How to maximise your CIS HMRC Tax rebate

Claiming Your Tax Rebate

It is estimated that 1 in 3 people in the UK have overpaid on their taxes but are not even aware of it. This means that you too could be due a tax rebate which could amount to several hundreds or even thousands of pounds. Applying for a tax rebate typically means filling in numerous forms and completing a number of calculations and if you don’t have any experience of dealing with this kind of thing (which very few of us really do) then you may consider it to be too much hard work or your tax rebate claim may be unsuccessful despite having a genuine case.

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How much Tax have you Paid

CIS Tax rebate in London

The actual amount of tax you are required to pay on an annual basis will depend on your personal circumstances as well as how much you earn but it will usually amount to several thousands of pounds and could be anywhere from around one fifth of your total earnings to nearly a half.

If you have overpaid for any reason then you are entitled to claim a tax rebate and receive that money back. After all, it is money that you have worked hard to earn so why shouldn’t you claim it back if you have unknowingly overpaid? Whether you have only worked a part of a year, were made redundant part way through the year, or you are set to leave the UK you may be due some tax back.

The difficult financial situation that many of us find ourselves in means that every penny counts and none of us can really afford to lose an average of nearly 1,000 from our annual salary. You could spend the money on a family holiday, on paying bills, or on updating and upgrading your car.

Most of us place our faith in our payslips, our employers, and the Inland Revenue to get taxes right and we don’t even check that we are being charged the correct amount. If you are part of a PAYE scheme then you could be owed several hundred pounds in backdated, overpaid tax and you should consider starting a tax rebate claim in order to try and get this money back.

How to Calculate Your Tax Rebate Effectively.

A number of taxpayers keep a check on all these issues with the help of a professional accountancy services provider. GM professional accountants help them in managing their accounts and keep them updated with such type of news so that they can file all the documents on time. Several tools are also available in the market, which is capable of estimating your amount for a return. These tools demand an input of all the relevant information for computing your return on the income tax that has been paid. These tools are available for free of charge and are very easy to use.

If you are not willing to use these tools, you can always opt for GM professional accountants who will assist you in this task and provide you with refund estimation in advance. Every nation has different tax policies which depend on various internal factors. Thus, for estimating most accurate amount, you will need to provide certain personal information like marital status, yearly income, number of dependents, age, etc. These factors will define that for what amount of tax refund you are liable. If any exemptions are there, the accountants will consider the factors from above to provide estimations.

Generally, the government decides if any year requires them to provide tax rebate to people who have made more tax due to some erroneous calculations. A rebate is decided for all the eligible tax payers by taking in account their different activities. This figure depends on different policies and from nation to nation. There are different schemes introduced every year in a country based on the current progress. They are provided as a facility to the citizens for cutting down on their taxes. These generally include different forms of investments, donations and various personal factors like if someone has low salary, belongs to armed forces, a widow, etc.

A lot of the above things depend on your accountant’s skill and the way they deal with it. It is always better to file your tax return on time to avoid any penalties which might cost you much more than what you had to pay. While working for your business, you tend to forget these things because of the daily work tasks that require much more attention. If you fail to abide by the deadlines which are set by HMRC, it will become difficult for you to get any exemptions because of your bad record. This is the reason that putting all this in the hands of professional is a much better option.

 

How to benefit from Freeagents Software From Accountants in London

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 are based in Ilford Essex

Income tax calxulator

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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.

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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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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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How to choose the best property accountant

How to choose the best property accountant

How to choose the best property accountant

How to choose the best property accountant

Owning property in the United Kingdom is not easy for first-time buyers. It is important to hire property accountants to offer you insights and advice on your investments. There are many property accountants in the UK. However, selecting the best accountants can be one of the most daunting tasks. It is advisable to compare more than one accountant in the nation before making your final decision. Here is a simple guide to finding a great property accountant in the UK.

Reviews

It is advisable to read reviews of different property accountants online. Reviews will enable determine whether the services you are about to hire are worth your money. There are different sites that offer reviews on various services including property accounting. Read several reviews in order to make an informed decision. Do not waste time and money hiring an accountant with many negative reviews. If other clients are lamenting about the services they received from the accountant then you are equally not safe. Only hire services of an expert with positive reviews if at all you care about your investment.

Yellow pages

Yellow pages offer information on different services across the United Kingdom. The platform has contacts, address and other details of property accountants. You can check the contacts to find property accountants near you. Once you have selected several accountants, you can consult them to find out the kind of services they offer before you make any move as far as property ownership is concerned.

Google

With the growth of technology, property accountants have also opted to create their presence on the internet. Google has an endless number of property accountants who can come to your rescue whenever you want assistance. The accountants offer different services at different costs. However, it is wise to conduct proper research before accepting to work with any of the accountants you will find online. A good number of Google property accountants promise what they do not deliver. Read what others are saying about the accountant you are about to hire before you determine your next move. Failure to conduct research is likely to make you land someone who will fail your investment with poor analysis. If you decide to hire an accountant from Google then you should consider the following aspects

Qualifications

Academic qualification is among the aspects you cannot afford to ignore when hiring a property accountant in the UK. You need to find someone with the right academic qualifications. A good accountant is one who studied in an accredited institution. He or she should also be a member of different chartered accountancy organisations in the UK. The accountant needs knowledge to advice you on capital gains tax and income tax. This will only be possible if he or she is qualified.

Experience

Find out how long the accountants have been offering services in the UK. An experienced accountant is better placed to offer high-quality services than a new entrant in the field. This, however, does not mean that new accountants do not offer great services but it is hard to determine the same.

Cost

The cost of hiring an accountant varies across the United Kingdom. Find out what you will end up paying in reference to the quality of services before hiring one. You can compare several service providers before you select one for your firm.

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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.

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.

Let property campaign helps landlords bring tax affairs up to date

Let property campaign helps landlords bring tax affairs up to date

Let property campaign helps landlords bring tax affairs up to date

Let property campaign helps landlords bring tax affairs up to date

If you are a residential landlord in UK and you want to get your tax records straight and accurate, then the Let Property Campaign is for you. HMRC believes that all people should get an opportunity to pay the right amount of tax and this campaign is for those who have some inaccuracies in their tax records. If you are a landlord and you have some undisclosed income, then you should immediately contact HMRC regarding it. They will give you a time period of 90 days to calculate all your undisclosed income and finally pay what you owe.

Why it’s important to join the campaign?

This is a great opportunity to reveal your undisclosed income even if you have not disclosed it intentionally. The advantage is that HMRC is allowing you to tell what you believe how much you should pay as penalty. In case it was unintentional, then you may not need to pay at all. And don’t worry about the amount of penalty. If your financial position is not strong, HMRC will allow you to pay in instalments.

How to Avoid Paying Capital Gains Tax on Your property

Tax Advisers on planning and dealing with Capital Gains Tax on Your Home

Capital gains tax or CGT is the tax on profit paid when one disposes of an asset. It is charged on profits made from selling any property that is not your residential home. Fortunately, you can waive this tax, and a London expert on tax matters shows you how.

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Capital Gains Tax Rates

The amount of CGT charged in the UK on assets differs according to certain categories. For individuals, the capital gains tax rate ranges between 18% and 28% of the amount gained on disposing of an asset. Trustees or representatives of say a deceased person is required to pay 28%of the gains made from disposing of assets they are trusted with or representing.

Any gain that qualifies as Entrepreneurial Relief will be charged 10% on gains. Private companies not based in the UK will be charged 20% on gains for disposing of assets that were owned by the UK. Property whose Annual Tax on Enveloped Dwellings has been paid will be viable for a 28% capital gains tax.

capital gains tax on property

Annual Tax Allowance or Exemption

Residents in the UK are eligible for tax-free allowance on CGT. This tax relief is applied annually and under certain conditions. Individuals who are domiciled in the UK qualify for the annual tax exemption on gains. Trustees or representatives of an estate previously owned by a deceased individual also qualify for tax exemption. Thirdly, trustees of disabled persons also get an annual tax relief on asset gains.

On the other hand, there are individuals or groups that are not eligible for an annual tax-free allowance in the UK. This includes any individual who is not a permanent resident in the UK but owns assets in the UK. Private foreign companies holding assets on UK soil also do not qualify for annual capital gains tax exemption. Anyone who has claimed remittance basis from a foreign country instead of the UK will also not qualify for annual exemption on capital tax gains.

Annual Exempt Amount

The annual exempt amount is a marked amount which qualifies individuals and companies for annual relief on capital tax gains. This amount varies with each year depending on revisions made by the UK government. For the period 2016 to 2017, the annual exempt amount on gains made by individuals was £11,100. This amount has been revised to £11,300 for period 2017 to 2018. For trustees, the annual exempt amount for 2016 to 2017 is £5,500 which will increase to £5,650 for the period 2017 to 2018.

To avoid capital tax on the gain, individuals and trustees must ensure their total annual profit does not exceed the set annual exempt amount.

Other Ways to Avoid Capital Gains Tax

Capital gains tax will only be applicable when an individual or trustees sell property that is not their own residential home. Selling anything else like a business, second home, or shares automatically mandates the paying of capital gains tax.

Capital gains tax on a second home applies where one is selling a buy-to-let home or a resort home. The capital gains tax paid will be high but one can make it lower. Once a profit or gain has been made, deduct expenses like legal fees, stamp duty, real estate fees and any other expense. Secondly, deduce your allowance from the remaining amount. Calculate the gains tax on the net amount using your income tax status; this will likely be between 18% and 28%.

Letting relief is another way to avoid paying capital tax on gains. This relief is offered on any gains made from selling property that has been the taxpayer’s home for a period of time. This relief also applies if the said property was once rented out as residential accommodation. However, capital gains will be charged albeit it will be a smaller amount of what would have been originally charged.

The regulations on capital gains tax keep changing each year. It is important to consult the advice of tax accountants to calculate how much you should pay or whether you qualify for tax relief.

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Uber Driver Tax return Accountants Guide

Uber Tax return Accountants Guide

Uber is a leading transportation company, operating in 633 countries worldwide. It has its headquarters in San Francisco in the United States. The company mostly operates via the mobile app and allows users to book vehicles via the application. Also, independent, self-employed drivers can register on the app or website and become a member of Uber community. They allow attractive rates per km and also flexible timings as per
driver preferences. The company has got firm roots even in the United Kingdom.Uber Tax return Accountants Guide

However, being an independent self-employed driver makes it difficult for some people to handle their taxes. Few drivers are not educated enough about the taxes and other legal guidelines of bookkeeping. Due to this, they may land up in paying extra money or some kind of penalties as well. To avoid such a situation, it is very much important to understand the tax mechanism and hire a proper accountant for your needs.

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The four major bookkeeping requirements for tax management of an Uber driver are as follows:

1. You must register yourself as a
self-employed individual on the HMRC website.

2. Make sure that you keep the receipts and
expenses of all the business transactions handy.

3. Complete self-assessment of the income
and expenses must be done prior to 31st January of each year.

4. Any pending tax or National Insurance
must be paid before the due date of 31st January.

What are the allowable expenses for Uber
Drivers?

Knowing the list of allowable expenses is important as it will reduce your tax bill. You need to pay tax on the amount
earned minus the allowable business expenses. So make sure you keep a note of these.

  • Mileage claim – You can do this claim if you own the car. The
    rates are 45p for the first 10k kms and 25p thereafter. If you make this
    claim you are not eligible to claim for the cost of the car, servicing,
    and insurance.
  • Car purchase – If you purchase a new vehicle, you can claim all
    of its cost in few years. Rates are as follows :
  • 51g/km-110g/km you
    will get 18% capital allowances
  • 111g/km or more
    you will get 8% capital allowances
  • Car lease payments – You can
    redeem the monthly cost of the lease as well as fuel cost, servicing,
    insurance, and repair cost.
  • Uber commission and service
    charges
  • Tolls and Parking charges
  • Business usage of your phone
  • Accountants fees
  • Vehicle and Public Liability
    insurance
  • Car cleaning
  • Bank charges

How to find a good accountant for your
business:

There are several accounting firms as well as private accountants that provide accounting services for Uber drivers to
manage their accounts in the UK. As there are lots of receipts and expenses on a daily basis, the bookkeeping process is little tedious, but if the driver maintains a proper logs or file of the receipts then it can become very easy.

Many of the accounting firms also provide Mobile apps to the uber drivers to record their transactions in an easy way.
Major responsibilities of the firms include:

  • Helps in creating profile in
    HMRC
  • Does auditing to judge the real
    profit of the driver
  • Can provide mobile app for the
    HMRC Self-assessment, Housing benefit applications as well to know your tax
    credits
  • Keep track and note of all the
    business income and expenditure
  • Register details of the vehicle
    mileage and other details of the vehicle
  • Provides accounts that are
    ready to be submitted for filing HMRC Self-Assessment return
  • Gives advice on record keeping
  • Helps in Tax investigations.

The cost of hiring an individual accountant for tax consultation in the UK can be less than 250 GBP, however, for companies; it can vary between 600 to 650 GBP. The services provided may vary as per the pricing. You must research the company or individual over the internet properly and read reviews and ratings before hiring for your tax management.

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GM professional Accountants are Accountants based in London, our Tax advisors are specialists in small businesses and self employed individuals. we offer the whole package from registering you as self employed to bookkeeping services as well as the final accounts and tax returns. Manor park office address, 47 Gladstone Avenue, Manor park, London, E12 6NR, Ilford office address, 14 Clements Court, Clements lane,Ilford,Essex,IG1 2QY Tel: 0208 396 6128,
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