How To do Ecommerce bookkeeping for Small businesses

How To do your E commerce bookkeeping

Bookkeeping is a process which involves the recording and management of every company’s financial transaction regarding any services or goods sold, purchased as well as payments made. Bookkeepers are responsible for tracking every cost and income to equip the company with data-based financial decision-making skills. Gm professional Accountants provide bookkeeping services for small businesses.

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Depending on your Ecommerce platform, there will reports that you run and export from your admin panel. You will need to review these reports and make decisions on the sales, expenses and balance sheet accounts. Also whilst posting these to the correct nominal accounts , there will the vat liability accounts and these will effect the vat return. This area requires expertise as the rule of the place of supply of goods needs to be determined and the distance selling rules.

The duty of bookkeepers also involves giving your business a holistic financial picture, balancing your accounts, and strategically making your business’ cash flow management better.

The fundamentals of bookkeeping

An account in business bookkeeping refers to all the debit and credit entry records of a particular type, for example, accounts payable or payroll.

Accounts are classified in 5 basic types

Assets: These are transaction-based resources or valuables belonging to a company such as inventory. These will be inserted from your purchase invoices.

Income or Revenues: This is money the company earns by making sales or offering a service. These will be determined for the reports in your admin panel.

Liabilities. They refer to any obligation and debt a company owes suppliers, lenders, banks, as well as any provider that provides goods and services to the said company, for example, loans, accounts payable.

Expenses: It is the cash the company releases for the payment of assets or services, for example, salaries, utilities etc.

Equity: It is the value of the interest of an owner in a company after the subtraction of all liabilities, for example, retained earnings, stock etc.

The ideal way of setting up small business accounting is to start with the setting up of each account individually. This will enable the recording of each transaction on its rightful category.

Your general ledger, as well as bookkeeping processes, will appear pretty different from that of the nearby ecommerce store. After all, common accounting methods differ based on different business needs.

The ideal way to do bookkeeping

1.Ensure that financial records stay maintained and updated: Bookkeeping is numbers-based work that deals largely with basic math and accounting. Differences in the type of bookkeeping work done depend only on your business type but tasks such as settling accounts receivable together with bank statements, financial transaction recordings, billing, invoicing and tracking payroll are more or less the same.

Other financial responsibilities on your duty will also include:

Incorporating tax in bookkeeping on the income, payroll, employment as well as in tax deductions for small business.

Budget planning to enable the company to sustain its growth

Gathering financial statements for stakeholders to explore! They include an income statement, balance sheets, cash flow, and equity changes.

Bookkeeping is not only about mastering numbers but also what the law requires from businesses. Provided you run a business that maintains regular auditing, considers ensuring that you have legally binding records together with deductions.

2.Monitor everyone’s activities especially spending

The time that goes into financial bookkeeping processes when it comes to ensuring that various financial transactions are accurate is worth mentioning. Besides, as a bookkeeper, you have to balance the books every day while tracking every payment that enters or leaves via employees.

The implication, therefore, is that in order to better equip yourself with bookkeeping and accounting know-how, your communication proficiency and organisation aptitude should be apt. This is necessary because your job description among other things involves collecting receipts from employees, handling travel expenses and reimbursements. This entails creating an easy-to-follow submission and reimbursement system to help record every transaction without missing any. That will assist you to bookkeep sustainably, accurately and in an up-to-date manner.

Comparing Double-entry bookkeeping with single-entry

In bookkeeping, the single-entry method involves recording business transactions whenever you deposit money or pay bills into the account of your company. Just think of how a check register is kept! This is a method that suits smaller businesses more, considering that their transactions are in small amounts.

With double-entry bookkeeping, all sizes of businesses and complexity are applicable. It is a method that involves making an entry into an account and in return, an equivalent and opposite entry is made to another account. Take for instance if you recorded a £100 income, then you will have to make two entries: (1) £100 of debit entry to raise your cash balance sheet and £100 of credit entry to raise the income statement of the revenue account.

FAQ on Bookkeeping

What does a bookkeeper do?

A bookkeeper is an individual who records and manages your company accounts and documents for all financial transactions. With bookkeeping, you can see the financial position of your business at any given time. Bookkeepers’ work is the reason accountants and auditors can easily see the financial health of your business.

How is bookkeeping different from accounting?

Bookkeeping involves making records of financial transactions whereas accounting includes not only recording financial data, but also categorizing, analyzing, reporting, and summarising it.

Gm Professional accountants specialise in online businesses, Our offices are Located in London, Birmingham and Greater Manchester. 

Some of the Biggest Tax Issues affecting small businesses

 

Accounting is what helps investors, tax authorities, and managers, to know about the financial data of a company. Accounting is all about the recording of financial transactions, journalizing, Sorting, summarizing and reporting the information in different accounts and analyses. Accounting is also considered a profession that many people often opt for. An accountant is an individual who is well versed with the accounting principles and standards. He is a practitioner of accountancy and has proficient knowledge in technical skills. They also their clients in filing the tax returns and hence also known as tax accountants.

In UK a tax accountant is considered to be a practitioner who has specialized knowledge in tax accounting. These accountants can help their clients with the various tax issues. Tax consulting is important for all to know more about the taxes. A tax accountant will gather all the necessary documents and forms required for filing the tax returns. The tax related issues are crucial. Let’s now look at some of the biggest tax issues the tax accountant has to deal with in UK.

The most challenging part of managing a small business in UK is dealing with taxes. Small businesses are the most common group to be targeted by the IRS for various reasons. Many small business owners understand their craft but are unprepared for dealing with the intricacies of tax laws. The lack of tax law knowledge often turns into an audit or even worse from HMRC. Making sure to avoid certain mistakes can drastically reduce the likelihood of an enquiry. Reporting a net loss year after year is sure to trigger a second look from the HMRC.

Another common trigger for an enquiry is using personal expenses as business deductions. Travel, entertainment, and company vehicles can all be deducted but must be used for business purposes. Overstating expenses or declaring 100 percent use of a vehicle that isn’t solely used for business are all carefully watched. Detailed record keeping is another way to protect a company from an enquiry. Having records is even more critical for businesses that deal with regular cash transactions.

One area that HMRC will focus on is evaluations on payroll taxes. Processing proper tax payments for employees can be one of the trickier parts of dealing with taxes. HMRC knows this is a common area of error and will look for mistakes even if they aren’t done intentionally. For any small business, it’s always best to use a qualified tax accountant to prevent problems before they happen. Spending a little upfront can result in huge savings later one.

How can an a qualified Accountant help a small business being audited or harassed?

Running a small business in UK is hectic and stressful. Finding out that HMRC is opening an enquiry can make things much worse in a hurry. Once a company has been targeted, they will constantly be harassed until a resolution has been reached. . If a company finds themselves being audited or facing a demand for payment, it’s best to find a certified tax adviser immediately. Getting a tax adviser early can save a lot of money in the long run. In addition to saving money, it takes a lot of time to go up against HMRC. Experienced tax adviser are experienced and are much better equipped to tackle the issues. Getting a fair settlement worked out will be worth the cost of having a good tax adviser in your  corner.

GM professional accountants specialise in bookkeeping services for small businesses

VAT Returns for small Limited company businesses.

VAT Returns Services for small Limited company businesses.

HMRC is the UK government body in charge of taxation, that has the power and mandate to enforce taxes and as a result sets out rigorous due dates for filing the returns.

Why does a business need VAT Returns?

The filing of VAT returns in the UK is mandatory and voluntary for all businesses in the UK that reach £84,000 in an accounting period and must register for VAT. This is worked out of from the anniversary of the business. You must also register if in the next 30 days you will go over the threshold.

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This is one thing every business accountant, worth his title, must be aware of. Undoubtedly, it is very crucial for every business to abide by the VAT return days set by the HMRC. The late submission of one’s VAT returns the late payments of pending VAT as well is most likely to lead to fines.  A business can voluntary register if they are below the threshold and can also de register if they remain below the de registration limit.

What is the process?

The filing of VAT returns needs to be done digitally these days. The respective due dates and amounts will be shown on the returns. In addition, the remittance of the due amounts can be done through many methods like the use of debit or credit cards or even making direct debits. However, it is extremely crucial to take special note of one’s due date for VAT settlement and understand that this describes the day on which all settlement needs to have been cleared.

So, think about it and organize your approach to VAT settlement beforehand to guarantee the due date is adhered to. The very first thing you need to do to start the procedure is consult the HMRC online solutions and enlist straight away if you haven’t yet. To achieve this, you merely head to their online portal and key in some fundamental information, like your respective VAT number, business address, and so on.

Thereafter you will be provided with an activation code that must be used in not more than 30 days. If you are in a rush to send your returns, the HMRC will allow you to go on without triggering the code. However, it is a great idea to take the activation approach. This is allowing you the ability to use the HMRC’s other services.

What is the difference between the Vat Schemes

Why the standard VAT scheme?

With the Standard rate scheme, you would normally do quarterly vat returns. On this return, you would report the sales vat and purchases vat. You would then pay the difference between these two.

As an Example, if you had £10,000 sales plus vat and you had purchases of £2000 plus vat, (we are using the rate of 20% in this example) you would have the following:

Sales vat                                            £2000          (£10,000 * 20%)

Less Purchases Vat                            £400             (2000 * 20%)

Vat due                                              £1600

Why the flat rate scheme?

The scheme was introduced by HMRC to simplify vat returns. This would also give an incentive to earn additional income.

The procedure of the sales is like the standard scheme for the customer as they still get charged vat.

The difference occurs when you calculate the vat return for your limited company or sole trader.

The Total gross sales are taken including vat. This is then multiplied by a percent depending on your sector. As an example, we will take 13%

Sales £10,000 plus vat 2000 * 13% = £1440

The amount you have charged the customer is £2000 and the amount payable to HMRC is £1440. This gives you an additional income of £560 for this quarter.

Also, please note the new rule of cost of trader to the flat rate scheme is now in place.

You are classified as a limited cost business if your goods cost less than 2% of your turnover or £1000 per year.

If you fall within this category then will need to use the rate of £16.5%

Completing Your VAT Returns?

This modern online way of filing VAT returns was embraced partially because it has many benefits over the outdated, paper based methods. The primary benefit is that it is very simple and fast. You can submit your returns instantly when ready. It can be anytime; even at night. Additionally, these new system saves your VAT returns for the last 15 months. Moreover, if you forget, this new system brings is that you can receive timely email tips from the HMRC to alert you when your returns are due.

What if I get a VAT inspection?

If HMRC feels that the information you have filed is not precise, they might order a VAT inspection of your facilities. A VAT inspection examination is an in-depth investigation into your book of accounts and business operations and is carried out if you are suspected of intentionally averting VAT payments.

It is performed by professional VAT officers under the HMRC office. If this investigation is initiated, you are most likely to be alerted at some point in time through a letter written by a VAT officer, detailing that a query has been opened to investigate you. In combination with a written notice of inspection, you might also get a special notice to produce, which suggests that you need to produce files and reports in accordance with the VAT officer’s demands.

Going through a VAT inspection can be one of the most unpleasant times for most of Limited companies, Sole trader or Partnerships. It is for this reason that one must look for a taxation expert immediately. This is to ensure that one is totally notified about the procedure and helped to reduce the VAT fines and charges that one might deal with as an outcome of the examination.

How much does all this cost?

Vat services start from £140 plus vat per month, the prices are dependent on the type of the business and the time required to complete the vat return. As mentioned earlier you can trade as a sole trader or a limited company and be registered for vat. We offer packages that coincide with your limited company accounts or your self-assessment tax return.

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Accountants for Etsy UK Seller businesses

Accountants for Etsy Ecommerce businesses

There is little doubt you have heard of Etsy, the online marketplace where buyers are connected with sellers offering handmade, craft and vintage items.

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Whether you are considering becoming an Etsy seller or you are one already, it would be prudent to consider taking on an accountant. Appointing a professional who is well-versed in the financial requirements of a small business leaves the owner free to concentrate on the things that matter to them: building their customer base and increasing sales.

Which Accounting service does an Etsy seller need?

No matter whether you have just started or have been trading for some time, you will have financial affairs that require management. Some of the particulars of what you need may change, others are constant.

Bookkeeping is a prerequisite for a business to function properly. In addition, limited companies need to be aware of several other obligations including quarterly and annual filing of accounts, RTI and PAYE reporting, VAT returns and Corporation Tax liabilities.

Not only does efficient financial work reduce the likelihood of being subjected to an audit, but should that come about, a professional accountant can help you handle it.

Dealing with Companies House and HMRC can be a daunting experience for the uninitiated not least because laws and regulations change. On top of that, in the event your business is selected for a random check into VAT or Corporation Tax, HMRC will want to see evidence that you have been claiming the correct amount of VAT or that revenue and expenses have been properly declared.

If you are one of the business owners who employs staff you will be aware of how time-consuming a procedure payroll processing can be. If you are not, you may be interested in learning more about rules around your residence being your place of work.

A knowledgeable expert will do the heavy lifting where it comes to paying your staff and will also be able to advise you on which expenses you can claim to minimise your outgoings, distance selling thresholds and when to register VAT. thresholds and when to register VAT.

Allowable expenses include:

Commissions

Purchase of goods

Postage and carriage

Subscription fees

Residence as office

Accountancy fees

Marketing Fees

Directors Salaries

Hiring an accountant will give you peace of mind and a safety net if things take an unexpected turn.

Looking to the future

It is not solely about reactive measures – accomplished accountants are also able to provide proactive assistance. Drawing up business and sales plans, producing economic forecasts and advising on pricing are further forms of invaluable support for the ambitious entrepreneur who is keen to succeed.

To be certain you get the quality of service you seek, be sure to look for and appoint a licensed accountant with experience in the type of work you need done. It is a false economy to cut corners in this respect.

Recruiting a professional accountant will save you time, money and stress. That way, you will be in a position to dedicate your efforts to the very thing that drew you to Etsy in the first place: the chance to interact in a marketplace without too much hassle.

Here at GM Professional Accountants we are committed to saving you money. Get in touch for a no-obligation chat about how we can help you.

Tips for Small Company Formations

Company Formation Agent Accountants for Startups

Ready to set up your Company?

It is vital  for your small business to get the company structure, share classes, shareholding, and articles of association accurate during the setting up stage at companies house.

At GM Professional Accountants, we pride ourselves in providing the most ample advice on the setup of new limited companies. We have offices based in London, Manchester and Essex.

During the setting up of a Limited Company, Company Formation is just the first step of many. You will need to consider start-up activities such as registration with HMRC business taxes, which is a service most conventional company agencies do not provide.

We provide comprehensive services that include tax and accounting compliance registration that include:

  • VAT Registration
  • Registration of Business addresses including Mail Forwarding Services
  • Registration for PAYE

What to Expect from Our Company Set Up Services for your small business

  • Online company formation in only three hours
  • Company name availability search
  • Documents by post or email
  • Registration of the company for Corporation Tax, PAYE and VAT
  • Business startup pack
  • Recommendation on the most optimal business structure
  • Accountants’ letter to help in the opening of a business bank account
  • Articles and memorandum of association

The Different Types of a Limited Company

Private Limited Company by Shares – Most Popular

This is the most popular type of limited company and is the favourite for freelancers, small businesses and contractors. The limited company typically issues profits and shares via dividends.

If you are a member of a business that is limited by shares, the obligation that is owed is limited to the number of unpaid member shares if any.

If the company becomes insolvent, the shareholder is not legally required to make any contributions to offset any debts of the business.

Company Limited by Guarantee

This business structure is mainly favoured by charities.

If the company is dissolved, it is the shareholders responsibility to contribute to the total sum of money they agreed to guarantee for it.

If a company that is limited by guarantee is liquidated or wound up, then every member will need to contribute to the amount they guaranteed. This is to offset the debts the company owes while they were a shareholder. The amounts involved are typically relatively small.

Setting up Fast

If you have ever tried to set up a company, you know that it can be a frustrating experience as there is a lot if paperwork to fill in and forms to submit.

GM Professional Accountants Do It All for You

We can complete the paperwork and submit the forms so that you are set up for trading as soon as possible.

Filling out the Forms

We will take charge of all the paperwork. This will include the compliance requirements of the company formation such as Memorandum of Articles and Articles of Association.

Some of the businesses that favour this type of company formation include freelancers, small businesses and contractors. The limited company will typically issue their profits and shares via dividends.

Shareholders of companies limited by shares are limited to the amount unpaid if any on the members’ shares. Once the member pays their shares in full, the shareholder does not have any liability for the debts of the company.

Accountants for shopify businesses

Accountants for shopify E-Commerce Sellers

Accountants for Shopify sellers is a specialist area, the place of supply of goods is an important factor in determining the vat status,

It is highly crucial to make sure accountants are put under control by the bodies of accountancy such as CIMA-Chartered’ Institute of Management’ of Accountants, AAT, ACCA – Certified, ICAS – Institute’ of Chartered Accountants. All these great organizations boast of a high level of standards that ensure you’re able to get the best and high-quality practitioners.

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The GM Professional Accountants are mostly specialized in shopify E-commerce’ businesses, whereby the major businesses transact through Paypal, Amazon, and eBay. They have specialists who will guide you through the extraction of reports which are required for VAT and accounting deadlines.

The Appropriate Time For shopify E-Commerce Sellers To File Returns

There are various dates set by the authorities liable for taxation for filing of returns by the sole traders and the companies. As a sole trader, whether you’ve employees or operate your business on your own, you are expected to submit tax returns by 31st January every year. On the other hand, if you own a registered company that deals with shopify E-commerce products, you must file your returns at least 9 months’ post the period of accounting.

Claimable Allowable Expenses

-You must have records of various expenses which were incurred for all the sales that were made on the e- commerce’ business.

-For the accounting expenses, whether you engage services from a professional’ accountant or utilize the accounting software, you are entitled to claim for the preparation of tax’ expenses and reduction of tax filing.

-Re-Selling

-Costs of shipping and the taxes which are associated with your item

-Expenses incurred on office equipment – you are allowed to request for the expenses of your office and various services which include furniture, internet service, and computers and so on.

-The cost incurred on the manufacturing of tools, supplies and the materials.

-Deduction on the home office – you are allowed to claim for the deductions if you operate e-commerce

business’ form your office exclusively used for that purpose’.

-Damaged or Returned Items – You must record the beginning and endings of the stock in order to be able to claim their deductions.

-You must brace yourself for shopify E-Commerce fees, bank fees, Paypal fees, and the postage costs.

Various Types of Accounting’ Services that you Need as an E-Commerce Seller’.

The following includes the various services you will require in order to be an E-commerce Seller.

-Payroll
-Statement of confirmation -Bookkeeping
-Accounts for statutory company -The abbreviated accounts
-CT600
-Statement of pension compliance -Returns of VAT on each quarter -Self-assessment’ directors’ tax return

Therefore, whether you require a very small amount of money or just sell one or two items’ from the e- commerce’ business, it is your responsibility to file the tax returns. This is the reason as to why it is important to engage’ services from accounting expert and professional tax in order to take care of various financial matters and accounting. Additionally, you are allowed to claim various deductions for preparation of account expenses. You don’t necessarily need to do the accounting on your own. This is the appropriate time you should be concentrating on the activities that will grow and promote your business. The requirements of your good business will determine the type of accounting’ services which are suitable for you.

What accounting software works best with Shopify?

A cloud based bookkeeping system is ideal for an online business, as this can easily record data digitally and allows you to view various reports. Here at GM professional accountants we have partnered with Xero.  The cloud based bookkeeping software comes with our packages.

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

R&D Tax for Small busineses – Research & Development tax relief

What Exactly Are Research And Development (R&D) Tax Credits?

Research and development or R&D tax credits are incentives from the government engineered to reward UK businesses for investing in innovation. They are, therefore, a valuable source of money for companies to invest in improving their R&D. They can also use the cash to hire new staffs and ultimately grow their businesses.

Small and medium-sized enterprise (SME) R&D can claim for the following:

  • Can deduct an extra 130% of their qualifying R&D expenditure from their profit, plus the normal 100% deduction, this is a total of 230% deductions.
  • A loss making company can claim a tax credit , the rate is 14.5% of the surrenderable loss

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The money is refunded in different ways. For one it can be paid as a negative corporation tax or as a tax refund at the end of a financial year.

Examples of R&D costs are supporting software/Saas, subcontractor costs, testing, management, prototyping, technical analysis and developing manufacturing processes.

Who Qualifies For R&D Tax Credits?

R&D covers all sectors. It takes place in everything from digital development to construction and from chemical engineering to cheese-making.

However, you must provide proof to the HMRC that your technology was complex. Here you must submit technical and financial details of your innovations. The HMRC has detailed criteria, and your R&D must meet them.

1. Technology

One rule of qualification though is that a project qualifies to be R&D if it offers a modification to an existing service, process or product.

If it’s not yet clear whether or not you are having qualifying R&D, here are some illustrations:

If you have a platform whereby people can upload videos using image recognition to tag and analyze these videos, then you might qualify.

There are logistics in business that auto determines how products will be shipped to the appropriate locations on time. The same logistics also determine the most reasonable price to sell those products in those locations. If you have such a platform then you might qualify.

However, you will not qualify for R&D if you deal with setting up a Drupal site or WordPress.

Besides those platforms, the qualification also depends on factors such as performance and scale. Here are examples on that:

If a search tool offers quick results when a person searches across terabytes of data from thousands of corporate shared drives, then it might qualify. However, if the tool searches across a few and simple documents stored on a hard drive, then it cannot qualify.

A site that allows people to send images and short messages to 400 million active users every day, it might qualify. But if the website enables them to share the images or messages between each other than it will not qualify.

2. Cost

If your innovation did cost you at least 100k or more on skilled engineers/developers to create it, then it probably might qualify.

3. Technical Uncertainty

At times you might be developing a product/service and you are not certain whether it could be created to the recommended specification. In such a case the outcome is uncertain and the innovation could be R&D.

4. Innovation

Speaking of innovation, you might have succeeded in projects that others have failed in. in such a case, your innovation could probably be Research and development.

As for those participating in common innovations that other people can easily do, then that is not R&D.

5. Qualifications

As for qualifications, the thumb rule applies here. Let’s say you have competent and smart people with formal qualifications who spend lots of time on a project. If so, then it could be an indication that the project is R&D.

On the other hand, if your technology does not involve such skilled people, it might not necessarily imply it is not R&D. Have a look at other details on technology.

Technology Qualifies For R&D Under These Circumstances:

1. The Finances

For technology to qualify, you must have spent lots of money developing it. Not only spending money but do so in the right way that convinces HMRC to consider you for R&D tax relief.

2. Rules
Apart from finances, your company must be UK based to qualify for R&D Tax Credits.

Additionally, your UK business must have spent finances creating a technology that adheres to the aforementioned criteria. Some of the ways of spending money on technology include:

i) PAYE deductions for employees
ii) Buying materials for the project and the excess ones can’t be sold for full value iii) Paying subcontractors to deliver your project
iv) Software licenses for delivering the project

The spending, however, must be within the last 2 financial years – at times 3 years.

While there are other details, you might qualify for R&D if you meet those criteria. The Pricing of R&D Tax Credits

There are several government funding specialists in the UK. Each has their own pricing for R&D filings. But as for us at GM, we charge 15%.

What sets us apart from the rest is that we are transparent. As in we don’t have hidden fees or charges. Our pricing varies based on your research and development expenditure. Nonetheless, we focus on advancing your R&D Tax Credits using our special Advance Funding product.

How Much Refund Will You Get?

The tax refund depends on your specific situation. However, there is a rule of the thumb used here, which is:

i) A large business doing R&D gets around 11% of its R&D costs refunded.

  • Can deduct an extra 130% of their qualifying R&D expenditure from their profit, plus the normal 100% deduction, this is a total of 230% deductions.
  • A loss making company can claim a tax credit , the rate is 14.5% of the surrenderable loss

So far everything sounds great, but how do you get the refund?
First, you should write a technical narrative and make it as convincing as possible. In the narrative, ensure you include a clear table of all the financial calculations.

Once done, amend the CT600 and file it with HMRC. From there you can decide whether to file it yourself or hire a specialist like GM. If you are a DIY person and want to handle everything, you can proceed. Just ensure you fill details in the correct boxes in the CT600.

Along explain why your innovation qualifies for R&D Tax Credit. Include a calculations table to support your claim amount.

The idea is to convince the HMRC that you know what projects and costs qualify for R&D. if your application is successful, you’ll receive your refund in the next two to eight weeks.

In case MHRC thinks your filling is incorrect, you will get an HMRC inquiry. It entails several questions, which will delay your refund. The worst it can get is gruelling meeting along with penalties for incorrect filling.

Vat accountants for small business

Vat specialist advice for small businesses

Vat can be be complex for small businesses. As this is a broad field and specialist advice is need to make an informed decision.What to claim as input vat and what type of scheme you will select are some of the common questions.

VAT compliance

We ensure that you have enough information to Make an informed decision and understand the complexities.

VAT is a complex tax and HMRC threaten penalties for any errors; let us guide you through the maze of regulations. We work with you to ensure that you understand VAT and its impact on your transactions, assisting with:

  • VAT registrations
  • Consultancy advice
  • International vat rules
  • Completing VAT returns on your behalf.

International VAT

International vat is an area where most small businesses need advice. Cross border transanctions between the EU and outside the EU have different treatments. With Amazon FBA small businesses now expanding , the place of supply is an important factor on the vat treatment. The place of supply is different for Goods and services and also treatment to businesses and consumers. There is also distance selling rules which can impact you significantly if you cross the threshold. The types of scheme such as the flat rate  scheme have been impacted by the limit cost trader rule. This has now made businesses use the 16.5% with 1% percent discount in the first year.

Zero rated, Standard rates and exempt

It can be difficult to identify the vat treatment for products and services. This can also impact whether you can claim the input vat or not. GM professional Accountants are vat specialists and provide a wide range of services on vat. We provide comprehensive information, this ensures that you are comfortable and In control of your business.

Call GM professional Accountants today on 0208 396 6128

Our offices are located in London, Essex and Manchester.

Accountants for Ecommerce Businesses

Specialist Accountants for ECommerce sellers in London

Internet commerce or electronic commerce, means  selling and buying of services or goods using the internet, and the transfer of data and money to fulfil the transaction.

As an E-commerce business you will have a wide range of platforms and payment portals such as EBAY, Amazon FBA, shopify , Paypal and many more.

It is vital to ensure that the accountant are regulated by one of the accountancy bodies like CIMA-Chartered Institute of Management Accountants, ICAS- Institute of Chartered Accountants or ACCA-Certified Accountants, AAT and CIPFA. These organizations hold standards and this ensures that you are getting quality practicitioners. GM professional accountants specialise in Ecommerce businesses, majority of the businesses will be dealing with Amazon, Paypal and Ebay transactions.  We have specialists that will help you extract the reports needed for the accounting and vat deadlines.

 

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When are E-commerce Sellers Expected to File their Returns

The tax authorities have set different dates for filing returns for companies and sole traders. As a sole trader, whether you have employees or own and run your business, you need to submit tax returns before 31st January. However, if you have a registered company selling e-commerce products, you need to file your returns no longer than nine months post the accounting period.

What can you Claim as Allowable Expenses?

1) You need to have records of all expenses incurred for anything you sell as an e-commerce business.

2) Accounting Expenses – Whether you have engaged the services of a professional accountant or use accounting software, you can claim tax preparation expenses and tax filing deductions.

3) Reselling

4) Travel Expenses – If by any chance you need to travel to source your products or deliver e-commerce packages to the post office, you can claim travel expenses.

5) Shipping costs and taxes associated with the item.

6) Expenses for Office Equipment –You can claim expenses for office supplies and services including internet service, furniture, and computers among others.

7) Manufacturing costs of supplies, tools, and materials.

8) Home Office Deduction – You can claim deductions if you run your e-commerce business from the home office, which is used exclusively for that purpose.

9) Returned or Damaged Items – You have to record the ending and beginning inventory to claim the deductions for these.

10) E-commerce fees, Paypal fees, bank fees, and postage costs.

Types of Accounting Services You Need as an E-commerce Seller

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

Whether you make a small amount of money or just sell an item or two from your e-commerce business, you are expected to file your tax returns. This is why it is critical to engage the services of a professional tax and accounting expert to handle all your financial matters and accounting. Furthermore, you can claim deductions for account preparations expenses. You do not need to be doing tedious accounting work when you should be focusing on tasks to grow your business. Your business requirements will typically determine what type of accounting services will be suitable. You will need to interview the accountant and define your business requirements to get the best accounting package. Some of the services that companies need include VAT returns, director’s return, self-assessment, payroll, and maintaining of accounts. Sole traders do need tax returns and accounting services.

How to make the right choice at choosing the ideal accountant?

First, you have to get that accountant prior to starting the venture. The accountant is then able to assist you to get the business structure right at the beginning. Besides, a good accountant will help you with the plan of the business and aid with the planning of tax.

Also get an accountant with the ideal expertise. The accountant will assist in coming up with the tax returns and the financial files for organizations of the same revenue and size as yours.

GM Professional accountants have the expertise and experience to help you develop and grow your business through tax planing and tax advice. As there are vat implications if you are selling abroad and there are different vat thresholds in each country. Our tax advisers can help you understands this and make an informed decision.

Thirdly, decide on the software you will use, GM professional accountants provide this with all our packages and this ensure that all data is secured and kept up to date.

Fourth you have to consider bringing on board someone who would like to save you money. In case you are a sole trader, ask yourself whether you can cut off some of the costs like car expenses, phone bill or maybe the payments of rent and mortgage and what could be the consequences of such actions. The accountant will assist you to look out for any pitfalls. For instance, utilizing your house as a business place could prompt being charged tax when you want to sell it.

You have to put in mind that ecommerce business has a certain process for acquiring, sale and distribution of goods. In this process, you have to ensure to make the process efficient. GM professional accountants provide you with reminder fore your Company accounts, VAT, Payroll and Self assessment tax returns.

Depending on your business. set up, you may not need vat return services if you have not registered for vat. There is a compulsory threshold of £85,000. You will need to keep a record of this and ensure you register when you hit this threshold.

GM profesional accountants also provide an overview on the expenses that you can claim. We ensure you are comfortable and know which expenses are wholly and exclusively and remote to your business. We have office located in London , Manchester and Essex.

Contact us today for a fee no obligation quote.

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Cost of an Accountant for small business

How much should an accountant Cost you in London

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

the cost of an accountant in London

Hypothesize to collect

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

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

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

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The most effective method to detect a horrible accountant

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

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

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

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

A decent accountant

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

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

Past the balance

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

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

Top 10 Profitable Businesses to Start From Home in the UK

Top 10 Profitable Businesses to Start From Home in the UK

Top 10 Profitable Businesses to Start From Home in the UK
Top 10 Profitable Businesses to Start From Home in the UK

Starting a business in the United Kingdom these days is not as difficult as it used to be. This is because of the rise of online commerce and all the business tools and resources that are associated with it. And of course, there’s the fact that the capital needed to start a business venture from scratch has significantly gone down. With just a few thousand pounds, you can start a small business and launch it within a short period of time. If you’re planning to start a business anytime soon, below are some venture ideas that you can explore. Also included in the list are the estimated profit percentages associated with the venture.

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1. Real Estate Agents (15.19%) – All you need to start a real estate brokerage firm is an agent or a brokerage license. The returns can be very lucrative especially if the economy is doing well and the value of properties go up.

2. Ecommerce Website (15.10%) – The biggest advantage of building an ecommerce website is that you don’t need much to launch it. You can have a complete website built and launched for under 100 pounds. Another benefit of ecommerce is that you can choose to either sell other people’s products through affiliate marketing or you can create your own products and keep most of the profits.

3. Automotive Rental or Leasing (14.55%) – With more people getting disenfranchised by traffic and commuting, now would be the perfect time to offer automotive rental services. You can start with a few cars and when things go well, you can slowly expand your services.

4. Legal Services (14.48%) – This has very low operating costs. And if you’re good, you can accumulate a lot of repeat clients. You can also branch out to notary services.

5. Industrial Machinery and Equipment Rental (12.58%) – This can be very profitable especially if you live in an industrial region where there’s a boom in construction projects. The only drawback of this business is that you are going to need a huge initial capital.

6. Business and Management Consulting (12.05%) – Business consulting is in huge demand these days especially with the rise of online commerce. There are companies and human resource managers out there who badly need advice from business consultants.

7. Design Services (11.4%) – The creative industry caters to a huge market. You can focus your attention on a specific niche like graphic design, industrial design, product design, or illustration.

8. Office Administrative Services (11.3%) – Businesses and companies from all over the world are always looking for third parties to manage their administrative operations. You can offer services like record keeping, billing, or even financial planning.

9. Social Media Management Services (11.2%) – Social media is big business right now. Social media presence is a very important aspect of marketing these days that it has grown into a separate industry. Starting a social media marketing firm is easy and you don’t need a lot of capital.

10. Technical Consulting Services (11%) – Almost all businesses these days are in one way or another in need of technical support. This is where you come in with your technical consulting services.

When it comes to returns on your investment or capital, these are the most profitable business sectors in the country today. Needless to say, you should trail your sight on these sectors if you have plans of starting your own business. You have better chances of achieving success if you focus your attention on these sectors.

Accountants for new businesses

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!

How a hard brexit will affect businesses and indiviuals

How Brexit will affect Small businesses

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

How will it affect small businesses?

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

How will it affect the self employed

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

 

GM professional accountants are specialists in small business accounting services.

Effect of Brexit on Small Business

Brexit only happened a few short months ago when the United Kingdom decided to leave the European Union, and small businesses are just now starting to see the effects. When big moves happen in any country’s government, the effects will trickle down to citizens through the economy which is usually more damaging for those that have a small business. Brexit, since it happened so recently, has not shown a substantial difference in most small businesses, but you should know what to expect in the future.

Know Your Present and Future Risks

Now that Brexit has happened you should expect that this is going to change the shape of your company whether this is marginally or on a larger scale. The biggest issues that businesses have complained about are the difference in tax on some goods. Some transactions will require additional fees that were previously free or reduced. The biggest thing to remember is that everything is in a period of transition and although it’s different it doesn’t necessarily mean that it’s bad.
International Business Problems
Currently, most small businesses are not experiencing much difficulty continuing with their international accounts. Experts do state that it could take up to two years before owners see the effects of this change on their revenue. Exchange rates are fluid and change all of the time, so this is just another aspect of business operations that owners should understand. However, it is stated that smaller companies should be prepared to buy higher shipping fees because their volume is lower than larger competitors.
Uncertainty of the Future
Many small businesses were completely unprepared for the finalization of the Brexit vote. This is only the first step into unchartered waters where businesses have never headed before. The most efficient way to survive this change is to be easily adaptable so that you can easily transition and survive.
Future Economic Issues
Most small business owners are successful because they can accurately access their day to day risks and know how to handle their revenue appropriately. With the introduction of Brexit, businesses no longer have anything to gauge their future against because the economy has changed. There are many ways that you can survive this change with minimal loss by being even more conservative in your business practices. Make sure that you have a little bit of overhead in your accounts so that you prepare for unexpected costs.
Best Steps to Take After Brexit
The biggest thing to remember is that panicking isn’t going to be useful in any situation and that this situation will pass and be in the history before you know it. It may seem like a good idea to overreact with your finances, but it’s better just to wait awhile before making any big moves. However, there are a few things that you can do to make sure that small businesses are protected better from Brexit fallout. Make sure that you build up some cash to have in reserve. You should also pay attention to all of your clients and their locations so that you can decide which relationships might change. Then, at the end of the day, focus on your customer service because your small business will continue to thrive long after Brexit has left the headlines.

GM professional accountants are small business accountants based in London.

How Much are Accountant Fees for a Small Business

Accountancy Fees for Small Businesses

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

Small business accountancy fees are listed below:

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

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

 

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•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.

Small Business Accounting Services in London

What are Small Business Accounting services ?

What is small business accounting?

An important part of an accounting system for a small business is to enable business owners to record, analyse, and interpret the financial information to make an informed decision.  Accounting records have to be correct so that a business can keeps track of its operations.

One of the most important reports for business owners is the profit and loss account. This can give a snap shot of the sales and expenses of a business for a given period.

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Why should I hire you?

Our team of accountants are experts in small business accounting  such as accounts receivables, accounts payable, bank reconciliations and payroll processing.

Our professional accountants and tax experts understand what it takes to remain competitive and profitable in the fast-paced business environment of today. You can trust us to work with you as your principal accounting provider, or as part of a bigger group.

Our dedication to customer service is unreserved, and we boast a high client retention rate that is unmatched in the accounting sector.

At GM Professional Accountants, we specialize in small business accounting and always strive to offer the best possible business services. Other than helping with your annual tax return, we also offer full-service, year-round accounting services that give you the best advice on growing wealth, increasing profitability and making the right choices for the future.

In short, our accountants go out of their way to provide you with correct innovative and strategic information in a timely fashion.

Choosing the best accountants?

With all the accountants claiming to be the best in the industry, it can be challenging to choose the right accountant for your small business. One of the most crucial things you need to consider is the accounting firm you settle for is specialised in small businesses. You want a company that understands how you operate as it is likely to serve you better.

Another important thing you have to consider is certification. Your accounting firm should have certified public accountants who can offer useful advice to your small business.

Using references, or the word-of-mouth method is yet another way of finding the best accountants for your business. GM Professional accountants have over 100 5 star reviews. this shows our committeemen to our clients.

Reading reviews on Google is also an often used method of finding good accountants. Reviews are usually from the accountants’ clients, and they can give you valuable information about the accountant that you are looking to hire.

Can you trust your accountant?

Do you like your business accountant? Or better still, do you trust your accountant? Your accountant plays a crucial role in guiding the financial well-being of your company. There, you must be able to trust your accountant and know that they will be there for you when you need them most.

Trust is even more important when it comes to meeting deadlines. As you know, business deadlines are critical. If the accountant needs to finish a project or prepare a report by a certain date, it has to be done. To know whether or not you can trust your accountant, talk to the accountant’s other clients to get an insight into their turn-around time or timeliness.

GM professional accountants send out regular reminder and have tax tips to keep you up to date with the latest changes.

Has your Accountant got the relevant experience?

Your accountant will have unfettered access to the financial records of your company. This is why you need to be sure that they are experienced and qualified enough to be trusted with this task. Apart from their experience, find out the qualification and skills they have. It’s advantageous if they have previous experience or knowledge of your business field. Do they have any connections that could help your business? Does your accountant have contact with legal advisors and solicitors, local banks and manage suppliers and clients that may be of benefit to your business? Experience is significant, and it’s going to help your business a great deal.

Can you do your own limited company accounts?

The straight answer to this is yes. In fact, as a limited company owner, there is no law that demands that you hire an accountant. However, doing your own books has two critical disadvantages.

The first one is that bookkeeping can be a significant distraction to the main purpose of your business. You are likely to take time away from critical business dealings that could be improving and enhancing your bottom line.

The second drawback is that, even if you do possess bookkeeping and accounting skills, you can mess up your books. This will mean either of two things: you hire a professional accountant to fix it, or you pay a costly price regarding taxes.

Our Accounting and tax packages explained

Here at GM Professional Accountants, we offer accounting services specifically tailored to meet the needs of small business owners. We treat our customers as more than simple financial records. That is because we understand that your business is more than just your livelihood. We understand that it embodies your dreams, your hard work, and your passions. Whether you want us to file your tax returns, or you want professional advice to take your business to the next level, you can count on our accounting experts to be of help to you.

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Call for a free no obligation consultation on 0208 396 6128

Bookkeeping Services for Small busines London

Bookkeeping Service Specialists in London and Essex 

Why does a business need bookkeeping?

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

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How does the process work?

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

How much does a bookkeeper cost?

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

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

Bookkeeping services Barking

Bookkeeping charges for small businesses 

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

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

So what do our Bookkeepers do?

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

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

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

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

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

Telephone: 0208 396 6128

Or email: info@gmprofessionalaccountants.co.uk

Accountants in City of London

Accountants in City of London

Our vision and our customer reviews show that we provide:

Gm Professional accountants in Canary wharf and Wimbledon

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

• Professional and experienced accountants with over 10 years of experience

• Quick and efficient responses tailored to your needs

Let us making accounting simple for you.

Who we are?

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

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Is your service easy to use?

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

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

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

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

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

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

What’s the catch?

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

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

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

Accountants for Self employed individuals and businesses

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

City of London

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

Advantages and Disadvantages: Limited Company Vs. Sole Traders

Advantages and Disadvantages: Limited Company Vs. Sole Proprietorship

Functioning as a sole trader may be a great way to work for a small business and often very effective for many people running a small company. But they have another option to operate their business as a limited company.

However, operating as a limited company is not necessarily the perfect choice for most because they will have to deal with several issues in the process. It can be pretty complex to start a new limited company. Of course, you get rewarded with benefits like getting a more professional appearance and a more favorable tax situation.

Let us now learn about the advantages and disadvantages of setting up a limited company than a sole proprietorship, allowing us to understand if we will benefit from opening a limited company and whether it is going to be a perfect choice or not.

The Advantages

The decision can be beneficial to you for several reasons. A few significant positives of becoming a limited company are as follows:

Tax Efficiency

Getting additional tax benefits can be the first primary reason for becoming a limited company in place of being a sole trader. You can generally take maximum tax-free income as a director of your limited company. As of 2022, you may claim an allowance of 12,570 as your salary and balance income in the form of dividends.

It benefits you a lot because you do not have to pay any national insurance contribution on dividends. Moreover, you will be paying only 19% of your company profits as corporation tax than 20%-45% as income tax if you operate as a sole trader.

Limited Liability

Choosing to become a limited company limits your liability, and you will not be liable for the business as you will be as a sole trader. It implies that all your assets and finances are protected if the company incurs debts and goes bankrupt.

Separate Entity

Sole traders have total liability for their business actions and are responsible for entering into legal contracts. On the other hand, limited companies allow much greater flexibility to the management and are hugely beneficial because they are separate legal entities.

Professional Image

When you operate as a limited company, you get a more professional appearance. Even if you are a single individual involved, it appears more significant and more professional to others. Although it may seem a little less unimportant advantage, it can make a tremendous difference in how customers and other businesses perceive you. It will get you considered for assignments that may not come to you as a sole proprietor.

The Disadvantages

A sole trader business has several inherent pros and cons. Similarly, besides the benefits mentioned above, a limited company also comes with a few significant disadvantages as follows:

Complex Setup

You undoubtedly get a wide range of benefits with becoming a limited company, but it is pretty complex to set it up. In contrast, it is relatively easy to set up a sole trader business by simply registering with HMRC. On the other hand, you will have to register as a limited company with companies house and pay fees. For the first-timers, it can be a daunting process.

Complicated Accounting

Unlike the Sole trader business, you will face a range of additional challenges to manage the accounts of a limited company. According to specialists of small businesses, limited companies may have to deal with tax planning, book-keeping, payroll, not to mention keeping company accounts up to date, managing business expenses, and addressing tax return issues. Moreover, if you fail to submit tax returns correctly, you may have to pay fines and face other punishments.

Ownership Issues

Sole traders make all of their decisions in isolation, and they have to justify their choices only to themselves. But it is not so simple for limited companies with multiple shareholders. Those shareholders will have a say in how the business will be run, and you have to appease all of them to run the business smoothly, complicating matters significantly.

Reduced Privacy

Limited companies have to register with Companies House, and they share information about company accounts, their shareholders, names and addresses of directors, etc. It means that such financial records and personal details are available to anyone who can access them.

Advantages and Disadvantages: Limited Company Vs. Sole Trader

Advantages and Disadvantages: Limited Company Vs. Sole trader

Functioning as a sole trader may be a great way to work for a small business. It is often very effective for many people running a small company. But they have another option to operate their business as a limited company.

However, operating as a limited company is not necessarily the perfect choice for most. This is because they will have to deal with several issues in the process. It can be pretty complex to start a new limited company. However, you will get rewarded with benefits like receiving a more professional appearance and a more favourable tax situation.

Get a Quote Now

Let us now learn about the advantages and disadvantages of setting up a limited company rather than a sole proprietorship. This will allow us to understand if we will benefit from opening a limited company and whether it is going to be a perfect choice.

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The Advantages

The decision can be beneficial to you for several reasons. A few significant positives of becoming a limited company are as follows:

Tax Efficiency

Getting additional tax benefits can be the first primary reason for becoming a limited company rather than a sole trader. You can generally take maximum tax-free income as a director of your limited company. As of 2022, you may claim an allowance of 12,570 as your salary and balance income in the form of dividends.

It benefits you a lot because you do not have to pay any national insurance contribution on dividends. Moreover, you will be paying only 19% of your company profits as corporation tax than 20%-45% as income tax if you operate as a sole trader.

Limited Liability

Choosing to become a limited company limits your liability. You will not be liable for the business as you will be as a sole trader. This means that all assets and finances are protected if the company incurs debts and goes bankrupt.

Separate Entity

Sole traders have total liability for their business actions and are responsible for entering into legal contracts. On the other hand, limited companies allow much greater flexibility to the management. They are also hugely beneficial because they are separate legal entities.

Professional Image

When you operate as a limited company, you get a more professional appearance. Even as a single individual, it appears more significant and more professional to others. Although it may seem a little less unimportant advantage, it can make a tremendous difference in how customers and other businesses perceive you. You may be considered for assignments that you may have not received as a sole proprietor.

The Disadvantages

A sole trader business has several inherent pros and cons. Similarly, besides the benefits mentioned above, a limited company also comes with a few significant disadvantages as follows:

Complex Setup

You undoubtedly get a wide range of benefits with becoming a limited company, however it is pretty complex to set it up. In contrast, it is relatively easy to set up a sole trader business by simply registering with HMRC. On the other hand, you will have to register as a limited company with companies house and pay fees. For the first-timers, it can be a daunting process.

Complicated Accounting

Unlike the Sole trader business, you will face a range of additional challenges to manage the accounts of a limited company. According to specialists of small businesses, limited companies may have to deal with tax planning, book-keeping, payroll, not to mention keeping company accounts up to date, managing business expenses, and addressing tax return issues. Moreover, if you fail to submit tax returns correctly, you may have to pay fines and face other punishments.

Ownership Issues

Sole traders make all of their decisions in isolation, and they have to justify their choices only to themselves. But it is not so simple for limited companies with multiple shareholders. Those shareholders will have a say in how the business will be run. You will have to appease all of them to run the business smoothly which complicates matters significantly.

Reduced Privacy

Limited companies have to register with Companies House, and they share information about company accounts, their shareholders, names and addresses of directors, etc. It means that such financial records and personal details are available to anyone who can access them.

Gm Professional accountants have office located in Canary wharf London, Birmingham, Wimbledon and Ilford Essex.

Accountants in Wimbledon

Accountants in Wimbledon

Our vision and our customer reviews show that we provide:

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

• Professional and experienced accountants with over 10 years of experience

• Quick and efficient responses tailored to your needs

Let us lead the way 

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

Get a Quote Now

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

Personal tax accountants in Wimbledon

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

Making your Online Self-Assessment Returns

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

Accounting for your Limited Company

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

We are diligent in caring for your business and finances.

Filing Returns for Property Income

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

Accounting Services for Contractors

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

Tax on Capital Gains

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

R&D Tax Credits

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

Freelancer Accounting Services

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

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

Micro Business Accountants Guide

Micro-Business

What are Micro-Business Accounts?

Every business must file the statutory company tax return with HMRC. However, small and micro businesses have several options for submitting their returns. You can save money and time by submitting your return in a simple micro-entity account format.

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According to the Companies Act 2006, we can classify a limited company as a micro business if any two of the following three conditions are true during a particular financial year.

It may not have an annual turnover above £632,000.

The balance sheet total may not exceed £316,000.

It may not have an average of more than ten employees in the financial year.

How Do Micro-Entities Do Accounting?

Microbusinesses can do accounting by:

  1. Opening a bank account
  2. Tracking their income and expenses
  3. Developing a bookkeeping system with digital records
  4. Setting up a payroll systems
  5. Investigating import tax
  6. Determining how they will get paid
  7. Establishing VAT procedures
  8. Determining their tax obligations
  9. Calculating net profit margin
  10. Finding good accounting partners

Business Expenses

You can think of any expense as a business expense by determining whether it is for private or business use.

Setup Costs: You can include the pre-trading expenses in the first period of your accounting.

Office Costs: They include printing, stationery, internet, separate landline phone for business.

Clothing Expenses: Protective clothing and uniform except for everyday clothing costs

Insurance and Subscription Expenses: Recognized body relating to business and public Liability insurance

Banking Expenses: Bank charges, annual arrangement fee, credit card expenses

Transport Expenses: Mileage allowances with car parking charges, Specific percentage of motor expenses for business

Using Home for Business: You can use HMRC rates or actual expenses incurred in the period.

Subsistence Costs: You can claim it if you are away for more than five hours.

Hotel Expenses: If you need an overnight stay in a hotel for a business trip

Disallowable Expenses

The taxable profit is different from your accounting profit. The expenses are also disallowable if they are wholly and exclusively not for business purposes.

Drawings for personal use; however, wages are allowable for a limited company

Goods for personal use

Part of landline/ mobile and internet, if you use it for both business and private

Entertaining customers, suppliers, and clients

Repayment of interest on a loan

Business gifting for entertaining

Donation amount

Late filing penalties, motor fines, and similar expenses

An Icing on the Cake

We provide a personal accountant for small businesses to help in:

Giving necessary tax advice whenever required

Managing your salary planning, dividends, taxes, and VAT issues

Filing PAYE, VAT, corporation tax returns, and annual accounts

Why Choose GM Professional Accountants?

We provide accounting software as default in our all-inclusive monthly packages. You can quickly manage your routine bookkeeping activities on your phone app or computer. You need not postpone your work till the end of the day as you can do these activities online on this software. For instance, send invoices and record receipts online.

We take care of complex and time-consuming activities: E.g., Preparing P&L account; Checking business cash flows; Checking if business finances are in a strong position; Filing tax returns, etc. The best part of associating with us is that you need not spend hours together in front of mundane spreadsheets.

We have offices in London, Manchester , Birmingham and Essex.

Tax-Efficiency

Small entities need to keep as much of their earnings as possible to maintain positive cash flows and be profitable in business. We can help you make this possible by advising you about ways to keep your business accounting in line with HMRC rules. You will end up paying as few taxes as legally feasible because we ensure that you retain more of your earnings.

Accountants in Birmingham

Accountants in Birmingham

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

Get a Quote Now

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.

Xero ECommerce business Accountants

Xero ECommerce Accountants 

At GM professional accountants we make sure that your E-Commerce accounting needs are handled in a seamless and most transparent way possible. In this regard, we make use of a reputable cloud based accounting software to manage your tax and accounting requirements. By going with GM for your accounting needs, you get complete access and support from experts that use Xero.  We also support online E-Commerce businesses that sell on Amazon FBA platforms.

Our clients love using Xero and hence we have made it part of fixed price packages at no extra cost, so that you can get to enjoy the revolutionary software for your needs. Prices starting at £70 plus vat per month which are affordable and are easy to manage.  Regardless of whether you are running a small business, are a property owner, or have an ecommerce company, sharing the latest accounts with your accountant is easy using the software’s secure and encoded cloud servers. 

Get a Quote Now

We are Xero Certified Accountants

We are expert accountants for contractors, eCommerce, small businesses and freelancers. We have the expertise to make Xero work for you, which will in turn make sure that you never have any tax and accounting headaches.

For small businesses, the Xero cloud based software that we use is the best as you can use it on several devices or if you prefer you can download the Xero App on Android or iOS.

Making your Business Tax Digital Ready?

Recently there has been a big push for businesses to file their tax returns in digital format using cloud accounting software. Since Xero is fully compatible, your business will be ready for the Making Tax Digital initiative when rolled out fully.

Reasons to Use Xero Accounting Software?

Xero has been described  as an easy to use accounting system that provides up to date  data of what is happening in the business. In addition to this, it works anytime and anywhere so that you can run your business from the office, your home or the other side of the globe.

Automatic bank feeds: Xero will import and categorize your PayPal, credit card, and banking transactions every day as long as you have connected your bank accounts. All you need to do is click “OK Reconcile” and the software will do its job.

Anytime and Anywhere: Login anywhere and anytime using your Android, Mac, Windows, or iPhone.

Everything Needed to Grow: Manage anything in your business including expenses, payroll, fixed assets, stock and much more as the software comes with many integrated add-on apps and features.

Easy to use Invoicing, get paid online and send professional look invoices. Xero also sends automatic invoices and schedules bill payments to help in cash flow management.

How to record ecommerce sales?

This will depend of the type of reports you are using , a transactional report reports the daily transactions, if you have a low volume of sales  this report may suffice. If you are have a higher volume of sales, a monthly report will be more suitable. It’s important to check the vat settings as this is a common mistake and you can void making error when declaring taxes. 

Online Accountants Manchester

Online Accountants in Manchester

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

Get a Quote Now

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

The following are some of the services we provide:

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

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

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

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

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

Limited Company Accounting

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

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

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

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

Self-Assessment Tax Return

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

 

Self-Assessment Tax Returns Online

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

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

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

Property Tax returns

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

 

Accounting for Contractors

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

Capital gains tax

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

Tax Credits for R & D

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

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

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

Accounting services for Freelancers

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

E commerce business accounting services

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

3 Piccadilly Place

Manchester

M1 3BN

Tel: 0161 883 3198

How to Find a Virtual Accountant

Small business Virtual Accountant

Virtual accounting refers to a system where a qualified accounting expert offers their accounting expertise and services to businesses and individuals virtually instead of physically working at the business premises of the client.

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Virtual accounting provides all the benefits you would get if you hired a professional that would physically work from the office. However, given that the virtual accountant is a contractor and telecommuter, the service will often be cheaper.

Virtual services make this possible as they provide greater flexibility for the accounting professional and for the client.

Advantages of Virtual Accounting Services For Your Business

With virtual accounting services, a business can get its accounting handled by a professional accountant rather than having to contract a full-time accountant. This helps companies cut costs as they can pay for services only when they need accounting work done.

It is an excellent solution particularly for small businesses that may not have the budget to engage a full-time accountant yet need a professional to do their accounting.

Virtual accounting may also prove cost-effective for big businesses that may need extra assistance even if they have their own internal accounting department. Virtual accountants can work alongside company accountants to offer their services to reduce the workload for as long as the business needs them.

It provides a unique combination for companies that may not have the funds to hire extra accounting staff but still need additional help.

A small business that cannot afford a knowledgeable and experienced accountant full time or does not have the need to hire one will benefit a lot from engaging the services of a virtual accountant.

Many small businesses run into trouble and fail within three years for a number of reasons. These include an inability to hit upon a business model that produces enough revenue, and failure to differentiate themselves from other businesses in the space. With a virtual accountant providing critical accounting services, they will be able to be in touch with the realities of the marketplace while keeping their financial goals in sight.

Instead of hiring a full time accounting professional getting a virtual accountant can be huge as the professional will provide services that include:

1. Filing and preparation of CT600 and Accounts for small business Limited Company services
2. Tax return services for Personal Self-Assessment
3. Bookkeeping
4. VAT advise and VAT returns
5. Tax return services for Self-Assessment
6. Pensions and payroll auto-enrolment services
GM Professional accountants have offices located in London, Manchester and Essex.

Accountants Guide EU VAT Goods & Services on Reverse Charge

Accountants Guide for EU VAT Purchases

The EU VAT guidelines are intended to make it possible for small businesses to trade in the EU area short of needing VAT registration in all EU nations. While the regulations tend to be complex, the alternate scenario would be more bureaucracy and work.

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At its core VAT is a consumption tax. A business registered for VAT will have to pay VAT whenever it makes a purchase and then claim it back when they make their VAT returns, which includes all the purchases made. VAT registered businesses doing businesses with each other can shift the VAT to subsequent purchasers. As such, it is the final consumer who has to pay the VAT as they cannot pass it on or reclaim it. Since the consumer eventually pays the VAT, it is called the consumption tax.

EU VAT is intended to have the same effect and hence businesses registered for VAT and doing businesses with each other within the EU can transfer VAT to subsequent purchasers up to the consumer and never have to deal with the complex regulations of each country.

There are several critical distinctions to take into account though:

Business versus Consumer

EU VAT differs depending on whether the purchaser is a business or a consumer. For the purposes of VAT, it will also be dependent on their VAT registration status. Overall, a purchaser with no VAT number means they are a consumer and one with a VAT number means they are a business. As such, any business not registered for VAT will be deemed a consumer.

Services versus Goods

If you are selling or buying only in the UK then services and goods receive the same treatment on VAT returns. Any trading done outside the United Kingdom whether it be for goods or services will mean that VAT will default to place of supply VAT rules.

It is very straightforward for goods. Goods exported from the UK to other EU countries are subject to VAT rules in the UK, while goods exported from Germany to other EU countries are subject to German VAT rules. Therefore, goods will be subject to the VAT regulations of the country of the seller.

The assumption when you are providing services such as training or consulting is that these will be delivered in person. As such, the VAT rules are inverted with the place of supply being the location of the customer. For instance, a British company consulting for a French company will have the VAT rules of France applied since the place of supply is assumed to be France. UK VAT rules will not apply as the sale is deemed out of its scope given the location of the customer.

Sales

Sales to EU consumer (not registered for VAT)

Any consumer that is not registered for VAT will have to pay the final VAT either in the EU or the UK. For all intents and purposes, sales will be treated as a sale to a United Kingdom consumer. Normal practice is to add the UK VAT of 20% to the total amount.

Box 1 (VAT payable in the period on sales)

Box 6 (Total value of sales not including VAT)

Excluded on EC Sales list

This is good if only a small part of your sales are done outside the UK. But once you start making huge volumes of these sales or a significant increase in the value of such sales, you may need to register for VAT in the given EU state and be subject to the relevant country’s VAT. Each country has different thresholds.

If your EU sales value is more than £250,000 a year, you will be required to fill an Intrastate Supplementary Declaration.

Digital Sales to EU consumer

There are different processes and rules if you are selling digital services to consumers not registered for VAT within the EU. In such an instance, VAT needs to be charged using the local rate with returns made using VAT MOSS.

Sales to EU business (registered for VAT)

You need to have the VAT number of the customer for the transaction to be deemed a business transaction. If you do not have the number, then the transaction is a consumer sale. Both the customer’s VAT and the business’s VAT number have to be indicated in the sales invoice.

Any sales made by a business in the EU also needs to be indicated on the EC Sales List. The EC is a distinct quarterly or monthly return that may not necessarily conform to the schedule of your normal VAT returns. You can get this produced automatically in various accountancy packages so that all you need to do is submit.

Goods to EU business (Registered for VAT)

If you happen to be trading goods to an EU business that is registered for VAT, then you can get zero-rated for VAT, if you do not add any VAT on top of the net value. Most accounting systems will include a specific VAT specification for this. If you are selling goods, the UK is the place of supply and hence UK VAT applies but it is zero-rated. This means that the sale has to be included in the EC sales list.

VAT zero-rated – show VAT as £0.00 and charge net value

Box 6 – Total value of sales not including VAT

Box 8 – Total value EC sales exclusive of VAT

Include in EC Sales List

Services to EU business (Registered for VAT)

If you are selling your services in the EU, the obligation of charging VAT rests with the customer. If it is a service you are selling, UK VAT will not apply since the customer location is the place of supply. Goods are zero-rated for VAT, meaning that you do not add any value to the net value of goods. You will still need to include your sales of services in the EC Sales List. Most accounting software includes a category that makes this possible.

0% VAT – show VAT as £0.00 and charge net value

Box 6 – Full value of sales not including VAT

Do not indicate in Box 8

Indicate in EC Sales list

The flat rate VAT?

If you qualify for the flat rate arrangement, then input VAT will not apply. The obligation for VAT will be determined as a percentage of the gross sales turnover over the tax period. To get your gross sales add in the 20% of VAT, which means that the owed VAT is a percentage of the total, for instance, an IT consultant will have to pay 14.5%. The percentage is intended to act as cover for VAT on acquisitions but excluding the tedium of having to go through all transactions.

If you are exporting services or goods to an EU business registered for VAT, you can avoid VAT by zero-rating the sale. But how does this influence the flat rate turnover determination?

Selling goods to the EU – Add them in the EC Sales list

Selling services to the EU – Add them in the EC Sales list but since UK VAT does not apply, exclude them from the flat rate turnover.

Buying services or goods from the EU – Sales turnover is the basis for the calculation of VAT and hence it does not matter whether EU purchases have VAT or not.

Purchases

What if you are buying services or goods from the EU? The same rules are applicable though now in reverse.

For imports greater than £260,000 of merchandise in a given year from the EU, an Intratat Supplementary Declaration will have to be submitted.

Consumer Purchases (VAT registration not provided to the supplier)

If a business does not give the seller their VAT number, then the business is deemed a consumer. Just like on the sales side the seller’s rate includes VAT and forms part of the final price.

As a consumer, the final VAT lies with you and you cannot pass it down the line. The item will be treated like it had been bought from the United Kingdom without any VAT applied.

Box 7 – Total value of acquisitions

Procurement of Goods from a Business in the EU (Registered for VAT)

You need to give your VAT registration to the seller who also needs to have a VAT number in their country for the purchase to be deemed a business transaction.

Buying of EU goods typically gets VAT charged just as if you made the purchase from the UK from a British supplier. As such, the 20% charged in sterling will apply. You can either use the published rate or find the exchange rate published by the HMRC to calculate how much is owed.

It might seem strange that the seller gets to charge 0% while you get to claim a VAT rate of 20%. But what you need to know is that the VAT rate of 20% is included in BOX 2 when you are submitting returns on EC acquisitions. Box 2 makes up the input VAT total. Therefore the VAT amount on the sales side cancels out the VAT on the purchases side, which results in a net effect of zero VAT. Overall, you should get a fair deal as the overall transaction will have a zero VAT impact just like that of the seller.

Box 2 – VAT owing on EC purchases during this period

Box 4 – VAT reclaimed on acquisitions during this period

Box 7 – Total value of acquisitions

Box 9 – Aggregate value of EC acquisitions plus VAT

Buying of Services from a Business in the EU (Registered for VAT)

This is the reverse of the sale of EU services as discussed previously. The place of supply for services from the EU is the customer location. Regardless of the country from which the service is bought from, UK VAT applies and you are responsible for filing VAT and not the seller.

The reverse charge is what is used to deal with such purchases. It does sound complex given that transactions are treated as both purchases and sales on the VAT return. It does look as if you are buying the service from yourself. The item is included in the VAT on purchases total and the purchases total as well as the VAT on sales total and the sales total. This will result in zero VAT except for a situation when not all purchases may be included.

The seller should have furnished an invoice excluding any VAT. Include the total amount paid in addition to the 20% VAT. The VAT amount includes the purchases (input) total and the sales (output) total, which will result in zero effect on VAT owed.

Box 1 – VAT owing on sales in this period

Box 4 – VAT reclaimed on acquisitions in this period

Box 6 – Aggregate value of sales without VAT

Box 7 – Total value of acquisitions

Excluded in boxes 2 or 9

A stipulation

This article is targeted at small companies with few transactions within the EU. If you run a more complicated business or are planning on large volumes or regular trade with the EU, getting specialized advice is critical.

Wrapping Up

Sale to EU (not registered for VAT) – treat as UK sale. Exclude on EC Sales list. Add 20% VAT.

Sale of merchandise to EU (registered for VAT) – zero rate VAT. Include on EC Sales list. EC sales section on the VAT return.

Sale of Services to EU (registered for VAT) – Zero rate VAT. Include on EC Sales list. Not on the EC sales section.

Buying of Goods from EU (registered for VAT) – Include on EC Acquisitions in the returns. Add 20% VAT.

Buying of Services from EU (registered for VAT) – Exclude from EC Acquisitions. Include in purchases.

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

Liverpool Street Accountants

Small business ,Personal tax return Accountants near Liverpool Street

  • We are Specialists in Self Assessment Tax returns

  • We specialise in Small businesses

  • Fixed Fees agreed in advance

  • Awarded the Three best rated Accountants

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

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

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

Reasons to get a Professional Accountant

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

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

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

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

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

Accounting Services for Small Businesses

What returns should you expect?

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

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

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

Why GM Professional Accountants

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

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

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

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

Personal Tax return

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

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

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 6thApril to 5thApril 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.

Victoria Accountants

Contractor, Personal & Property Tax Services near Victoria London

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

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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.

E-commerce Tax Advisor guide

E-commerce Specialist Tax Advisor

Taking Specialist advice when starting an E-commerce business is important. It can be challenging to select which platforms to trade on as there are a wide range of platforms. It is important to get your tax affairs in place before trading. As you have options on a few different type of structures, you can choose to trade as a limited company, sole trader, partnership and a Limited liability partnership.

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What structure should you choose?

This will be dependent on your profit, but a sole trader is a simpler model and costs less to operate. But with a limited company, you will benefit from the veil of corporation (protection against your personal assets).  A limited company may suit you if you are in employment and have this as a secondary income, you can take advantage of withdrawing dividends at a lower rate than employment income.

What challenges will you face?

If you are importing stock from overseas , then you will need to ensure that you have an EORI number to allow stock to be collected.  You may use an agent to collect and ship your stock. If you have decided to be vat registered then it is important to work out of your place of supply. As the vat treatment is dependent on the place of supply, if you are trading on platforms that ship your stock to other European countries, then you will need to assess whether these are distance sales or if you need to be Vat registered in that country.

What tax planning ideas can you take advantage of?

Its important to assess whether the expenses you are incurring are remote to the business and don’t have a dual purpose. HMRC defines this as wholly and exclusively for business purposes. Apportionments will be needed if the criteria is not fulfilled.

If you have full personal allowance then you can take advance of the small salary and divided strategy which is the most tax efficient strategy for small businesses.

Plan for Action

1) Market research

2) Hire a good accountant

3 Form a structure as explained above

4) Tax planning

5) Prepare for Vat and accounting deadlines

GM professional accountants are highly rated as we specialise in this sector and provide specialist advice on all forms of tax and vat fields. Speak to one of our tax experts and we will ensure that you are guided efficiently through the whole process. We have office is London, Manchester and Essex.

Accountants Reference Certificate letter for Mortgages

Accountants Reference letter for Mortgages

Mortgage lenders may ask for you to produce a Mortgage reference letter to prove your income, this may be mandatory.

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You will need a professional to review your books and confirm the income and expenditure per tax year. GM professional Accountants specialise in this sector. We can assist you in your business, we review your records and can provide you with a certificate if our specialists agree with your records.

We specilaise in soletrader, and small businesses, this provides us with the experience and exposure to requirements of the some of the major lenders. If you have not declared your income, then there are some campaigns which may suit you. This can minimise your tax liabilities and bring your affairs up to date. There are higher penalties if you do not use a campaign and are not experienced in this field.

GM professional accountants have offices in Ilford, covent garden, Manchester and easily accessible.

Accountants in Canarywharf

Accountants in Canary Wharf

  • Our vision and our customer reviews show that we provide:

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

    • Professional and experienced accountants with over 10 years of experience

    • Quick and efficient responses tailored to your needs

    Let us lead the way 

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

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

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

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

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

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

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

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

Accounting for your Limited Company

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

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

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

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

Tax Returns for Self-Assessment

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

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

Making your Online Self-Assessment Returns

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

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

Filing Returns for Property Income

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

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

Accounting Services for Contractors

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

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

Tax on Capital Gains

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

R & D Tax Credits

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

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

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

Freelancer accounting services

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

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

Accountants near Enfield 

Accountants near Enfield

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

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

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

6) Enrolling you for pensions and payroll
7) Incorporation services for your company
From our offices near Enfield, we serve businesses and private individuals who need advice on tax, and how they can be compliant with tax regulations including meeting their deadlines.

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

Limited Company Accounting

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

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

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

Self-Assessment Tax Filings

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

Filing Your Online Returns for Self-Assessment

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

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

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

Capital gains tax

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

Contractor accounting services

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

Call us now for a free no obligation consultation.

Accountants near Hackney Shoreditch

Accountants near Hackney Shoreditch

We are Shoreditch based accountants with offices in Covent garden. district, a walking distance from the train station. Trying to get an accountant in Shoreditch that can provide a range of services can be difficult. This is why
our firm has specialist professionals who have the experience and skills in the following:

1) Services to do with contractor accounting
2) Self-assessment and self-employment returns and preparation of accounts for tax purposes
3) Pensions and payroll auto registration services
4) Returns for personal self assessment purposes
5) Filing and preparation of CT600 accounts for small and limited companies
6) Incorporation of company services including document preparation and filing
7) Capital gains and property income tax filing
8) VAT advise and filing

 

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From our offices, we assist corporations and individuals by providing general tax advice and filing your tax returns, depending on which package you have subscribed to. What makes us so different from other accounting firms is that we are committed to our clients and bring exceptional skills, experiences, and training. We are known as an agile accounting firm that is always ahead of the curve when it comes to keeping up with changing custom tax, HM revenue, and accounting laws and regulations. Our accountants will inform you of where you are likely to have tax obligations so that you can remain compliant with the tax regulations in your jurisdiction.

Accounting for Limited Companies

We provide HMRC and companies house filing services that include tax returns and preparation of accounts. Our packages include trial balance, bookkeeping, and final account preparation to ensure compliance. This ensures that all your accounts and filings are as accurate as they can be, as we go through each task with a fine tooth comb to determine if you are eligible for any expense relief.

We strive to help individuals and small businesses focus more on developing their businesses, by taking care of their tedious accounting and bookkeeping tasks. As such, we exercise care and caution while bringing our experience to bear in taking care of your business.

Tax Returns for Self Assessment

We file and prepare your self assessment returns so that you do not have to go through the hassle or pay expensive prices to get someone to do it for you. GM professional Accountants in London guarantee efficiency and cost-effective prices for all your accounting needs. Our hassle-free and affordable price make us the best choice for all your accounting needs in Shoreditch.

Online Filing of Self Assessment Returns

You can rest assured that your filings are in great hands as we have professional accountants who provide advice and answer any questions you may have. We provide this as part of the self assessment package in
Shoreditch.

Income tax for Rental Property

We provide tax and accounting services for persons with rental income from rental property. Since new regulations abolished wear and tear exemptions and restricted interest on mortgages, things have become more complicated. If you are filing your returns you now need to be more careful and make sure that the amount you claim is correct for the renewals method applicable.

Accounting for Contractors

We have special customized packages for Shoreditch contractors whether you file as IR35 or not. We provide accounting services for issuing dividend vouchers or for filing monthly RTI returns. Given that cost
trader rules are becoming more restrictive, we can help you get more from input VAT through legal means since the FRS VAT scheme is no longer as attractive.

Returns and Accounting for Capital Gains

Capital gains returns and filing is our specialty and we have been working with many persons who have successfully reduced their capital gains tax and claimed letting relief. We always recommend that you make plans in advance so that we can offer appropriate advice from the very beginning. It is very easy to misunderstand CGT, which if approached without the necessary caution can result in a very huge tax bill

R & D Tax Credits

GM professional accountants specialise in R&D tax relief, HM revenue and customs have given incentives to businesses that are investing in innovation.

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

  • SME’s can claim 130% of their  Research and development expenditure in the CT600 form, plus the normal 100% expenditure, this totals 230% .
  • 14.5% rate can be claimed for a loss making company

Freelancer accounting services

Our firm specialises in accounting services for freelancers, whether your a sole trader or a limited company, we have experts that assist you in preparing and finalising your accounts and tax returns. We help you in your bookkeeping, Company accounts, and tax return preparation and filing. We have monthly packages that are tailored to suit your needs.

 

Accountants for Chiropractors & Physiotherapists

Specialist Accountants for Chiropractors & Physiotherapists

Whether you are bootstrapping your own operation from a home office, have your own establishment or rent a room at the local health care clinic, we can make running your chiropractic practice easier by taking off some of the burden.
Your job is to make your patient able to look over their shoulders again. Our job is to help you stop looking over your shoulder!

We are here to assist you in managing your finances so that you will not waste time chasing down debts, or worse lose revenue from not getting paid. We have cloud-based accounting software that has been configured to ensure that your accounts are up to date, without you having to expend too much effort that should be spent building your business.
As a chiropractor, the regulations do not allow you to register for VAT and hence you will not have to register.

 

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Nonetheless, you still have to think about the different tax regulations that are relevant to your business. You have to make the decision of whether to run your chiropractor practice as a limited company or not, as this will determine how much tax you will pay. This will be personal to you just like many tax regulations are. It is worth taking into account aspects not related to tax such as limitation of liability, which is one of the benefits of running your business as a limited liability company.

Many chiropractors that we work with are interested in learning how much they can claim from exemptions to reduce their tax obligations. In addition to the ordinary business expenses such as marketing, training, and rent, there are several expenses that a chiropractor has, which can save you money by reducing your tax obligations.

We do believe that your accountant needs to be conversant with your different chiropractic needs, and we are happy to offer you our expertise that will help you strengthen and grow your business going forward.

GM professional accountants specializes in helping businesses in the health industry with their tax and accounting requirements. As such, we are always ready to help you with tax returns and preparation of your accounts for your chiropractic practice. We are experts in the health and wellbeing sector and we will provide professional tax advice and planning (we do VAT, capital gains tax, corporation tax, and income tax).

We have customized and cost- effective tax and accounting advice that will be specific to your chiropractic practice. As chartered accountants, we have been providing professional advice to companies and small businesses for years and hence you can rest assured that you are in good hands.

Accountants near Holborn

Accountants near Holborn Westminster  Central London

We are experienced accountants situated near Holborn. Our office is just a walking distance from the train station in Holborn and amid the popular town center.

Unfortunately finding a reliable local accountant might be a daunting process. This is because you might require various services combined. For us we are experts in:

  • Vat advice and Vat returns
  • Capital gains tax and Property income tax
  • Personal Self-Assessment Tax return services
  • Payroll and pensions auto-enrolment services
  • Company incorporation services
  • Contractor Accounting services
  • Small businesses Limited company services

 

We are located near Holborn, London. We specialise in  both businesses and individuals, so we will assist you to meet your deadlines besides offering general tax advice.

Our commitment and skills separate us from the other accountants. We are known for our capability of staying current despite the ever-changing customs tax, HM Revenue and accounting laws. Our team of accountants will provide clarity on where all expenses emanate from. This will help you in staying obedient.

Limited Company Accounting

We will help you accurately file your tax return and accounts to HMRC and companies house. We offer a full package from trial balance, bookkeeping and final accounts ensuring that you stay compliant. This will ensure accuracy is exercised in every task. We will also review to identify where you can claim allowable expenses.

Owners of small businesses can now fully concentrate on developing their businesses since we will take care of their bookkeeping. Our services focus on taking care of businesses with a lot of caution and expertise.

Self-Assessment Tax Return

You do not need to undergo a stressful preparation and completion of the Self  assessment tax return. We offer affordable prices for our services. Also, we boast of professional accountants that will help you with this preparation. We will take care of your tax issues in the best way possible.

Filling of Online Self-Assessment Tax Returns

The deadline to file and pay your taxes is the 31st Janruary for electronic tax returns. We are always keen to handle any of your questions regarding your taxes. Be sure your tax issues will be in the hands of our tax experts. Responses to your questions will be provided to you in the shortest time possible.

Property Income Tax

Here we offer tax and rental accounting services for your rental property. The current mortgage interest restriction and wear and tear allowance abolishment are making things increasingly difficult. The renewals methods has now replaced the wear and tear allowance and we will assist you claiming the correct amounts.

Contractor accounting services

We have customized packages specifically for contractors. Whether you are in or out of IR35, we have packages that will suit you. We will take care of your monthly RTI returns filing and also issue your dividend vouchers. The new limited cost trader regulations are making FRS VAT schemes less attractive. Our job is to make user you capitalize on the lawful input VAT. It is upon you to rely on us and allow us to help you in the best way possible.

R & D Tax Credits

Our firm specialises in R&D tax, The government is providing incentives for UK businesses for innovation. You can claim this as a reaction in corporation tax or a surrendaible loss which will will result in a refund. T

SME’S, R&D have the following incentives:

  • Small medium businesses can claim a total of 230% of their R&D expenditure, this will be the existing 100% plus an additional 130%.
  • For Loss making companies you can claim 14.5% of the allowable loss

Call us on 0208 396 6128 for a free no obligation consultation.

Accountants in Covent Garden

Accountants in Covent Garden – West End

  • We are Specialist Small Business Accountants

  • We specialise in Self Assessment Tax returns

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

  • Awarded the Three best rated Accountants

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

Contact us now

 

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 in Camden Town

Finding a local accountant near  Camden Town

GM Professional Accountants

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

  • GM Professional accountants are Specialist Small Business Accountants

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

  • Awarded the Three best rated Accountants

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

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

 

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

Limited Company Services

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

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

Self employed accounts and self assessment Tax return

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

Property Income tax

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

Contractor Accounting services

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

Capital gains tax 

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

 

For further information on Accounting and Tax Services ,

Contact GM Professional Accountants today on 0208 396 6128

 

Accountants For Cryptocurrency

How To Choose Specialists Accountants For Cryptocurrency.

If you are looking for a specialist, experienced and one of the best accountant that is able to specialise in a particular field, such as cryptocurrency accountant in London, then there are several key points that need to be fully considered prior to using the services of the right person.

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The nature of the asset

A recent article in the Financial Times1 suggested

“Cryptos may be based on nothingness, but it doesn’t necessarily follow that they’re worthless. In fact, the value they provide might depend upon them being linked to nothing, rather than something. This is a kind of security that crops up very rarely, like precious metals, or great works of art.”

The exponential growth of transactions in bitcoins and other cryptocurrencies has inevitably caused significant questions about how these activities should be treated in financial statements. Just think about the values involved. If we take a market capitalisation of bitcoin in February 2019 as circa $69.61 billion, the cumulative market capitalisation value of all 11 cryptocurrencies referred to in these notes is circa $105.53 billion, with bitcoin accounting for 66% of this market value.

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In July 2018, the International Accounting Standards Board considered

  •   How an entity might apply existing IFRS standards in accounting for cryptocurrencies
  •   Whether new standards are required
  •   Whether this should this be a priority for the IASBThe answers to these considerations were clear
  •   Not sure how we should apply current standards, as a cryptocurrencydoes not directly meet existing definitions of a financial asset
  •   Yes, standards are required
  •   Yes, this should be a priority, we can expect more regulation to be issued around this whole area of cryptocurrencies, but priority in these circles does not mean quick, so we need to find a solution in the meanwhile.

There are various options available to us within our current classification of assets, as discussed briefly in the module screens.

Cash

IAS 7.6 suggests “cash comprises cash on hand and demand deposits”

IAS 32 suggests “cash is a financial asset because it represents the medium of exchange”
As cryptocurrencies are not supported by any central bank the regulators believe that they cannot be classified as cash or cash-equivalent.

Non-cash

IAS 32 and IFRS 9 suggest that the holder of a non-cash financial asset has the contractual right to receive cash or another financial asset in exchange for their holding.
Again, generically, cryptocurrencies cannot be deemed to have this attribute.

Investment

IAS 40.5 defines an investment as being something held either for “use in the production of goods or services” or for “sale in the ordinary course of business”
This might apply to some cryptocurrencies, in some instances, but not from a generic financial reporting perspective.

Intangible

IAS 38.8 defines an intangible asset as “an identifiable non-monetary asset without physical substance.
This would seem to be the most likely definition that could be aligned to the majority of cryptocurrencies in the majority of situations.

This would then raise the question of how to arrive at the correct balance sheet value – cost or fair value, and how the ‘asset’ should be impaired. Given the already referred to variability of the cryptocurrency markets this will always prove an interesting challenge for preparers and auditors.

Inventory

One final option might be to account for a cryptocurrency holding as inventory, recognising the lower of cost or net realisable value, but this will raise a whole raft of other considerations.

Suffice to say that there is, as yet, no firm guidance or conclusions from the IASB. As with much of todays financial reporting, preparers and auditors need to justify their treatment of individual instances and be prepared to defend their underlying judgements.

The future

If this brief module has shown you nothing else, it will have made you realise that the understanding of cryptocurrencies, and the associated blockchain technology which underpins their existence is a complex matter, and not for the faint-hearted. The currencies themselves and the technology are increasingly permeating our financial world so, as accountants, we need to have at least some understanding of what we are dealing with, and, as in so many cases, what questions we ought to be asking.

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Here are several tips to consider for choosing a reliable accountant in London:

Reviews

During your interviews, it is a good idea to have a list of questions ready for the accountants. The most important, and often overlooked, the question is whether they are a licensed CPA. Many people simply assume that all accountants are licensed. You don’t want to hire someone who does accounting on the side and never got around to being licensed. Find out how many accountants work with him at his firm. Having a large number could save you money because you could use the cheaper ones for less important issues. You also have to make sure the firm is used to dealing with a business of your size when choosing an accountant.

cryptocurrency

Experience

When looking for the cryptocurrency accountants it is also good to consider how long they have been in service. A contractor accountant with many years of experience has the capacity to do a good job since he/she has done the same thing over and over again. An accountant with a good experience know the various challenges likely to be encountered and how to deal with them. On the other hand, a contractor with little or no experience at all is most likely not going to give you the desired result.

Qualification

In the process of searching for the right accountant, you will often come across a range of accountants offering a range of services. It is often the case that cryptocurrency accountancy requirements are often unique and specific. It is therefore vital to choose a specialized accountant that is qualified in this particular sector. Many of the larger accountancy practices or high street firms are more likely to focus on dealing with large corporations, personal tax planning, or small businesses which might not be suitable for your specific needs. In an initial interview with an accountant, you should ask whether they are specialized in dealing with matters that relate to cryptocurrency and that they are fully qualified on such requirements. This is a key consideration and will often drop many of the high street based accountancy firms.

Reliability 

Oftentimes, when people are choosing an accountant, the individual’s personality is forgotten. You have to remember that you will be working closely with this person, so make sure you choose someone you and the rest of your employees can trust. Convenience also should play a part in your selection. You may have found the perfect accountant. The only problem is that his firm is located hours away from your company. He no longer is the perfect accountant. Choose someone in your area because these are the people you know well and can trust.  The above are some of the things to look at when choosing an accountants for cryptocurrency.

Purpose of this Brief

This brief sets out HM Revenue & Customs (HMRC) position on the tax treatment of income received from, and charges made in connection with, activities involving Bitcoin and other similar cryptocurrencies, specifically for Value Added Tax (VAT), Corporation Tax (CT), Income Tax (IT) and Capital Gains Tax (CGT).

Readership

Anyone making charges or otherwise receiving income, in whatever form, from activities involving Bitcoin (or other cryptocurrencies), including:

Bitcoin miners

Bitcoin traders

Bitcoin exchanges

Bitcoin payment processers

Other Bitcoin service providers

Background

Bitcoin is seen as the worldʼs first decentralised digital currency, otherwise known as a “cryptocurrency”. The advent of cryptocurrencies such as Bitcoin is a new and evolving area and determining their legal and regulatory status is ongoing. Cryptocurrencies have a unique identity and cannot therefore be directly compared to any other form of investment activity or payment mechanism.

HMRC understands that Bitcoin operates via a peer to peer network, independent of any central authority or bank. All functions such as issue, transaction processing and verification are managed collectively by this network. All Bitcoin transactions are recorded in a shared public database called a “block-chain”. New Bitcoin is produced when a new block is attached to the chain. A new block can only be added to the chain when the answer to a complex cryptographic algorithm is solved. Participants in this activity are known as “miners”.

As well as mining, activities include the buying and selling of Bitcoin and providing exchange facilities for parties to trade Bitcoin with recognised currencies. Bitcoin may be held as an investment or used to pay for goods or services at merchants where it is accepted. In the UK, there are already a number of outlets, including pubs, restaurants and internet retailers, that accept payment by Bitcoin.

VAT treatment of Bitcoin and similar cryptocurrencies

As an EU tax, the VAT treatment for cryptocurrencies adopted by the UK must be consistent with any treatment that may eventually be implemented across the EU.

Given this, the evolutionary nature of these cryptocurrencies and the legal and regulatory environments in which they currently operate, this brief outlines HMRCʼs provisional VAT treatment pending further developments; in particular, in respect of the regulatory and EU VAT position. Taxpayers can rely on the VAT treatment outlined below unless and until HMRC announces any changes. Any changes will not apply retrospectively.

For VAT purposes Bitcoin and similar cryptocurrencies will be treated as follows below, this in no way reflects on how they are treated for regulatory or other purposes:

(1)Income received from Bitcoin mining activities will generally be outside the scope of VAT on the basis that the activity does not constitute an economic activity for VAT purposes because there is an insufficient link between any services provided and any consideration received.

(2)Income received by miners for other activities, such as for the provision of services in connection with the verification of specific transactions for which specific charges are made, will be exempt from VAT under Article 135(1)(d) of the EU VAT Directive as falling within the definition of “transactions, including negotiation, concerning deposit and current accounts, payments, transfers, debts, cheques and other negotiable instruments.”

(3)When Bitcoin is exchanged for Sterling or for foreign currencies, such as Euros or Dollars, no VAT will be due on the value of the Bitcoins themselves.

(4)Charges (in whatever form) made over and above the value of the Bitcoin for arranging or carrying out any transactions in Bitcoin will be exempt from VAT under Article 135(1)(d) as outlined at 2 above.

However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for Bitcoin or other similar cryptocurrency. The value of the supply of goods or services on which VAT is due will be the sterling value of the cryptocurrency at the point the transaction takes place.

Corporation Tax, Income Tax and Capital Gains Tax treatment of Bitcoin and similar cryptocurrencies

As with any other activity, whether the treatment of income received from, and charges made in connection with, activities involving Bitcoin and other similar cryptocurrencies will be subject to Corporation Tax, Income Tax or Capital Gains Tax depends on the activities and the parties involved.

Whether any profit or gain is chargeable or any loss is allowable will be looked at on a case-by-case basis taking into account the specific facts. Each case will be considered on the basis of its own individual facts and circumstances. The relevant legislation and case law will be applied to determine the correct tax treatment. Therefore, depending on the facts, a transaction may be so highly speculative that it is not taxable or any losses relievable. For example gambling or betting wins are not taxable and gambling losses cannot be offset against other taxable profits.

For businesses which accept payment for goods or services in Bitcoin there is no change to when revenue is recognised or how taxable profits are calculated.

Corporation Tax: The profits or losses on exchange movements between currencies are taxable. For the tax treatment of virtual currencies, the general rules on foreign exchange and loan relationships apply. We have not at this stage identified any need to consider bespoke rules. For companies, exchange movements are determined between the companyʼs functional currency (usually the currency in which the accounts are prepared) and the other currency in question. If there is an exchange rate between Bitcoin and the functional currency then this analysis applies. Therefore no special tax rules for Bitcoin transactions are required. The profits and losses of a company entering into transactions involving Bitcoin would be reflected in accounts and taxable under normal Corporation Tax rules.

Income Tax: The profits and losses of a non-incorporated business on Bitcoin transactions must be reflected in their accounts and will be taxable on normal income tax rules.

Chargeable gains – Corporation Tax and Capital Gains Tax: If a profit or loss on a currency contract is not within trading profits or otherwise within the loan relationship rules, it would normally be taxable as a chargeable gain or allowable as a loss for Corporation Tax or Capital Gains Tax purposes. Gains and losses incurred on Bitcoin or other cryptocurrencies are chargeable or allowable for Capital Gains Tax if they accrue to an individual or, for Corporation Tax on chargeable gains if they accrue to a company.

Future implications

The tax treatments outlined in this brief are for tax purposes only. They in no way reflect on the treatment of cryptocurrencies for regulatory or other purposes.

Given the evolutionary nature of these cryptocurrencies, HMRC will issue further guidance as appropriate.

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

How To Choose Accountants For Contractors

How To Choose Best Accountants For Contractors

How To Choose Accountants For Contractors

If you are searching for a skilled and qualified accountant that is able to specialize in a particular field, such as contractor accounting, then there are several key points that need to be fully considered prior to using the services of the right person.  Here are several tips to consider for choosing a reliable accountant:

1. Qualification.  In the process of searching for the right accountant, you will often come across a range of accountants offering a range of services. It is often the case that contractor accountancy requirements are often unique and specific. It is therefore vital to choose a specialized accountant that is qualified in this particular sector. Many of the larger accountancy practices or high street firms are more likely to focus on dealing with large corporations, personal tax planning, or small businesses which might not be suitable for your specific needs. In an initial interview with an accountant, you should ask whether they are specialized in dealing with matters that relate to contractors and that they are fully qualified on such requirements as the IR35. This is a key consideration and will often drop many of the high street based accountancy firms.

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2. CPA Reviews.  During your interviews, it is a good idea to have a list of questions ready for the accountants. The most important, and often overlooked, the question is whether they are a licensed CPA. Many people simply assume that all accountants are licensed. You don’t want to hire someone who does accounting on the side and never got around to being licensed. Find out how many accountants work with him at his firm. Having a large number could save you money because you could use the cheaper ones for less important issues. You also have to make sure the firm is used to dealing with a business of your size when choosing an accountant.

3. Trust.     Oftentimes, when people are choosing an accountant, the individual’s personality is forgotten. You have to remember that you will be working closely with this person, so make sure you choose someone you and the rest of your employees can trust. Convenience also should play a part in your selection. You may have found the perfect accountant. The only problem is that his firm is located hours away from your company. He no longer is the perfect accountant. Choose someone in your area because these are the people you know well and can trust.

4. Experience.    When looking for the contractor accountants it is also good to consider how long they have been in service. A contractor accountant with many years of experience has the capacity to do a good job since he/she has done the same thing over and over again. An accountant with a good experience know the various challenges likely to be encountered and how to deal with them. On the other hand, a contractor with little or no experience at all is most likely not going to give you the desired result.      The above are some of the things to look at when choosing a contractor accountant.

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

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

How To Obtain A Free Valuation For Your Property

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

Contact Estate Agents

 

Free house valuation

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

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

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

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

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

 

How to get a ballpark valuation

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

a) Using price multiples

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

Comparison

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

b) Bring in professionals

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

Can making repairs increase the value of the house?

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

Considering Capital Gains tax on your property

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

Conclusion

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

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Legitimate Ways to Beat the Taxman In The UK

Legitimate Ways to Beat the Taxman In The UK

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

Legitimate Ways to Beat the Taxman In The UK
Legitimate Ways to Beat the Taxman In The UK

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

i). Top Up Your Pension

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

ii). Trust A Spouse

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

iii). Dividend Allowance

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

iv) Claim Expenses

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

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

What are Statutory Accounts

Companies House  Accountants Guide

As necessitated by the Companies House and the HMRC, all limited companies registered in the UK are required to arrange financial accounts to be submitted annually by their ARD, or accounting reference date. The ARD is the ending date of the 12-month financial year for the limited company. The HMRC uses the annual accounts to determine the company must pay in Corporation tax in relation to their taxable profits. What are Statutory Accounts? A statutory account is a series required accounting documentation that is submitted yearly for the purpose of corporate taxation by the HMRC. Furthermore, it is often used to confer to shareholders the health and profitability of the company, or indeed, lack thereof. A statutory account is comprised of a number of elements including a balance sheet, a profit and loss ledger, a cashflow statements, notes, and a director’s report. Below, we go into a bit more depth regarding each of these elements.

The Difference Between Management and Statutory Accounts To the unfamiliar eye, management and statutory accounts may conflate. The primary and most important difference is that Statutory accounts (as indicated by its name) are mandatory. Management accounts, while useful and a key aspect of running a well-maintained and profitable business, can be used (or not) in any way one sees fit. Statutory accounts, on the other hand statutory accounts must conform to strict guidelines set forth by the relevant authorities.

This being the case, statutory accounts are follow a generalised template which make it easier for both shareholders and the HMRC to understand. These statutory accounts are not particularly useful for internal use within the company as they are produced for the purpose of general understanding of financial standings by third parties (as opposed to problem driven, detailed internal measurements of a management account). Another typical difference between management accounts and statutory accounts is frequency of which they are produced. A once a year statutory account is typically not enough for a director or management team to glean insights into the ongoing financial health of a company. Management accounts are typically created quarterly or sometimes monthly, depending on the size of the company. Management accounts allow you to adjust the current inner workings of the company and plan strategies for future financial success.

how to prepare statutory accountsUK Statutory accounts

Components of a Statutory Account As mentioned previously, a statutory account must contain all information required by the HMRC. Firstly, basic company information must be detailed. This basic information is relayed in the Cover Page, Contents Page, and Company Information page, before the separate accounts sections. 1) The cover page includes the name of the company, registration number, and the company’s year-end date 2) The contents page, as the name implies lists the section and page numbers of the separate sections of the statutory reports 3) The company information page will list the directors, accountant, lawyers, bankers and registered of the company. Once these formalities are taken care of, the following accounting documentation should be included. Balance sheet- A balance sheet is a ledger that indicates all of a company’s assets and debts up until the last day of the fiscal year. The balance sheet must have the name and signature of the director in order to be accepted. Profit and Loss Account-

The profit and loss account, in the simplest terms, expresses profits by deducting costs all revenue for the financial year. It is often subdivided into categories such as revenue my category or expenses for travel (for example) for easy analysis. The number at the very bottom is the most important, indicated net profit for the year. This is typically the earnings before interest, tax, depreciation and amortization (often shortened to the acronym EBITDA). Cashflow Statement- As indicated by its name, a cashflow statement is indented to document the flow of money into and out of a company. This can include returns on investment, money from operating activities, taxes, capital spending, and dividends. Notes- Notes may accompany many of the figures in the various accounting documents. The notes are intended to provide context to the otherwise static numbers. Director’s Report- The Director’s Report is the director’s opportunity to address management and shareholders and explain the numbers included in the Statutory Accounts. The director may take the opportunity to reflect on successes, shortcomings, and layout the vision for the upcoming financial year. Small, Dormant, and Micro-Sized Companies’ Account Exemptions Though all companies are required to file statutory accounts as a component of the Company tax return, the size and type of your company may offer some exceptions. For small companies with a turnover of less than £10.2 million, less than 50 employees, or £5.1 million or less on their balance sheet, an abbreviate version of the accounts can be filed to Companies House.

Micro entity accounts template

These abbreviated statutory accounts are comprised of only the balance sheet accompanied by notes. The directors report is optional and an exemption can be filed to prevent the auditing of company accounts. If the company has a turnover of less than £632,000, £316,000 or less on its balance sheet, or fewer than 10 workers, it qualifies as a micro-entity. Micro-entities are able to prepare even simpler accounts, send only balance sheets with even less information, and benefit from the same exceptions as small businesses. Dormant companies also qualify for exceptions. A company is considered dormant if it has not completed any significant transactions during the financial year, not including filing fees paid to Companies House, fees resulting from penalties incurred for late filing, or money paid for shares during the incorporation of the company.

If the company is both dormant and small, only abbreviated accounts need to be filed and accounts are not required to be audited. Limited company accounts template and statutory Accounts Example Using the internet, it is possible to find pre-made accounting templates to assist with the creation of your Statutory Accounts. One free and useful site can be found here. A comprehensive example of how a well drafted statutory account filing should look like can be found here. Limited Company Accountants for Small Business Although the process is generalised, filing annual accounts for a limited company can be time consuming and costly. Many companies opt to utilize the services of limited company accountants to ease the process. For a small fee, a qualified specialist can aid your limited company with comprehensive knowledge of accounts processes. This also shields you and your company from costly common mistakes that may cost you in both precious time and avoidable fees.

Gants Hill Accountants

Accountants near Gants hill

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

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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.

accountants in Gants hill

OUR SERVICES

We provide the following accounting and business management services:

~Company accounts

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

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

~Cis Tax returns

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

~Payroll services

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

~Self assessment tax return

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

~Capital gains tax

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

~Bookkeeping services

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

~Company formation

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

WHY CHOOSE US?

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

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

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

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

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

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

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

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

~Affordable fees for our accounting services.

Contact us

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

Tax preparation services

Tax return preparation services

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

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Tax preparation services for small businesses

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

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

Why Contract GM accountants as your personal tax accountant?

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

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

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

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Barkingside Accountants

Finding a Local Accountants near Barkingside

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

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

Small business accountants

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

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

self assessment self employed businesses

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

Gm Professional Accountants are accountants in Essex.

Romford Accountants

Small business Ltd Company & Tax return Services near Romford 

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

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

Should you get an accountant?

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

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

Small business accounting services

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

Personal Tax return

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

  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.

Goodmayes Accountants

Finding a Local accountants near Goodmayes

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

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

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

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

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

Choosing an accountant in East ham

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

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

Sole trader v limited company

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

1. Legal Disputes

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

2. Tax

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

3. Losses

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

4. Profiting

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

5. Borrowing

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

6. Accounts

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

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

7. Selling the Business

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

8. Death

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

9. Personal Earnings

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

10. Expenses in General

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

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

 

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

Blogs

Posted on 26/02/2016

Dividends

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

 

 

Posted on 22/01/16

Tax Return Month

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

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

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

 

 

Posted on 22/12/2015

Travel and Subsistence

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

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

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

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

Accountants in East London

Winding up for tax reasons

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

 

 

 

Posted on 27/10/2015

Latest Tax News

Dividends Changes

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

How will the new tax work?

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

How does this differ from before?

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

Will everyone be worse off under the new regime?

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

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

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

 

 

 

 

 

Posted on 16/10/2015

Top 3 Tax Bill Tips for Small Businesses

Making sure your bank account balance matches your accounts

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

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

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

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

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

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

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

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

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

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

 

 

 

 

 

 

Posted on 07/10/2015 posted by Umar Suhail

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

Wear and Tear allowance

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

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

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

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

The 10% wear and tear allowance covers things like:

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

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

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

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

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

  • Toilets
  • Baths
  • Immersion heaters
  • Washbasins

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

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

Rent a Room

Rent a room increases from £4250 to £7500

Mortgage interest

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

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

Self Assessment Accountants London

How to find Self Accountants in London

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

Get a Quote Now

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

Do I need an Accountant for my Self assessment?

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

Who must send a tax return

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

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

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

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

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

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

How much does an Accountant charge for a self assessment?

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

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

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

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

Limited Company Accountancy Fee’s London

Accountancy fees for Limited Company’s

Accountants deal with a number of businesses in all types of sectors. They deal with preparation and submission of self assessments, bookkeeping, tax advice and tax planning, tax returns, CIS Tax, and company formations.

Accountant fees for Limited Companies are listed below:

•Sole trader accounts and tax returns range from–  £250 to £350*
•Limited companies accounts and tax returns – £650 to £850*
•Payroll per employee – £100- £120
*Prices are dependent on the size and scale of the work.

Gm professional accountants have self employed packages from £20 a month, small business accounting services from £60 a month this is an exclusive offer for 2019 and with limited numbers, contact us today on 0208 396 6128.

Get a Quote Now

 

Limited Companies

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

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

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

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

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

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

Small Businesses / Self Assessment

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

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

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


Bookkeeping

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

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

• Bookkeeping fees are considerably much cheaper than accounting costs. You are more likely to save money if you combine the whole accounting costs together. Make sure all the roles are clear, so they know what they are doing.

Software

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

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

Limited Company Accountancy Fees

What do Accountants do?

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

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

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

Upton Park Accountants

Accountancy and Tax Service in Upton Park, London

GM professional accountants  practice is near Upton park. We provide specialist Accounting and Tax Services near Upton Park. Our accountants specialise in small businesses and in self assessment for business or personal tax. We help you prepare, complete and file your company accounts sole trader tax returns and personal tax returns.

We make it cheap, affordable and hassle free to handle your tax affairs. Our office is based near Upton park.

Your small business are in capable hands of our specialist accountants and we provide advice for your tax queries. We answer your tax returns question for
free without obligation. This is part of our tax return package here in East London. Our accounting practice near Upton park offer great packages for contractors that need a limited company set up and managed.

Our professional accountants process your bookkeeping, Company accounts and tax returns that enables you to keep your tax affairs up to date. Our accountants will use their expertise to help you claim a maximum tax refund if you are due one and shed light on areas where expenses can be claimed . We identify the allowable expenses and help you with tax planning . This helps you to maximize your expenses, this can be mileage allowances , a resident office or transfer or spouses personal allowance.

 

For more information about our Accounting and Tax Services near Upton Park, contact GM Professional Accountants today on 0208 396 6128.

Stratford Accountants

Small business Ltd Company & Tax return Services near Stratford London. 

Finding an Accountant in Stratford is stressful but we help you make the right choice. Our accountants provide specialist Accounting and Tax Services near Stratford and we visit you at your premises if that is convenient for you. Our services are cheap and affordable , we specialise in self assessment for personal tax returns and provides small businesses with company accounts including company tax returns . We help you through the whole process from preparing your bookkeeping, filing your accounts and tax returns. Our accounting practice near Stratford offer great packages for contractors that need a limited company set up and managed. Even if you a small sole trader and need to file a tax return, we can help.

Get a Quote Now

Your tax returns are in capable hands of our tax experts and we provide advice for your tax queries. We answer your tax returns question for free without obligation. This is part of our tax return package here in East London.

Personal Tax return

You may be required to file a personal tax return, its important to understand the deadlines, you have to register for self assessment by the 5th October of the second tax year. You will need a UTR number in order to file a self assessment and will need to leave enough time to file this by the deadline. The paper based tax return deadline is the 31st October and electronic format deadline is the 31st January. Some of the common bits of information you will need will be your P60 , self employment income, interest income , property income, child benefit and dividends. This is not the whole income list but some of the most common  types of income received in the tax year. This will need to be declared within your tax return. We also specialise in CIS tax reruns and are experienced in this field, you may be an itinerant worker and this enables you to claim your travel and subsistence expenses.

Contractor Accounting

We have tailored packages specifically designed for contractors that run their own small limited company, we provide tax planning solutions and ensure that you are maximising your allowances. As a result this increases your take home pay. We have specialists that deal with Vat issues and provide guidance on allowable expenses. There is also the 24 month rule which needs to be followed which is important when you claim travel and subsistence expenses.

Property Tax return

With the latest Mortgage interest restriction changes that have come into affect, it’s now even more important to appoint an accountant to ensure that you have the best tax planning advice. The renewals method has come in to effect and the wear and tear allowance has been abolished. At GM professional accountants we review your personal tax position and highlight areas of tax planning and ensure that you are compliant with HM revenue customs.

For more information about our Accounting and Tax Services near Stratford, contact GM Professional Accountants today on 0208 396 6128.

Plaistow Accountants

Accounting and Tax Services near Plaistow

GM professional accountants  is based near Plaistow. We provide specialist Accounting and Tax Services near Plaistow. Our accountants specialise in small businesses and in self assessment for business or personal tax. We help you prepare, complete and submit your company accounts, sole trader tax returns and personal tax returns.

At affordable prices and efficiency guaranteed with GM Professional accountants based in East London.  We make it cheap, affordable and hassle free to handle your tax affairs. Our office is based near Plaistow.

Your small business are in capable hands of our specialist accountants. We answer your tax returns question for free without obligation. This is part of our tax return
package here in East London. Our Accountancy Practice based near Plaistow can help Contractors set up their Limited Company and explain to them what is the most Tax Efficient route for them. A Contractor can be used universally, as you may be a Doctor and helping a Hospital, due to Staff Sickness or you are in the Construction industry doing 6 months work for different sites.

Our professional accountants process your bookkeeping, Company accounts and tax returns in a fast accurate manner that enables you to keep your tax affairs up to date. Our accountants shed light on areas where expenses are to be claimed for in your  tax return.

We are experts in the field and with a excellent review rating on google from our clients, you can trust us to do a satisfactory job.

3 Common errors in Tax returns

  1. Tax code is incorrect, Thousands underpay or overpay tax due to the wrong tax code
  2. Leaving out income, This could be Rental income or other income which falls within the income tax rules.
  3. Not stating that you have a Student Loan in the tax return

 

For more information about our Accounting and Tax Services near Plaistow, Contact GM Professional Accountants today.

Manor Park Accountants

Accountancy and Tax Service in Manor Park, London

GM Professional Accountants are here to help you locate your local accountant. Our Specialist Accounting and Tax Service practice is based in Manor Park. We specialise in providing Accounting and Tax Services all areas of Newham. Our accounting services are affordable and hassle free, we specialise in Small Businesses accounts, Self Assessment Tax Returns, Payroll and Bookkeeping. We help you file and submit your sole trader or limited company Self Assessment Tax Returns, Company Accounts and personal tax returns. Our accountancy practice is based in Manor park and offer great Accountancy and Tax Service packages for Limited Companies and Sole Traders, for any sector your business is in. For Self-Employed individuals, or if you are interested in Registering as Self-Employed, we can discuss our packages with you. Our accountancy practice here in Manor Park is in a convenient location, a 10 minute walk from Manor Park rail station and 5 minutes from East Ham underground station.

We answer your accounting and tax questions for free without obligation. Our professional accountants here in Manor park process your Bookkeeping and Tax Returns in a fast and accurate manner that enables you to keep track of your tax affairs. Our accountants use their expertise to help you identify the maximum allowances and shed light on areas where expenses can be claimed in your company and Tax Returns. We go the extra step by helping you understand the financial statements, this enables you to make the right choice. As the core of Bookkeeping is based on accounts payable, accounts receivable and bank reconciliation, it is important that you know how to efficiently control these departments from invoicing to the bank entries. This keeps the foundation solid and helps you in the year end process from avoiding penalties.

You can check our “Sector” page out to find out the different types of sectors we cover. For example we produce accounts for Taxi Drivers, Takeaway/Restaurant Owners, Rental Property Owners, Property Developers, Contractors and etc. GM Professional Accountants deliver exceptional service and have a proven track record of doing so in Manor Park. We are Specialists in many fields of Business and have more than ten years experience in the field of Accounting. Our Accountants can guide you through your Annual Returns and Tax Returns. From Organising to Submitting your Self Assessment Tax Returns.

GM Professional Accountants are based in Manor Park and have been serving the Manor Park area for many years. We have a large client base in Manor Park as there are many business owners and Self-Employed individuals in and around the area. We cover nearly every Small Business Sector so you can have confidence when contacting us regarding your Annual Accounts and Tax Returns. Keeping your Bookkeeping and Filing System well organised increases the efficiency of your Small Business. Look at our home page for more details on how to stay organised with your filing and Bookkeeping.

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

Manor park Address

47 Gladstone Avenue

Manor Park

London

E12 6NR

Canning Town Accountants

Accounting and Tax Services near Canning Town

GM Professional Accountants  is based near Canning town and we provide Specialist Accounting and Tax Services near Canning Town. At affordable prices and efficiency guaranteed with GM Professional accountants.  We make it affordable and hassle free to handle your tax affairs. Our accountants specialise in small businesses and in self assessment for business or personal tax. We help you prepare, complete and submit your company accounts, Sole Trader Tax Returns and Personal Tax returns. We help you through the whole process from bookkeeping until your final accounts.

Your small business accounts are in capable hands of our specialist accountants. We answer your tax returns question for free without obligation (only once you have passed due diligence). This is part of our tax return package here in East London. Our Accounting Practice near Canning town offer great packages for Contractors, Restaurant Owners and Taxi Drivers that need a limited company set up and managed. GM Professional Accountants are experienced in many business sectors, which have gained over 10 years.

For employed individuals who feel as they have been taxed unfairly may come to us with any queries. Tax Refunds can be dealt by our Accountants, we can deal with any issues that may have occurred on your payslips and contact HMRC directly for you. There are many reasons for this, one may be because you have changed jobs during the Financial year. Speak to one of our Accountants in East London today.

Our professional accountants process your Company accounts and tax returns in a fast accurate manner that enables you to keep your tax affairs up to date.
Our accountants shed light on areas where expenses are to be claimed for in your  tax return.

We are rated the best accountants  in Newham by three best rated.

For more information about our Accounting and Tax Services near Canning Town, Contact GM Professional Accountants today.

Beckton Accountants

Accounting and Tax Service near Beckton

GM Professional Accountants Accountancy Practice is located near Beckton. We specialise in providing Accounting and Tax Services all over East London. Our accounting services are affordable and cheap. Our accountants specialise in small businesses which could be a sole trader through self assessment and limited companies. For personal tax, we have a range of resources which makes accounting simple. We help you prepare, complete and file your company accounts and tax returns.  Our professional accountants process your company account and tax return in a fast accurate manner, We submit these for you at Companies House  and HMRC. We help you with a range of duties once your limited company has been set up and help you through the year end accounting process, this helps you focus on your business. Our accountants will use their expertise to help you claim a maximum tax refund if you are due one and shed light on areas where expenses can be claimed for in your  tax return.

Our accounting practice near Beckton offer great packages for contractors that need a limited company set up and managed. Our Accountants and Bookkeepers at GM Professional Accountants have Specialised in CIS Tax deductions. CIS Tax has been put into place by the Government so it reduces Tax Evasion from people in the Construction industry.

For more information about our packages on Accounting and Tax Services near Beckton, Contact GM Professional Accountants today to book an appointment.

Redbridge Accountants

Accounting and Tax Services in Redbridge

We are Specialist Accountants near Redbridge and finding an accountant is difficult. We prepare and submit your personal self assessment tax return or small business company accounts in an accurate manner. Our fees are cheap, affordable and our accountants shed light in areas to help you identify allowable expenses. We specialise in bookkeeping, sole traders, tax returns for individuals and small businesses. We offer great packages for Contractors who need an accountant to help submit their year end accounts.

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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.

Ilford Accountants

Local accountant in Ilford

GM Professional Accountants

Call us now on  0208 396 6128 for a free consultation

  • Our vision and our customer reviews show that we provide:

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

    • Professional and experienced accountants with over 10 years of experience

    • Quick and efficient responses tailored to your needs

    Let us lead the way 

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

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

Some of our accounting and tax services are:

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

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

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

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

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

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

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

 

Accounting for Limited Companies

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

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

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

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

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

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

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

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

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

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

Self Assessment Tax return

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

Online Filing of Self-Assessment Tax Returns

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

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

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

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

 

Accountants in London

Accounting and Tax Services in London

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

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

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

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Accountants in Essex

Finding a Local Accountant in Essex 

Finding an Accountant can be difficult, GM Professional Accountants near Essex. We are specialists in providing accounting and tax services all over Essex. Our accountants specialise in small businesses and in self assessment for personal or business tax. We prepare, complete and file your company accounts and tax returns. At affordable prices and efficiency guaranteed with GM Professional accountants.  We make it cheap, affordable and hassle free to handle your tax affairs.

Complying Corporate Legal Requirements:

Company accounts and tax returns are such legal requirements that are mandatory in every case for every organization which is formed for earning profits. In case of non-compliance of such legal requirements, penalty can be charged of heavy amounts. Professional Accounting Services: Our Accountants specialise in preparing company’s financial statements, filling complete tax returns and fulfilling all the legal requirements for formation of a company. We have professional accountants who help you to prepare all the accounting records including bookkeeping in an organized and professional manner which will be consistent with the nature of the business of an organization and its statuary obligations.

Advisory and Consultancy Services:

Our addition to accounting, tax returns and company formation we also provide advisory and consultancy services for small  businesses. Our target is to see all the organizations running with prosperity without any hurdle in their path towards success. We provide advice which will be best suitable for your company having minimum procedures to comply with. We have trained professional accountants who will handle all your accounting problems and solve them under the light of their experience and expertise.

For more information on our Accounting and Tax Services near Essex, contact GM Professional Accountants today.

Accounting

Accounting Services

GM professional accountants are based in East London. Our accountants are specialists in providing accounting and tax services all over London. we specialise in small businesses and in self assessment for personal or business tax. We prepare, complete and file your company accounts and tax returns to companies’ house and HMRC.  At affordable prices and efficiency guaranteed with GM Professional accountants based in East London.  We make it cheap, affordable and hassle free to handle your tax affairs. Your small businesses are in capable hands of our specialist accountants and we provide advice for your tax queries. We answer your tax returns question for free without obligation. This is part of our tax return package here in East London.   

Our professional accountants process your Company account and tax return in a fast accurate manner that enables you to keep your tax affairs up to date. Our accountants will use their expertise to help shed light on areas where expenses can be claimed for in your tax return. Do not hesitate to contact us for more information about our Accounting Services in London.

GM Professional Accountants

Why choose Gm Professional Accountants?

Gm Professional accountants in Canary wharf and Wimbledon

Our vision and our customer reviews show that we provide:

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

• Professional and experienced accountants with over 10 years of experience

• Quick and efficient responses tailored to your needs

Let us making accounting simple for you. 

Get a Quote Now

 

Finding a local accountant can be stressful, as you may need many different types of services combined. We specialise in the following:

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

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Who we are ?

 

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

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

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

Is your service easy to use?

 

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

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

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

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

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

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

 

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

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

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

 

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

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

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

We’ll produce your employee pay slips for you

 

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

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

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

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

No dealing with HMRC!

 

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

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

Will I have access to speak to a real person?

 

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

What’s the catch?

 

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

Your New Accounting Team

 

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

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

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

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

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What is the Enterprise Investment Scheme (EIS) ?

EIS Income tax relief declaration (30% relief)

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

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

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

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What is EIS Tax Relief?

Up to 30% of income tax relief

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

Generous contribution allowance

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

Carry back

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

Tax-free growth

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

Deferral of capital gains

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

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

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

Inheritance tax relief

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

Loss relief

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

It reduces losses and increases gains. How?

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

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

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

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

Sole trader Accountants

Sole Trader Tax return accounting Services 

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

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

Establishing yourself as a Sole Trader

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

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

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

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

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

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

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

Registration of a Business Name

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

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

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

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

Sole Traders tax

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

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

31st January

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

31st July

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

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

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

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

Registration for the VAT

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

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

Special Privilege

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

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

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

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

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

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

Additional ways that GM may assist you as a sole trader

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

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

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

How to Calculate Amazon Sales VAT Implications

How to Calculate Amazon Sales

Amazon is a huge platform focused on giving e-commerce entrepreneurs a central place to establish their businesses. However, some start-up company owners have yet to learn about their various protocols, as well as acquire some tips and tricks to further elevate their negotiating skills. One of the vital competencies needed to last long in this field is to handle various monetary requirements, such as the calculation of value added tax (VAT) on Amazon Sales.

A feature in Amazon which business owners should know, especially when they are interested in selling their products in different countries, is the Fulfillment by Amazon (FBA). This program allows business owners to post their products, with Amazon shipping them at an agreeable rate. Knowing the VAT on Amazon Sales is a great way to kickstart your journey into achieving your global domination of product selling.

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Amazon VAT

As a known channel for different brands, Amazon has established its dominance in being one of the best e-commerce companies to date. And like all businesses, they also add a consumption tax to all products listed under their system. This allows the company to earn and continue serving as an online business channel.

Amazon has a certain feature that aids in calculating the value added tax which helps sellers on the platform identify not only their sales price but also the consumption rates added on the products’ overall costs. The Amazon Vat Calculation Service (VCS) is a convenient way for small business owners in the platform to calculate their products vat-free while still sending an invoice with consumption costs included to transaction partners.

Half of the products and services offered on Amazon usually have a twenty percent VAT charge, but some businesses are an exception. Health products have a reduction rate of five percent, while books and goods that are sold in non-EU countries get zero vat rates.

Amazon Selling Plans

This enterprise which established its root on the internet, currently offers two types of selling plans:

  • Individual Plan – If a business has just started and sells less than 40 products a month, they are obligated to pay only $0.99 for every product sold on Amazon.
  • Professional Plan – Those availing of this plan are usually bigwigs in online selling. They usually have to pay six to twenty-five percent fees on closing and referral. They pay $39.99 monthly; however, they do not have a VAT charge per item sold.

Amazon Charges to Consider

Aside from VAT, Amazon also has various tariffs to be paid depending on product type and services offered. These are:

  • Fulfillment Charge – This Amazon rate depends on the product specifications, such as dimension and weight. Ranging from $2.41 to $10, they usually increase depending on product size.
  • Referral Cost – This is mainly based on the item category. Amazon asks for a per-item minimum charge of referral. This may be taken as a part of the sales price and ranges from six to twenty percent of product sales. Another way to get referral cost is by taking it on a minimum charged from pieces of jewelry and has a rate of $2.
  • Variable Closing Cost – This type of charge Amazon applies to music, books, video games, and BMVD items. They fluctuate depending on the category, shipping location, and preferred shipping services.
VAT Calculators Settings

Some businesses are under the flat rate scheme and sell products not listed on Amazon’s standard charge. In these cases, the internet can offer a list of VAT calculators free of charge. One example is http://www.vatcalculator.co.uk/ which is accessible and easy to understand. It gives an overview of various monetary aspects of sales, such as net and VAT costs.

GM Professional Accountants have offices Located in London, Birmingham and Essex.

Accountants Guide on Domestic reverse charge in 2021

Domestic reverse charge Guide

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

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What is the DRC and what does it do?

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

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

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

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

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

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

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

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

Vat Moss Ireland Registration post Brexit Accountants

EU Vat return accountants guide

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

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

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

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

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

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

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

Distance selling rules ending

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

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

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

Single OSS EU VAT return

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

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

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

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

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

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

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

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

ALIEXPRESS DROPSHIPPING ACCOUNANTS GUIDE

ALIEXPRESS DROPSHIPPING GUIDE

If you wish to do an e-commerce business where you don’t have to worry about inventory or shipping issues, then dropshipping is the best way to go.

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Dropshipping is a straightforward business where you can list the products for online sales and send an email to ask your supplier to directly despatch the product to the customer on your behalf whenever you get the order. It is as simple as that.

Dropshipping may appear to be the easiest way to start an online business on e-commerce sites, but you may find it challenging to search for dependable suppliers. You may have to dig deeper online to find such reliable suppliers. You can choose from millions of items for online sales from the AliExpress site for your dropshipping business.

WHAT IS ALIEXPRESS?

AliExpress is a huge e-commerce portal where you have a choice for millions of different products. The suppliers of these products offer competitive prices on AliExpress because most of them manufacture their products overseas. You can get all the products under one roof. The range of products on AliExpress has a wide variety, including women’s clothing, electronic items, jewelry, home and so on. If you have already decided to sell products through e-commerce, AliExpress is an excellent source for supplying a comprehensive range of products.

WHAT IS ALIEXPRESS DROPSHIPPING?

If you wish to do an online business where you don’t want to worry about inventory or shipping problems, then AliExpress can help find the products you want to sell on your e-store. You can choose the product you wish to sell from the AliExpress site and add them to your store. You are free to decide your sales price by adding your profit margin. As soon as you receive an order, AliExpress immediately despatches the product to your customers, and you will only pay the wholesale price for that product.

WHY ALIEXPRESS FOR DROPSHIPPING? AliExpress can also work as an online retailer, but most sellers on this platform know very well that many of their customers are resellers. Those resellers want to sell products through dropshipping. Secondly, the dropshipping business is relatively more straightforward through the AliExpress platform. Since it does not charge you anything upfront, you can take a calculated risk by choosing any products. The financial commitment, in that case, will not be significant. You can start the dropshipping business today itself with only a view clicks through Oberlo. It helps you quickly find the products you want to sell and add them to your online store.

ACCOUNTING SERVICES FOR DROPSHIPPING

Any company engaged in the online sales of products which is a registered limited company needs accounting services as follows: abbreviated accounting and statutory accounting for the company.

Corporation tax including CT 600

The statement regarding compliance with payroll and pension requirements

A self-assessment return for Director’s tax

Filing of VAT returns along with bookkeeping every quarter

Statement of confirmation

TIPS ON CLAIMING ALLOWABLE EXPENSES FOR E-COMMERCE BUSINESS

Please find below a few of the top tips to claim the expenses incurred for an online e-commerce business:

You should ensure to maintain a proper record of all the costs incurred in the e-commerce business.

You can claim the expenses of hiring a professional accountant or using accounting software as a business expense in these three categories: Tax preparation expenses, tax filing expenses, and accounting expenses.

The claim of travel expenses includes the costs incurred by either the business owner or its staff to travel for sourcing products or deliver the products to the post office or the courier office.

You can include courier charges and taxes for your sales in the shipping cost.

You can claim internet service expenses, computer systems, stationery expenses, furniture, and other such expenses as office expenses.

In the manufacturing of products, you may include all the expenses to manufacture, e.g., raw material, tools, and cost of other supplies.

If you use some portion of your house exclusively as a home office, you can claim a deduction for the home office.

The business owner can also claim damaged or returned products as expenses. For this purpose, the owner needs to maintain the records of opening and closing stocks for the financial year.

The expenses also include e-commerce charges, bank charges, PayPal fee, postage expenses, and reselling related costs

GM Professional Accountants are located in London,  Manchester and Birmingham.

VAT Accountants guide for Amazon FBA Sellers

VAT Accountants guide for Ecommerce Amazon FBA Sellers

Vat is a specialist area, the Vat accountants guide will provide you with an insight to deal some of the issues your Commerce business.

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Many businesses online are choosing the FBA Amazon plan. If you have an FBA (fulfilment by Amazon) Amazon business, then you will be well aware that once you hit a certain threshold you will need to register for VAT in the UK. As accountants we understand the varied rules (and yes it can be very complicated for those who have little or no understanding!). We have issued a mini-series of guides to help you through this minefield. This will help you understand the basics in terms you can understand as well as how VAT will apply to you as an Amazon FBA business.

Accountants for Amazon FBA
Accountants for Amazon FBA

We have been working with businesses on Amazon for a number of years and our clients are all over the world. Our expert knowledge of the VAT system, both in the UK and abroad, will help you wherever you are located. So, if you need a little helping hand or just need to understand a certain aspect of the complicated VAT system, we are here to help.

How Does VAT Apply to Drop Shipping?

There are different VAT rules for drop shipping businesses and they will be covered by a separate article as they are outside the scope of this article.

What is VAT when you are trading as an Amazon FBA Seller?

VAT (value added tax) is a sales tax that is applied in the EU and the UK. The tax is applied to certain commercial goods and services and there are different bands of tax. Not everything is subject to VAT, there are certain exemptions, however, trawling through the long list of what is and what is not applicable can be time consuming and difficult. Therefore, if you are an Amazon seller and you are above the threshold, you will need to charge your customer VAT. One of the issues with VAT as an Amazon FBA seller, is that you have to pay VAT on the price you actually sold an item (or service) for, and not just on the profit you make from the item. This can mean that if you only make a very small profit on an item (once you have paid your fees to bought Amazon for fulfilment), it can be swallowed up in VAT fees, as this tax applies to the actual sales price to the customer and not the profit made.

Do I Have To Register my Ecommerce business for VAT?

If you are in the UK, then you do not need to register for VAT until your turnover for taxable goods reaches £85,000 (in 2020). If you are not UK based, but you are an Amazon FBA business selling in the UK then you need to register for VAT immediately, regardless of turnover. The exception to that rule is if you actually own a UK Limited company, as that then follows the rules of UK based companies in terms of registering for VAT when you reach the threshold of £85,000.

VAT Rules For Non-UK or EU Amazon FBA Sellers (Overseas Businesses)

This is not as straight forward as it would seem. Basically, if you are an overseas business that is based in the EU, but you use the Amazon UK FBA warehouse to store your goods, then you will need to register for VAT immediately. However, if you store your goods in your own EU country rather than the UK warehouse, you will not have to register immediately for VAT but will have to pay tax on the value of sales to the UK. Many FBA Amazon sellers are located overseas in China, USA, etc., and they choose to store their goods in the UK warehouse for distribution to EU countries. This means that the majority of non-UK FBA businesses will need to register for VAT immediately in the UK, but can wait until their sales reach a certain threshold in other EU countries, before registering for paying Vat there. As this is a complicated ara, we will cover it in more depth in another separate post.

VAT Rules For UK Amazon FBA Sellers

UK based businesses do not need to register for VAT until the turnover reaches £85,000.

Voluntary Registration for VAT

If you are a UK based FBA Amazon seller then you can register for VAT on a voluntary basis, before your sales reach £85,000, however, it is not recommended you do this. This important aspect will be outlined in another article.

What is the UK VAT threshold in 2020?

The VAT threshold is £85,000 worth of annual sales in 2020. If your business looks like it will reach or cross this threshold in a 12-month period, then you will have 30 days to register, otherwise the business may be penalised. The moment the business has sales of £85,000 will be the moment VAT is payable, so even if you register a little late the VAT amount will be backdated to the applicable time. Read this article to learn more about VAT penalties.

How To Calculate VAT for your business?

Every business needs to complete a tax return every year detailing profit and loss. VAT returns are completed quarterly to ensure you do not get behind on payments and into a situation where you are unable to pay. The VAT return is sent to the HMRC.

VAT takes account of the following:

Input tax– this is the amount of VAT you are charged by your supplier or wholesalers, or it van be tax charged for importing goods into the country.

Output tax– this is the amount of VAT your customers pay you for each sale or service.

Rebates

It is possible to get a rebate on any VAT that you have overpaid. This can happen when you pay too much output tax (ie when you have made a loss on a product). Usually, FBA Amazon sellers buy goods at a low price and sell for a higher price to make a profit, so you will pay less input tax, meaning you owe money to HMRC. It is important to check your business accounts regularly to ensure you are selling at a profit.

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

Notice to deliver a company tax return letter Tips

Notice to deliver a company tax return Accountants 

 Company tax return defined

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

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Who needs to file a company tax return?

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

How to file a company tax return?

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

When to file a company tax return?

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

Cost of a Company tax return

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

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

Dropshipping from China to UK VAT Tax implications

VAT Tax on Dropshipping from China to UK 

What Is Dropshipping?

Dropshipping is a very popular way of running a business if you do not have much capital for startup. By running a dropshipping business you do not have to pay for any stock upfront and you do not have to have large premises to hold the stock.

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How Does It Work?

You advertise a product for sale on your website and once someone buys it from you – you head over to the dropshipping wholesale website to purchase it. This third party receives the payment from you and they directly send the item to your customer. In order to profit from dropshipping you need to ensure you factor in the price of postage you will be charged and any vat or taxation.

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Where are The Dropshipping Companies Located?

There are many companies that specialise in dropshipping and these are all over the world. You can purchased an item in the same country as you want the item shipping to a customer, or you can buy from a foreign country and have the item imported to your customer.

However, bear in mind that if you choose a dropshipping company in the UK there may be vat to pay. Whether there is vat to pay and also the rate of vat to be paid can vary. In fact, vat may also change once Brexit has been completed, although currently the UK is still trying to thrash out an exit deal with the other EU countries.

Import And Export Duty

If you are dropshipping an item from another country, such as China, into the UK those goods may be subject to import tax. Again, not all goods are subject to import taxation. Usually, if there is import tax on an item it is paid by the customer receiving the item, although you can register your business as the importer. If you do this you will be liable for the vat but it can be claimed back at the end of the tax year when you complete your accounts. This is the preferred option as you can be sure your customers are not going to complain at having to pay an extra charge to have the item delivered. You just need to be sure that the price you charge your customer covers all your costs and adds a bit of profit for you.

 

Customs and excise require a label to be added to the outside of a package with a description of what is inside and the price. This determines whether duty is payable and how much.

Importing Goods From The EU To The UK

All countries have different rates of tax and import duty. Therefore, you will need to educate yourself on the differences before selling to customers otherwise you may find yourself out of pocket.

What If No-one Pays The Import Tax?

If a product is subject to import duty then it will be stored until such time as the tax has been paid, whether that is by the customer or the business selling the item.

Dropshipping from China to the UK

Basic principle

Section 7(6) applies to goods whose supply involves their being imported into the UK from somewhere outside the EU. Effectively the place of supply is determined by who acts as the importer. So if the supplier imports the goods into the UK, the supply to the UK customer is treated as taking place in the UK and so the supplier may be liable to register for VAT here.

However, if the UK customer imports the goods, the supply is treated under section 7(7)(b)as taking place outside the UK.

Chain supplies

Goods imported from a third country may involve a chain of supplies. For example

  • A may supply the goods to B
  • B then supplies them to C, and
  • C in turn supplies them to D.

At some stage the goods are imported into the UK and so the place of each supply will depend on who acted as the importer.

Good Customer Relations

It is important that you make it clear to your customer whether there is any import duty to pay, otherwise your business may suffer.

E commerce Accountants Guide for Sole traders

E commerce Drop shipping Accountants for Sole traders Guide

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

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

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

Sole Trader Taxes

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

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

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

Accounts guide for sole trader in an E-commerce business

ACCOUNTING

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

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

BOOKKEEPING

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

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

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

VAT RETURNS

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

E commerce Accountants for Sole traders operating as drop shipper

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

Frequently Asked Questions

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

Your right time to register for UK VAT is when:

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

What should I do to optimise my tax bill?

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

In brief, be sure to:

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

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

Accountants guide for companies house filing

Companies house filing accountants guide

Annual accounts

A company is expected to file its Confirmation Statement and annual accounts every year.

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In 2016, the regulations changed such that you now have to submit the Annual Return rather than the Confirmation Statement though the difference in the two is not that great.

The annual accounts include a Balance Sheet, Profit & Loss account, Directors’ Report and some explanatory notes. These have to be finalized and receive directors’ approval and then filed at Companies House nine months before the end of the financial year. You will also have to submit the corporation tax return alongside the annual accounts to the HMRC.

Small companies (usually anything with sales less than £10.2 million, although other criteria may also apply) can file abridged accounts. These are often easier to make, though directors will still have to get shareholder approval every year if they intend to file such accounts.

Whether they file abridged or full accounts, small companies can decide not to file the Profit & Loss Account or the Directors’ Report at Companies House.

Probably something that could be more relevant to many companies – Micro-Companies (any businesses with sales less than 632 thousand pounds though other criteria may apply) can prepare and file simpler accounts that meet the minimum legal requirements.

We recommend that any company with revenues less than 600 thousand pounds prepare Micro accounts as these are cheaper and simpler to prepare.

There are no fees for account filing and for the most part, small companies will file the minimum information required by the authorities.

However late filing fees are charged at 150 pounds if you are late for less than a month and £375 if you are late for anything less than three months. You will have to pay up to £1500 in fines for later payments that may even double if you are late for two consecutive years.

Learn more about micro-entities, small companies, and late filing fines from the Companies House Website.

 

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Confirmation Statement

Since 2016 the Confirmation Statement (CS01) replaced the old Annual Return. Data that needs to be submitted with the statement include:

• Directors’ names

• Registered office

• People that has Significant Control

The most significant change that came with the changes in 2016 is that businesses now have to keep a record of Persons that have Significant Control. In most private companies, such people would be the largest shareholders but, in the instance, where the constitution of the business vests trustee shareholders or non-shareholders significant influence over the decision making of the company, such people need to be listed on the PSC register. They also have to be recorded when the company files the Confirmation Statement.

A person that has significant control is an individual that:

• Indirectly or directly has more than 25 percent of all shareholding;

• Indirectly or directly has the prerogative to get rid of or hire a majority of directors;

• Indirectly or directly has more than 25 percent of the voting rights;

• Exercises or has the prerogative to exercise considerable control or influence over the company;

• Exercises or has the prerogative to exercise significant control or influence over the activities of an organization or trust that is not a legal person. The members or trustees of the organization or trust would also need to qualify under any of the conditions set out above.

The confirmation statement has to be prepared on the same date every year, typically close to the date of the formation of the company and does not have to necessarily have anything to do with the company’s financial year-end.

While a company will not be penalized or fined for filing their statement a little late, Companies House may threaten to levy charges of up to £5000 or threaten to wind up the company of the company in presenting the Confirmation Statement.

You will typically pay £13 for the online filing of the Confirmation Statement and £40 for paper submissions.

 

Ad hoc filing of Companies House forms

The confirmation Statement and the Annual Accounts are the two documents that need to be filed yearly.

Nonetheless, when there are critical changes to a company, there will be other documents that will have to be filed too. For instance, documents have to be filed where there is a charge on company assets, when the company borrows money and when directors resign or are appointed. Even changing the name of the company will require the filing of new documents.

As such, it is critical to be up to date with all important filings.

 

How Filing is Done

When you need to file, you can go to the Companies House website which has a list of forms to be filed online and the paper versions. You can usually fill in the PDF versions, print them and post them to Companies House.

Nonetheless, Companies House encourages companies to make their filings online given the different fees it charges for the paper and online filings. In this regard, it has launched the Protected Online Filing service to encourage online filing.

 

Protected Online Filing (PROOF Service)

Companies House provides the service to reduce fraud and to make it easier for companies to file online. Signing up to PROOF means that you have to submit some of your forms online, which works to prevent the submission of fraudulent papers.

This is alright though in some instances, particularly where there must be evidence that the person signed a form, a physical form that has to be completed and submitted in the post may be more appropriate.

 

Online filing

According to regulations filing a form online requires an Authentication Code and Security Code that can be obtained from Companies House. With these codes, one can then get into the online filing system of Companies House and then file their documents. Fee payments can be done either by credit card or if that is not preferable, one can open an account with Companies House and then use direct debut to settle any fees every month.

 

Filing of Annual accounts

If your accounts have not been audited you are allowed to log into the Companies House website and file your annual accounts.

However, it will typically be much simpler to get an accountant to file it for you. We have accounts preparation software that makes for a clean and quick process of filing once we receive the physically signed copy. Our process is error-free and will make your filings more efficient.

Accounting Tasks You Should Do Every Day

As a small business owner, it’s very likely to get overwhelmed by too many tasks at a time. When you have to tick off every item on your list in a day, accounting tasks may get neglected. But, to ensure the smooth running of your business, you should give these tasks priority. Because, even though these may not seem very important at first and delaying them till the end of the month may not seem like a big deal, they indeed are very crucial for the survival and profitability of your business. By performing these accounting tasks on daily basis, you can fix issues like cash or inventory shortages, payment and receipt of invoices, tax issues, etc. Moreover, it also becomes easier to find who was involved and why such situation occurred in the first place so that, you can save your business from such troubles in the future.

Another important thing that small business owners fail to realize is how they are losing the insight of the business, when they don’t perform the accounting tasks in timely manner. As sales receipts, payment invoices, bank statements, quotations, customer and vendor queries, etc. start to pile up on your desk, you lose focus on the bigger picture, i.e. the financial health and growth of your business.

In a blog post for Bench, Bryce Warnes writes, “When you look at your books, you want to know they reflect reality. If your bank account and your books don’t match up, you could end up spending money you don’t really have – or holding on to the money you could be investing in your business.”

Here are the 8 Accounting tasks that you should perform every day to keep your business updated:

1.      Refresh your Data

Usually, the accounting software automatically syncs the sales data, bank and card feeds into your accounting system daily. However, you have to do this manually each day if your system doesn’t have this option. This provides you with the up-to-date information about your cash flows so you can a better look at your accounts.

2.      Reconcile Cash against Receipts

If your business accepts cash, you should reconcile it daily against the receipts to avoid cash discrepancies. In this way, you can find out any cash shortages or excess cash. It will also help you to track where the cash is coming from and where it is going. So that, not only you can identify any theft but also take action in timely manner.

3.      Reconcile Bank Transactions

Most businesses reconcile bank transactions with their ledger on monthly basis. However, as a small business owner it is ideal for you to reconcile transactions each day. Most accounting software assist you by providing matches against check numbers and dates but they aren’t always accurate. That’s why human judgment is necessary. By reconciling your bank accounts daily, it becomes easy for you to identify any errors or abnormalities and resolve the issue promptly instead of waiting till the end of the month and it also helps in making your balance sheet.

4.      Deposit Cash and Checks.  Record Payments

It is always a good idea to deposit cash or checks in the bank at the end of the day. You don’t need extra cash sitting around in your office. Not only there is a greater risk of theft but you can also lose the track of the cash or checks you received. However, your business should prefer electronic receipts because there is less paperwork and it will save you some trips to the bank.

Likewise, you should prefer electronic payments over the cash or checks. See if your vendor is okay with it and talk to your bank to see your monthly or daily limit. Whether its check, cash or e-transfer, record every payment you make in a day to keep your cash flow healthy.

5.      Record Expenses & Divide them into Categories

To have a better track of your expenses, you should record them every day as they occur. You don’t want to be buried in receipts at the end of month trying to remember what each expense is and how much you paid for it. Most accounting software have option to record expense with a snap of receipt and a note to describe the expense for reference purposes. It makes your work so much easier and shorter.

You should also categorize all your expenses. For instance, it could be an administrative expense or a marketing expense. In this way, you know how much budget you should allocate to a particular head of expense.

6.      Record Inventory

To keep your system updated and have an accurate count, you must record inventory that you receive and sell every day. If you don’t do it, you won’t be able to keep up with the customers’ orders. You may lose sales because of shortage of stock because your system was not up-to-date. On the other hand, you may order extra inventory even though there was plenty of stock available in your warehouse.

7.      Bill your Clients

Timely invoicing your clients will save you from cash flow difficulties. Because, the product or service you just sold to your client is still fresh in their mind. And if there is any error in invoicing, it will be easier to communicate rather than waiting till the end of the month. Because it will only result in further delays and the chances of you getting paid on time will be lower.

8.      Pay Vendors

Paying vendors in time not only keeps your cash flows in healthy condition but it is also essential in building a good business relationship with them. As you receive invoices for payment, review them for any change of terms or errors. If your vendor allows any early payment discounts, try to avail them. Moreover, set a reminder for payment of bills you won’t be able to process that day to avoid late payment fee.

 

Accountants Vat Guide for Capital Goods Property scheme

Capital Goods Scheme VAT Guide

The introduction of the Capital Goods Scheme (CGS) is intended to help adjust the input tax recoverable from the purchase of particular capital items that may not be fully employed in the production of taxable supplies.

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The good thing about the scheme is that it acknowledges that a business may use some assets over several years and there may be differences over the years on how the capital items are employed in the making of taxable supplies. It thus offers a mechanism through which a business may adjust the original input tax claimable over a period of up to a decade.

Assets that may be adjusted on the scheme include:

  • Computer hardware worth at least £50,000
  • Civil engineering works, fitting out works, refurbishments, buildings, and land worth at least £250,000
  • Aircraft and ships worth £50,000 or greater

VAT is not included in the valuation.

The scheme is not applicable to expenditure or assets a business acquires with the intention of resale. Nonetheless, the CGS may come into play if the business uses the asset before selling it on. On the other hand, the item will not be deemed an item of capital if it is traded before it can be used.

The acquisition of a capital item that qualifies for the scheme means that all the rules for input tax are applicable. These include:

  • Input tax has to be recovered in full for all items used fully in the production of taxable supplies
  • Input tax is not recoverable if the item is used in full to make tax-exempt supplies
  • A business may claim a percentage of the input tax according to the partial exemption regulations, if the capital item is used to produce a mixture of exempt and taxable supplies. 

Subsequently, an input tax modification needs to be made if there are any changes to the degree of taxable use during the adjustment period. If the taxable use goes higher, the business may claim more input tax and if it goes down, it may have to repay a portion of the input tax that had been claimed. 

The scheme will also take into considerations the degree to which the item that qualifies for the scheme is employed for non-business or business ends. 

The typical adjustment period is:

  • Ten consecutive intervals in the instance of part of a building, land, civil engineering or part of civil engineering works. 
  • Five consecutive intervals if the item is a boat, ship, aircraft or other vessel or computer or related computer equipment.

Nonetheless, the intervals may vary, for instance if a business owned an asset before registration then registers for VAT, the first interval will be deemed to have started on the day of first use of the capital item and will end before the beginning of the following tax year. The tax year typically ends on 31st March, 31st May or 30th April and is 12 months long. The HMRC will allocate the VAT periods as it sees fit for each business. First interval VAT is computed according to the typical partial exemption regulations. 

Subsequent intervals will typically run for a year. Where the degree to which the item may have been employed in the production of taxable supplies in a succeeding interval goes lower or higher, from the degree to which it was employed at the time of the original claim of the input tax was calculated using partial exemption regulations, the tax would have to be adjusted. For instance:

The acquisition of property results in VAT of £300,000 and 10 years is the adjustment period. According to the partial exemption recoverable ratio, 60% of the VAT will be recovered in the first year, and hence the recovered VAT is (£300,000 x 60%) = £180,000.

The business will then have to work the VAT for each subsequent interval using the initial VAT amount of £300,000. They will then use the difference between 60% which is the initial recovery rate and the subsequent recovery rate. For instance, subsequent recovery in the second year is 70% which means that the business may reclaim £300,000 ÷ (10 x 10%) which comes to £3,000. In the instance of the percentage in year two being lower than the initial 60%, the business would have had to pay more VAT rather than recover amounts paid. 

Accountants near Mayfair

Contractor, Property & Personal Tax return Services in Mayfair

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

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

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Why You Should Get an Accountant

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

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

 

Small business accounting services

What returns should you expect

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

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

 

Why Use Us?

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

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

 

Personal Tax return

If you have to file personal tax returns there are deadlines. For self-assessment, you have to register by the 5thof 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 31stof January while paper returns have to be completed by the 31stof 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 6thApril and 5thApril.

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.

Accountants for Manufacturing Business

Accountants for Manufacturer business

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

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

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

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

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

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

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

Manufacturing Accountancy Services we provide include:

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

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

Accountants for Healthcare Medical Professionals

Healthcare Medical Professionals

The health care industry is constantly changing – even practitioners in private practice still have to deal with massive compliance needs. We have specialist health care accountants with the experience to take care of all
your compliance needs.

They have been working with care homes, dental practices, GPs and other healthcare professionals for years providing a range of taxation, accountancy and management services.

GM Professional Accountants are specialist and provide tailor made packages for small – medium sized businesses. Our offices are located in London, Manchester and Essex.

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Specialist Medical Accountants

How we can help

The advisory and accounting needs requirements for each health care profession have subtle differences.

We have a team that has a good understanding of those small differences that will provide advice that fits your area of practice. GP practices

We can assist GPs by offering:

1. Regular end of the year accounting and management
2. Software selection and training
3. Tax planning and compliance
4. Property ownership, partnership changes, and succession planning
5. Guidance on alternate corporate structures
6. Cash flow management and partner drawings planning
7. Specialist capital allowance deductions for surgeries
8. Lifetime allowance planning, estimates for yearly allowance and NHS pension reports
9. Superannuation certificates

In addition to acting for the business, the firm also offers wealth management and tax planning advice to individual GPs.

If you are a doctor, hospital consultant, salaried GP or locum, we can help with your very specific tax management and accounting requirements such as:

1. Annual tax returns and accounting needs
2. Alternative business structures your business could take
3. Help with NHS pension returns
4. NHS pension projections and reports
5. Retrospective tax claims of examination and professional fees
6. Advice with regard to business bookkeeping and tax-deductible expenses

Dentists

The team can provide you with support services that include:

1. Year-end accounting and regular management
2. Practice disposals and acquisitions
3. Tax planning and compliance
4. Lifetime Allowance planning, projections for Annual Allowance and NHS pension reports
5. Alternate corporate structures your practice could take
6. Superannuation annual reconciliation reports
7. Specialist capital allowance claims for new build and existing surgeries
8. Capital allowance planning for surgery equipment

NHS Pensions

Some medical practitioners count the NHS Pension Scheme as one of the most valued assets. Since the NHS
Pension Scheme tends to be very complicated, it is prudent to get the services of a specialist that has a good
understanding of how it all works.

We have experienced medical accountants in our team that know all the
intricacies of the scheme that will look into your personal situation and provide guidance.

They will advise
you on what you can do to safeguard and make the most of your financial situation.

For more information or help check out our NHS Pensions page.

Care Home Owners

A care home has distinct accounting requirements given that it is a highly specialized business. Moreover, it also tends to have very complicated compliance requirements that require a specialist eye. We have in house
experts that will assist you with:

1. Management reporting, bookkeeping, payroll, and annual accounts
2. Partial exemption VAT calculations, corporation, partnership, and personal tax returns
3. Business structure review and tax planning

Accountants for Tech Startups in London

Accountants for Small business Technology  Startups

Similar to pioneering tech startups and the creative thinkers that start and run them, GM Professional Accountants stated objective is to provide revolutionary accounting solutions that are not only innovative but also revolutionary. These are solutions that are in line with the innovative mindset of the company or its team.

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It is never easy making the transition from solo entrepreneur where one operates alone, taking in and trying out tons of ideas to a structured incorporated company life. It can be an intimidating experience though it could be a life changing move that takes your business to the next level.

Right from the get go, you get access to several benefits the UK government makes available to media and tech companies that come up with innovations or new products in the sector. One of the best ways to get access to these benefits is by having an incorporated company.

Research & Development

Most tech companies will spend a significant amount of money on Research and Development R&D at some point. R&D expenses, particularly for small and medium sized companies, can get you some generous corporation tax relief from the HMRC. Since 1st April 2015, small and medium sized businesses have been eligible for tax relief of up to 230% on R&D costs. As such, every 2000 in expenses that qualify could result in corporation tax reduction of 2600 in addition to the amount spent by the company. It is an innovative scheme in itself that also comes with an 11% tax credit on any qualifying R&D spend, that the company is eligible for in certain circumstances. Companies also get R&D capital allowances and provide 100% tax relief on any capital asset acquisitions intended to be used for R&D purposes.

To qualify for tax relief, a company’s R&D has to have made a direct contribution to technology or science fields.

Both R&D capital allowances and R&D tax relief may be claimed in the corporation’s annual tax return

Patent Box
If your corporation has any profits from patents and other inventions’, you will have to pay a corporation tax rate of 10% on any profits that come from:
1. The use of the said patent in trading in furthering the company’s business
2. Selling or licensing such rights
3. Selling the innovative products or products associated with the patented invention
4. Compensation from an infringement

Implemented over 5 years the taxation regime is referred to as the patent box regime. Businesses started getting the generous benefits of the patent box since 1st April 2017.

GM Professional Accountants have office located in London, Manchester and Essex,

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Accountants for Opticians

Accountants for Opticians

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

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

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

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

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

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

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

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

Specialist Accountants For Personal Tax return

Personal Tax Specialists

We are one of the most specialized Tax advisory companies in London. We will provide advice on tax saving strategies and help you come up with nifty tax planning solutions. We have the expertise and experience to help you review your personal taxes and ensure that you are compliant with all regulatory requirements. Given that the need for tax planning increases with a rise in income, we advise you on the most efficient strategies to reduce your taxes even as you grow your personal income. We will take care of personal tax needs since we are Personal Tax Accounting specialists.

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While our offices are in the City of London, we provide our services to clients all over the UK. We also serve nonresident individuals in the United Kingdom that have an income in the UK that is subject to the taxation regulation regime in Britain. Our specialists work with many private tax clients including company directors, entrepreneurs, professionals, landlords, professionals, and other high net worth individuals. We work with both large and small clients in need of tax services in the UK. If you are in need of company related tax services check out our Tax Services, detailed on this page.

We provide the following Personal Tax Services:

Non-Resident and Resident Landlord Taxes
Corporation Tax services for Companies
Personal Tax Returns for various income producing activities
Advanced Tax Services
Residency and Domicile Filings
Resident and Foreign Income remittance basis
Immigration tax advice for UK citizens working or living abroad
Loan Charge related advice and assistance
Personal tax investigations support

Family business tax planning

Whether you are a sole trader, run a company or are just a private person with a range of financial interests that need proactive management to reduce your tax obligations, you need to engage the services of a personal accountant. Personal accountants are specialists in personal taxation and also play an accountancy role. In this regard, they provide a more personal touch as compared to the corporate accountant. As one of the best tax accountants in London, we serve individuals and businesses providing both personal and corporate tax services.

Read on for more information on the different services tax accountants provide including the benefits of hiring a personal tax accountant to manage your accounting, finance and taxation needs. We answer all your questions to help you learn about Personal accountants, Tax accountants in general and much more.

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

Accountants for Bigcommerce 

Accountants for Bigcommerce

It is critical to ensure that your accountant is a member of professional bodies such as AAT, CIPFA, CIMA, ICAS, or the ACCA. These organizations have standards for their members which ensures that you get only the best quality service from the practitioner. GM professional accountants are specialists in E-commerce businesses most of which have to deal with eBay, PayPal and Amazon transactions. We have in house specialists with the skills and experience to extract the accounts and reports needed to meet VAT and accounting deadlines.

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When should E-commerce Sellers File their Taxes

There are different dates for the filing of returns depending on what type of business you set up when you registered your e-commerce business. If you are set up as a sole proprietorship you have to submit your tax returns January the 31st. However, if you are set up as a limited company the tax man expects you to file your taxes no later than 270 days after the end of the accounting year.

Allowable Expenses, What is Deductible?

You are expected to keep accounts of all expenditures for every item sold by your e-commerce business.
1. E-commerce Fees – Include postage fees, bank costs, and PayPal fees.
2. Accounting Expenses – Whether you use accounting software or you have hired a qualified accountant, you could be eligible for tax filing deduction and tax preparation expenses.
3. Damaged or Returned Items – To claim any deductions you need to have records of beginning and ending inventory.
4. Reselling
5. Travel Expenses – If you have to travel to deliver packages or buy the products you sell, you could be eligible for travel expense deductions.
6. Home Office Deductions – If you run the e-commerce business from a home office you may be eligible for tax deductions as long as you can prove the office is used exclusively for the business.
7. Taxes associated with the shipping costs for your items
8. Manufacturing costs for materials, tools, and supplies
9. Office Equipment Expenses – You are eligible for deduction on services and office supplies that include computers, furniture and internet service among other expenses.

Accounting Services an E-commerce Trader Needs
Some of the services that your e-commerce limited company may need include: 1. Statutory company accounts
2. VAT returns per quarter
3. CT600
4. Bookkeeping
5. Abbreviated accounts
6. Confirmation statement
7. Payroll
8. Pension compliance statement
9. Self-assessment directors’ tax return

You have to keep in mind that the process of sale and distribution of good and its acquisition follows a certain process. The best way to improve your business is by making the process as efficient as possible. GM professional accountants provide reminders for your self-assessment returns, Payroll, VAT and Company accounts.

Depending on the set up of your business you may not have to file VAT if you are not registered. However, once you have a turnover of 85,000 you will need to file VAT. You have to keep meticulous records and register the company once you attain the threshold to keep yourself compliant. GM professional accountants help you understand what expenses are deductible so that you can retain as much of your profits as is legal. We make sure you have a good understanding of what expenses are exclusively isolated from your business.

GM Professional Accountants are based in London, Manchester, Birmingham and Essex.

R & D for start up companies

Research and development (R&D) tax for startup businesses 

Start-up businesses in the sciences and technology niches often come up with brilliant business ideas. However, many do not have the financial support they need. Luckily, there are a myriad of ways to get financing for a start-up business. One of the best and proven ways is by claiming a research and development tax credit.

A few years ago it was only the well-established and large companies with significant contributions to industry knowledge that could have access to the research and development tax credit. Not anymore, as medium and even small companies are now eligible for this form of tax credit.

Any company that improves or develops software, products or/and processes in a given group of industries is now eligible. The industries supported by the government include those in engineering, computer science, biology, chemistry, and physics. The government provides the incentive as a means to reduce the costs of research and development borne by a company.

How R&D Works

If your company gets access to the tax credit, you can recoup up to 130% of your research and development costs as cash. Alternatively, you could opt not to receive it in cash and use it to reduce the amount of tax you are expected to pay.

While the tax credit has been around since the year 2000, many start-up companies in the preferred niches do not know how to take advantage of it. The tax credit can be used to complement your grant if you already got it, or as a substitute for innovation grants.

In most instances, the credit you get for R&D is about a third of your total costs on qualified projects. To determine how much you are eligible for, you need to calculate your total R&D expenditure. You will get 133 pence for every pound you spent. It is up to the authorities to classify your financial position and determine if you qualify for the tax credit on your R&D projects.

How to Qualify for the Tax Credit

The tax credit advantage could be the lifeline that your business needs to grow. To qualify for this tax credit, you will be required to explain to the authorities how your business through its research and development can:

1) Come up with or discover important technological or scientific advances
2) Overcome uncertainties and issues effectively
3) Stand out from many other inventions and discoveries made by other similar companies in the industry

The R&D project needs to be in the technology, computers maths and sciences field to qualify. You might not be eligible for the R&D tax credit if your company’s niche is in the theoretical, economic, and social sciences.

The advancement that your company comes up with needs to be relevant to the entire industry and not be valuable only for your business. The invention or discovery needs to be the first of its kind and not an existing technology that your company wishes to try out.

Once you present your idea to the officials, you will need to show that your company has the capacity to overcome any uncertainty in the project. Among the things you need to show are the results of analysis and results. You also need to show that your results cannot be replicated by other experts, by presenting your trial tests.

Once you get the approval, you can use the money to offset a small fraction of your subcontractor expenses, staff costs, and expenses for consumables such as utilities and raw materials. You need to note that the tax credit cannot be used to claim relief for costs made in rental fees, patent processing, distribution and production of products.

If you are a small or medium-size business needing help with the R&D tax credit, you can use an online portal to help you understand the process. They will help you in the filing of the claim for R&D tax relief and help you understand how the process works.

Accountants for Entrepreneurs

Accountants for Entrepreneurs

Whether you are an adventurous, dynamic, or driven entrepreneur, you need an accountant that will offer proactive, sound and wealth building advice.

Our professional and expert team of entrepreneurial accountants know all about business. They are not only accountants, but also business owners that work with family business owners, SMEs, and other entrepreneurs in their daily work. They provide actionable, proactive and partner-led advice that will add value to your business.

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As such, we at GM provide a bespoke service that is tailored for entrepreneurs operating in all industry sectors. Regardless of the size of your business, we are here to help. Businesses we have worked with range from small medium size businesses, negotiating acquisitions or mergers, established companies looking for investment partners, and new business start-ups with little capital. Our entrepreneur accounting specialists have the experience, training, and ideas to help you through it all.

GM’s tax and accounting services to entrepreneurs

1. Business advisory service

Our specialist entrepreneur accountants are well-informed about your type of business’s financial affairs, your current tax situations, and your business environment. Working with you, they will come up with a feasible financial and business plan. These will form part of a financial overview that will guide the business moving forward. The team will provide practical advice on aspects of registering for VAT, investment, seeking finance, tax-free protection insurance, setting up a bank account and eventual exit or sale of the business.

2. Record-keeping and accounting

Record keeping and accounting are tedious tasks that take away from the time you should be using to build and develop your business. Our business support services department has worked with many entrepreneurs to set up accounting and bookkeeping systems so that you can finally work on your business rather than in it. With our systems and the training we provide, you will finally be able to track your profitability and cash flow at any point in time.

3. Advice on Taxes

As an entrepreneur, you will need your tax accountant to offer you advice on tax planning and tax compliance. Advice on compliance ensures that you are operating with the laws and regulations of the tax regime, while advice on tax planning ensure that you pay the least amount of taxes possible within the legal framework.

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

Accountants for Creative business industries

Accountants for Creative business industries

One of the biggest contributors to the British economy is the creative sector that includes subsectors such as publishing, the fine arts, theatre, film, and music. This means that the sector is the recipient of a lot of income from concerts, downloads, royalties, direct sales, and many other revenue sources. As such, there is a need for professional advice on how to deal with expenses and financial management of monies earned.

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At GM professional accountants, we have skilled and experienced accountants that have been working in the creative industry for years, to become specialists in the sector. Our specialists know all the ins and outs of the sector, including aspects such as how to go about handling the advance on your first novel, how to set up a business, which type of business it should be, and withholding tax for your touring megaband among many other complexities in the industry. While the principles for businesses sometimes tend to overlap, the most important thing that we bring is in-depth knowledge, attention to detail, and a deeper understanding of the creative industry. This makes it possible for us to advise you on how to take advantage of your multiple revenue sources and the tax breaks you are eligible for.

Some frequently asked questions by practitioners in the creative industry are:

1) Should I register for VAT?
2) Who is responsible for looking after my rights including how they are used?

3) I am touring abroad, how do I reclaim tax?
4) How do I monitor downloads and royalties

5) How to structure advance payments?We have specialist media accountants among our ranks at GM professional Accountants. These experts will help answer any questions to ensure that organizations and individuals can minimize their tax bills and maximize their revenues. Most importantly, our movie, film, and media accountants will take on all the burden of managing accounts, leaving you free to be creative.

Our creative and cultural sectors owe much of their success to the creative people and businesses that run them.

Apart from performing arts companies, artists, filmmakers, and digital businesses.

 
We also work with business creative in:
1) Video games
2) Radio and television3) Photography, video, and film
4) Electronic publishing and software
5) Performing and visual arts, and music
6) Publishing
7) Advertising
8) Architecture
9) Antiques and art
10) Entertainment and digital media
11) Crafts
12) Designer fashion
13) Design
 
 
 

Call GM professional accountants today for a free no obligation consultation on 0208 396 6128.

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

Accountants for Care Homes and Nursing Homes

Accounting services for Care Homes and Nursing Homes

The nursing home and care home industries are an integral part of our local communities. Running a nursing
home or care home business is a very complicated affair, particularly given that there is so much paperwork
and compliance that all care home owners have to adhere to. Every nursing home or care home owner
wishes that they could do away with the challenging task of running the home, and the preparing and filing
nursing home tax returns. Thankfully GM professional accountants are on hand to help them do just that.

GM professional accountants are specialized in the provision of tax and accounting services for nursing home and care home owners.

We have been working with clients in the care home industry for years, providing tax and accounting advice
that has saved our clients the trouble of doing it themselves. As such, if you need help with inheritance tax,
VAT, income tax and capital gains tax for your care home business we are available to help you sort it all
out. We will help you prepare accounts, predict cash flow, and offer cost-effective and robust tax and
accounting advice that is specific to the nursing home and care home industry.

accountants in london

Specialist Guidance and Advice

Whether you are a small or large care home providing specialist or nursing care in the public or private
sector we can help grow your practice.

We have in-depth knowledge of the health and wellbeing industry and we will work alongside you to help
you understand the financial aspects involved in running a nursing home. If you plan to grow through
acquisition or organically or if you intend to exit the business by selling it, we are here to provide support
and assistance, and advice you on the best opportunities available.

We can help you with:

1) Corporation and partnership returns, personal returns, and partial exemption VAT preparation.
2) Payroll, annual accounts, bookkeeping, and management reporting.
3) Business structure review and tax planning.
4) Benchmarking against other businesses in the industry.
In addition to the traditional accounting services, we have professionals who will advise and guide you on
employee management, taxation, and strategic planning.

Specialists bookkeeping for Amazon seller

Specialists bookkeeping for Amazon seller

 There are many things one can look for in getting specialists bookkeeper in Amazon field. They are required to set priorities that will meet the bookkeeping and vat requirements, by having an understanding of the vat principles that will help to govern various activities within the Amazon field.

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The bookkeeper should understand the current events on overseas VAT regulations and accounting software packages when it comes to technology, be well conversant with the cost of different rates of vat and be ready to assist in these matter when problems arise.  

Accountants in London

GM Professional Accountants possess recommendable qualities and knowledge which we have attained from years of experience that includes tax planning, and be able to demonstrate those qualities into tax savings. GM Professional Accountants have experiences in the aspects of UK vat and this  boosted our reliability and makes our clients feel comfortable to focus on their business.

 There will be successful and progressive business when the bookkeeper implements good ledger skills and easily bonds with them by responding to various queries and concerns.

 Specialist bookkeepers understand the requirements of the Amazon Company to various services and can come up with strategies to solve business-related problems.

 When it comes to finances, they should be knowing how to secure account data, paying attention to every detail in the statutory accounts for accuracy. Find a good bookkeeper from a trusted source for instance, checking our google reviews and our accounting body.  Also, consider a bookkeeper who understands the local surrounding within the business area who will provide good detailed services to a customer that is remotely located.

As with any other business, effective bookkeeping for Amazon seller will need to provide current answers to many queries for an incredible financial outcome. First, there should be appropriate ledgers on invoices and expenses of a given period of time then the income and expenses analysed, this should allow you to make informed decisions.

 when it comes to tax assessment to avoid over or understatement of taxes, bookkeepers can help strategize for these taxes and many liabilities, giving a good report to the owner and planning for bank loans that will boost the business. It will also, provide a clear picture of how the company finances are progressing without missing out on any detail. Bookkeepers also maintain the aspects of finance intact with the goal of driving forward the business in a rewarding manner.

Gm professional accountants have offices located in Essex, London, Manchester.

How to benefit from Freeagents Software

Freeagents Accountants Guide

What is FreeAgent Software

FreeAgent is a cloud-based bookkeeping solution for freelancers, bookkeepers and also tiny businesses proprietors to handle invoices, costs, pay-roll, income tax return as well as other accounting tasks. FreeAgent additionally uses specialized mobile apps for iphone as well as Android tools.

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How We Help with FreeAgent Software

FreeAgent makes it possible for Tax advisors to prepare up recurring billings which are instantly sent out to clients as suggestions making payments. Consumers can also track costs by uploading the photograph from an expense voucher with the FreeAgent mobile phone app.

Freeagent Accountants London

The option gives an integrated stopwatch attribute to manage
timesheets as well as keep track of employee hours. The user dashboard gives a summary of key organisation metrics from a singular display screen. Company proprietors can easily track billings, price quotes, timetables and venture condition.

Tax timeline functions and additionally offers updates and reminders concerning deadlines and tax dues. FreeAgent utilizes a 256-bit safe and secure outlet level relationship to protect customer records.

Finalising Statutory Accounts in FreeAgent

The FreeAgent software enables you accurately order your companies profit and loss account, notes on the accounts and the directors assessment, your auditors report. With the FreeAgent software we can help you finalise your statutory accounts easily and effectively.

For smaller companies what is needed is the balance sheet and tax returns in order to properly finalise statutory accounts.

Features of FreeAgent Software

Access to Overview
FreeAgent is fantastic because that permits you to look at each of your accounting information in one place. The 1st Online control panel is crystal clear, to the point and transparent. When making use of a typical accountant it may be actually tough to gain access to this kind of information
without a large volume of email or telephone call back-and-forth.Along with the FreeAgent dash panel, the review is accessible to you whenever you require this.

Fast Access to Information
You could quickly track the progress of your service profiles with a glimpse at thedash panel. We assume this simplifies the accountancy process through a very long way. You can find the modifications created to your financial resources on your own.

Choosing an Online Accountant
It used to be very important to have your business’s bookkeeper found in a location not far away. Yet today, even more providers are collaborating online, making use of cloud-based innovation to handle their organisation.

This means that place of operation is actually far less from a concern. With cloud accounting, you and also your accountant may look at identical real opportunity data together– despite where you are actually.

The choice regarding where to find your accounting professional definitely comes up to exactly what satisfies your company well. Relying on exactly how you wish to manage the financial resources, your accountant might definitely be
located in a different part of the globe. For instance, if you more than happy to collaborate via e-mail, phone calls, video-conferences, or protect. bookkeeping software, then you can be in New York and they might be in London, if your bookkeeper can easily be actually anywhere, you can easily discover someone which truly recognizes the specifics of your service or even market.

Choosing an Online Accountant In London
Choosing an online account in London  is very essential because it ensures your account, understand the laws of the land and to properly administer your financial records with respect to the national regulations.

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

How to change my accountant – considering switching?

How to change my accountant – considering switching?

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

Introduction

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

These include;

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

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

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How to change your accountant?

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

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

Give your accountant a notice.

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

Preparation of a professional clearance letter.

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

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

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

Transferring records and assignment of authority.

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

When should you change your accountant?

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

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

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

Why you should choose GM Professional Accountants firm?

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

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

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Cloud accountants

Cloud Accounting is the Way to Go in the Future for small bunsinesses

Cloud accountants

With everything getting connected to the internet, cloud accounting is the future. A cloud-based accounting process enhances business performance and reduces the workload on an entrepreneur. If numbers scare or annoy you, cloud accounting software that is readily available will ease the process of preparing financial statements.

Benefits of Using Cloud Accounting

Cloud computing is a valuable asset that helps cut down on costs and increase productivity. With the system, cloud accountants will automate your bookkeeping tasks. The software helps to draft tax-friendly reports in good time, forecast expenses and develop a smart investment strategy.

When calculations are automated, human errors are avoided. The trends and patterns of business transactions will be accurate. The system also gives meaning to numbers helping you get a clear image of your financial situation. All your accounting information is safe in a cloud accounting system. You decide who will have access to sensitive information in the system’s settings to prevent financial data from falling into the wrong hands.

Traditional accounting software used to take up too much of an entrepreneur’s time and efforts. The invention of cloud accounting made it possible for businesses to work harder and smarter. Using cloud accounting gives one a better overview of their finances, improves collaboration with the staff and makes business enjoyable. It’s a wise investemt that can save you lots of money and time.

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Types of Cloud Accounting Softwares

There are four different types of cloud accounting systems. They are categorized according to their type of operations. Below is a short overview of various cloud accounting software.

Payroll management systems

They were developed to control a business account payables and receivables. They handle a wide range of tasks from calculating salaries, depositing the salary into the employees’ bank accounts to producing payslips and tax forms.

Enterprise Resource Planning Systems

It’s an important accounting software that combines systems used for product planning, inventory management, material purchasing, accounting, distribution, marketing, among others. It enables a business to learn from its past practices and strategize well for the future.

Time and Expense Management Systems

They produce accurate graphical reports detailing how time and resources have been used in the business. With them, you can detect all the inefficient or slow processes on your system. Time and expense management systems are configurable for adjusting to a specific business’s operational pace.

Billing and Invoice systems

They complete the basic, day-to-day tasks of a business such as informing customers of their due payments and check writing. They preserve the accuracy of accounting numbers and give services a credible and professional look.

Choosing a cloud accountant

Adopting a cloud accounting system is a wise investment for your business, but it’s important to remember that not all cloud accountants have the same standards. In your search for a cloud accountant, you will find numerous options dedicated to different work processes and business sizes.

The best cloud accountants are those that are affordable and easy to use. Systems with timesaving features like automated bill payment, entries, financial reports, etc are great since they ease small business accounting.

You should always go for the software that is well suited to your specific needs. If you intend to use the system in a small enterprise, avoid paying for features that are meant for big businesses. It’s advisable to check out some free trials before making a purchase decision.

Choosing the Right Cloud Accountants

A cloud accounting software has the power to make or break your business. You should not take any chances with it. GM Professional Accountants is a reputable supplier of cloud accountants that you should consider. I was inspired to write on the potential of cloud accounting after reviewing their products. Being a trusted cloud provider, gm will avail your information across devices with their scalable infrastructure. They value their users and always support them. With gm, you can be sure that your business will go to a whole new level.

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

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How to Open a Limited Company Bank Account

How to Open a Limited Company Bank Account

Why a Limited Company Account?

Though it is not mandatory to open a separate limited company bank account for your organization, it makes the bank transactions a lot easier in the long run. Using a different business account allows you to distinguish personal finances from the company’s. Otherwise, different problems may arise. For example, since having company money in your account is taken as borrowing from the company, the account will be in credit; this can cause increased tax liabilities. It may even be illegal to borrow money from the company. Certain tax benefits intended for businesses may not be provided for such accounts as it may be said that the money (and the charges paid for it) is not in the company’s name. Another potential hazard may occur if the company becomes insolvent and had an overdraft that could fall onto the shoulders of the person whose account is being used.

Steps to Opening a Business Account

• Let’s start at the very beginning and assume that you are thinking of creating a limited company. The first step would be to open the company.

• Next, you will have to get the Certificate of Incorporation, which is a license granted by the government and allows you to form the organization officially. This certificate is issued after the company is active and may take a while to obtain.

• Select a bank where you will open the limited company account and book a meeting with them.

• The meeting requires you to show documentation proving your identity and address, where you have to fulfill the bank’s requirements in order to be able to open the account.

 

Bank Requirements

Banks will ask you to provide the following documents: (Note that people applying from other countries to the UK will have to give notarized translations of their national ID, and other documents)

• Passport, national ID, or a driver’s license with photo – this proves identity and will be required of all the named company directors

• A recent bank statement, council tax statement, or a recent utility bill – this provides proof of address

• Company details such as the complete business address (with postcode), contact details, Companies House registration number, and estimated annual turnover are needed

• Personal financial documents may be asked for as proof of clean credit and banking history (Un-discharged, bankrupt, or disqualified directors cannot open a limited company account)

Which Bank?

Though you may prefer to stick to the bank you are already using, you should consider several before you go ahead. You can try the Big Four that dominates UK – HSBC, Barclays, Lloyds, and the Royal Bank of Scotland. Look carefully at the fine print and, before choosing, take into account the following factors:

• Banking fees and charges

• Competitiveness of interest rates

• Availability of mobile or telephone banking services

• Availability of online banking services

• Incentive offerings


An overwhelming majority of UK businesses fall into the small and medium enterprise category (SME), i.e. they employ less than 250 people. If you’re thinking of joining them, you should open a limited company bank account. Not only is it similar to opening a personal account, it will help you, and the company, avoid the pitfalls of mingling business and personal finances. Also, choose the bank that works best for you.

GM Professional Accountants are small business accountants in London and Essex

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

How to find accountants in Ilford Lane

Searching for accountants in Ilford lane

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

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

Why does choosing our Accountancy firm your best option?

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

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

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

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

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

Our variety of accounting services

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

 

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

Top 3 tips from Limited company accountants

Top 3 tips from Limited company accountants

Making a good profit is one of the biggest motivators for any business owner. Yes, there are various reasons for why people start their own businesses. Money isn’t the only factor, but it is an important factor nonetheless. So imagine this – you have set everything up and it’s going great. You are driving in more and more sales as the days go by, and the earnings graph is through the roof. Now the next and very important thing that you need to consider is income tax. Taxes are an inevitable part of learning. We all have to pay them. It is common knowledge that there is a slab on the amount of tax you pay depending on how much you earn in a year, apart from other factors like the nature of your business/profession, your gender, age, etc. Nobody is ever taxed more than what they are supposed to pay as per the prevailing rules.

What if someone told you that there are ways in which you can legitimately minimise the amount of tax that your business pays by investing or diverting it elsewhere? That would mean less tax paid and more money used to push your business forward. So here are the top 3 tips from small and limited company accountants on saving income tax. Salaries to Director and Family Members Director’s salary is one of the most common tax saving methods employed by businesses.

Limited company accountants

It is common knowledge that the director takes a certain portion of the profits at an agreed ratio. Showing this amount as salary, even up to the exempt amount, can help save tax on the same. The same goes for salaries to family members. Most businesses start off with the family members helping out or joining in at key positions. The profits that are paid to them should be shown as their salary for gaining tax benefits on the same. Vehicle Usage Using a company vehicle for private purposes attracts tax under Class 1A National Insurance, which will have to be paid for by the user of the car. On the contrary, using a private car for official purposes helps in getting a tax exemption and furthermore, allows the user to claim certain benefits depending on the extent of the car’s use.

Capital Assets and Capital Allowances on capitalising assets and depreciating them over their useful life offers some tax exemptions on the same. Assets are capitalised instead of being recorded as expenses because they offer some benefit to the company over a period of time. Recording items such as electronics, machinery, furniture, etc. as fixed assets and depreciating their value at a fixed rate every year gives the company long-term tax benefits. There are many ways for you to legitimately reduce the amount of tax that you pay on your business income. It is always a good idea to consult your own accountants or any accounting firm to understand the smaller details so that you can take better decisions. Your accountants will be the best person to advise you on to pay your taxes.

GM professional accountants are local accountants based in London, Manchester and Essex.

How to find accountants near me using reviews

Accountants near me reviews

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

Use Yell.com business directory

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

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

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

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

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

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

You can trust GM professional accountants

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

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

benefits of outsourcing payroll services in London

Outsourcing payroll services in London

benefits of outsourcing payroll services in London to compute salary, wages, compensations and other benefits can help your productivity and efficiency of your organization. Well compensated labor induces workers to work more innovatively, productively and competently for their organizations. Most multi-national companies and corporate ventures outsource their payroll requirements from outside payroll specialists.

Outsourcing payroll services in London

Some companies assign local accounting firms to administrate their payroll departments while others will choose foreign or offshore payroll service providers. However, majority of management officers prefer to local accounting firms for payroll services due to great accessibility and practicality. Anyway, you can minimize the administrative costs if you outsource payroll services from outside payroll specialists. As outsourcing payroll services from outside company demand very cheap cost, big companies can benefit a lot. For small or medium business ventures, they can save significant time and money in the financial and payroll chores. Beyond all, outsourcing payroll operations help managers to concentrate on other administrative functions.

benefits of outsourcing payroll services in London
Payroll service companies update the payroll system on a regular basis. They are complying with restructured rules and regulations on payroll and taxation system. Private payroll service providers ensure updated payroll systems and upgraded payroll software which enable on time contribution of salary to employees. Payroll service providers complete all the payroll operations within a specific time frame. They do calculate gross salary from work performance by withholding the deductibles from gross salary and filing and sending tax documents to the related government agencies. With private payroll service providers, you will be able to provide salary and bonus to employees in a stringent timetable. Consequently, the relationship between the employer and employee will be enhanced.

Payroll providers in London

This article is going to explain about payroll service and its need in today’s time. It is understood as the amount of money that is to be spent by the firm for paying the wages to employees on monthly basis. Big firms are blessed with their own in-house payroll department that is responsible for making complicated and also time-consuming payroll calculations for every employee. Meanwhile, small and also medium size organizations generally don’t make any investment in setting up another department but also assign duties to the administration department.

The lack of expertise and knowledge in making fully complicated calculations that are actually compliant with the latest payroll tax laws lead to errors. services are introduced with the main aim to eliminate errors occurred due to human involvement. In these services, calculations are generally performed with the help of automated payroll software, in order to deliver fully accurate and timely results. The reason is simple every employee waits for his/her salary and incentives and also desires to get paid on time. Moreover, inability to pay timely is something that can also make an adverse impact on the reputation of any organization.

Therefore, those of small and mid-sized businesses are generally hiring payroll services, in order to relieve themselves from all stresses relating to payroll. There are numbers of such service providers so finding them is certainly not a big challenge. In order to hire best payroll services in London, you can explore some best service provider and gather their history, record of accomplishment, client testimonials and more to analyze their past performances. It will definitely help you in making a perfect selection and you can enjoy the best services.

Once you hire such services, you must be sure of the complete accuracy of payroll and payroll taxes. Even if the firm gets any notice by the concerned department, the notice is then actually sent to the service provider mainly to tackle directly with the concerned department. It generally ensures that such firms are highly efficient in performing such calculations and also are highly responsible for any kind of notices due to late payment or also inaccurate tax payment.

GM Professional Accountants are specialists and is the best choice if you are actually keen to save your valuable time and also seek to stay away from difficulties involved with payroll process, you can certainly rely on a highly reputed payroll service provider. This will certainly not assist you to ignore errors but also help you in keeping your administrative department and employees highly satisfied.

Best payroll providers

With so many different types of payroll services, however, it may not be an easy task to find one that is perfectly suited to your business needs. In this article, we will give you tip on which questions to ask yourself as well as your prospective payroll service provider so that you can make an informed decision.

With so many payroll service providers on the market, when choosing a service to meet the requirements of your business and its employees it is important to ascertain whether the service can offer you what you need.

After signing your contract agreement with the payroll service you should have immediate access to the system so that you can set up your account, add your employee details and so on. Also, make sure that you will be able to access and run your payroll from your mobile device.

You need to be absolutely certain that all sensitive and private payroll data won’t fall into the wrong hands. Before you sign on the dotted line, ascertain whether the payroll service uses data encryption technology to protect identity numbers, passwords and other sensitive information from theft. Most payroll services use the same encryption protocols as banks.

That’s why GM Professional Accountants is the best choice as your business grows and your workforce expands, your payroll service should be able to accommodate that growth by providing the option to add extra employees as well as additional users to the account.

Payroll providers for a small business

Business process outsourcing is a way of easy task management available to big and small companies whereby the business owners utilizes the technical expertise of service providers all over the world to perform a task or job that was once undertaken by the business itself. Business process outsourcing is basically shifting a job to an external company that might have a completely different address or location.

Business process outsourcing services always have been in a win-win situation for both parties in the deal. Businesses can utilize their services for development activities and can expect higher profits as operational costs are down. Business Process Outsourcing Services are growing as time goes by. Earlier, jobs like only payroll processing were outsourced. With time and technical advancements, tasks like cataloging, indexing, and media analysis were included. When we talk about business process outsourcing, one name that instantly comes to our mind is a virtual administrative assistant.

In today’s stiff competition, Outsourcing Data Entry helps global business organizations to maintain uptime and to be competitively effective. Everyone starting from industries to individuals, professional to retailers all look forward to outsource their back office work to ease the work load at affordable rates.

Outsourcing data entry also has some major benefits that include access of specialized service, fast delivery, increased customer satisfaction and advantage of low cost services. Thus, why GM Professional Accountants is the best choice by outsourcing your work, you can easily reduce tons of time-consuming work and focus on major issues.

GM Professional Accountants  are small business accountants based in London

CIS Construction Accountants London

CIS Construction Specialist Accountants based in London

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

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

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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.

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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

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Cash Basis If You Are A Sole Trader or Partner

Cash Basis for Sole Traders and Partnership Accounts

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

Benefits of using cash basis

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

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

Sometimes cash basis may not suit your business

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

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

Cash Basis

Who can use cash basis?

You can use cash basis if you:

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

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

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

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

Who can’t use the scheme?

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

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

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

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

How to record income and expenses

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

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

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

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

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

Expenses

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

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

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

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

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

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

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

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

Accountants For Self employed in London

Accountants For Self employed

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

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Why register as self employed?

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

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

Before you set up as a sole trader or self employed

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

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

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

Who registers as self employed?

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

Registering for Self-Assessment Tax Returns for Self employed

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

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

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

Self employed Registration

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

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

How to Register as Self-Employed

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

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

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

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

Self employed Self-Assessment Payment Deadlines

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

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

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

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

Maintain books as self employed

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

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

allowable expenses uk
allowable expenses uk

Self employed Filing

As a Sole Trader  you will have to file tax returns annually. If you are VAT Registered businesses as self employed, your VAT returns must be done quarterly or Annually.

This means you will have to stay compliant and more importantly, organised at all times to help you make the year end process quick and efficient. When the new Digital Tax Scheme comes into place in the near future all Small Business and Self Employed Individuals will have to file and submit Tax Returns Quarterly, so it will be better if you organise your Accounts every quarter.

Staying organised when submitting a Tax Rebate is a must , depending on your legibility for Tax Refunds. You may have felt that you have been taxed unfairly so you can go over this with your Accountant. If you have still not received your p45 or p60 from your previous employers, contact your previous employers as soon as possible, especially if you are registering for Self-Employed.

They are likely to have these forms as it is a legal obligation for companies to keep financial and legal records for 6 years. Accountants may have a look at your p45 and p60 forms once you are looking to register as self-employed.

If you operate as a sole trader there are some legal formalities you will need to keep on top of. So to Register as Self Employed, contact GM Professional Accountants today for more information.

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Corporation Tax Return

Business accountants 

Our business accountants ensure you understand that Limited company business owners have a legal responsibility to calculate the correct Corporation tax liability (Corporation Tax return), and we therefore aim to prepare Tax returns efficiently to minimise any burdens or constraints caused by tax administration here in London.

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Business accountants providing corporation Tax returns for Limited Companies

GM Professional Accountants address small limited company businesses, we prepare and submit your corporate tax returns, in a quick and efficient manner. Our specialist accountants deal with all of your business tax matters, including preparing income or corporation tax computations here in London and Essex.

Filing Responsibilities for Limited Companies

These are some of the filing responsibilities for limited companies are:

  • Annual Self Assessment Tax Return
  • Annual Accounts
  • CT600 Corporation Tax Return
  • Annual Employer Returns
  • Quarterly VAT Returns

Small business tax services

You may be considering setting up a limited company or may have done so already? The filing responsibilities may sound and look daunting, but do not be afraid. Yes, it does create more paper work for you, but that is business and you can transfer all your paper work to an accountant. GM Professional Accountants Tax Services in London provide all the services you need for a limited company, from Business Start-up, Bookkeeping, Payroll Services and preparation to submission of your Corporation Tax or Self Assessment Tax Returns.

As we are experienced professionals in accounting we can give you detailed and informative advice on what is best for your business, Sole Trader or Limited Company. All of our clients and new clients come to us and have no idea of the consequences of what they have selected as their type of business, after our advice they feel confident on which route to take, as certain companies may benefit being a Limited Company and some businesses benefit being a sole trader.

Annual Return: Your annual return must be filed at Companies House, with a fee of £13 if you have filed it electronically or £40 if on paper. This is an overview of information about your company. People do confuse this with the annual accounts, which are also filed to companies’ house, but are different.
Annual Accounts: HMRC requires a full set of your companies’ accounts with a director’s report and a detailed profit and loss account, whereas Companies House only requires a condensed set of accounts.

You must file accounts to both HMRC and Companies House, as they are two separate government departments, our Accountancy Service provides this.
CT600 Corporation Tax Return: This must be left to an accountant; GM Professional Accountants Tax Services does include this with the limited company package. We will complete a CT600 form for you, as HMRC will need this information along with the full set of accounts.
Annual Self-Assessment: Despite how much the director’s earn, each director has to complete a self-assessment that shows all the directors income, not just the income from the company they are director of.

Annual Employer Returns: Any business, sole trader or Limited Company who employ staff have a multiple requirements to report to HMRC. For example P.A.Y.E RTI submissions, all employers are required to send payroll information to HMRC on or before each payday. GM Professional Accountants will do this for you, once you have planned how you would like to pay your staff, so we can submit this information for you.

Quarterly VAT Returns: All businesses who has a turnover that exceeds the VAT threshold in the previous 12 months must account for and register for VAT. Once you have registered for VAT, you are required as a business to complete a quarterly VAT Return. Call GM Professional Accountants for more information about registering for VAT, as you may need to register for VAT as soon as possible, before you start gathering fines from HMRC.

Our business accountants can also discuss the different types of  Accountancy Services that we provide so why not book an appointment with GM Professional Accountants in East London today. For better understanding on Corporation Tax Returns and extra free advice on Limited Companies, call us today on: 0208 396 6128 or email us at: info@gmprofessionalaccountants.co.uk

you may need to register for vat , for more information visit our vat return page.

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Tax Services

Tax Services provided in London

Preparing and completing your self assessment personal tax return should not be stressful or costly. At affordable prices and efficiency guaranteed with GM Professional accountants based in East London. We make it cheap, affordable and hassle free to handle your tax affair

Limited company business owners have a legal responsibility to calculate the correct Corporation tax liability (Corporation Tax return), and we therefore aim to prepare Tax returns efficiently to minimise any burdens or constraints caused by tax administration here in East London.

VAT Returns are dreaded by businesses, and after HMRC have updated their penalty rulings, this means that any small inaccuracy could result in a penalty charge to a small business. Our Tax Services provided by our Accountants here in East Ham can ensure your VAT Returns are completed as accurately as possible, so you are rest assured that things have been done correctly.

 

About Us

GM Professional Accountants 

About our Firm

We’re a well-established Accounting firm with a reputation for innovative and lasting results. Our Accountants are seasoned experts in the fields of accounting and tax. What separates us from the rest is our experience and commitment to staying current with the ever-changing accounting and tax regulations.

Our Experience

When your company faces an accounting, challenge, you have to choose a Accounting firm that brings an unmatched depth of real-world experience. We employ only Accountants who have amassed skills that come from a multi-faceted and focused work history. In addition, our firm is committed to staying ahead of the technology and regulatory curves that so often blindside businesses.

Whatever your business is facing, we guarantee to give a fresh perspective. It’s this insight, coupled with innovative, long-term solutions, that helps you meet and exceed the most aggressive company goals and expectations.

Our Key Solution Benefits:

  • Fast and reliable service , 5 Star customer reviews
  • Fixed accounting fees – agreed in advance
  • Tax planning

Some Of The Benefits You Will Enjoy Include:

  • A free no-obligation discussion about your business requirements
  • Fixed accounting fees agreed in advance 
  • Tax planning