Expert Accountancy Services for Small Businesses in London

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 nights, 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.

Tips to Help You Find the Best Accounting Outsourcing Company

Whether you are a start-up, a small business, or an established brand, every one of us will need the help of experienced accountants to ensure our company’s finances are accurate. Moreover, detailed financial reports will also help us make informed business decisions whenever required. Therefore, it is necessary that you hire an in-house accountant or contact an accounting outsourcing company (if you are looking for better services at low prices).

There are many benefits of outsourced accounting services – cost-effective, reliable, professional, constant support, and other rewards. But always find an accounting outsourcing company with a reputation for impeccable accuracy, scalability, and consistent results. And, if you don’t know how to find the best outsourced accounting services near you, then follow these tips by experts at Affinity Associates.

The tips mentioned below are by experts with the intention to make your search for the best outsourcing accounting firm easy and smooth.

Proper Understanding of Tax Rules and Compliance: This is the first tip that you need to remember. The accounting outsourcing company that you are planning to partner with must be well-versed in all the major to minor tax rules and compliances. Whether it is accounting, bookkeeping, payroll, or VAT preparation, they must have a thorough understanding of the regulations and compliance by the respective government. Also, ensure the team working on your task specializes in tax laws. This will ensure ace services and a seamless experience.
Industry Experience: Industry experience is the second most important point to consider when you are hiring an accounting outsourcing company. This is because the industry experience of the company is directly proportional to the quality of services offered by the company to its clients. An experienced outsourced accountancy company can handle the accounting functions of businesses effortlessly. You can trust them for services such as maintaining financial records, personal tax returns, corporation tax, audit support services, management accounting, and more.
Flexibility: The third point to remember while hiring an accounting outsourcing company is the flexibility of the company. This is because, as your company grows and requirements increases, your accounting partner must be able to scale up its services to meet your accounting needs. Therefore, choosing an outsourced accounting company that can recognize the changing business demands and personalizes its services accordingly is of utmost importance.
Technological Expertise: Every industry is currently experiencing a massive technical shift, and accounting is not left untouched. Technology has become an integral part of accounting, bookkeeping, and other financial operations within the organization. More advanced software and tools are used today to manage accounts books and other financial data. Therefore, before hiring an accounting outsourcing company, estimate their technology expertise.
Data Security: The accounts and books of your company contain valuable and confidential financial data; thus, make sure the company you partner with has a data breach policy on the desk. Safety and security of crucial financial data will ensure peace of mind that your confidential data is secured and in safe hands.

To Sum Up:

Especially small businesses and start-ups; managing accounting and bookkeeping tasks is stressful and time-taking. So, if you want to make it smooth, convenient, and cost-effective, then hire an accounting outsourcing company today. Affinity Associates is the trusted name for bookkeeping, payroll management, VAT preparations, financial reports, taxation, management accounts, and more seamlessly.

Our flexible, affordable, and professional services will enhance your bottom line and give you sufficient time to concentrate on your core business competencies. Contact us today to learn more about how our team of experienced, dedicated, and reliable finance experts can help you scale your business and offer delightful experiences to your clients. Call us at +44 20 8903 2077 .

What is Small Business Accounting Services and Why it’s So Important?

What are Small Business Accounting Services?

Small business accounting services is a popular term among businesses in the UK and across the border. But what is accounting services for small business, and why it is trending and gaining popularity among small businesses around the globe? Let’s understand it.

As we all know, accounting is a very important part of any business. It is the backbone that keeps track of all the finances and transactions. Many small businesses don’t have an accounting service because they can’t afford it.

The small business accounting service is the one that helps small businesses in this process. But there are some companies like Affinity Associates that offers accounting services for small businesses at affordable rates without compromising on quality. Moreover, these companies also ensure that the quality of the work is not hampered, and tasks are completed within the given timeframe. Under the hood of small business accounting, you can outsource tasks such as taxes, payroll, bookkeeping, VAT preparation, financial report preparation, and other financial tasks to reduce your workload and make things easier for you to manage. If you are interested in having a look at the list of services/tasks that you can outsource, then please click here.

Now, if you are impressed by accounting services for small businesses but want to learn more about the advantages/benefits of small business accounting services, then continue reading. We have covered some popular benefits of accounting services for small businesses.

What are the Benefits of Accounting Services for Small Businesses?

Small business accounting services can be a great option for small and medium-sized businesses.
It provides the necessary tools and supports to help them keep track of their finances and stay compliant with federal regulations. They also provide other services like payroll, bookkeeping, tax preparation, financial reporting, and more.

The benefits of using small business accounting services are many.

The first and most obvious one is that you will be able to stay on top of your finances. This means that you will never have to worry about not knowing how much money you have in your bank account or how much money you have to pay to the government as tax.
The second benefit of accounting services for small businesses is that they will make sure that your taxes are filed correctly and on time. This means that you won’t have to worry about being audited by the Tax Department or having any other financial problems with the government.
The third benefit of accounting services for small business is that, if there are any issues with your taxes, they can help you work them out so that they don’t become a bigger problem in the future.
The fourth benefit of using these services is that it will save you time and energy because they do all of this for you!

There are plenty of many benefits of small business accounting and bookkeeping services, and if you want to learn more about them, then feel free to schedule a free consultation with one of the accounting outsourcing experts in the UK.

What is the Cost of Small Business Accounting and Bookkeeping Services?

Many parameters define the cost of small business accounting and bookkeeping services such as the number of resources you hire, the volume of tasks you want the team to handle, what type of task you want them to handle, and more. Thus, if you want to know how much small business accounting and bookkeeping services will cost your business then feel free to contact the experts at Affinity Associates. To elaborate, the approx. The cost of hiring an accountant or a bookkeeper depends on the type of task you assign to them.

For instance, a bookkeeper can take care of tasks such as recording transactions, processing payroll, invoicing customers, and balancing your books. Whereas an accountant can help you with more advanced tasks, such as filing small business taxes, generating statements, analyzing costs, and giving advice. Thus, if you are hiring a bookkeeper or an accountant for a specific set of tasks, the cost may vary from resources to type, and volume of tasks assigned.

If you want to have an idea the about pricing and packages of small business accounting services, then you can refer to this price and package breakdown here. Affinity Associates is one of the top-rated accounting services providers in the UK and offer a free quote to small and medium-sized businesses across the UK.

Where Can I Find the Best Accounting Services?

If you are looking for a small business accounting services provider in the UK, then you can take the help of Google to find some options around you.
You can also ask someone in your family and friends to recommend an outsourcing accounting firm that can efficiently offer the best accounting services for your small business in the UK.

However, after so many attempts and efforts, if you are unable to find a top-rated small business bookkeeping and accounting services provider then it’s time to contact Affinity Outsourcing. The latter is one of the top-rated UK outsourced accounting and bookkeeping firms/practices known for its professionalism and quality of work at unbelievable rates.

You can refer to the pricing and packages page to learn more about the cost of outsourced accounting and outsourced bookkeeping services for small businesses in the UK. The accounting and bookkeeping services provided by Affinity Associates are designed to keep you and your business out of financial stress. If you want to discuss how accounting services for small businesses can prove to be a turnkey solution for your business, then schedule a free consultation with one of the accountants at Affinity Associates in London. You can send us your questions at info@affinityassociates.com or call us directly at +44-20-8903-2077.

Will You Provide Me Free Advice/Help on Accounting Services?

At Affinity Associates, we are always open and available to help our clients with all the accounting and bookkeeping-related problems. Contact our professionals if you have any questions such as,

What are small business accounting services?
How outsourced accounting and bookkeeping services work?
What is the cost of outsourced accounting services?
How accounting services for small businesses can benefit your business?
How can I hire an accountant or a bookkeeper from an outsourcing company?

Our team of experts is always there to help you and offer satisfactory answers to your questions. If you are not sure what types of services outsourcing accounting companies offer, then please click here. You can also like us on Facebook and follow us on Twitter for daily updates on tax and accounting.

Accounting and Bookkeeping Services for Small Businesses Across the UK

Small Business Bookkeeping Services in the UK

Small Business Bookkeeping Service: As a part of cost-cutting, small business owners play multiple roles at a time, and they try to give their best in what they do. They deliver the best-quality services and products, leaving them less time to maintain their accounting and finances. Many of these companies can save themselves by taking the help of small business accounting and bookkeeping services, and this is where we enter the play. We offer Accounting and Bookkeeping Services for Small Businesses across the United Kingdom.

Affinity Associates is an accountancy firm located in London, and we are known for offering professional Small Business Bookkeeping Service in London, Harrow, and Wembley and across the UK. Driven by industry veterans, our teams have highly skilled and experienced professionals for accounting and bookkeeping with the commitment to serve your business at the highest level. Our accounting and bookkeeping services are ideal for small and medium-sized companies across the UK.

Rewards of Our Accounting and Bookkeeping Services:

Improve Collection: We can help small businesses improve their collection by improving documentation and invoicing.

Make More Profit: We can help small businesses increase their profit margin by keeping their financial data up-to-date and presentable as and when required.

Save You Time: By allowing our bookkeepers to take care of their books, businesses save huge time. Entrepreneurs can spend this time focusing on more productive business activities.

We Help You Maximize Cash: Being a reputable accounting and bookkeeping service provider, we help businesses maximize their cash. They can also get daily, weekly, or monthly reports to make better cash decisions.

Hire Small Business Bookkeepers in London, UK

Get complete accounting and bookkeeping solutions with Affinity Associates. We offer a full range of small business bookkeeping services to cover all their accounting needs comprehensively.

Business Bank Reconciliations
Credit Card Management
Accounts Receivable
Accounts Payable
Sales Tax
Payroll

Bookkeeping for Small Business London:

Looking for affordable bookkeeping services in London? Our dedicated small business accounting services range over the most vital areas of finance and accounting. When you hire us to take care of your accounting tasks, our services cover financial reporting, tax returns and strategy, and more. Our skilled accountants for small businesses can easily manage all your needs; thereby, giving you more time to focus on other important aspects of your business.

Small Business Bookkeeping Services London:

The job of a bookkeeper is to take care of the day-to-day financial tasks of a company. Our bookkeeping services work well with small businesses in London. Our bookkeepers collect and process data about purchases, receipts, sales, and payments. Moreover, they can also work with the in-house accountant of a small business to efficiently maintain the financial data.

UK Small Business Accounting and Bookkeeping Services

Our accounting and bookkeeping services are not at all expensive. It varies a lot depending on the nature of the work and the accountant’s experience. Also, we don’t force our clients to sign any unnecessary contracts or bonds. When you use our services, you’ll be able to tailor a monthly payment according to your needs. Affinity Associates will work with you to create the best plan for your business.

Speak with an accountant to see how we can help your business grow: Call +44-20-8903-2077 today

Importance of Professional Bookkeeping Services for Your Small Business

Running a business single-handedly is not an easy feat. You need to keep your eye on all the crucial business activities along with the financial status of your business. You must carefully monitor the business cash flow – all of the finances, which go in and out in the business. If you fail to do that, then there are chances that you may run out of money at the time when you need it the most. Professional bookkeeping services are the best solution that will not only maintain your financial data but will also save you from all the financial uncertainties. Below are some points that justify the importance of professional bookkeeping services for small businesses, and they are;

Without Professional Bookkeeping Services, You Would Be Lost

Bookkeeping services are meant to keep the financial records of businesses at each bend and turn of operations. Without this, a company is left alone in the darkness with no signs of relief. Detailed financial reports maintained by an experienced bookkeeper allow a business to see what’s working and what’s not working for them. And also help them decide how to move forward with the available resources.

The financial data prepared by a professional bookkeeper stop a business owner from repeating the same mistake; thereby, avoiding any more financial loss.

The capacity to look over and evaluate the performance of yesteryear in relation to changes made within the business or instabilities in the market empowers businesses to avoid failure, and a pursue path that leads to success. Professional bookkeeping services, fundamentally, enable a business to learn from its past.

Without Professional Bookkeeping Services, Lenders Won’t Lend

If you are not maintaining your business’s financial records properly, then the loan options become extremely scarce for you and your business. Banks and other financial institutes lend money to businesses having good financial health and a proven financial record in the past.

In such a case, the only loan option you will have will be the one with absurd interest rates. Out-of-date books can cost you more than this. It will also create problems for you in finding partners and investors.

Without Professional Bookkeeping Services, Your Taxes Would Be Huge

There are certain exemptions in the tax structure for small businesses, and you can take advantage of a whole slew of tax deductions and write-offs, but this is only possible when you keep your books (financial records) well maintained. Keeping your receipts in a drawer is very easy, but in the end, it can cost your business far more time and money in the long run. Even if you do manage to hang onto every receipt by the end of the year and painstaking account for each one, your organization is missing out on the chance to analyse its spending.

Professional bookkeeping services offer much needed helping hands and insight on your day-to-day expense practice. Moreover, using software to maintain and analyse your financial records can help your business find areas of waste and opportunities for savings. Also, digitalization makes tax season much less stressful for you as your financial records are clear, well managed, and easily accessible.

Of Course, Professional Bookkeeping is Important

Well maintained financial records can help your business in every facet of operations. In the absence of professional bookkeeping services, a company/business will find it difficult (or almost impossible) to take detailed business decisions necessary for the growth of the organization. Bookkeeping services not only help an organization save money for future business expansions, but it also ensures that all the employees, vendors, and contractors are paid timely.

Need Bookkeeping Services for Small Business? Affinity Associates can Help

While bookkeeping may not be your favourite business task, but at Affinity Associates (London), we have teams of bookkeepers and accountants who love bookkeeping and tax accounting respectively. We are a reputable accountancy firm in London helping hundreds of small-businesses like yours in professionally managing their financial records. We provide all kinds of accounting, bookkeeping, payroll, and VAT services to help businesses get on top of their finances once and for all.

Get in touch with us today with any questions you might have regarding our bookkeeping services. To know more about our services, you can visit our website https://www.affinityassociates.com or call us on +44-20-8903-2077. We are always ready to get started on bringing your books up to date so your business can make the most of its finances.

Affinity Associates Offer Highly Accurate Outsourced Payroll Services in London and across the UK

Are you in search for a London-based payroll outsourcing services provider with flexible and accurate payroll services tailored to your needs? Welcome to Affinity Associates – London’s most reliable and trusted name in payroll outsourcing services. From a large company to small business payroll, we have the team to offer you personalized solutions for your business and employees. With our outsourced accounting services, we ensure that your employees are paid on time while effortlessly managing your statutory compliance and reporting obligations. Outsourcing your payroll tasks to Affinity Associates can save significant administrative leg work so you can concentrate on running your core business.

No matter whatever is the size of your company or whatever is the nature of your business, Affinity Associates fully manages end-to-end payroll services solutions; customized to your unique business requirements. Irrespective of the payroll management services you expect from Affinity Associates, rest assured your payroll will be in safe hands. You don’t have to worry about paying your employees on time as we never miss a deadline.

If you are looking for a payroll outsourcing service provider in London which you can trust and rely upon, then Affinity Associates is the best partner for you. By considering us for payroll outsourcing services, you can benefit in many ways such as;

Increase your payroll efficiency
Ensure your payroll remains compliant with the ever-changing legislation
Get advice on improvements to your existing payroll systems
Free yourself from the hassle of payroll management
Protect yourself against employee dissatisfaction

Trusted Outsourced Payroll Services

Whether to go for outsourced payroll services or not is one of the most difficult questions that most businesses come across. Because of the issues such as trustability, customer services and confidentiality, most businesses avoid outsourced services and decide to hire a full time, in-house accountant (which is an expensive decision). But, when you decide to partner with Affinity Associates, you can rest assured about all the above-mentioned issues. With more than 40 years of experience, we are one of the most trusted and renewed outsourced bookkeeping, accountancy and payroll service providers to businesses across the UK.

Whether you are in search of a fully managed small business payroll, corporate payroll services, payroll consulting or time and attendance management, Affinity Associates has the team to cover you in all the directions. Here’s a small list of services that we offer under the hood of payroll outsourcing services, and they are;

Calculate payroll, including employee expense claims
Implement processes for the authorisation of leave and expense claims
Establish payroll records for new employees
Provide details of payments and full reconciliations on a monthly basis
Ensure your business is SuperStream and Single Touch Payroll compliant
Preparation of payroll tax returns
Salary packaging and remuneration services
And, more.

Enquire About Outsourced Payroll Services in London

Whether you want to outsource your payroll services completely, or you want us to take care of certain payroll tasks, we are always there for you. Whatever are your requirements, we are committed to offer payroll services that boost and support your business objectives by all means.

Contact our payroll management experts in London to discuss how we can save you time, increase your business’s efficiencies and keep you up to date with the latest in payroll compliance. Send us your requirements at info@affinityassociates.com or visit our website at https://www.affinityassociates.com.

Here’s Why Outsourced Bookkeeping Services are Long Term Partners of Small Businesses in London

Most of the small businesses and startups keep doing everything by themselves – sales, marketing, HR, IT and sometimes they manage their own books as well. This constant juggling between the different roles results in unnecessary tiredness; thereby losing focus on the core business activities. As the business owners keep stretching themselves thinner and thinner, at one point of time, they decide to offload as many responsibilities as they can in an attempt to cope with the necessary business activities.

If you are a small business owner or a start up in the UK, then you might be aware about this common mistake. Figure out what’s necessary for the growth of your business – list out the tasks that you need to carry out and list out the task that can be outsourced. Outsourcing is an economical option not only small and medium sized businesses, but most of the established brands across the globe also benefit themselves from this.

Outsourced bookkeeping and accountancy services are helping countless business across the globe and serve them as their long-term partner. Here are some reasons, why outsourced bookkeeping services are considered as the long-term partners of small business in London and across the UK, and they are;

From Recording Transactions to Financial Reporting and Forecasting

In simple to understand words, a bookkeeper is the one who maintains a company’s financial transactions at sequential intervals – every day, in most cases. The definition of a bookkeeper is quite simple, but the task and responsibility associated with the job is much more complex. Depending on the nature of the business, maintaining the company’s financial reporting can be time-consuming and complicated, and it has to be accurate and up-to-date.

Many startups, small and medium-sized businesses understand that keeping the records of all the money that’s coming into and going out of their business on a daily basis — and reconciling those figures at weekly, monthly, quarterly and yearly intervals is not their cup of tea. It is a job of a full time professional, and this is the reason why most of the businesses in their growing stages tend to choose outsourced bookkeeping services. Modern day bookkeeping solutions make use of the latest technologies (including the cloud) to offload the business owners as well as to offer them an accurate insight on their financial status.

Working with Your In-house Resource for an Efficient Process

Here’s one more reason for small businesses across the UK to go for outsourced bookkeeping services. During the tax seasons, when it becomes tough for you and your in-house bookkeeper to prepare and submit the tax, the outsourced bookkeeping services come to the rescue and offer the much needed helping hands. Thereby saving you from unnecessary stress. Not only experienced bookkeepers, but outsourced accounting firms have teams of proficient accountants to help you during the Tax Season.

Gaining Real-Time Financial Insight

Here’s the third and one of the most important points. An outsourced bookkeeping services provider allows you to track the key performance indicators (KPIs) of your business. That’s a great way for business leaders to gain new insights into their company’s financial health.

Outsourced bookkeeping services offer you access to all sorts of high-level expertise – from input on how to make the tax laws work in your favor to advice on improving your profit margins.

Hence, to conclude, outsourced bookkeeping services not only save you time and money, but it also offers a level of service and professionalism far beyond what you could attain by doing everything yourself.

Outsourced Bookkeeping Firm in London

If you want to know more about outsourced bookkeeping services, how it works, how it can benefit your business and how it can increase your profit margin, then feel free to contact us at Affinity Associates. You can email us your questions / queries at info@affinityassociates.com or dial +44 20 8903 2077 (London) to talk to our experts. We offer free consultation and quote as well.

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/.

Common Small Business Taxes in the UK

Small businesses in the UK and the proprietors or partners who own them are subject to various taxes – ranging from Corporation Tax to Capital Gains Tax.

Below is an overview of some of the most common business taxes you may encounter as a small business owner in the UK.

Corporation Tax

Corporation Tax is a business tax levied on income or profits made by limited companies in the UK.

For Corporation Tax, companies first need to calculate their operating earnings. This is calculated by deducting expenses related to operating the business, like the cost of goods sold, depreciation, general operating costs, etc. from the actual revenues. Once the operating earnings are derived, the existing Corporation Tax rate is applied to ascertain the amount a company is liable to pay to the HM Revenue & Customs (HMRC).

The payment of Corporation Tax is usually due nine months and one day after the end of a company’s accounting period.

The current Corporation Tax rate is 19%.

PAYE

PAYE (Pay As You Earn) is a scheme regulated by HMRC to collect income tax from your employees as they earn it.

Self-proprietors are not affected by PAYE; they need to self-assess their income and file a tax return.

Limited companies, however, that have their own staff and draw salaries, are considered as employers, and they have to understand and operate PAYE as a part of their payroll system.

PAYE is a complicated subject with many rules. For that reason, it will be in the best interest to get professional advice. In fact, for a small business, considering outsourced payroll services, which also include PAYE tax advice, can prove very beneficial.

If operating PAYE, employers must pay to HMRC every month!

Value Added Tax (VAT)

Value Added Tax (VAT) is a consumption tax levied on most goods and services provided by businesses registered in the UK.

UK VAT rates differ based on different goods and services, yet, the current standard VAT rate is 20%, the reduced rate is 5%, and the zero rate is, as you have guessed, 0%.

Companies need to register for VAT if their turnover is more than the current VAT threshold specified by the HMRC. Currently, the VAT threshold is £85,000.

Every VAT-registered business in the UK needs to submit its VAT returns online, usually every three months. And, in order to pay the VAT bill, businesses need to rely on electronic mediums, such as internet banking or direct debit.

Capital Gains Tax

Capital Gains Tax (CGT) is a tax levied on the profit that a company makes by selling its own assets. These assets include plant and machinery, fixtures and fittings, land and building, shares, trademarks, etc.

The current CGT is 20% on profits made from selling assets.

There are ways to reduce the Capital Gains Tax liability, but for that, you need to start early tax planning and get the right tax advice from a professional.

Tax business can be very confusing for a business owner. Therefore, just get in touch with us and engage our experienced tax accountants for small business in the UK.

We are the leading small business accountancy firm with some of the best small business tax accountants in the UK. We will help you deal with all your Personal and corporate taxes in the most professional manner. Ranging from Corporation Tax and VAT to PAYE and Capital Gains Tax, our tax accountants for small business in the UK will take care of everything on your behalf.

Small Business Accountancy Firm in the UK – What it can do for you?

With tough competition on the rise, it is essential for UK businesses to do something extraordinary that would give them an edge over their competitors. For instance, engaging a reputable small business accountancy firm in the UK, which can take care of every accounting and financial aspect of the business efficiently can definitely give a much-needed advantage.

Accounting is vital, but at the same time, a time-consuming activity for the business. Some aspects of accounting can be challenging too. In order to ensure that everything is in proper order, a business owner needs to employ an in-house team of full-time accountants. Not just any accountants, but a business owner needs to hire certified and skilled accountants, who can address every accounting aspect of the business. Finding such accountants can be time-consuming. Even if you can find such accountants, keeping them on your permanent payroll can prove to be expensive. And finally, such accountants will only handle your books, and may not come in handy when it comes to addressing the financial matters of your business.

Fortunately, engaging a small business accountancy firm can be the best resort for a business owner. Such a firm has certified and vastly experienced accountants to whom you can outsource various accounting activities of your business. Engaging a small business accountancy firm is substantially cost-effective compared to hiring a permanent staff of accountants. And, the best thing about collaborating with a top small business accountancy firm in the UK, like Affinity Associates, is the value-added services that you can avail along with the quality accountancy services.

Check out what you can avail by partnering with a leading small business accountancy firm in the UK, like Affinity Associates:

Bookkeeping Services for Small Business	Accountancy Services for Small Businesses
Incorporation Services (Company Formation Services)	Personal & Corporate Taxation Services
Payroll Services	Tax Return Services
VAT Services	Capital Gains Tax Advice
Inheritance Tax Planning Advice	Financial Accounting & Advisory Services
Company Secretarial Services	Statutory & Other Specialist Audit Services

Click on each of the services to know more about it in detail.

Affinity Associates is the leading accountancy and consultancy firm in London, UK. With some of the best accountants and tax accountants for small business in the UK, Affinity Associates provides quality accounting, business advisory, and tax services. Being in the profession for over 30 years now, Affinity Associates can help you achieve an edge over your competitors.

To discover more about Affinity Associates, contact us https://www.affinityassociates.com/contact-us/.

Tag: Accountancy Services For Small Business UK