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 and Essex

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

Why register as self employed?

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

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

Before you set up as a sole trader or self employed

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

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

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

Who registers as self employed?

Registering as self-employed does not require a lot of administration like a limited company. However,  you must register as self-employed by 5th October of the business’s second tax year of when you have started your self-employment or when you have started to trade. You may receive a penalty of £100 if you have failed to register and can increase after three months.
Contractors/Freelancers and people who own a Sole Trader Business are classified as Self-Employed. Contractors can be people who work on a contract basis, for example Builders, Plumbers, Electricians (CIS Tax), Locum GP’s and etc. You will receive a Tax Free code, which for the new Tax Year of 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.

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 Covent Garden and Ilford Essex.

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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.

Whether you are self employed in East ham, a CIS subcontractor in Ilford, a small business in Covent garden, or have a rental property business, our accounting firm handles the completion of personal tax returns all over London.
If you are in business, either as a company director or self-employed, you must complete a self-assessment tax return. Correct and simple tax planning and advice can make your tax return for the year reasonably painless.

Self Assessment Tax Return Deadline

Timescales for Self Assessment Tax Returns

your income tax return should be filed by 31st of January, online, following the end of the tax year, which is 5th of April. Paper income tax return should be processed earlier, which the deadline is 31st of October. Not filing or paying your tax return on time, or when payment is due, will lead to penalty charge, which is kind of like a top up on your tax return. So we suggest looking for an accountant who will constantly remind you.

Asking yourself whether you need to complete a self-assessment tax return? You may be automatically notified by HMRC (HM Revenue & Customs). If you are not notified, then it is up to you to find out whether you are due on, or let HMRC know you need to file a tax return, otherwise you may end up with multiple penalties if you try avoid it. If HMRC does not know that you were self-employed in the previous tax year, then you MUST register as self-employed by 5th October the latest.

Filing your self-assessment tax return can be done by you, but can also be done by an accountant. It will benefit you if you do have an accountant (or if you don’t, to look for an accountant) who can do this for you, as they will give you the correct planning and advice to reduce your tax bill. Also reduce work load of the long paper work, as they are qualified professionals to file your self-assessment tax returns correctly. For you to file your self-assessment tax return online, which is easier, you have to register for HMRC online services. *Note: it takes at least a week to activate online access, so leave enough time, or register early.

Paper based filing of self-assessment tax return, using this method you should remember and always allow time for postal delays, so this should be done early as possible receiving or delivery of the forms. Double check if you have all the correct pages you need for your self-assessment tax return, in order for you to complete. If you do have any general queries, usually accountants will answer them for you.

Records for Self-Assessment Tax Return

Completing your income tax return can be fairly straightforward, providing that you have a good accountant, with excellent advice, planning and keep your tax records well-organised. You could organise it yourself, help out your accountant, rather than them having to contact you a lot about “what is what”. In your records it needs to include any details of employment income and/or other types of personal income, such as capital gains from selling investments or savings income. Details of tax reliefs you will be claiming on your self assessment tax return, such as charity or pension contributions.

For the self-employed, you will need your business tax records. If you run a business as a limited company, then you will need to complete a separate corporation tax return. Partnerships will need to include details of you and your partners and your income share you receive from the partnership on your income tax return. The partnership then will have to file a partnership tax return.

To talk to us right now regarding your Self Assessment Tax Return, Call us on 0208 396 6128. Or just email us on info@gmprofessionalaccountants.co.uk and we’ll be in contact.

If you are thinking of incorporating then visit our corporation tax page

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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

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

The following are some of the services we provide:

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

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

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

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

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

Limited Company Accounting

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

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

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

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

Self-Assessment Tax Return

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

Self-Assessment Tax Returns Online

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

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

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

Property Tax returns

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

Accounting for Contractors

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

Capital gains tax

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

Tax Credits for R & D

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

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

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

Accounting services for Freelancers

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

E commerce business accounting services

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

3 Piccadilly Place

Manchester

M1 3BN

Tel: 0161 883 3198

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.

1. P60
2. Dividends
3. Self-employment income
4. Child benefit
5. Property income
6. 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.

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.

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Some of the services we provide include:

1. Tax return services for Personal Self-Assessment
2. Self Employed and Self-Assessment tax return services
3. Property income tax and capital gains tax
4. Preparation and filing of accounts including CT600 for small and limited companies
5. Incorporation services for companies
6. VAT returns and VAT advice
7. Auto-enrolment services for payroll and pensions
8. 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.

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.

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

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

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:

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

   

   or trade bodies relevant to the business

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

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

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

1. Stock and material cost to include the direct cost associated with the production of goods, the cost of the raw materials, and the stock cost.

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

What Type of Accountancy Services Will Immigration Individuals Need?

A. Limited Companies

A limited company will need:

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

1. Self Employed

A self-employed individual will need

• Accounts
• Payroll
• Tax returns

Choosing an Account Online

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

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

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

Choosing the right accountant in London

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

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

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Hire Accountants for Recruitment agencies in London and Essex

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

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

1. Self-Assessment

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

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

2. Allowable expenses.

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

3. Services required.

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

4. Choosing the right one.

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

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

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

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Accountants for personal trainers

The amount of money you are able to keep depends upon the tax you pay. If the tax planning is not properly done, then there’s a considerable loss in savings.Tax can be confusing,so in this article, we clear some of the frequently asked questions regarding Tax Filing for Professional Trainers.

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How do I start with Tax filing?

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

What are the filing dates for personal trainers?

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

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

What are the allowable expenses?

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

● Training Equipment:

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

● Computer and Printer:

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

● Website:

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

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

What type of accountancy services will personal trainers need?

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

● Advice on Establishments of the business structure.

● Service on startup expense checklists

● Selection of accounting software and providing appropriate training.

● Invoicing,Bookkeeping and Payroll services

● Analysis and Preparation of Financial Statements

● Strategies for Tax Planning.

Choosing an online accountant:

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

Choosing the right Accountants in London:

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

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Accountants for 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

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.

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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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.

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.

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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.

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.

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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.

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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!

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

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.

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.

1.  P60
2. Self employment income
3. Interest income
4. Property income
5. Child benefit
6. 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.

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

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.

Accountancy Fees for Small Businesses

Accountants deal with a number of small businesses in all types of sectors. They deal with bookkeeping, preparation and submission of self assessments, tax advice and planning, tax returns, CIS Tax, and company formations. Accountants have a high quality standard at low rates.

Small business accountancy fees are listed below:

•Sole trader accounts and tax returns range from–  £250 to £350*

Gm professional accountants have self employed packages from £20 a month, small business accounting services from £60 a month this is an exclusive offer for August 2017 and with limited numbers, contact us today on 0208 396 6128.

Get a Quote Now

•Limited companies accounts and tax returns – £650 to £850*

•Payroll per employee – £100- £120

*Prices are dependent on the size and scale of the work.

Limited Companies

• Small limited companies are not legally required for an auditor.

• The costs of trading as a limited company are larger than if you were a sole trader. Though there are significant benefits, mostly the saving of Class 4 National Insurance; and also the limited liability.

• Services of an accountant is highly advisable for a Limited Company. This is because the preparation of Year End Accounts is a legal requirement and requires specialist accounting knowledge.

• The main accounting fees for Limited Companies will be accounts for the Year End, which then are filed at Companies house and returned to HMRC.

• Dividends can be paid if you are making profit, which you probably are paying yourself. You will also need to register for Self Assessment to pay yourself dividends.

• You will be probably paying yourself a salary as a director, if you trade as a Limited Company. This will require registering a PAYE scheme and administer a Payroll.

Self Assessment

• Sole traders are permitted to prepare and file their own accounts and tax returns.

• Self Assessments can be done online but a small business may need a specialist online filing system.

• Accountant services will include consultancy, tax advice and general help with business issues which new businesses can benefit from.

Bookkeeping

• Accountants offer a bookkeeping service, which many of them do. Keeping good records of your business will be able to save the cost of this extra help, as it saves the accountants’ time from filing.

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

• As a busy business owner you may well conclude that it is a better use of time to concentrate on developing and growing your business, rather than spending hours doing your accounts and bookkeeping, and therefore you appoint a bookkeeper.

Software
• Accounting and bookkeeping software, like Sage, will help a business owner complete the records before hand, which can reduce the accountant’s year end fees. The added advantage is that your records are updated, business reports will be ready to hand in and your accounts can be done quickly.

• Online filing is now compulsory, so your accounts and tax returns can be filed online. Small business may require using specialist online system.
What do Small Business Accountants do?

• Most businesses accounts are legally required to be presented and prepared on an accruals basis. Adjustments are likely will need to made to the accounts to bring them to the legal standard, this does include sole traders.

• Small business accountants have many contacts and clients in various trades and professions. Therefore they are able to guide you to additional business services, like business planning, which may require additional service.

• Small business accountants are also often tax advisors and are likely to be able to give you advice on tax strategy and potential tax savings.

Accounting and Tax Services in Redbridge

We are Specialist Accountants near Redbridge and finding an accountant is difficult. We prepare and submit your self assessment 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.

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.

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 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 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:

1. P60
2. Dividends
3. Self-employment income
4. Child benefit
5. Property income
6. 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.

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.

• Fixed Fees Agreed in advance 

• Specialist in small businesses & self assessment tax returns

• Awared the Three Best Rated Accountants

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.

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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

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?

Accountants for ebay sellers 

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

What Are The Filing Dates For eBay Sellers?

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

What Are The Allowable Expenses?

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

– Reselling

– Taxes and shipping costs associated with the item.

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

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

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

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

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

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

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

What Type Of Accounting Services Will eBay Sellers Need?

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

Choosing An Online Accountant

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

Choosing An Accountant In London

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

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Accountants for online sellers

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.

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Accountant for actors

Introduction

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. 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. For 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

Tax Advice on the Allowable Expenses For Property Developers

Accountancy Services Property Developers Need

Choosing an Online Accountant

Choosing the Right Accountants in London

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?

1. Choose a certifiedaccountant. Do not shy away from asking them to show you their certification. Makesure they are a Certified Public Accountant (CPA), Chartered Accountant and/or AAT Licensed Accountant based on UK accreditation.

2. 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?

3. Affordability is also key.

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

5. 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:

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

7. 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.

8. Ask advice from your socialcircles. One or few people might know a reliable online accountant for travelagents.

With that summarised guide, you are in capable hands with GM professional accountants for your travel agent. Remember, with a good accountant your business will grow.

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Tax return Accountants for Individuals

Usually people do require a person who knows the law, finance and tax perspectives so that the individuals do not make any mistake in those aspects. Sometimes the information from bank might be wrong like the account details, credit card bills etc which can be corrected earlier if you an accountant to deal with them.

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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Tax return preparation services

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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^st January (online submission). A number of businesses choose to submit their Returns online, as it quicker to submit and gives the business more time to submit their Tax Returns. This is the same for Self-Employed individuals.

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

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

Posted on 22/12/2015

Travel and Subsistence

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

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

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

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

Accountants in East London

Winding up for tax reasons

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

Posted on 27/10/2015

Latest Tax News

Dividends Changes

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

How will the new tax work?

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

How does this differ from before?

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

Will everyone be worse off under the new regime?

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

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

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

Posted on 16/10/2015

Top 3 Tax Bill Tips for Small Businesses

Making sure your bank account balance matches your accounts

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

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

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

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

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

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

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

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

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

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

Posted on 07/10/2015 posted by Umar Suhail

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

Wear and Tear allowance

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

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

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

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

The 10% wear and tear allowance covers things like:

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

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

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

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

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

• Toilets
• Baths
• Immersion heaters
• Washbasins

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

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

Rent a Room

Rent a room increases from £4250 to £7500

Mortgage interest

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

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

Tax Accountants in London 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.

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 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 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.

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 How CIS Scheme Works?

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

How we can help?

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

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

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

Contact us now

I’m CIS, Do I still have to pay tax?

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

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

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

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

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

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

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

CIS TAX RETURNS

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

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

CIS TAX RETURN ACCOUNTANTS

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

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

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

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

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

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

CIS CONTRACTOR TAX RETURNS

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

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

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

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

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

Contact us now

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 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.

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

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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.

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.

Local accountant in Ilford

GM Professional Accountants

Call us now on  0208 396 6128 for a free consultation

• We are Specialist Small Business Accountants

• We also specialise in self assessment tax returns

• We provide Fixed Fees for all our services

• Awarded the Three best rated Accountants

Get a Quote Now

For more information on our Accounting and Tax Services near Ilford, Contact GM Professional Accountants today on 0208 396 6128 or email us at: info@gmprofessionalaccountants.co.uk

Address:  Unit 14 Clements Court, Clements lane,  Ilford, Essex, IG1 2QY

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:

Accounting and Tax Services in London

GM Professional Accountants are based in Ilford and London. Our accountants are Specialists in providing Accounting and Tax Services all over London. we specialise in small businesses and in self assessment for personal or business tax. We prepare, complete and file your company accounts and tax returns to companies house and HMRC. At affordable prices and efficiency guaranteed with GM Professional accountants based in East London. We make it cheap, affordable and hassle free to handle your tax affairs. Your small business are in capable hands of our specialist accountants and we provide advice for your tax queries. We answer your tax returns question for free without obligation. This is part of our tax return package here in East London. Our professional accountants process your Company account and tax return in a fast accurate manner that enables you to keep your tax affairs up to date. Our accountants will use their expertise to help shed light on areas where expenses can be claimed for in your tax return.

GM Professional Accountants are also Specialists in Registering individuals as Self-Employed. Many individuals have seen a positive impact when they have been working for themselves rather than for someone. You see an increase in profit and income when you are Self-Employed.

For more information about our Accounting and Tax Services in London, please contact GM Professional Accountants today.

Contact us now

Bookkeeping Service Specialists in London and Essex 

Why does a business need bookkeeping?

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

Get a Quote Now

How does the process work?

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

How much does a bookkeeper cost?

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

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

Bookkeeping 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