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.