Please Avoid These Accounting Mistakes in the Coming Years

Please Avoid These Accounting Mistakes in the Coming Years

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Being an accounting practice in the UK is not easy. It demands a lot of patience, time, hard work, and focus in maintaining clients’ financial data accurately and in a presentable format. A small error or mistake can lead to serious damage to your business. Therefore, you cannot afford to make a mistake while maintaining and filing the data. Based on our years of experience, below are some of the most common accounting mistakes that you can avoid to ensure a happy year for you as well as for your client, and they are:

1] Wrong Entries:
Accounting and bookkeeping are all about numbers, but a single wrong entry can spoil all your calculation resulting in a waste of time and effort. The most common error is simply entering the wrong amounts, incorrect dates, or selecting the wrong category of the given cost, and you need to make sure you are not repeating these mistakes in the coming year. This incorrect hurts even worse if you are doing it for a VAT-registered client.

 

2] Skipping Receivable/Payable:
Well, the second error on the list is not checking the account payable and account receivable. Accounting to accounting experts in the UK, you can easily overcome these mistakes is to bring up a ‘Accounts Payable’ report, as it shows who you owe what to on any given day. If you have some items that are negative figures, then it’s likely you have a bookkeeping problem. Another common indicator of a mistake is where this report has negative figures on it, aka incorrect balances. So, to avoid this mistake, closely check your accounts payable and accounts receivable reports.

 

3] Avoiding the Use of Modern Accounting Software:
We live in the age of the internet and if you are still using spreadsheets to maintain your clients’ financial data then it is time to reform and modernize your accounting practice. Modern accounting and bookkeeping software are easy to use and affordable. Investing in the right accounting and bookkeeping software can help you avoid mistakes and ultimately make it easier to handle your finances. There are many benefits of using reputable accounting software such as it becomes easy to back up data in case of an emergency, you can have all the financial data at a centralized location, and easy availability of the data whenever required. Additionally, you can also suggest your clients consider cloud accounting and cloud bookkeeping services as it comes with tons of benefits.

 

4] Not Having the Habit of Taking the Back:
In case, you keep manual records using Excel or Google Sheets, it is crucial to back your data up daily. You should back up your data even if you are maintaining the records digitally using online accounting software. Most online accounting software (including Xero) will back up your data automatically every 24 hours but always check with your software provider to ensure it is backed up at least once a day, ideally to several safe and secure locations.

How Will You Avoid These Accounting Mistakes in 2023?

If you are still repeating these mistakes or feel like taking assistance from accounting experts in the United Kingdom, then help is just a call away.  Call Affinity Associates at +44 20 8903 2077 and get all your problems sorted out by industry veterans. Whether it is bookkeeping, accounting, payroll, or anything related to Tax accounting, you will get expert assistance and services at affordable rates.

Affinity Associates is one of the best accounting outsourcing services providers in the UK. To learn more about the outsourced accounting services, how much will it cost you, or how you can hire an accountant, feel free to write your requirements to Affinity Associates at info@affinityassociates.com.

Affinity Associates is Here to Help

If maintaining your clients’ accounts, books, and other financial data is giving your sleepless night, then it’s time to consider professional help from Affinity Associates. Our outsourced accounting, bookkeeping, and financial services will make sure your time is saved, you are not falling victim to common mistakes, and you have enough time to focus on business growth activities. Get in touch with our expert accountants today.

Small Business Accountancy – Reasons Why Affinity is the Leader

Small Business Accountancy – Reasons Why Affinity is the Leader

When you are finding the best Small Business Accountancy company in the UK on Google, you will find thousands of results. But finding an accounting firm that is just right for you among them is real hard work. You have to find a small business accountancy company that not only fits your requirements, but you also have to ensure that the company is offering accounting services within your budget. This means you have to find a company that offers premium quality accounting services at affordable rates. Well, then you should refer to this blog that has tips on finding the best accounting firm in London.

How to Find the Best Small Business Accountancy Firm?

Below are the rules/tips that you should follow to find the best small business accountancy practice in the UK:

1] Fees: Always consider before hiring a company
2] Experience: What is the experience of the resources that you are about to hire
3] Certification: Are the accountants certified or not?
4] Availability: Are the resources available to finish your task within the given time frame
5] Communication: What are the modes of communication available
6] Goal: Are you meeting your end goals after hiring the top accounting firms in London

No matter whether you are a pro-player or a newbie, kindly follow these tips to find the trusted and reliable accounting outsourcing services provider near you.

What is the cost of accounting services in London?

To be honest, the cost of accounting services in the UK depends on many factors, including the type of work, the number of resources required, the type of business, and more. For an approx. the idea about how much-outsourced accounting and bookkeeping services will cost your business, you can refer to this pricing and packages page on our official website. The average cost of hiring an accountant may vary from 10 GBP to 100 GBP. However, there are some top accounting firms in London like Affinity Associates that is offering the best small business accounting services in London at unbelievable prices.

Why Affinity Associate is among the top small business accountancy firms?

Affinity Associates is among the top-rated small accountancy firms in the UK with more than 40+ years of industry experience. Below are a few reasons why Affinity Associates is the top accounting firm in London, and they are:

  1. Best Accountants: Affinity Associates has the team of the most talented accountants in London to offer the most UpToDate small business accounting services in London, UK.

 

  1. Industry Presence: With more than 40+ years of industry presence, Affinity is among the top players in the field of small business bookkeeping and accounting in the UK.

 

  1. Affordability: At Affinity, affordability doesn’t mean compromising the quality of work. You get the best services at unbelievable prices. You can verify it by clicking here https://bit.ly/3FQ3D3n.

 

  1. Updated Infrastructure: Affinity Associates loves to stay updated with the trends. From working stations to office infrastructure, Affinity adopts and implements the best and newest in the market available.

Affinity Associates is among the best small business accountancy services providers in London that offer all the services you need to ensure the smooth functioning of your business. To learn more about the list of services offered by Affinity Associates, please click here.

Also, to learn more about the pricing packages for your business, please click here https://bit.ly/3FQ3D3n. For a free consultation to discuss your requirements, please call Affinity at +44-20-8903-2077.

Here’s How Small Business Accountancy Can Boost Your Business Growth

Here’s How Small Business Accountancy Can Boost Your Business Growth

When you are starting a business, your main focus is on the core activities such as product development, customer services, payment process, etc. However, keeping yourself occupied in this logistics can take you a little far away from the most important paperwork and financial systems, including business accounting, which is equally important to ensure a strong business foundation.

Managing your business accounts timely and accurately is extremely important, and if it’s not your cup of team, then it’s time to consider small business accountancy services. There are plenty of small business accounting firms across the UK helping young entrepreneurs, SMBs and SMEs while staying more affordable than hiring a full-time resource. In the absence of a proper accounting system in place, you can’t keep track of cash flow, profit margins, annual trends, and other data that will influence the decisions you are making each day. Therefore, small business accountancy is important for the overall growth of your business, and here’s how you can benefit from it:

  1. Assistance from Experts: Being a young entrepreneur or a startup, you don’t enough budget and work to go after an experienced in-house accountant. And, hiring an inexperienced resource or DIY accounting may land you in more problems. Thus, the best way to deal with the problem is to consider small business accountancy services where you can get expert assistance. Small business accounting firms in London like Affinity Associates has a team of experienced accountants to offer your professional services at affordable prices.
  2. Helps You Save Money: Small business accountancy services are highly affordable compared to hiring an in-house accountant. It helps you save huge time and money which you suppose to invest in training the resource, setting up the workstation, and offering many other employee benefits. Moreover, being a startup or SMBs, you don’t have enough workload to hire a full-time resource. Instead, you can hire accounting services on an hourly basis every month.
  3. Tax Compliance and Regulations: A proper understanding of state tax regulations and compliance can help you save a lot of money at the end of tax season. For instance, when you attempt DIY accounting and are preparing tax on your own, a small mistake while filing tax can lead to higher penalties. Moreover, you may also have to pay the differences. All these hassles can be avoided by consulting small business accounting firms in the UK like Affinity Associates. From accounting to tax preparation to tax filing, they are always on your side when it comes to financial compliance, laws, and regulations.

Contact Small Business Accounting Company

Small business accounting firm like Affinity Associates have differing hiring and pricing modules that supports young entrepreneurs, startups, and SMBs across the United Kingdom. If you are searching for small business accountancy services in Staines, Leatherhead, Weybridge, Chertsey, Caterham, Dartford, Uxbridge, Harrow, Watford, Enfield, Loughton, Brentwood, and Romford, then feel free to contact Affinity Associates at +44 20 8903 2077 or https://www.affinityassociates.com/contact-us/.

Small Business Accountancy Services in the UK Are Highly Affordable

Small Business Accountancy Services in the UK Are Highly Affordable

If you are a small business owner and are handling the accountancy of your business by yourself, then you are probably incurring some costs to your business!

Many small business owners think they are saving money by carrying out accountancy in-house or on their own. The fact, however, is that the price they are really paying is quite higher than engaging small business accountancy services, like the ones offered by Affinity Associates. Continue reading to discover more.

Adequate Procedures & Professionalism

Accountancy is not just addition and subtraction! If it were, then anybody with a primary school education would be an accountant. Accountancy is also not about just recording and keeping track of various financial transactions. It is a smart discipline that ensures the financial records of a business are current, accurate, and complete.

It is not uncommon for many business owners who handle their own paperwork to keep fiddling with their previous financial records. For instance, finding an unaccounted receipt today or remembering recording a wrong figure, would urge a business owner to change the previous month’s records. While ensuring the accuracy of your books is essential, continually disrupting the records means the financial picture of your business is always changing. The reports of your business become less reliable, and no one will trust your records.

Even some bookkeepers tend to follow this practice because they are not trained in the accountancy discipline. This is one of the reasons to employ small business accountancy services from a professional and experienced firm rather than an in-house bookkeeper. Small business accountancy services will bring the discipline and streamline your financial/accountancy operations.

Accounting Analysis & Financial Advice

Skilled and certified accountants for small business can offer an unmatched level of analysis of the finances of a company that is well beyond what anyone else could. By looking at the books, experienced accountants for small business can identify and understand the patterns in revenues and expenditures, which you would not be able to do on your own. Understanding these patterns can help you create strategic plans to expand and improve your business further.

Professional accountants at a reputable small business accountancy firm in London, like Affinity Associates, can also offer sound financial advice to better your business. Learn how to cut expenses and increase revenue by engaging expert accountants. By engaging small business accountancy services, you may also be able to discover all the tax planning opportunities that help reduce your overall tax burden.

Tax Legislations & Tax Breaks

No one likes paying taxes, but things can become very serious if you do not pay at all or file them wrong. Only some business owners can comprehend various tax laws when they apply to their businesses. Value-added tax, payroll tax, capital gains tax, income tax, corporation tax, and more – all have to be paid to HMRC accurately and on time. However, the moment a business owner starts to understand, the tax legislation changes!

Business owners have other important things to do than understanding the various tax legislations and dealing with HMRC. A decent small business accountancy firm, like Affinity Associates, also has experienced small business tax accountants on its team who take the tax hassle out of your business.

These small business tax accountants are familiar with the latest tax legislations. They make sure that all your tax deadlines are met, and your financial reports are accurate so the proper amount can be paid.

Professional small business tax accountants often have in-depth insight into various tax breaks or tax benefits that business owners may not even know remotely. Engaging small business tax accountants can substantially minimise your overall tax burden.

To Conclude

Doing accountancy in-house may apparently seem economical, but it is not. Engaging professional small business accountancy services, on the other hand, will certainly prove cost-effective. There are numerous benefits of engaging professional services. They streamline your financial operations, ensure your books are accurate and up-to-date, analyse and provide essential data to help create strategic plans, offer practical financial advice, and help reduce the tax burden among other things.

If you are in need of quality small business accountancy services in London, UK, then just contact us at Affinity Associates. We are the leading small business accountancy firm in the UK, and we provide a range of high-quality accountancy and advisory services to all kinds of businesses. We have some of the best accountants and tax accountants for small business in London who can take care of your entire business accountancy.

Discover more about us and our small business accountancy services by getting in touch with us https://www.affinityassociates.com/contact-us/.

Highly Professional and Accurate Accounting Services for Small Business in London

Highly Professional and Accurate Accounting Services for Small Business in London

Based in London, Affinity Associates is the best accountancy practice that offers highly accurate and professional accounting services that follow all the tax legislation by the HMRC. With years of experience, we hold expertise in small business accounting services, which includes services such as bookkeeping, VAT preparation and filing, payroll services, and other taxation services. Our small business accounting solutions are performed by skilled and qualified bookkeepers, accountants and tax preparers with years of combined accounting experience. Our outsourced accounting services for small and medium-sized businesses in London, Harrow, and Wembley help our small business clients cut costs, save time, and improve profits.

Small Business Accounting Services We Offer:

  1. Bookkeeping Services for Small Businesses in London – We have a team of certified bookkeepers in London to offer highly accurate bookkeeping services. Our services help small businesses produce useful financial reports to make crucial business decisions. We are highly flexible with our services, and it includes activities such as data entry, record keeping, reconciliations, and reporting.
  2. Tax and Planning Services for Small Businesses in London – Our tax preparation and planning services in London are committed to making the everyday life of a small business owner frustration-free during the tax season and throughout the year. Our tax planning services can help small find applicable tax credits, deductions, and tax plan to reduce your tax bill.
  3. Accounting Services for Small Businesses in London – We are highly acclaimed for our accounting services in London. Our accountancy services for small businesses in London can keep your business going, while we take care of all the tasks related to accounting. Our complete package of accountancy services includes consulting, preparing, filing and/or reporting on the accounting specifics of your business.
  4. Financial Planning Services in London – Our financial advisory services in London help small businesses grow wealth through financial planning, investment management, wealth management, retirement planning, and exit planning. For years, we have helped countless businesses in London and across the UK attend financial stability.

Top Reasons to Choose Our Small Business Accountancy Service

When you hire our services, you will receive personalized accounting and bookkeeping services along with useful guidance for improving your business. Here are some of the most common reasons why you should choose our accountancy services in London, and they are:

  1. First-class Service – For years, we have been offering small business accounting services, and professionalism is always at the core of our services. Being a true accounting partner to our clients, we strive to offer highly reliable services at every point of time. We don’t just do the grunt work, instead, we help our clients make decisions based on their unique financial requirements, which is the true value of our accounting services.
  2. Modern Technology – We love to stay UpToDate with all the latest trends, especially new software, in the industry as it allows us to offer highly accurate and efficient accounting services to our clients. There are plenty of accounting firms across the UK that still depends on outdated technologies, which result in higher costs to clients. Our office is equipped with the latest technology so that simple tasks can be automated that reduce the cost of services to our clients.
  3. Flexible Contracts – We are highly flexible with our services and hiring packages. We have teams and services to accommodate the necessitates of small to large businesses in London and across the United Kingdom. We do not believe that a long-term contract is necessary to do this for a long-term relationship.

Contact Us Today

Affinity Associates is a leading firm for small business accounting services in London and across the UK. We position our small business clients for success via professional accounting and tax services accurate bookkeeping services, and other taxation services.

To learn more about our services and how it can help your small business grow, please contact us at https://www.affinityassociates.com. For a free consultation and a non-objection quote, please call us at +44-20-8903-2077 (London).

Dear Small Businesses, Here are 4 Accounting Tasks That Must be Done on a Weekly Basis

Dear Small Businesses, Here are 4 Accounting Tasks That Must be Done on a Weekly Basis

Keeping the track of accurate and up-to-date bookkeeping and financial data is crucial for businesses of all sizes, whether large, medium or small. These financial data determine the success of any business. There are some incidents in the past that some of the well-established businesses across the world have been doomed for the reason that their accounting processes were not up-to-the-mark, disorganized or incorrect. Not only that, but some small businesses these days are prone to poor accounting procedures, and if you are one of them, then it’s time to wake up.

Most small business owners have the habit of managing their business finances like they handle their personal finances – occasionally checking the balance in the account and paying off their bills when they have money available. What can be worse? Want to make sure that your business is not one of them? Keep Reading this blog.

Listed below are the 4 tasks that you ought to be performing on a weekly basis without fail:

1. Making Payments to Vendors – Your business needs a systematic plan for making payments to your vendors. This will help you keep a track of all your debts. Moreover, it will also help you maintain a good repute and credit rating of your business amongst the vendors.

The date of payment may vary from vendor to vendor; hence, you cannot get away simply by paying your bills all at one time in a month. Among the group of vendors, you have, some might accept or agree to get paid in a period of 30 days, whereas some vendors may request the payment as soon as the bill is submitted. Bookkeeping tasks are time consuming and there is no particular benefit of paying your bills on a daily basis.

Therefore, it is advisable to make the bill payments once a week and enjoy the increasing efficiency of your business. All your bills would be paid on time and your bookkeeper would not face a tough time having to deal with a lot of check runs.

2. Bank Account Reconciliation – Proper bank account reconciliation is extremely necessary for each and every business owner, because it helps them to understand the actual cash they have and then compare it with the cash they believed they had.

Most of the small businesses make a mistake of waiting for their bank statement to arrive and then reconcile it with their account, but the problem here is that bank statements are generated only once a month. This means that you have to wait approximately 31-31 days between the reconciliations and too much can take place in-between this time period. Therefore, it is recommended to all the small businesses to reconcile their bank account on a weekly basis, and if you have time, then doing it every day is also not a bad idea.

3. Record and Maintain Customer Receipts – For a small business owner, an unsatisfied or angry customer is the worst nightmare. Nobody expects to pay a bill and then get a ‘past due’ letter a week later. To avoid such awkward situations, make a habit of recording and maintaining the receipts from your customers in a timely manner. You should follow this routine every day, but if you are occupied with other tasks, once a week will do.

4. Extra Transactional Entries – Being a small business owner, you don’t only deal with your vendors and customers, you also make some financial transactions out of this as well. Financial transactions such as interest payment, a fee levied by bank and auto-debits are required to be recorded at the end of every week. Some bookkeepers opt for recording them prior to reconciling the account to make the procedure smooth and streamlined. However, as your business expands, you have to develop your personalized system to manage each and every aspect of the accounting process, giving the above-mentioned points a fair start.

Need a Helping Hand?

If you believe that all those points discussed above is hard to follow, then you need a helping hand in the form of Small Business Accountancy services from companies like Affinity Associates. The latter, with the help of experienced accountants, will keep you abreast of the complete financial situation of your business.

To discuss how Affinity Associates can create a customized package of small business accountancy for your small business in London, UK, call +44-20-8903-2077 or request a free initial consultation online at https://www.affinityassociates.com/contact-us.

Hiring Accountancy Services for Small Businesses in the United Kingdom

Hiring Accountancy Services for Small Businesses in the United Kingdom

Keeping up precise and exceptional financial records is vital for a wide range of businesses. Despite the fact that you may be able to deal with the bookkeeping of your business all alone, it still proves to be tedious and frequently overwhelming. Luckily, you can somewhat or completely offload the bookkeeping weight to professional accountants for small business in the United Kingdom, who will deal with your accountancy in the most proficient way.

Partnering with the correct firm that offers in-budget and quality accountancy services for small businesses in the UK

Most business owners, especially start-ups, are confused that when they should hire the accountancy services for their small businesses in London. The simple answer could be that when founds that it is not plausible to deal with the accounts of his / her business, all alone.

You, obviously, have a choice to utilize an in-house team of full-time bookkeepers and accountants. Yet, this may prove to be expensive. A full-time staff of qualified accountants will request a hefty compensation! Hence, it is savvy to consider proficient accountancy services for small business. You can hire proficient accountants for small business in London at whatever point the need emerges, and it will demonstrate significantly more savvy than having an in-house team of accountants.

Since you will outsource the accountancy work of your business of an outside firm, you have to collaborate with a trusted firm on whom you can rely and ultimately focused towards building long-term relationship. It is advisable to consider the below points prior engaging with the accountancy firm that offers quality and in-budget services in the UK.

#1: Meet Face to Face:

Make sure to visit the firm face-to-face and converse with the primary up close and personal before drawing in their services. This is necessary, especially considering that they will be managing your accounts, after all.

During the personal meeting, enquire about the capabilities and experience of the accountants who will really be dealing with the accountancy of your business. While it isn’t essential for any accountant to have any qualification, yet ensure that yours is all around qualified through a perceived UK body like ICAEW or ACCA.

It is additionally fundamental to examine the expenses. You are hiring accountancy services for small businesses with the goal that you can take care of business while sparing the cash. In this way, ask the firm how its services will drive an incentive to your business.

#2: Your Accountants Role

If you happen to be a sole proprietor, when it comes to accounts and finances, the two of the most primary concerns that you may have will be (1) paying the correct amount towards income tax and (2) bookkeeping. Your accountants for small business ought to have the capacity to deal with these accountancy assignments effectively.

Enlisting your business for VAT and submit for VAT returns every month or quarter should be done if your business’s turnover surpasses the limit indicated by HRMC. Planning VAT returns turns out to be increasingly intricate as your business increases, so ensure that the accountants you hired are able to deal with it.

As your business develops, you may require utilizing more staff. Keeping an in-house staff implies the continuous salaries for them. Hence, you ought to make sure that the accountancy firm that you hire is able to handle payroll services as well.

You may, eventually require financial advisory services for your business. Find out that the accountants for small business you choose to hire are sufficiently experienced to offer quality services for the same.

Accountancy service for small businesses proves to be time & money saving. You need to ensure that you hire a professional and qualified accountancy firm such as Affinity Associates. Such firms have qualified and experienced accountants for small business in London, who can deal with each bookkeeping need of your business.

Affinity Associates is a trustworthy firm offering accountancy services for small businesses in London, UK. They have some of the best professional accountants in the UK, and offer a wide range of accountancy services, including bookkeeping services, finance services, VAT return services, individual and corporate tax assessment services, and financial advisory services to give some examples. Visit https://www.affinityassociates.com to discover more about the high-quality accountancy services for small businesses they provide.

If you have any questions regarding our any of our services, feel free to contact us info@affinityassociates.com. Alternatively, you can also call us on +44 208 903 2076 or just fill a simple enquiry form at https://www.affinityassociates.com/contact-us/.

4 Reasons to Consider Small Business Accountancy Services

4 Reasons to Consider Small Business Accountancy Services

Small Business Accountancy Services UK

Accountancy services are not just for medium or large-sized businesses and organizations. Small and start-up businesses can also profit from utilizing such outsourced accountancy services. Truth be told, connecting with an expert to record and monitor payroll, income, expenses, and taxes can enable any small business to achieve its potential. Here are the top 4 reasons for any business owner to consider small business accountancy services.

Reason #1. Enhance Employees’ Efficiency

Most times, small-scale businesses might not have enough paperwork or accountancy-relevant work to justify hiring a full-time bookkeeper in-house. In such a case, they may choose to have their non-accountant staff split their work between keeping the accounts maintained and completing their regular work. This, however, in the long run, proves to be inefficient for both the business and its employees. Hiring small business accountancy services to deal with the accounts will allow the businesses to free their employees from the activity they are not capable to do and enable them to focus on what they are hired for, eventually enhancing the general effectiveness.

Reason #2. Accuracy Ensured

Keeping all your business’s accounting records up-to-date such as tax, income, expenses, bookkeeping, payroll, etc. is a tough task. A professional small business accountancy firm that gives quality outsourced bookkeeping services has a team of professionals; skilled and experienced. By hiring small business accountancy services, you could be rest assured that your business’s financial books is accurately maintained. This helps demonstrate the genuine position of where a business is standing, and they likewise help deflect any prosecution.

Reason #3. Remain in Compliance

A business’s tax requirement and the taxation law surrounding it may keep on changing often, which makes it difficult for the business owner to stay up to date with it. Likewise, if the business is developing rapidly, it tends to be difficult to find out which laws will apply at various phases of development. A small business accountancy firm, however, constantly keeps the track of the tax requirement changes and the laws surrounding it, and will ensure that your business always remains in compliance with the same.

Reason #4. Business Growth

A specialist small business accountancy firm will have the expertise in experience with the finances of the business from each angle. Their team of professional bookkeepers and accountants will provide you with vital financial advice and tax advices that eventually helps your business to save more money. A good small business accountancy firm in the UK, similar to Affinity Associates, will even talk about all the execution improvement measures, which can enable a business to develop.

Regardless of the sort of your business, it is extremely useful to hire a small business accountancy firm in the UK, similar to Affinity Associates. With a pool of some of the best bookkeepers and accountants for small businesses in London, Affinity Associates gives premium-quality accountancy services to a wide range of businesses over the UK.

Get in touch with one of the professionals at Affinity Associates today, to discover how their small business accountancy services can help you. To contact us call on +44 208 903 2076 or write to info@affinityassociates.com. Alternatively, you can also fill out a simple inquiry form at https://www.affinityassociates.com/contact-us/

Important Tax Tips for Small Businesses in the UK

Important Tax Tips for Small Businesses in the UK

Maintaining a business is an overwhelming task for most business proprietors. This is particularly valid for small business owners. Small businesses need to deal with inventory management, promotions, deals, marketing, bookkeeping and accounting, among numerous different business errands. Presently, with such a significant number of things to deal with, small businesses may tend to forget something as vital as, taxes. Also, a slip-up like this can truly cost enormous! Regardless of whether small business proprietors know about the significance of recording tax returns and tending to different taxes apropos, they still be facing issues in carrying out such exercises.

So if you are a business owner in the UK, and are facing in keeping up with your accounts or taxes, then you should continue reading as we present you some of the most important tax tips, which could best match the requirements for small businesses.

Tax Planning: It is Essential

A productive tax arranging is essential for small businesses who need to guarantee that their tax risk is at a minimum level. By maintaining a low tax bill, businesses can avail smooth cash flow. This further leads to better business expansion and growth.

Making a successful arrangement for tax risk isn’t excessively troublesome. You simply need to discover and comprehend what tax commitments your business has and what alternatives you need to address them. Examine them regularly, and you will do fine in regards to your business tax undertakings.

Stay Organized with Your Financial Records

Up-to-date financial records help demonstrate the genuine picture of taxes and funds. Thus, staying up with the latest is important. You might surmise, that you are running only a small business and don’t need to invest in keeping your financial records organized. In any case, remember that for the most part there are a lot of transactions occurring in an average small business consistently. Not recording one or a couple of transactions will give you an inaccurate summary of your business accounts. This can later affect your business severely and may even welcome HMRC examination. Hence, keeping your business’s financial records organized is vital. Doing appropriate bookkeeping is one approach to guarantee that everything is well organized and up-to-date.

Safeguard the Tax Records

Numerous business proprietors commit this error – dumping the tax records of the earlier years in places where they won’t meddle with their everyday business exercises. This is not at all advisable. As a matter of fact, even the HM Revenue and Customs (HMRC) suggests keeping the records for no less than 22 months. Keeping the old tax records helps in readiness of the most recent tax returns, planning of budgetary articulations, tracking expenses, and checking the progress of your business in addition to other things.

Hire a Small Business Tax Accountant

In spite of being sufficiently cautious, there are situations when tax issues can emerge. Such issues could be exceptionally intricate for common business alone to manage and resolve alone. This is where an expert small business tax accountant can help. A professional tax accountant for small business can enable you to get ready to file tax returns, will give you expert tax advices that reduces your tax risk, and do proper measures so the business avoid raising any tax issues. For a small fee, an expert small business tax accountant can help keep your business accounts up-to-date.

If you are a small business owner based in the UK and are, looking for a skilled and professional small business tax accountancy firm than Affinity Associates is the right place for you to contact. Affinity Associates is one of the leading accountancy firms based in London, UK, and is boasted with a pool of professional and certified accountants and tax experts.

Visit https://www.affinityassociates.com/to know more.

Why Opt For Small Business Accountancy Services in London, UK

Why Opt For Small Business Accountancy Services in London, UK

Do you claim a business, yet don’t like dealing with the everyday associated paperwork? Well, you don’t need to make a fuss over the installments, payments, receipts, finance, taxes and other such numbers that are associated to keep the business running smoothly. Opting for small business accountancy services in London, UK, is something that you should consider to manage your business’s overall finances. Here are a few reasons that will help you to understand better:

Save Time with Small Business Accountancy Services

Dealing with your business’ records every day all by yourself is obviously tedious. Regardless of whether you are capable dealing with accountancy and bookkeeping, it just takes an excess amount of time for recording, handling and processing every financial transaction incurred. By hiring small business accountancy services in London, you can free up a great amount of time for yourself, divert your focus on your clients, your core business functions, and overall be more creative towards it.

Save Money with Small Business Accountancy Services

You don’t have to procure a full-time, in-house accountants just to deal with the paperwork of your small business. Rather, outsource your whole accountancy to the professional and skilled accountants for small business. Accountancy services for small businesses are significantly practical then utilizing an in-house representative or a group.

Ensure Accuracy with Small Business Accountancy Services

There are quite a few great accountancy software that helps to keep your business accountancy needs in order. However, mistakes do happen and they can end up being expensive. By hiring professional accountants and tax consultants for small business, you can be rest assured that your records will be precise and error free. The HMRC dislike incorrect records and in the event, if your firm is audited, then you are all on your own. Yet with accountancy services for small businesses, you will have a solid sponsorship, particularly during audits.

Stay Organized with Small Business Accountancy Services

Piles of receipts, invoices, and other paperwork can easily turn out to be a stressful situation for your office. Hiring experienced and professional accountants for small business, you can have the power to save all the information online and secured, accessible at any time.

If you’re looking for quality and reliable small business accountancy firm in London, UK, then Affinity Associates is the right firm for you to contact. We offer quality accountancy services to a wide range of businesses in London, and all across the UK.