Hire Expert Tax Accountants in London to End VAT Troubles for Your Small Business

Hire Expert Tax Accountants in London to End VAT Troubles for Your Small Business

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

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

What is VAT?

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

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

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

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

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

Expert Assistance for VAT Returns

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

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

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

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

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

Top Tips for Choosing Accountants for Small Business

Top Tips for Choosing Accountants for Small Business

Professional accountants for small business can be very resourceful for any kinds of business owners. Experienced accountants for small business will keep your accounts in order, will advise on tax planning opportunities, and will ensure that your business stays in compliance with every legislation. Here are some tips to help you select the best accountants for small business.

Top Tips for Choosing Accountants for Small Business

  1. If you are a start-up business, engage professional accountants for small business at the earliest, as they will be able to give advice on numerous essential things, including establishing streamlined bookkeeping and accounting processes.
  2. Ensure the prospective accountants are well qualified. Most accounting and consulting firms in the UK are members of an established accountancy body, such as ACCA (Association of Chartered Certified Accountants) or ICAEW (Institute of Chartered Accountants in England and Wales).
  3. Ensure the accountant has experience of dealing with small businesses that are in the same trade sector as your business. If you are a law firm or a financial services firm, for example, it will be in your best interest to engage specialist accountants instead of “general” accountants for small business.
  4. See how much the accountancy firm will charge you and value will they add to your business. Also, find out how they will charge you – monthly or annually? Can the accountancy firm you decide to pick offer a bespoke quote?
  5. Find out what additional services your accountants provide. Along with normal tasks, such as bookkeeping, payroll management, annual accounts preparation, etc., will your accountants for small business help with tax planning, tax return, company formation, management consultancy and other services that are essential for your business?
  6. Contact a handful of accountancy and consultancy firms in the UK when selecting accountants for small business. Meet some of those firms in person to get an idea of whether they are professional, suitable and competent enough for your business.
  7. Instead of choosing a larger accounting and consulting firms, settle with a small, yet proficient firm with the required skill sets and resources. Generally a small accounting and consulting firm tends to understand the unique and specific needs of small businesses more than larger firms. Smaller firms are also more reactive and also proactive to small business needs than larger firms.
  8. Find out what the existing clients of your prospective accountants say about them. This will give you a good insight on how they work. Ask your potential accountants to give you some business references to whom you can talk to about their experiences with the accountants.
  9. One of the biggest problems small businesses face is the communication with the accountants. The need to see the essential financial reports may arise at any time, even during the night or when you are somewhere in another part of the world, planning business expansion. If you are not able to get the reports when you need, you may face trouble or miss out on something of value. Time is of the essence and you need an accountant who empathises with your aspirations and vision.

    Therefore, choose the local accountants who are swift and efficient with the communication and use modern technology to make your work and financial reports available online, which you can access from anywhere, at any time.

  10. Choose accountants for small business who consider you as a valuable partner instead of just a client. Only a partner can understand your business better and help with its prosperity. Some reputable accounting and consulting firms in the UK offer a free trial, which can help you decide whether they can become your true partner or not.

Engaging professional accountants for small business, like  Affinity Associates, is certainly beneficial for your business.

Affinity Associates is a reputable accounting and consulting firm that has some of the best accountants and tax accountants for small business in London, UK. Certified and vastly experienced. Professional accountants at Affinity Associates provide a complete small business accountancy service in London and across the UK.

To learn more about the accountants and tax accountants for small business in the UK at Affinity Associates, please explore our site http://www.affinityassociates.com/ or contact us at info@affinityassociates.com.