Tag: Small Business Tax Accountant

Back

Accountants for Small Business in London – Helping At Every Stage of Your Company’s Growth [Part I]

Accountants for Small Business in London – Helping At Every Stage of Your Company’s Growth [Part I]

Accountants for small business in London, UK, at Affinity Associates can help you throughout the different stages of your company’s growth. Ranging from creating a sound business strategy to advising on company formation, making a loan application to addressing a government audit, engaging accountants for small business in London can make life easy for you at every step.

In order to avail such support, you do not necessarily need to hire a full-time, in-house accountant or a team of accountants. Oftentimes, engaging an accountant or a small team of accountants for a part-time will be enough.

You may be dubious, like most small business owners, about whether or not you can afford an accountant. Nonetheless, consider how long it would approximately take for you to complete certain essential tasks, like taxes or payroll, and ask yourself, is it a good use of my time?

For instance, consider that it takes about 15 hours for you to calculate the taxes, and your precious time is worth £50 an hour. That will be a cost of £750 to calculate taxes on your own! Besides, there are always chances that you may have made errors, as tax calculation is not easy. In addition, you may be multitasking like most business owners, so the chances of errors could easily increase.

If you, however, engage a small business tax accountant in London to handle the time-consuming, but important tasks, such as taxes, it will certainly prove more cost-effective than paying yourself. You will also have extra time to focus on your primary business activities as well as have a peace of mind thinking that a professional is handling your taxes.

Here are a couple of instants, during the life of your small business, where you might want to consider engaging accountants for small business in London.

Creating a Business Strategy

If you collaborate with accountants for small business while you are creating a business strategy, they will be able to analyse your books in order to offer their own experienced financial perspective. This will eventually help you create a sound and realistic business strategy that is more likely to succeed.

Engaging accountants for small business from the outset means you will get the benefits of their vast financial knowledge and practical advice right from the beginning. This could ultimately save you a lot of time and money in contrast to engaging these professionals later.

Restructuring Your Company

You could operate your company as a sole proprietor or as a limited liability firm. Both have their own merits and demerits. For instance, if you operate as a sole proprietor, you will have a lesser administrative burden than operating as a limited liability firm. Similarly, if you operate as a limited liability firm, you will have a greater tax benefit than operating as a sole proprietor.

How you should operate your company depends upon a lot of factors. If you engage an accountant for small business, then he or she can recommend how you should operate by looking at the most important aspect of your company, i.e., the financial data.

If operating as a limited liability firm is beneficial, then your accountants for small business may also assist you with the company formation process, which by the way, is somewhat complex. If you are already an incorporated entity, then accountants for small business can also help you restructure it so that you can avail optimum tax breaks.

Engaging accountants for small business is definitely essential. It is beneficial too. If you are searching for reliable accountants for small business in London who can help you at every stage of your company’s growth, then end your search at Affinity Associates.

Affinity Associates has some of the best accountants for small business in London, UK. Vastly experienced and certified, our accountants and tax accountants for small business in London will take care of the entire accounting function of your business. Get in touch with us today to discover how we can help you. To contact us, simply visit https://www.affinityassociates.com/contact-us/.

How to Find Good Accountants for Small Business

How to Find Good Accountants for Small Business

Are you having trouble preparing and filing your business taxes? Are you unhappy with your current tax accountant? Below are some simple tips for finding and selecting accountants for Small Business in London to whom you can trust your firm’s paperwork and rely on for practical financial advice.

Why Engage Accountants for Small Business

Engaging accountants for small business can save you substantial time and clear up a lot of confusion you face when it comes to handling your firm’s finances and taxes. Collaborating with reputable accountants for small business in London, however, can offer other benefits as well:

  • Act as a Reliable Advisor – An experienced accountant for small business not only takes care of your books and taxes but also advises on important financial matters. Such an accountant can help you manage cash flow, assess risk, plan for growth, and keep your accounts in order and up-to-date.
  • Help Balance Personal & Business Needs – Most small businesses find that their firm and personal finances are entangled closely into each other. A skilful accountant for small business can help you take sound decisions that are beneficial to both your personal and business needs.

How to Find Good Accountants for Small Business

While referrals are an ideal way to find good accountants and tax accountants for your small business, a simple online search can also help you find experienced professionals. Open up your favorite search engine and search for terms like accountants near me and you will certainly come across several good candidates or firms having such candidates!

Interviewing the Candidates

Once you find several candidates, make a short list of them. Now schedule a free consultation to help ascertain whether or not the accountants are the perfect fit for your specific needs. Ask them the following questions:

How much experience do you have dealing with small businesses? Businesses that are small often have complex accounting requirements and few resources to address them. Accountants who understand the complex needs and have a good base of small business clients will probably cater to your business better in the long run. Also find out whether the accountants have experience dealing with businesses that are formed like yours – sole proprietor, partnership, or incorporated.

How much knowledge do you have with my sector? Preferably, the accountants for small business you decide to choose should have the knowledge of your sector. Often, some accountants specialise in common sectors, like retail, manufacturing, etc., while others specialise in more specific sectors, like law firms, associations, financial firms, etc. whose accounting needs are different. Be sure to engage only those who specialise and have experience in your sector.

What can you do for my business? Professional bookkeepers can help you with bookkeeping. A tax accountant for small business can help you with tax preparation and filing. If you, however, want something more than bookkeeping and tax service, you need to collaborate with a reputable accountancy and consultancy firm, such as Affinity Associates. Such a firm, in addition to having skilled bookkeepers, accountants and tax accountants for small business, have experienced consultants, who can advise on a wide range of financial, business expansion, and tax matters. Engaging such an accountancy and consultancy firm in London will do much more than bookkeeping and accounting for your business.

How much do you charge? Small businesses always have an option to employ an in-house team of full-time accountants. Such an option, however, may prove to be expensive. See to it that the accountants you engage may not drain your pockets. Discuss the accountants’ fees beforehand. You are engaging accountants for small business to save time, and most importantly, money. So, be sure to collaborate the ones who can work at reasonable prices, and at the same time, deliver quality work.

Searching for the best accountants for small business in London? End your search at Affinity Associates. We are the leading accountancy and consultancy firm in the UK and have some of the top accountants for small business in London, who can manage your business finances and taxes efficiently. Our accountants and tax accountants for small business in London will not only handle your books but also help grow your business with practical financial advice.

 

Practical Tax Tips for Small Business Owners in the UK

Practical Tax Tips for Small Business Owners in the UK

Running a business is often an overwhelming task for most business owners. This is especially true for small business owners. A small business owner has to handle marketing, promotions, deals, and inventory among many other business tasks. Now, with so many things to handle, a small business owner can easily forget about taxes. And, a mistake like this can really cost big! Even if small business owners are aware of the importance of filing tax returns and addressing various taxes aptly, they may still face problems carrying out such activities.

If you are a business owner, you should definitely continue reading because we present you a few practical tax tips, which are specifically designed for small business owners.

Tax Planning is Essential

An efficient tax planning is necessary for small business owners who want to ensure that their tax liability is always close to a minimum. By keeping the tax bill lower consistently, owners can create a smooth cash flow for their business. And with a smooth cash flow, growth and expansion of a business can become easy.

Creating an effective plan for tax liability is not too difficult. You just need to find out and understand what tax obligations your business has and what options you have to address them. Analyse them from time to time, and you will do just fine regarding your business tax affairs.

Keep Your Financial Records Organised

Proper financial records help show the true picture of taxes and finances. For that reason, keeping them accurate and up-to-date is necessary. You may be thinking that you are running just a small business and do not need to waste time keeping your financial records Organised. However, keep in mind that usually there are plenty of transactions happening in an average small business every day. Not recording one or few transactions will give you an inaccurate picture of your business accounts. This can later on create severe consequences and may even invite HMRC investigation. Therefore, always keep your financial records Organised. Carrying out proper bookkeeping is one way to ensure that everything is Organised well.

On a side note, if bookkeeping is too much of a hassle for you, then you also have an option to engage professional bookkeeping services for small business. Here are some ‘Reasons Why You Should Consider Professional Bookkeeping Services for Small Business.’

Preserve the Tax Records

Many business owners make this mistake – dump the tax records of the previous years in places where they won’t interfere with their day-to-day activities. This is not advisable. In fact, even the HM Revenue and Customs (HMRC) recommends keeping the records for at least 22 months after the end of a tax year. Keeping the old tax records helps in preparation of the latest tax returns, preparation of financial statements, tracking deductible expenses, and monitoring the progress of your business among other things.

Engage a Small Business Tax Accountant

Despite being careful enough, there are cases when tax issues can arise. Such issues could be very complex for ordinary business owners to resolve on their own. This is where a professional small business tax accountant can help. An expert tax accountant for small business can help you prepare and file tax returns, give practical tax advice that reduces your tax liability, and do many other things whenever any tax issues arise. For a small amount of fee, a professional small business tax accountant can do a lot of things for you.

Whenever in need of a professional small business tax accountant, UK business owners go to Affinity Associates. One of the leading accounting and consulting firms, Affinity Associates has some of the best small business tax accountants in the UK who can help you take care of your corporate as well as personal taxation. Apart from personal and corporate taxation, Affinity Associates also provides top-quality accountancy services for small businesses in the UK.