Tax Accountants for Small Businesses | Trusted Tax Advisors UK

Choosing the Right Accounting Firm in London: A Comprehensive Guide

Are you a proprietor of a small business in London seeking trustworthy accounting companies to oversee your finances? Choosing the best company for your needs can be overwhelming with so many options available. We will walk you through the process of choosing the finest accounting firm for your company in this blog article.

How Do You Pick the Best Accounting Firm for Your Company?

a ) Knowledge and Experience:

Search for a company with experience working with small enterprises in your sector. This makes sure that they are aware of the particular difficulties and chances that your company faces.

b ) Services Offered:

To satisfy all of your accounting and bookkeeping needs, pick a company that provides a wide range of services. By doing this, you can fulfil all of your financial needs at once.

c ) Communication:

Choose a company that keeps in regular and transparent contact with its clients. By doing this, you can be sure that you are always aware of your financial condition and are able to make wise judgements.

d ) Pricing:

Choose a business that provides the best pricing without compromising in work quality. This guarantees that there are no hidden fees or charges and that you receive value for your money.

e ) Technology:

Choose a company that manages your finances using the most recent technologies. Your financial information is always safe and accessible thanks to this.

Chose Affinity Associates because…

As leading London-based accounting firm, we focus on offering complete accounting and bookkeeping services to small businesses. With years of experience and a staff of highly qualified experts, we provide specialised solutions made to satisfy the particular requirements of our clients.

Our offerings range from bookkeeping and accounting to payroll and tax preparation and business consulting. With the Affinity Associates, you can rest assured that your finances are in good hands. We understand the challenges that small businesses face in managing their finances, and we are committed to helping our clients achieve their financial goals.

Frequently Asked Questions regarding accounting firms in London

Q: What services do accounting firms in London offer?

: Accounting firms in London offer a wide range of services, including bookkeeping, accounting, payroll, taxation, and business advisory services.

Q: How much do accounting firms in London charge?

The cost of accounting services in London varies depending on the complexity of your business and the services you require. It is best to consult with a few firms and compare their pricing before deciding.

Q: How can I find the best accounting firm in London for my business?

Research and compare different accounting firms in London based on their expertise, services offered, communication, pricing, and technology. Consult with a few firms and ask for references before deciding.

In conclusion, choosing the right accounting firm for your small business in London can make a big difference in your financial success. At Affinity Associates, we are committed to providing reliable and customized accounting and bookkeeping services to our clients. Contact us today to learn more about how we can help your business thrive.

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Financial Accounting Services – A Complete Guide to Outsourced Accounting Services

What Is Financial Accounting Advisory Services EY?

Financial Accounting Services is a process of summarizing, analyzing, and recording the financial transactions of a business or individual. The term accounting can also refer to the profession that deals with these services. It is one of the most important business operations. Thus, if you are over-occupied with other business operations or don’t have enough expertise in business accounting, then financial accounting advisory services EY is here to help.

Accounting services are an important part of running a business. They help in keeping track of all the money being spent and earned by a company so that they can be taxed accordingly and so that investors know how much money is coming in from their investments. A well-maintained business account will help you make important financial decisions in the future in the favor of your company. Therefore, make sure your company’s finances are accurately maintained and if you are unable to do so, then a financial accounting advisory services EY provider can help you do so.

The accounting outsourcing companies like Affinity Associates offer the best financial accounting services to small businesses in the UK. To learn more about the list of accounting services offered, please visit our services page. Financial accounting services have also been changing with technology, providing new tools for their customers to use to make it easier for them to keep track of everything they need to know about their finances.

Blog You Will Love to Read: Tips to File Small Business Taxes in the UK

Why Should You Hire an Accountant?

Accountants provide a wide range of services to their clients, including small businesses and accountancy firms. They help them with tax filing, bookkeeping, and other accounting needs. Accountants are an important part of any business as they can help you with your finances, taxes, and other related tasks. Although they are not as well-known as lawyers or doctors, accountants still have a place in society. By providing financial accounting and bookkeeping services, accountants help individuals, businesses, and governments keep track of their finances. Accountants deal with all types of tax filings and prepare financial statements.

If you are looking for a helping hand to manage your company’s finances accurately, then it’s time to contact Affinity Outsourcing where you can hire accountants, bookkeepers, tax accountants, and payroll experts at affordable rates. You can hire an individual resource or an entire team of experts as per your business requirements and budget. Want to know the cost of hiring a single accountant in the UK for your business? Ask the experts for free.

Things to Consider When Choosing Your Accounting Service Provider

Accounting outsourcing is becoming a popular trend among small and medium-sized enterprises in the UK and across the globe. Outsourced financial accounting service providers offer a wide range of services for their clients, including accountancy firms and businesses. But before hiring any of them, you should consider the following factors:

The service providers’ specialization
The quality of work they provide
The experience they have in this field
Pricing and financial terms
Support and after-sales services offered by the provider

When choosing a financial accounting service provider, there are a number of things to consider. The most important thing is the level of service offered by the accounting firm. It is crucial that the Financial Accounting Advisory Services EY has a team of qualified professionals with years of experience providing accounting services.

Another factor to consider when choosing an outsourced accounting service provider is their pricing model. There are many different pricing models available, including fixed-fee and hourly-rate models. You should choose a pricing model that best suits your business needs and budget.

Contact us for Financial Accounting Advisory Services EY

Are you in need of help in managing your financial accounts? Need professional financial accounting advisory services EY that never lets you down? Then contact Affinity Associates today at +44 20-8903-2077 or email them your requirements at info@affinityassociates.com. If you want to learn more about the services offered by Affinity Associates, then please click here.

If you wish to learn more about pricing/how much financial accounting services will cost you, then please click here. Want to stay updated with the latest tax news in the UK, then like us on Facebook or follow us on Twitter.

Don’t know how to file taxes in the UK? Follow Tips from Small Business Tax Accountants

For small business owners like you and me, understanding income tax can be a tricky process. That’s why our expert small business tax accountants in London can help you with some really useful tips. Moreover, along with the tax bands, there are plenty of other rules and regulations that we need to follow and comply to stay away from any sort of penalty from the UK tax department. Whether you are an entrepreneur or a small business (belonging to any industry/domain), then this blog will help you understand how to file taxes in the UK. Here we have penned down some useful tips by the top-rated small business tax accountants in the UK.

Every country has different tax bands for businesses and individuals who are earning above the decided threshold. Similarly, in the UK, there are different and predefined sets of rules that determine how income tax is collected. Tax bands in England, Northern Ireland, and Wales slightly vary from rates in Scotland. However, if you are new, then the team of UK small business tax accountants is here to help you educate and understand what tax is, what are tax bands, and how to file taxes in the UK.

What is the income tax system in the UK?

Just like other countries, the United Kingdom also has a predefined and clear income tax system in place for its citizens and businesses (and everyone who earns in the UK). The amount that you pay as a tax to the UK government is utilized in providing basic facilities and security. The tax that you must pay totally depends on the income you earn annually.

There may be a single or different source of income for you, and based on your source of income, there are different ways income tax is collected including the following:

For salaried employees is Pay-as-You-Earn (PAYE)
For independent professionals or freelancers is a Self-assessment UK tax return
Deductions at source, where tax is taken from the bank/building society interest before the interest is paid to you
In some cases, one-off payments

If you have any questions/doubts, then you can get them resolved by communicating with Small Business Tax Accountants at Affinity Associates. The latter is one of the leading Tax Accounting Services providers in the UK.

Who must pay income tax in the UK?

Both, residents and non-residents (earing in the UK), have to pay income tax within the country. According to British Lawn, you are eligible to pay tax if you:

If you stay in the UK for at least 183 days during the tax year
Your main home is in the UK, and you have owned, rented, or lived in it for a total of at least 91 days, including 30 days in the tax year under consideration
You work full-time in the UK for any period of 365 days with no significant break of 31 days or more. At least 274 of the days must be in the tax year under consideration.

Learn How To File Taxes From Small Business Tax Accountants in London?

Most UK citizens who fall under the predefined tax bands pay their tax via the PAYE system. Pension providers and employers use PAYE to deduct income tax and other applicable charges before they pay pensions or wages. You can refer to your pay slip or income statement for more details.

Self-Assessment Tax Returns

Last year, approximately. 11.5 million people in the UK filed a self-assessment tax return. You can also file a self-assessment return if you fall under the defined criteria such as:

If you are self-employed and earn more than £1,000 per year
If you are in a business partnership
If you are earning more than £1000,000/annum as an employee or pensioner
If your claim child benefit and your income (or your partner’s income) is over £50,000
If you are earning over £2,500 from other untaxed income such as rentals, investments, foreign sources, etc.

What is the deadline for self-assessment income tax in the UK?

If you are salaried or if you are receiving a private pension, your company or pension payer will pay applicable tax to the government. However, if you are self-employed or need to claim additional income or tax refunds, then you will have to file a self-assessment tax return and pay your own UK income tax.

The deadline to register for self-assessment in any tax year is 5 October of the following year. So, if you want to be evaluated as a sole proprietor for 2021–2022, for instance, you have until 5 October 2022 to register. You must file your returns before 31st October 2022 (if you are doing so on paper) or 31st January 2023 if you are filing online. If you need any help in tax preparation, tax filing or anything related to maintaining your accounts and books professionally, then please feel free to contact us for help and support.

How small business tax accountants in London can help?

Small business tax accountants can help you in a number of ways such as:

Manage your accounts
Manage your books
Prepare VAT
Filing of VAT
Offer financial advice
Preparing financial report

The role of a small business tax accountant is not confined to just offering you professional accounting services, they can help you will almost everything related to your company’s finances and taxes. So, if you are not well-versed with the UK tax rules and compliances or find it tough to manage your company’s accounts on your own, then get in touch with experienced small business tax accountants in the UK at Affinity Associates. The latter has a team of UK small business tax accountants to help you focus on your business activities.

If you want to learn more about Affinity Associates, how it can help, what are the charges of accounting services, and what other services are offered by Affinity Associates, please check out our official website.

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Small Business Tax Accountants and Accounting/Bookkeeping Outsourcing Rates in the UK

Your business is growing, and so are your business transactions. Managing your business transactions and other financial data accurately along with other business activities may feel like a daunting task to you. Instead of overburdening yourself with an unnecessary workload, it’s time for you to contact certified small business tax accountants nearby or from across the United Kingdom.

There are plenty of accounting outsourcing services providers in London like Affinity Associates which has a proven track record of offering the most professional outsourced accounting services to small businesses in London and nearby areas such as Staines, Leatherhead, Weybridge, Chertsey, Caterham, Dartford, Uxbridge, Harrow, Watford, Enfield, Loughton, Brentwood, and Romford.

Thus, if you are UK small business enjoying exponential growth after the COVID-19 pandemic and require a certified accountant in London to manage your company’s financial data, then let’s discuss your requirements over a free consultation call. At Affinity Associates, we also offer a free one-month consultation if you want to try our services before moving forward.

What type of accounting-related tasks can be outsourced?

Small business tax accountants are skilled to take care of any task related to accounting and bookkeeping. However, if you are new to the term outsourced accounting services, and want to know how it works and what type of accounting-related tasks you can forward, then kindly refer to the below list:

Accounts Receivable/Accounts Payable Management
Bookkeeping Services
Drafting Financial Statements/Reports
Controller Services
Financial Planning and Analysis
Cost Accounting
Fraud or Forensic Accounting
Tax Reporting and Filing

You can hire a UK accountant or a team of tax accountants depending on the volume of the work you have in your organization. Compared to hiring an in-house team of accountants and bookkeepers, outsourced accounting services are way too affordable and easy to access. For a list of services offered, you can also Click here.

What are the outsourced accounting and bookkeeping rates in the UK?

Well, the average cost of outsourced accounting and bookkeeping services depends on many different aspects. Such as the type of company you contract, the number of resources you hire, the volume of work you have, and more. However, if you still want to know then it may range from £8/hour to £16/hour. Affinity Associates is offering a free quote and a one-month trial of their accounting outsourcing services in the UK.

Should I Consider Accounting Outsourcing Services?

If you are overloaded with a lot of business tasks and want to offload yourself so that you can focus on core business activities, then yes should definitely consider accounting outsourcing services. Outsourced accounting services not only offload you and offer you free time but also help you boost your profit margin. Below are some more benefits that you can enjoy if you consider Accounting Outsourcing Services in the UK:

Cost-Saving
Eliminate Time and Costs of Hiring Processes
Saves Your Time
Access to Expert Accountants and Bookkeepers
Scaling Accounting Easily
Access to the Latest Technologies
Free Account Advisor

Free Consultation with Small Business Tax Accountants in the UK

A professional and certified tax accountant can take your business to newer heights. If you are interested in learning more about how a certified tax accountant can make your organization flourish, get in touch with an expert, today. Check out the list of accounting and bookkeeping services we offer to UK small businesses at the best price. To try our services for free (one-month trial), you can call us at +44-20-8903-2077 (London). Let’s get connected over social networks – like us on LinkedIn and Facebook for daily updates.

Recent Tax Changes and Things to Be Aware of In the Future

Tax e-News

Welcome to our monthly newswire. In this issue we cover a number of recent tax changes and things to be aware of in the future. As usual contact us if you wish to discuss any matters further.

NEW PERSONAL SERVICE COMPANY RULES START THIS MONTH

The “off-payroll” working rules that apply to certain workers supplying their services to clients via their own personal service companies start from 6 April 2021.

Under this new regime end user businesses will be required to determine whether that individual would have been treated as an employee or not if directly engaged. This will be a significant additional administrative burden on the large and medium-sized businesses to whom the new rules apply. This is a complex area based on different decisions by the courts and HMRC suggest that end user organisations use the CEST (Check Employment Status for Tax) online tool on their website to help with the determination. The end user business is then required to issue the worker with a Status Determination Statement setting out the reasoning for their decision, a copy of which is also given to any agency supplying the worker if relevant.

The determination notifies the agency that PAYE and NIC should be deducted from payments to the worker’s personal service company. That information should be passed down the labour supply chain if other entities are involved, and the ultimate fee payer is liable for making the tax and NIC deductions. If HMRC are unable to collect the tax from the fee payer, the liability will pass up the labour supply chain thus encouraging the end user organisation to carry out due diligence to limit their exposure.

The 130% rate does not apply to equipment such as air conditioning and central heating that normally qualify for a 6% writing down allowance. Such “integral features” qualify for a special 50% first year allowance for the same two-year period.

Please contact us to discuss the tax implications of major capital expenditure decisions.

NEW ENHANCED LOSS RELIEF RULES MAY RESULT IN EXTRA TAX REFUNDS

In the March Budget it was announced that the normal one year carry back for trading losses would be extended to three years. This means that many businesses that have made losses during the COVID-19 pandemic may be able to obtain a repayment of tax paid in that three-year period. This enhanced carry back applies to unincorporated businesses as well as limited companies and the details are set out in the latest Finance Bill.

For corporation tax purposes the loss-making accounting period must end between 1 April 2020 and 31 March 2022 to qualify for the three year carry back. For unincorporated businesses, the trading loss must be incurred in 2020/21 or 2021/22.

Please contact us if you need assistance in complying with the new rules.

NO CHANGE FOR “SMALL” EMPLOYERS

“Small” businesses will be outside of the new obligations and services supplied to such organisations will continue to be dealt with under the current IR35 rules with the worker and his or her personal service company effectively self-assessing whether the rules apply to that particular engagement.

The definition of “small” is based on the existing Companies Act 2006 definition. That is where the business satisfies 2 or more of the following features:

Annual turnover of £10.2million or less
Balance Sheet total of £5.1 million or less
50 employees or less

UBER DRIVERS ARE WORKERS NOT SELF EMPLOYED

The Supreme Court has ruled that drivers for the ride hailing App Uber are workers not self-employed individuals and hence are entitled to holiday pay, pension rights and the right to be paid the national minimum wage. This case will have implications for other workers in the “gig” economy and may also have a bearing on the tax status of such workers. HMRC will certainly be taking an interest in the Supreme Court ruling. Note that tax law doesn’t necessarily follow employment law, but the boundaries are becoming increasingly blurred making it difficult to determine an individual’s employment status with absolute certainty.

For example, if Albion Ltd incurred trading losses of £200,000 in year ended 31 December 2020 having made profits of £50,000 in year ended 31 December 2019 it would normally only be possible to relieve £50,000 of the losses.

The new temporary carry back rules would permit losses to be set against trading profits made in the years ended 31 December 2018 and then 31 December 2017 as well. If profits in those years were £150,000 or more then the company would be entitled to a £38,000 corporation tax refund (19% of £200,000).

CONSULTATIONS ISSUED ON “TAX DAY” BY TREASURY

The Treasury normally issue a bundle of tax consultation documents on Budget Day. This year however they chose to delay the publication until 3 weeks after the Budget. We were expecting the consultation documents to include major changes to CGT and IHT, but it would appear that these have yet again been delayed. The Treasury have accepted a number of recommendations by the Office of Tax Simplification (OTS) on simplifying IHT reporting. From 1 January 2022 over 90 per cent of non-taxpaying estates each year will no longer have to complete IHT forms for deaths when probate is required. The government will also consider introducing a new digital system for IHT and probate reporting.

Another consultation is seeking views on modernising the tax administration system including changes to the payment dates for those outside PAYE. It would appear that HMRC are reconsidering a possible Pay as You Go system for the selfemployed that was originally consulted on in 2016.

The court determined that the drivers were in a position of subordination to Uber. The only way the worker could increase their earnings would be to work longer hours as Uber set the fare charged to the customer. This indicates that the driver is under the control of Uber, a key factor in determining employment status. However, it could be argued that there is limited Mutuality of Obligation as the drivers are able to refuse certain rides, although that may result in sanctions by Uber.

MORE DETAILS ON THE NEW SUPERDEDUCTION FOR EQUIPMENT

In the Budget on 3rd March the Chancellor announced a new 130% tax relief for expenditure on new plant and machinery incurred between 1 April 2021 and 31 March 2023. It turns out that this new tax relief is only available to limited companies and the latest Finance Bill reveals a nasty sting in the tail when the equipment is sold, as the clawback on disposal is potentially at the same 130% rate. So, if a new item of plant cost £100,000 the company would be able to deduct £130,000 in arriving at taxable profits thus saving £24,700 in corporation tax at 19%. However, if the plant was sold for £80,000 on 1 April 2023 130% of the proceeds would be clawed back and £104,000 added to taxable profit which could result in up to £26,000 corporation tax payable at the new 25% rate. The claw-back rate reduces on a time basis from 1 April 2023 onwards so it would be advisable to retain the asset long term.

REVIEW OF BUSINESS RATES

Among the documents published was an interim report on the government’s Fundamental Review of Business Rates, which sets out a summary of responses to last year’s call for evidence. The final report will be published in the Autumn. The government will also legislate to tighten tax rules for second homeowners meaning they can only register for business rates (and business rates relief) if their properties are genuine holiday lets. This will close a loophole that allowed some second homeowners to avoid paying council tax on that property, and some were even claiming coronavirus support grants for their “business”.

DIARY OF MAIN TAX EVENTS

APRIL/MAY 2021

Date	What’s Due
1/04	Corporation tax payment for year to 30/6/20 (unless quarterly instalments apply)
6/04	2020/21 tax year ended on 5th. 2021/22 tax year begins. New “off-payroll” working rules start.
19/04	PAYE & NIC deductions, and CIS return and tax, for month to 5/04/21 (due 22/04 if you pay electronically)
1/05	Corporation tax payment for year to 31/7/20 (unless quarterly instalments apply)
19/05	PAYE & NIC deductions, and CIS return and tax, for month to 5/05/21 (due 22/05 if you pay electronically)

Also read:

Car on Business name or personal name? Contact Small Business Tax Accountants in London

Hire Top Accountants in London UK - Affinity Associates

Typically, small business owners always look for tax benefits while buying a car as they cannot afford to keep separate cars for Business and personal use. HMRC understands that and allows personal use of cars taken under business name. But these can only be beneficial if your annual mileage is above 14,500 miles. If you use traditional accounting and buy a vehicle for your business, you can claim this as a capital allowance. If you use cash basis accounting and buy a car for your business, claim this as a capital allowance as long as you’re not using simplified expenses.

If your mileage is below 14,500 miles, then perhaps it is advisable to buy car on personal name and claim mileage. However, this is tedious too, as you will be required to keep record log for your journeys.

Interested to know more? Watch out for our latest blogs and follow us on LinkedIn and Facebook or contact us at info@affinityassociates.com. Through our blogs, we will provide you some really useful insights on how you and your business can benefit from tax loopholes.

So, what to do? Well come to Affinity Associates and we can guide you in the right direction. Affinity Associates is one of the experienced tax accountants in London that serves clients from all over the UK. We have a team of certified and experienced tax accountants in London, who are hardworking and well-versed with the tax compliances in the UK. You can contact our tax accountants in London for any sort of tax advices and tax accounting work.

To learn more about our small business tax accountants in London, and how they can help you, please call us at +44-020-8903-2077 or visit our website at https://www.affinityassociates.com. We will be more than happy to assist you.

Is Your Business Ready for Making Tax Digital by the HMRC?

Making Tax Digital is an initiative by the HMRC envisioned to digitalize the UK Tax System, but is your business ready for Making Tax Digital? Are you and your business ready to adopt the reforms brought by the HMRC department? If not sure, then please read this blog.

According to the HMRC department, they have asked businesses to get ready for MTD, and as a result which, they have circulated a list of over 200 software products for businesses to choose from with a range of prices, including some are free, offering different levels of functionality to suit every business. But, if you are not sure whether your business is ready for MTD or not, then here’s what you need to do.

What do Businesses need to do?

If you are a business having an in-house accountant or a tax representative, then he / she will be aware about Making Tax Digital (MTD) and will advise you on how and when your business needs to make changes to be ready for the new services.

If you are already using one of the MTD compatible software suggested by the HMRC department, then register for the new service and authorise your software for MTD. However, if you are one of the businesses that are not using any software, then it is quick and easy to register; and there is lots of information available to make your business ready for MTD.

If you are confused whether your business fall under the VAT threshold defined by the HMRC department, then take necessary steps to confirm it first. This is because, if you are falling under the defined VAT threshold, then you need to start keeping your records digitally and sending your VAT return to HMRC direct from your software for the next VAT periods. If you don’t know how to do it, then it is recommended to contact an accounting firm like “Affinity Associates” to help you make your returns Making Tax Digital compliant.

If you don’t have an in-house accountant or a tax representative, need to select software to use and sign-up to MTD, then authorise their new software for MTD. The official website (GOV.UK) offers a lot of information on varieties of MTD compatible software – from free software to more straightforward tax affairs.

Contact Affinity Associates for MTD

If your business falls under the defined VAT threshold, and if you don’t know from where to start then, help is here. Affinity Associates is a London based accounting firm known for providing the best accounting and bookkeeping services to small businesses in London and across the UK. Affinity Associates is one of the leading names in adopting the MTD and other tax reforms put forward by the HMRC department, UK.

To know more about MTD and how affinity associates can help you, schedule a free consultation. Contact us at info@affinityassociates.com or dial 44-020-8903-2077.

Making Tax Digital (MTD) and How Affinity Associates Can Help You Digitalise with the Modern UK Tax System

Making Tax Digital (MTD) is one of the most revolutionary and transformational moves by the UK government to make it a lot simpler for businesses and individuals to get their tax right and keep on top of their affairs. With the introduction of the Making Tax Digital (MTD), the HMRC department aims to become one of the most tech-savvy tax administrations across the globe. MTD is designed to make basic changes in the way the tax system works – transforming tax administration so that it is:

more effective
more efficient
easier for taxpayers to get their tax right

MTD will totally change the way in which all individuals and businesses report their financial details to the HMRC. With the MTD reform changing the way in which we all report our financial details, it’s time for all the businesses and individuals (earning above VAT threshold) to be stay prepared for it.

Every individual can now access their Personal Tax Account: You can now have access to your Personal Tax Account online at https://www.gov.uk/personal-tax-account. This Personal Tax Account gives you an up-to-date picture of your tax position in much the same way as online banking does for personal finances.

How Affinity Associates Can Help You Digitalise With MTD

Since April 2019, individuals and businesses with the turnover above the VAT threshold are asked to maintain their financial records digitally, and file their VAT returns to HMRC via Making Tax Digital ready software. Which means, instead of maintaining your financial records on paper, you have to use MTD compatible software. If you are unsure, whether your business needs to comply with MTD, then contact Affinity Associates for help.

If you are already maintaining your financial records in a software, then you need to make sure your accounting software is compatible to MTD or not. This is because, under MTD, some businesses and landlords are required to keep digital accounting records. Spreadsheets are also accepted as digital records for MTD purposes, but they will need to be uploaded to appropriate software. If you have any confusion about which accounting software to use, then the team of accountants can help you find an MTD compatible accounting software for your business needs.

If you are one of the highly occupied entrepreneurs or a business owner not having enough time to keep your business records manually or over the accounting software, then Affinity Associates can assist you with everything related to MTD and VAT return filing. We will provide bookkeeping services and make the quarterly returns on your behalf.

Contact Affinity Associates for Advice, Help and Support

If you have any have any questions or queries related to MTD or how to file VAT return under MTD, then we are available to assist you in ensuring your tax summary is correct and you’re not over – or underpaying – tax. We are London based accounting firm with more than 40 years of experience, and you can contact us via email at info@affinityassociates.com or dial +44-020-8903-2077 for immediate assistance or a free consultation. You can also visit our official website to know more about our services at https://www.affinityassociates.com.

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 businesses 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 businesses 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 of certain benefits. Boosting a 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 the 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 payments? How to deal with HMRC in case of queries? How do 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 businesses, 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 https://www.affinityassociates.com/. If you have any questions about our small business accountancy services, feel free to contact us https://www.affinityassociates.com/contact-us/. We’ll be glad to assist you.

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.