End Your VAT Troubles by Engaging Expert Tax Accountants for Small Business

End Your VAT Troubles by Engaging Expert Tax Accountants for Small Business

Preparing, accounting, and filing VAT returns can be extremely difficult, especially for busy business owners who have other important things to take care of, like overseeing day-to-day operations and managing customers among others. However, by engaging tax accountants for small business in London, UK, like the ones at Affinity Associates, business owners will never have to worry about their VAT matters ever!

Tax accountants for small business in London at Affinity Associates are thoroughly experienced to help you prepare accurate VAT returns, account them precisely in your books, and file them on your behalf to HMRC in a timely manner. In case any queries arise, these expert small business tax accountants will also deal with HMRC on your behalf.

VAT – In a Brief

The value-added tax, or simply VAT, is a form of tax levied on certain goods and services sold by a VAT-registered business in the UK.

Businesses need to register for VAT only if their VAT taxable turnover is in excess of £85,000. The threshold of £85,000 is for the tax year 2018/19, but it may increase by £1000 or so every year.

Even if the turnover is less than the current threshold, small businesses can still voluntarily register for VAT in order to avail certain benefits. Boosting business profile and availing VAT refunds are among several benefits that a small business can achieve by voluntarily registering for VAT.

Once registered for VAT, it becomes compulsory for businesses to prepare and submit VAT returns online, often every three months! In order to pay the VAT bills, businesses must use electronic mediums, such as direct debit, Bacs, debit or corporate credit card. Failing to pay the VAT returns within the due date usually results in surcharges and penalties to the business owner.

There are three different VAT rates in the UK: Standard, Reduced, and Zero. The standard VAT rate is 20%, and it is imposed on most goods and services. The reduced VAT rate is 5%, and it is imposed on certain goods and services, such as children’s car seats, booster seats, and home energy. Finally, there is zero VAT rate, which is imposed on several VAT-taxable goods and services, like children’s clothes and most food products, but it is charged at 0% to the customers.

Availing Assistance for VAT Returns

Looking at above, you can easily see how confusing the VAT matter is. Which VAT rates you should apply to which products and services? How to prepare accurate VAT returns? How to submit VAT returns online to HMRC? How to make VAT payment? How to deal with HMRC in case of queries? How to avail VAT refund? These are just some of the questions that may bother even the savviest business owners. Even if business owners are able to handle VAT preparation and filing, it will prove too bothersome and time-consuming.

In order to free themselves from the troubles of VAT matters, it is sensible for business owners to seek the assistance of professionals. In this case, they are tax accountants.

VAT matters are usual chores for small business tax accountants. They know the ins and outs of VAT and will help you with every VAT matter, ranging from VAT preparation, VAT submission, VAT payment and everything in between. Engaging tax accountants for small business, like at Affinity Associates, will certainly benefit every business owner.

Affinity Associates is a top small business accountancy firm in London, UK. With some of the most competent accountants and tax accountants for small business, Affinity Associates provides a range of accountancy services to small business, including bookkeeping services, payroll services, VAT services, personal and corporate taxation services, and financial advisory services among other.

Browse through our site to learn more about our services http://www.affinityassociates.com/. If you have any questions about our small business accountancy services, feel free to contact us http://www.affinityassociates.com/contact-us/. We’ll be glad to assist you.

Top 5 Things a Small Business Accountancy Provider in the UK can do for your Business

Top 5 Things a Small Business Accountancy Provider in the UK can do for your Business

Wondering what a top small business accountancy provider in the UK, like Affinity Associates, can do for you?

Many small business owners believe that keeping accountancy in-house or doing it on their own is economical. However, the fact is that the price they are paying for in-house accountancy is greater than engaging a professional small business accountancy provider. A small business accountancy provider not only can take care of the accounting but can do a lot for your business. Here are the top five things that a small business accountancy provider can do for your business:

1.      Bookkeeping

The bookkeeping services for small business from an accountancy provider can help you save time and money. It can take away the hassle of bookkeeping, and at the same time, free you so you can concentrate more on running and expanding your business. Bookkeeping services for small business are also more cost-effective than hiring full-time, in-house staff of bookkeepers. By engaging bookkeeping services for small business, you will never have to worry about keeping your books accurate and up-to-date.

2.      Payroll

Payroll management can be ridiculously time-consuming and confusing. With payroll services from a small business accountancy provider, payroll management will not be a hassle anymore. Professional payroll services help increase your payroll efficiency, improve your employees’ satisfaction, and ensure your payroll remains compliant with the existing legislation.

3.      VAT Returns

Preparing VAT returns, accounting them accurately in the books, and submitting those returns to HMRC can be very challenging. Fortunately, small business tax accountants working with your accountancy services provider can efficiently address all your VAT return requirements. These small business tax accountants not only prepare, account, and file VAT returns, but also deal with HMRC on your behalf if any queries arise.

4.      Financial Accounting & Business Advise

Bookkeepers may not be able to prepare accounting statements and financial reports. They may also not be able to identify and extract vital information from the statements and reports. Accountants for small business working with your accountancy services provider, on the other hand, can easily prepare all the necessary accounting statements and financial reports. They are trained and qualified to handle these tasks. Apart from preparing statements and reports, accountants for small business can also identify and extract vital information from your books. Using this information, accountants for small business can offer you practical advice that helps limit expenditure and improve the bottom line. They can also advise on business expansion and tax planning opportunities.

5.      Personal & Corporate Taxation

There are a lot of ways to reduce your personal and corporate tax burden, but you probably would not know. Small business tax accountants working with your accountancy services provider can provide you effective personal and corporate taxation services. These small business tax accountants will show you practical ways to help bring down both your personal and corporate tax liabilities.

Apart from the above, a small business accountancy provider can help with incorporation, company secretarial services, audits, and inheritance tax planning among other things.

It is always beneficial to team up with a reputable provider of small business accountancy in the UK, like Affinity Associates. Engaging small business accountancy provider is cost-effective, and it takes care of every accounting aspect of your business.

Want to know more about what we, the leading provider of small business accountancy in London, UK, can do for your business? Just contact us at http://www.affinityassociates.com/contact-us/.

Here’s Why You Should Engage Bookkeeping Services for Small Business

Here’s Why You Should Engage Bookkeeping Services for Small Business

Business owners often know the true value of bookkeeping. However, with so many things to take care of, it is quite impossible to be an all-rounder who simultaneously runs the day-to-day operations, addresses minor details, and records every transaction that incurs daily in the books. Business owners who need to take care of their bookkeeping efficiently can either hire a full-time, in-house staff of bookkeepers or engage bookkeeping services for small business from a reputable provider.

Technology today has enabled engaging bookkeeping services for small business an easy task. The provider of bookkeeping services for small business helps you with all sorts of backend tasks, such as recording every transaction and monitoring the books. The provider can do all these tasks without having to be present physically in your office! Here are some notable benefits of engaging bookkeeping services for small business.

More Time, No Headaches

Doing bookkeeping on your own will actually be a waste of your precious time. Rather than bookkeeping, you must spend your time more fruitfully thinking about how to bring more customers, improve business, and streamline various processes. When you engage bookkeeping services for small business, you can avail more time, which you can spend wisely for the betterment of your business. Also, it will give you the peace of mind about keeping your books accurate and up-to-date.

Economical

If you decide to hire a team of full-time, in-house bookkeepers to take care of all your bookkeeping tasks, then be prepared to pay more. Not only the salaries but you will need to consider recurring expenses such as payroll taxes, insurance, and employee benefits among others, which are mandated by law.

When you engage bookkeeping services, however, you get a team of professional bookkeepers to whom you need to pay on a monthly, weekly, or hourly basis. The pricing will actually depend on your requirements, the size of your business, and the amount of work that needs to be done.

Bookkeeper Vs. A Pool Of Bookkeepers

When you engage bookkeeping services, you are basically getting access to a pool of experienced bookkeepers, who can help each other to deliver the best for your business. What is great about this is that it will not cost you as much as when you employ the same number of bookkeepers or accountants to work in your office.

Scalability is also not an issue with professional bookkeeping services. As your business grows, your bookkeeping needs also increases, but the provider can adjust easily to these challenges as it already has enough workforce set in place.

Experts At Work

Bookkeeping is always at its best when bookkeepers are at work! Not that you are bad with numbers, but it is wise to leave the bookkeeping to the expert bookkeepers. The provider of bookkeeping services for small business has professional bookkeepers who know what they must do even when they are half asleep. The skilled and experienced bookkeepers will always be there to address all your concerns and queries. What is great is that they will not leave you stranded but instead provide practical answers and solutions to run your business better.

Quality Work

Quality is everything for the providers of bookkeeping services for small business. In order to maintain the reputation of their business, these providers have stern quality-check measures in place to ensure errors are avoided at all cost. Keep in mind that a bookkeeping error can have a ripple effect, which can create headaches for business owners. To avoid this, bookkeeping needs to be accurate and error-free, which the providers of bookkeeping services are expert at doing.

When in need of quality bookkeeping services for small business, UK business owners rely on Affinity Associates. With some of the most skilled and experienced bookkeepers, Affinity Associates provides unparalleled bookkeeping services for small business in London and across the UK.

To learn more about our bookkeeping services, click here.