed in that tax year, you could apply by 31 May 2021.

Reporting In Your Self-Assessment Return

SEISS grant is not a loan, so there is no need to repay it. Nevertheless, it is subject to class 4 national insurance contributions and Income tax.

These grants are taxable in the year of receipt. Hence, if you got the first three grants, you will have to pay tax on them in the 2020-21 taxation year and report in the self-assessment year 2020-21

Similarly, if you are a self-employed person (aka sole trader), your 4^th/5^th SEISS grants will be taxable in 2021-22 tax year, and you must report them in 2021-22 self-assessment.

HMRC has included a specific box to enter the amount received from SEISS grants for self-employed people in tax return forms of these two years.

Other Features Of SEISS Grants

If you received a grant more than you should have or were not entitled to, please notify HMRC within 90 days to return the grant value, failing which HMRC may impose a penalty.

Remember that SEISS does not constitute a part of taxable turnover for the calculation of VAT. Hence, if grant money increases the VAT threshold above 85,000, you still need not register for VAT.

If you could not pay your self-assessment tax due to covid 19, you can pay in affordable instalments, including delayed payments due in Jul 2020.

If you do not fall under the purview of SEISS grants, you can apply for other cash grants, tax reliefs, or govt loans, even if your business is closed.

You may check the GOV.UK website for further information.

Accountants for Gas Engineers Guide

January 31, 2021February 9, 2021 Leave a comment

ACCOUNTANTS FOR GAS ENGINEERS

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

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

ACCOUNTING & TAX SERVICES

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

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

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

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

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

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

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

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

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

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

CLAIM BUSINESS EXPENSES

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

1. Landline phone bills for business use

2. Internet and Mobile phone bills for business use

3. Materials used for your work

4. Repairs and maintenance of equipment

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

6. Laundry & cleaning charges

7. Interest on loans taken for running the business

8. Postage & stationery and Computer consumables

9. Replacement tools

10. Trade Magazines and trade subscriptions

11. Fuel for vehicles

12. Road tax, MOT, and insurance premium

13. Hire Purchase interest on business assets

14. Advertising

15. Bank charges on the business bank account

16. Leasing of plant & equipment

17. Vehicle leasing

18. Accountancy fees

19. Traveling expenses and Fare

20. Parking & Tolls

21. Vehicle running costs

22. Sustenance (if working away from home)

23. Wages

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

25. Other miscellaneous items

WHY SHOULD YOU CHOOSE US?

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

1. LOW COST & QUICK

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

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

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

Accountants Guide for Amazon Drivers

HOW AMAZON FLEX WORKS FOR SELF-EMPLOYED DRIVERS

The demand for self-employed drivers to register for Amazon Flex Scheme is increasing every day.

It is so because membership to Amazon Prime has already touched eight million in the United Kingdom. Nowadays, online shopping has become easier than before.

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Self-employed drivers owning a vehicle and mobile phone can sign up for the Amazon Flex scheme.

ABOUT AMAZON FLEX

It is quite similar to the Uber service. In Amazon Flex Scheme, the app notifies the drivers about different Amazon packages that can be delivered. The drivers can choose a job package from the site as per the availability.

WHAT IS THE MEANING OF SELF-EMPLOYMENT IN THIS SCHEME?

In this context, the meaning of self-employment is that you are not working for anybody else, and you are your boss yourself. You working for yourself is the essence of self-employment. It also implies the following:

1. Amazon is not in any way responsible or obligated to provide you any work; instead, you have to find work for yourself.

2. You can also choose to decide when to accept or reject a job online.

3. You will have to be the owner of a transport method, a smartphone, and related equipment.

4. If you are on leave or are sick, you will not get any sickness-pay or salary for holidays. You will have to manage yourself as you will not get any earning during such leaves.

5. You should have the necessary qualifications to work as a driver.

6. You will be required to take insurance for your vehicle and yourself.

7. You will have to take care of tax implications if you sign up for such self-employment. You also need to file tax returns with HMRC.

8. You can work for a full-time job while operating as a self-employed driver on Amazon as a side job.

It implies that it does not restrict you to just this self-employment, and you can perform this side job along with your current full-time job.

You can quickly register for self-employment by applying on HMRC.

You only need to register once in this manner if your annual income is more than 1000 pounds in a tax year from 6 April to 5 April.

Remember that it is an income threshold and not a profit limit. Once you cross this annual threshold, you need to register by 5 October following the end of the tax year in which you crossed the threshold.

You need to register with HMRC and file the tax return by the deadline of 5 October, even if you do not make much income from the Amazon flex scheme.

You need to follow this procedure if your overall income, including flex income, has crossed a minimum of one thousand pounds in the period as mentioned above.

It may sound like an onerous obligation to complete, but filing the tax return will help you record all your expenses to qualify for a tax loss.

You can set off that loss against any of your future incomes, and hence you will be able to save tax at that point.

Accountants Guide for WRITERS AND AUTHORS

November 19, 2020November 29, 2020 Leave a comment

ACCOUNTING SERVICES FOR WRITERS AND AUTHORS

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

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

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

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

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

HOW TO WORK OUT YOUR TAXES?

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

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

THE ALLOWABLE EXPENSES FOR WRITERS AND AUTHORS TO CLAIM?

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

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

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

DOUBLE TAXATION AGREEMENTS

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

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

THE COMMON PITFALLS

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

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

Vlogging Youtube tax return accountants guide

March 10, 2020October 21, 2021 Leave a comment

Blogging and Vlogging You tube tax return accountants guide

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

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Looking to become more Tax Effective?

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

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

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

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

When are Vloggers and bloggers required to submit their Taxes?

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

Allowable Expenses, What can you Claim?

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

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

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

Some of the services your limited company needs include:

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

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

Accountants in Birmingham

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.

Liverpool Street Accountants

Small business ,Personal tax return Accountants near Liverpool Street

We are Specialists in Self Assessment Tax returns
We specialise in Small businesses
Fixed Fees agreed in advance
Awarded the Three best rated Accountants

While Liverpool Street is one of the most lucrative commercial locations outside central London and a haven for the self-employed entrepreneur, finding a local accountant in Liverpool Street can be quite a challenge.

Nonetheless, with so many linkages to the central business district in London, a self-employed entrepreneur or small business can take advantage of the commercial activity in the district for success.

For anyone looking to start a small business or become self-employed, there is nothing more important than engaging the services of a qualified accountant.

Reasons to get a Professional Accountant

With so much commerce in Liverpool Street, the probability of success for a new business is very high. There are literally hundreds of thousands of businesses and millions of people that would be interested in the services or products you will be selling.

Nonetheless even with such potential, you will more likely than not need a full-time commitment to the business.

A small or newly founded company requires that you take care of your clients and focus on growth from very early on. In the current uncertainty, it is important that you put all your time and effort towards dominating the market and your niche in particular.

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To be successful at dominating the niche means that you need to get an accountant to free up some of your time. While accounting for the self-employed is not particularly complex it can be a huge time suck, and hence this is something you want to avoid.

Similarly, small businesses while relatively uncomplicated can quickly become unwieldy. This can either cause you to neglect important aspects such as the product, innovation, and your clients or overwork yourself to meet impossible targets.

Accounting Services for Small Businesses

What returns should you expect?

Business people do not trade their hours for money as time is more of a tool that enhances value and creates wealth. Therefore, time is one of the most valuable assets if you are in business. Rather than messing with the tedium of accounting and returns, you should invest in an accountant.

Just like you would allocate a portion of the budget for investment in say marketing, you should do the same for accounting. Similar to how you spend money on marketing which results in more revenue, you can do the same with your accounting expenses whose ROI can also be calculated.

Since your time is so valuable, it is critical to get a qualified accountant who will take a lot of work off your hands and in the process help boost your business.

Why GM Professional Accountants

Just like any other locale, Liverpool Street comes with a unique personality and culture that only locals can understand fully. We have been working in the area for years and hence have the knowledge and experience of what works and what does not.

As such, you do not have to worry about a learning curve with us, as we guarantee effective and smooth accounting work. With our local knowledge, you can be certain that you will be getting the best advice and accounting services that will take your business to the next level. We cover Mayfair, Covent Garden and many other prime spots in London.

As such, if you are a small business owner, a self-employed person or just thinking of getting into business as an entrepreneur, then you need to ensure that you get the right professional representation.

Similar to any business decision by getting an accountant your business will get the advice and services it needs to stay on the right track.

Personal Tax return

If you have to submit personal tax returns you will have to adhere to some deadlines. If you are submitting returns for personal self-assessment you have to be registered by the 5^thof October in the second tax year.

A UTR number will also be necessary for all personal self-assessment returns. The deadline for paper returns is 31^stOctober while electronic returns have to be submitted by 31^stJanuary.

Some of the self-assessment documents that will be required include:

P60
Dividends
Self-employment income
Child benefit
Property income
Interest income

It is critical to remember that the typical tax year is 6^thApril to 5^thApril and hence you should be careful to enter the correct year.

You can get CIS tax returns from experienced professional accountants at GM. They can also help you claim subsistence and travel expenses if your job or business involves a lot of travel.

Contractor Accounting

There is a huge demand for contractors accounting services since businesses need to maximize their take-home pay. Subsistence and travel expenses are governed by rules such as the 24-month rule.

If you have registered for VAT then you should get the right VAT rules applied. Given that the flat rate scheme is not as attractive as it once was since the implementation of the cost of trader rules, how much you pay will be dependent on the input VAT.

Property Tax return

Property tax returns have never been so complicated. The abolishment of wear and tear allowance and the restriction on mortgage rate are the main reasons in this.

It is critical to do appropriate tax planning from the get-go to determine the correct split between partners and spouse. Advance planning is advantageous particularly since it gives you more control among other tax advantages.

At GM professional accountants your business gets to be compliant as we have a range of solutions tailored to meet the rules and regulations of HM revenue customs.

High Income Child Benefit Charges Tax Return Guide

August 7, 2019December 24, 2019 Leave a comment

Child Benefit Charges Tax Return Guide

Getting a pay rise is a good thing that is to be celebrated but it could bring with it new problems especially if your income goes above 50,000.

If you have children and have been getting Child Benefit tax breaks, you may have to pay back some of the benefits. The good thing is that there are morally acceptable and legitimate ways to reduce tax liability.

Child Benefit if you are Earning More than 50,000

If you or your spouse are earning an income of 50,000 or more in a year before tax, then the HMRC will expect that you pay back a portion or in some instances all of the Child Benefit that has to be declared in the form of Extra Income Tax.

What Happens when you and your Spouse are Making Less than 50,000 Annually?

In the instance that you and your spouse each make less than 50,000 annually, you will be eligible for Child Benefit and will not have to remit or pay back anything to the HMRC.

What Happens when either you or your Spouse is Making between 50,000 and 60,000 Annually

If either you or your spouse is earning between 50,000 and 60,000 annually, you will be expected to declare and pay back part of the Child Benefit you got which will now be deemed extra Income Tax.

What Happens of either you or your spouse is making more than 60,000 per year

If one or both of you are making more than 60,000 a year, then you will need to pay back the Child Benefits as Income Tax.

What Happens When a Spouse Moves In
If you move in with a spouse that is earning more than 50,000, the tax situation will change. If you are earning more than 50,000 and your income is higher than that of your spouse, you will have to pay the tax charge. If their income is higher they will pay the tax charge.

How does it work?

Top tip
One of the biggest benefits of claiming Child Benefits is the effect on your State Pension. This works if you are currently unemployed and happen to be at home looking after your child or children. Since you may not be making payments to National Insurance, the Child Benefits will be credited to your State Pension. You can always call 0300 200 3100 and talk to a Child Benefit Office representative if you need more information on how this works.

If you are being paid on a weekly basis the full amount of Child Benefits will still be paid to you every single month. However, this is only applicable if the amount of money you are making is below the 50,000 income mark.

However, things will typically change if either you or your spouse start making more income. For instance,

if either of you starts getting more than 50,000 a month, the HMRC will expect that you pay more Income Tax. The reasoning for this is that you will need to repay part of the Child Benefit that you are no longer eligible for.

The HM Revenue and Customs authority (HMRC) requires that you file a Self-Assessment tax return. This makes it possible for the HMRC to determine how much in extra Income Tax you should pay.

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

May 9, 2019May 9, 2019 Leave a comment

COURIERS’ TAX RETURNS

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

How To Become A Freelance Courier

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

Pros and Cons of The Two Courier Options.

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

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

How to Advertise Your Courier Services

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

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

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

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

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

How To Become Better in Your Courier Services

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

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

stick to their schedules.

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

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

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

Accounting as a Courier.

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

Getting Accountancy and Tax Advice.

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

Accountants in Canarywharf

Accountants in Canary Wharf

Our vision and our customer reviews show that we provide:

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

• Professional and experienced accountants with over 10 years of experience

• Quick and efficient responses tailored to your needs

Let us lead the way

Get a Quote Now

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

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

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

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

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

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

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

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

Accounting for your Limited Company

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

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

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

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

Tax Returns for Self-Assessment

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

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

Making your Online Self-Assessment Returns

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

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

Filing Returns for Property Income

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

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

Accounting Services for Contractors

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

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

Tax on Capital Gains

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

R & D Tax Credits

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

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

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

Freelancer accounting services

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

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

Accountants near Enfield

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

Get a Quote Now

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

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

6) Enrolling you for pensions and payroll

7) Incorporation services for your company

From our offices near Enfield, we serve businesses and private individuals who need advice on tax, and how they can be compliant with tax regulations including meeting their deadlines.

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

Limited Company Accounting

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

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

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

Self-Assessment Tax Filings

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

Filing Your Online Returns for Self-Assessment

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

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

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

Capital gains tax

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

Contractor accounting services

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

Call us now for a free no obligation consultation.

Deliveroo driver Tax return accountants guide

February 13, 2019February 13, 2019 Leave a comment

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 Covent Garden

Accountants in Covent Garden – West End

We are Specialist Small Business Accountants
We specialise in Self Assessment Tax returns
We provide Fixed Fees for all our services agreed in advance
Awarded the Three best rated Accountants

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

We provide the following services:

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

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

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

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

Accounting for Limited Companies

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

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

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

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

Self-Assessment Tax Return

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

Online Filing of Self-assessment Tax Returns

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

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

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

How to choose the best online accountant

December 23, 2018December 23, 2018 Leave a comment

How to Choose an Online Accountant

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

What to look for in a good online accountant?

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

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Experience

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

Trust

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

Qualifications

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

Transparency and Integrity

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

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

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

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

Call us today for a free consultation on 0208 396 6128

Tax return guide for foreign income

December 9, 2018January 2, 2020 Leave a comment

Tax return guide for foreign income

Income tax can be payable on foreign income, the common types of income that are taxable in the UK are foreign interest on savings, employed or trading income from abroad, rental income on properties located outside the UK and income from overseas pensions.

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Foreign income is considered to be anything from outside Scotland,England Northern Ireland and Wales.

accountants for foreigners

How to calculate what you need to pay

The first thing that you need to identify is whether you are resident in the UK. If you are not considered resident in the UK then that means you do not have to pay tax on foreign income. There is also double taxation treaties between the UK and some countries , this ensures that you are not taxed again for the same income. If you have already paid income tax or capital gains tax on overseas employment inc0me or gains, then you may apply for foreign tax credit relief if there is a double taxation treaty. you will still pay up to the UK limit and will not receive a refund if you have overpaid.

Filing your Tax return on foreign income

You will need to register for self assessment and there are deadlines to register depending on the tax year. Example, if you had income to report on the 01/07/2017 , then you will need to file the 2017/2018 self assessment tax return and the deadline for this is 31/01/2019 (electronic returns). You will need to notify HMRC latest by the 05/10/2018 in this example. once you have registered , you will recieve a Unique tax reference number (this can take up to 4weeks). This number is important, without this number you will not be able to file your tax return. GM professional accountants specialise in foreign income tax returns and have tailer made tax planning solutions. This ensure you are in safe hands and are getting expert advice.

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

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.

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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.

Accountants for online sellers business

Accountants for online sellers

What are the filing dates 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.

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

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.

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Accountants for Travel Agents

Accountants for Travel Agents: Everything You Need to Know

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?

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.

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?

Affordability is also key.

Only settle for transparent accountants. If they can’t discuss fees and charges explicitly there is every chance they lack transparency and integrity.

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:

Check their reviews to seewhat other clients are saying. If they are rated highly then they offer goodservices.

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.

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.

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.

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.

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.

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Uber Driver Tax return Accountants Guide

November 25, 2017March 17, 2019 Leave a comment

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.

Legitimate Ways to Beat the Taxman In The UK

September 11, 2017September 11, 2017 Leave a comment

Legitimate Ways to Beat the Taxman In The UK

Although paying less tax is the desire of every tax payer, it remains a dream to most of the taxpayers in the UK because tax avoidance has been limited to multi-national corporations; not small businesses. Besides, findi

ng information on how to reduce your tax bill may be tricky. However, all is not lost as far as saving tax is concerned as there are various practical ways for individuals and small businesses to minimise tax. One way to get information on how to save your taxes is to consult tax experts such as tax accountants. The following are applicable tax saving mechanisms you can apply:

i). Top Up Your Pension

This involves contributing more into your pension scheme. This should be done by your employer, who should be responsible for deducting the pension from your salary before it is taxed. For instance, if your yearly earnings amount to £50,000 and
your yearly pension contribution is £3,000, then your taxable income will only
be £47,000. However, if you decided to contribute only £1000 a year towards
your pension, your taxable income would be £49,000, meaning you would pay
more tax.

ii). Trust A Spouse

Trust is a major building block of your relationship with your spouse or civil partner. Likewise, trust can be handy when it comes to saving your taxes. All you need to do is to determine who pays lower tax between the two of you. Moving your savings into the name of the spouse or civil partner with the lower tax rate helps you to save a great deal. For instance, if one of you is under high tax rate and the other is a basic taxpayer, it would be economical to move your savings into the name of the spouse or partner that pays taxes on the basic rate to reduce your tax bill.

iii). Dividend Allowance

Dividend allowance refers to a certain amount of dividends that may otherwise be taxed as an income. To be precise, it is tax exemption for up to a certain amount of dividend income. Dividend tax allowance policy in the UK came into effect in April 2016 to replace the previous dividend tax credit. Each taxpayer in the UK who gets dividend income is entitled to this tax exemption. This exemption is not in any way dependent on the amount of non-dividend income you get. Worthy noting is the fact that your first £5,000 dividends from stocks and shares is not taxed. This simply means that you can be exempted from paying tax on up to £10,000 per year as a couple.

iv) Claim Expenses

Claiming expenses helps you to lower your tax bill if you are either a private landlord or a self-employed individual with small businesses. In this case, you have the liberty to deduct expenses from your income before paying tax. While your expenses as a self-employed income earner may include office service, stationery, equipment repair and car services; mortgage interests and property maintenance may constitute part of your expenses as a private landlord.

Saving tax may prove crucial if you are to reduce your annual expenses and maximise your income. Whether you run big or small businesses, or you are an employee, getting it right at all times is of paramount importance. It is therefore safe to take full advantage of these tax saving tips and apply them to the a tee. Additionally, professionals like tax accountants are handy when you are in need tax saving information- make use of them too.

LATE TAX RETURN PENALTY ACCOUNTANTS

February 4, 2017January 10, 2020 Leave a comment

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

January 22, 2017January 10, 2018 Leave a comment

Best Accountants in London

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

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

Check on their Certification

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

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

Good Working Experience

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

Budget Friendly

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

Trustworthy Service

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

Transparency and Integrity

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

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Tax preparation services

Tax return preparation services

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

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Tax preparation services for small businesses

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

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

Why Contract GM accountants as your personal tax accountant?

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

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

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

Choosing an accountant in East ham

September 28, 2016 Leave a comment

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

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

Starting to freelance

September 21, 2016September 21, 2016 Leave a comment

You may be thinking of going freelance, and if so, well done. However, there are certain legal obligations and differences in how exactly you are going to do so. In the UK there are two main categories of self-employment, they both achieve different goals, and require different skill sets. Let’s take a look at which one will suit you the best.

Self-Employment/Self Assessment

This is the simplest option out there. Simply put, you are personally responsible for the company. This means that all of the comings and goings of daily business are under your name. Anything that happens is viewed as your sole responsibility. If for instance you are self-employed and you owe a large amount of business debts, you will be held personally liable. The resultant consequences could be personal bankruptcy. On the positive side, when it comes to the tax man, you only have to pay one lot of taxes, since it is all viewed as your personal income.

Limited Company

The way this is usually explained is thinking of a person. When you create a limited company, in the eyes of the law, the limited company is viewed as a person. Now this doesn’t mean that the company can vote, get married and adopt children, but it performs other roles. For instance, if you are running a limited company and the company has debts it cannot pay, the company will be made bankrupt. However, you as an individual will not, since you are viewed as an employee of the company.
These are the essential differences. There are more, and we will discover them in a moment. Let’s first look at which one you should choose?

Self employment

This will suit you if you are providing a service with little to no liability or risk. For instance, if you are a personal tutor, or a contractor this will suit you. Anything that involves you providing a service, consulting, or freelancing with no buying and selling, most of the time this will be your choice

Limited Company

This is more for creating a business. If you are going to be buying and selling, potentially owing debts, or lending out on credit. If your business model has high overheads, high liabilities or is going to be in negative equity for periods of time, then register as a limited company. This will protect you if things go badly. Another case will be if your business grows to a large size. Even if your overheads are still low, if someone sues your company, or some other action is taken against it, then making it limited protects you.

What are the requirements of both methods?
Whatever you choose, it is important to remember what your new responsibilities entail. For instance, both require you to submit yearly tax returns. For self-employed people, it is the self-assessment form that needs to be filled, plus your national insurance contributions. It is often important to get these figures checked by an accountant before you submit, as inaccurate filings can lead to a fine, and you are personally responsible for it.

For a limited company it is more complicated. You will need to take care of corporation tax, staff tax, national insurance and all of this must be recorded in a very particular way. HMRC reserve the right to demand your records from you at any time. Any changes that occur in your company must also be documented and reported to HMRC.

It might sound like a lot, but don’t be put off. Often times, entrepreneurs realise that getting a little help by way of an accountant can alleviate much of the new pressure that is piled on them. In the first few years of your business, you will want to use all your energy to make sure the business succeeds, so getting help with the paperwork is a good idea.
So to recap, self employment and limited companies are the two ways to go in freelancing. Both require a little getting used to, so choose which is best for you and get going!

GM professional Accountants are specialist freelance Accountants in London.

Travel and Subsistence

September 12, 2016September 12, 2016 Leave a comment

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 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.

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 5^th oh April 2016 without paying any tax. Delaying dividends till after 6^th 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, 31^st October (paper submission) and 31^stJanuary (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

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.

Taxi Driver Accountants London

Taxi Driver Accountants in East London

GM Professional Accountants provide Accounting and Taxation services for Mini Cab, Private Car Hire and Black Cab Drivers. We have existing London based clients that are with Uber. We have many years of experience in dealing with Taxi Drivers, Private Car Hire and Black Cab Drivers accounts and tax.

We have dedicated accountants who have experience and expertise in handling the tax affairs of taxi drivers. We have unique and efficient controls to help you stay organised.

Our year end process is organised to help cab drivers to stay compliant with HMRC and companies house. We ensure that you are informed of your deadlines in advance and to help you file your tax returns and accounts.

GM Professional Accountants will help to make process fast, accurate and hassle free. This will help you concentrate on your cab driving.

Our Accountancy Service for Taxi Drivers consists of Bookkeeping, helping new drivers Register as Self-Employed, prepare your Self-Assessment Tax Returns or Income Tax Returns and Submitting your Self Assessment Tax Returns.
We are here to make accounting and tax services simple

We work with a number of clients within Ilford, East Ham, Manor Park, Wanstead, Goodmayes, Stratford, Plaistow, Barking, Canning Town, Wapping, Whitechapel, Seven Kings and Bethnal Green.

For more information about how we process Taxi Drivers Tax Returns, or Interested in Booking an appointment with GM Professional Accountants, call us today on 0208 396 6128.

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.

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

CIS Tax Refund and Income tax returns

What is a tax refund?

A tax refund is money which has been returned from tax which has been overpaid. There are many reasons why you have overpaid tax, including:

You are taxed under an emergency code for a while when you start a new job.
If you have married or formed a civil partnership and you, your spouse or civil partner is born before 6th April 1935.
If your employer does not use the correct tax code or HM Revenue and Customs (HMRC) sends the wrong tax code to your employer.
You make payments on account for the following year, under the Self Assessment scheme, as you are Self-Employed. The payments are too high because of a change in circumstances, for example, the business profits have decreased. You may not have made a claim to reduce your payments on account and your final tax liability turns out to be a smaller amount than the tax you have actually paid.

You are a pensioner and your tax free personal allowances or receive more than one occupational pension has not been billed properly so you have paid too much tax.
You have multiple jobs. The employer at your second job will automatically deduct tax using the BR code (Basic Rate) so you may not get the benefit of all your personal tax-free allowances. This will frequently apply if you are a low-paid worker or a student.

Refunds under PAYE or Self Assessment

You can make a claim for a tax refund if you overpay tax under PAYE or Self Assessment.

For more information about claiming tax refunds if you become unemployed or for overpayments made because of your job, you can have a look at GOV.UK website at: www.gov.uk.

Refunds following a death

An overpayment of income tax may occur following a death. There is more information about this, which could be found on the GOV.UK website. Usually if a tax refund is made, the refund is counted as part of the asset for the person who has passed away.

Savings interest, Tax Refund

You may pay excessive tax on savings interest. You can make a claim for a tax refund if this is the case. To find out information of how you can get your interest tax free and claiming a tax refund on interest that you have paid tax on at the HMRC website. Go to: www.hmrc.gov.uk.

Overpaid on pensions or on cashing in small pensions, Tax Refund

You may pay too much tax when you cash in a small pension or on your pension. You find more information about claiming a tax refund for being overpaid on a pension at the GOV.UK website.

The time limit for claiming a tax refund

Claiming a tax refund, the time limited is four years from the end of the tax year, the tax year for which you paid too much tax. A tax year runs from 6th April 20X2* to 5th April 20X3* the following year.

You might be entitled to a tax refund and if you think you are entitled for tax refunds claim today so that you don’t lose the right to claim your money back.

Interest on refunds

HMRC must pay interest on a refund of tax if the repayment has been made after 31st January following the end of the tax year in which you overpaid the tax.

*Years are given as an example to show the split of the tax years.

Cash Basis If You Are A Sole Trader or Partner

Cash Basis for Sole Traders and Partnership Accounts

Cash basis is a method to work the income and expenses for your Self Assessment tax return, if you fall within the category of a sole trader or partner.

Benefits of using cash basis

If you own a small business, the cash basis method may be better than traditional accounting.

The advantage is that you only need to account for money when it comes in and out of your business. You will not have to pay income tax at the end of the tax year on money that you have not received in the period.

Sometimes cash basis may not suit your business

Cash basis most likely won’t suit you if you:

wish to claim bank charges or interest more than £500 as an expense
if your business is more complex, eg you hold high levels of stock
If you need accounts to finance your business. e.g- a bank may ask see accounts that use
traditional accounting
If you have losses that you wish to offset against other taxable

Cash Basis

Who can use cash basis?

You can use cash basis if you:

are earning up to £82,000 a year
run a small self-employed business, e.g. sole trader or partnership

You must use cash basis for all your businesses, if you have more than one. The combined turnover from your businesses must be £82,000 or less.

If you use cash basis and your business grows during the tax year

Anything above £164,000, you’ll need to use traditional accounting for your next tax return. You can stay in the scheme up to the total of £164,000 business income.

Who can’t use the scheme?

Limited companies and limited liability partnerships can’t use cash basis.

The other specific types of businesses that can’t use the scheme are:

If they are Lloyd’s underwriters.
If they are Cemeteries and crematoria.
If they are Dealers in securities.
If they are Ministers of religion.
If they are Relief for mineral royalties.
If they are Lease premiums.
If they are Farming businesses with a current herd basis election.
If they are Farming and creative businesses with a section 221 ITTOIA profit averaging election.
If they have claimed business premises renovation allowance.
If they are Businesses that carry on a mineral extraction trade.
If they are Businesses who have claimed research and development allowance.
If they are Pool betting duty.
If they are Intermediaries treated as making employment payments.
If they are Managed service companies.
If they are Waste disposal.

Traditional accounting can be used to work out your taxable profits, if you cannot use cash basis.

How to record income and expenses

You must keep all records of the business income and expenses to work out your profit for your tax return.

Income
Do not count any money you’re owed but haven’t yet received. With cash basis, only record income you actually received within the tax year.

Example; You have invoiced someone on 23 March 2015 but didn’t receive the money until 30 April 2015. Don’t record this income for your 2014 to 2015 tax return, but instead for 2015 to 2016.

When money is received or paid, you can choose how they are recorded (e.g. the date the money enters your account or the date an invoice is written) it is mandatory to use the same method each tax year.

All payments are accounted for; cash, card, cheque, payment in kind, bank transfer or any other method.

Expenses

Allowable expenses are business costs, which allow you to deduct your income to calculate your taxable profit. This is an allowable deduction for Income Tax purposes. All allowable expenses, which are shown in the list below, help, reduce your Income Tax.

Money you owe isn’t counted as expenses until you pay have paid it. Only paid expenses are counted.

The examples of allowable business expenses if you’re using cash basis are:

Things you use in your business, e.g. machinery, computers, vans.
Day to day running costs, e.g. electricity, fuel.
Buying goods for resale.
Admin costs, e.g. stationery.
Interest and charges up to £500, e.g. interest on bank overdrafts.

You can choose use the simplified expenses scheme instead of calculating expenses for the 2013 to 2014 tax year onwards, for the following:

Using a vehicle.
Working from home.
Making changes for living on your business premises.
Cars and other equipment
You can claim the purchase of your car as a capital allowance, if you have bought it for the business (If you are not using simplified expenses to calculate your business expenses for that vehicle, then you cannot claim capital allowance).
On the other hand, traditional accounting you can claim other equipment/office equipment you buy to use in your business/or business premises as a normal allowable business expense rather than as a capital allowance.
If you want to switch to cash basis and currently claiming capital allowance, GM Professional Accountants can guide you on how you can switch to cash basis.
Keep your records.

You are required to keep your records for six years; you do not need to send the record to HMRC. You are only required to send it if HMRC specifically ask for them.

The Cash Basis Method can be difficult to understand, so you can speak to GM Professional Accountants Tax Specialist about this.

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.

Ilford Accountants

Local accountant in Ilford

GM Professional Accountants

Call us now on 0208 396 6128 for a free consultation

Our vision and our customer reviews show that we provide:

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

• Professional and experienced accountants with over 10 years of experience

• Quick and efficient responses tailored to your needs

Let us lead the way

Get a Quote Now

If you need the best accountants in Ilford then your search has come to an end. We are a top accounting firm in Ilford, with our offices located in the central business district and a few minutes’ walk from Ilford train station.

Finding a local accountant and tax advisor can be one long and frustrating affair, especially since you may need to find an accountant that offers different types of services to make you compliant.

Some of our accounting and tax services are:

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

We have our offices in Ilford where we help businesses and individuals beat their deadlines. All our packages include general tax advice and assistance on how you can stay compliant with tax regulations.

Unlike any other accounting firms in Ilford, our accountants are skilled and consummate professionals.

We are known for being up to date with all customs tax, HM revenue, and ever-changing accounting laws.

Our accountants will provide you the advice on expected tax expenses and work with you so that you can be compliant with all tax laws and regulations.

By working with us, you can rest assured that your tax returns will be accurate, punctual, and filed when they should.

Our company has customised packages for your small business, we will help you prepare your company accounts, file your returns and be compliant.

Accounting for Limited Companies

We help you file your returns and prepare your CT 600 tax returns for HMRC and companies house.

The packages we provide to make you compliant with tax regulations include bookkeeping, final account preparations and filing. This ensures that all the information you submit is accurate for each task.

We also do a review to determine if you are eligible for any tax breaks on allowable expenses.

By entrusting your accounting needs to us you and your staff can rest from the tedious daily bookkeeping tasks and instead work on more productive aspects that will help grow your business.

As such, we provide customised services that are delivered by professionals with care and expertise borne of many years of experience combined with a personal touch.

There is nothing more important than understanding the workings of a company as a separate legal entity.

Unlike your sole trader business where there is no clear distinction between the business, the owner and the businesses money alongside your money, this is very different.

In a company you are not allowed to take out any money from the company account as you would in a sole trader business.

Any money taken out needs to be bonuses, PAYE income, dividends or directors’ loans. Accounting for limited companies can be a very complicated affair.

Therefore, it is critical to engage the services of a professional accounting firm right from the very start to avoid any complications.

Self Assessment Tax return

The preparation of a self-assessment tax return should be easy, affordable and hassle free. Our specialists will look into your tax affairs and offer you tailor made solutions.

Online Filing of Self-Assessment Tax Returns

When you work with us you can rest assured that you are working with tax professionals who will offer the best advice and recommendations for any queries you may have. Our tax return package in Ilford includes a free no obligation tax return consultation.

You can be certain that our experts will process your returns accurately and fast to ensure that you are compliant with all tax regulations in your jurisdiction.

Our accountants have the skills and experience to review all your expenses and offer advice on how to claim maximum tax refunds for your personal tax returns.

It is required that you submit a self-assessment tax return if you are in business as a self-employed person or as a company director. Simple tax planning and accurate filing of returns can make the process relatively painless.

Barking and Dagenham Accountants

Finding a local accountant in Barking and Dagenham

Finding a local accountant near Barking and Dagenham should be difficult. Our Accountancy Firm near Barking and Dagenham in Essex help you prepare and complete your Self Assessment Tax Returns or Corporate Company accounts in a fast and accurate manner. Our fees are affordable, provide a hassle free service and our professional accountants shed light in areas to help you maximize on your expenses.

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.

Bookkeeping Services for Small busines London

Bookkeeping Service Specialists in London and Essex

Why does a business need bookkeeping?

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

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How does the process work?

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

How much does a bookkeeper cost?

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

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

Bookkeeping services Barking

Bookkeeping charges for small businesses

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

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

So what do our Bookkeepers do?

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

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

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

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

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

Telephone: 0208 396 6128

Or email: info@gmprofessionalaccountants.co.uk