Small Businesses Tax Return Services in London [UK]
Small businesses in London, UK, can significantly enhance their tax management and compliance efforts through the Tax Return Services offered by Affinity Associates. With over 30 years of experience, Affinity Associates is a trusted name in the accounting industry, offering a comprehensive range of services to cater to the unique needs of small and medium-sized businesses. From self-assessment tax returns to online tax return services, Affinity Associates provides top-quality solutions to help businesses navigate the complexities of tax regulations and maximize their financial potential.
Empowering Small Businesses with Tax Return Services:
As a small business owner, handling tax returns can be a daunting task. The team at Affinity Associates understands the challenges faced by entrepreneurs and is dedicated to providing expert assistance in tax return services. Whether it’s self-assessment tax returns or personal Tax return services, their experienced accountants ensure accurate and timely filing, allowing business owners to focus on their core operations with peace of mind.
Benefits of Choosing Affinity Associates:
Unmatched Expertise:
Affinity Associates boasts a team of highly qualified accountants with specialized knowledge in tax regulations and compliance. Their expertise ensures that every aspect of your tax return is handled meticulously, minimizing the risk of errors and maximizing your potential tax savings.
Tailored Solutions:
Recognizing that each business is unique, Affinity Associates offers personalized tax return services tailored to your specific needs. They take the time to understand your business and its financial intricacies, enabling them to identify potential deductions and exemptions that can optimize your tax position.
Convenient Online Services:
Affinity Associates stays at the forefront of technology, offering online tax return services that provide you with real-time access to your financial data from anywhere. This streamlined approach saves time and eliminates the need for extensive paperwork, allowing you to focus on growing your business.
Trusted Reputation:
With an impeccable track record spanning three decades, Affinity Associates has earned the trust of numerous small businesses in London, UK. Their commitment to delivering excellent services and maintaining client satisfaction has established them as a leading provider of tax return services in the region.
When it comes to tax return services for small businesses in London, UK, Affinity Associates stands out as a reliable and knowledgeable partner. Their extensive experience, personalized approach, and dedication to excellence make them the go-to choice for businesses seeking professional assistance with tax compliance. Whether it’s self-assessment tax returns, personal tax return services, or online tax return solutions, Affinity Associates has the expertise to ensure your taxes are managed efficiently, allowing you to focus on what matters most—growing your business.
VAT (Value Added Tax) is a consumption tax imposed on goods and services in the United Kingdom. In this comprehensive guide, we will walk you through the process of preparing and filing a VAT return in the UK, ensuring you fulfil your obligations as a VAT-registered business.
What is VAT?
VAT is an indirect tax levied on the value added to products or services at each stage of the supply chain. It is ultimately borne by the end consumer but collected and remitted by businesses at each transaction point. VAT is a significant source of revenue for the UK government and helps fund public services.
VAT Registration
Before you can submit a VAT return, you must first register for VAT with HM Revenue and Customs (HMRC). This process involves providing relevant business information and choosing the appropriate VAT scheme based on your business’s turnover and needs.
Understanding VAT Returns
A VAT return is a periodic report that summarizes your business’s sales and purchases, the VAT you have charged your customers, and the VAT you have paid on your purchases. It is essential to understand the components of a VAT return and the specific information required to ensure accurate reporting.
Importance of Submitting VAT Returns
Submitting VAT returns is a legal requirement for VAT-registered businesses in the UK. It is crucial to meet your obligations to avoid penalties and legal consequences. Additionally, VAT returns provide an opportunity to reclaim input VAT and manage cash flow effectively.
VAT Return Deadlines
VAT return deadlines vary based on your VAT accounting period. Typically, the deadline for submitting VAT returns and making payments is one calendar month and seven days after the end of the accounting period. It is crucial to adhere to these deadlines to avoid late filing penalties.
How to Prepare for VAT Returns
Preparing for VAT returns involves several key steps to ensure accurate reporting. First, you need to gather all relevant financial information, including sales invoices, purchase invoices, and receipts. This data forms the foundation of your VAT return.
Gathering Financial Information
To prepare an accurate VAT return, you need to gather financial information for the accounting period. This includes sales invoices issued, purchase invoices received, and records of any VAT adjustments, such as bad debts or capital goods scheme calculations. Organizing and maintaining these records is essential for seamless VAT return preparation.
Calculating VAT Amounts
Once you have gathered all financial information, you need to calculate the VAT amounts accurately. This involves determining the VAT you have charged your customers (output tax) and the VAT you have paid on your purchases (input tax). The difference between the two represents the VAT you owe or are owed by HMRC.
Filling Out VAT Return Forms
VAT return forms are used to report VAT information to HMRC. You can choose to fill out these forms manually or use accounting software compatible with HMRC’s Making Tax Digital (MTD) initiative. Ensure you complete all relevant sections, including sales and purchases figures, VAT adjustments, and any additional information required.
Contact the VAT Experts in the UK
If you’re feeling overwhelmed or unsure about the process of submitting your VAT return in the UK, it’s always a good idea to seek assistance from VAT experts at Affinity Associates. Contacting VAT professionals at Affinity Associates can provide you with the guidance and expertise needed to navigate the complexities of VAT regulations and ensure accurate and timely submissions.
Our VAT experts have in-depth knowledge of VAT compliances, experience in handling various business scenarios, and can offer valuable advice tailored to your specific needs. Whether you have questions, need help with VAT registration, or require assistance with VAT return preparation, reaching out to VAT experts in the UK can provide you with peace of mind and help you fulfill your VAT obligations with confidence.
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We are excited to announce that Affinity Associates will be exhibiting at the upcoming Accountex 2023 event in London, one of the largest accounting and finance events in the UK. This event will take place on May 10-11, 2023, at the ExCeL London, and we will be available at stand 630. If you want to register yourself for the event, then please feel free to contact us at +44 20 8903 2077.
For our UK clients, it is a great way to keep in touch and stay informed on our latest offerings and keep yourself updated with the latest developments in the UK Accounting.
The event will be held on May 10-11, 2023, and it brings together over 250 top fintech companies and provides a CPD-accredited education programme. So why not let us know if you are going to be there and we can be sure to greet you on the day!
About Affinity Associates – A Small Business Accounting Company
As a leading provider of accounting and outsourcing services, we are thrilled to have the opportunity to showcase our wide range of services, including accounting, bookkeeping, tax, payroll, IT, financial services and other business advisory services. Our team of experts will be on hand to discuss the latest industry trends, answer questions, and share insights with visitors.
At Accountex 2023, we aim to connect with small businesses from all over the UK and help them improve their financial management, streamline their operations, and grow their business. We understand that running a small business is challenging, which is why we are committed to providing personalized services that meet the unique needs of each of our clients.
The event will provide visitors with access to the latest accounting and finance products, services, and technologies, as well as a range of keynote presentations, seminars, and workshops. It will be an ideal platform for small businesses to meet and connect with industry leaders, fellow business owners, and experts in the field.
In addition to showcasing our services, we will be discussing the latest industry developments and how they could impact small businesses. Visitors can learn about the latest trends in accounting and outsourcing and how to leverage these developments to improve their businesses’ financial management.
Let’s Meet at Accountex 2023
We invite small businesses in the UK to visit us at Accountex 2023 and learn more about our services and how we can help them achieve their financial goals. Our team of experts is excited to meet you and discuss how we can help your business thrive.
Affinity Associates is delighted to invite small businesses in the UK to visit us at the upcoming Accountex Event in London. As a leading accounting and outsourcing firm, we offer a wide range of services to help small businesses improve their financial management, streamline their operations, and grow their business. At the event, we will showcase our services, including accounting, bookkeeping, tax, payroll, and business advisory services.
We will also be available to discuss the latest industry trends, answer questions, and share insights with visitors. We believe that the event offers an excellent opportunity for small businesses to learn about our services and how we can help them achieve their financial goals. We look forward to meeting with visitors and discussing their accounting and outsourcing needs at the Accountex Event in London.
What is Accountex?
Accountex London is a major trade show and conference for the accounting and finance industry, which takes place annually in London, United Kingdom. It is a leading event that brings together accountants, finance professionals, business owners, and technology providers from around the world to showcase the latest trends, technologies, products, and services in the accounting and finance field.
Accountex London also features an exhibition hall where technology vendors, software providers, financial institutions, and other service providers showcase their products and services to the attendees. It provides a platform for businesses to explore new solutions, meet with industry experts, and discover innovative ways to enhance their accounting and finance operations.
Why Affinity Associates Prefer to Participate in Accountex?
Affinity Associates is one of the top-rated accounting and bookkeeping services providers in the UK. By attending the Accountex London 2023, we intend to get closer to our clients, help them better understand our services, and also educate them about how they can keep their company’s finances UpToDate. There are many more benefits of attending the event, and a few of them are as below:
To keep our clients updated with the industry trends.
To help our clients discover new solutions.
To help them extend their network and business development.
To educate our clients and new prospects on how they can improve their service offerings.
To help them enhance their brand visibility with the help of our services.
Affinity Group works with UK accountants and offers unique outsourcing solutions, IT services, financial and business advisory services. We have been taking an accelerated pace of growth with acquisition of multiple small and medium sized accounting practices in the UK.
How We Can Meet at the Accountex Event in London?
Meeting us at the Accountex Event in London is extremely easy. If you haven’t registered yet, then please register for the event by clicking here. However, if you are facing any issues in registering yourself, then please feel free to contact Affinity Associates:
Once you are at the event, you can visit stand number 630 to learn more about our services and offers. You can like our Facebook page and follow us on LinkedIn to get updates related to Accountex 2023.
As a small business owner in the UK, one of the most important aspects of managing your finances is ensuring that you are compliant with the country’s Value Added Tax (VAT) regulations. VAT is a tax that is added to most goods and services sold in the UK, and as a business owner, you may be required to register for VAT and submit regular VAT returns to HM Revenue & Customs (HMRC). VAT Return in the UK is extremely important for every business with an annual turnover of £85,000. If you have any questions related to VAT returns, VAT return filing, or anything related to VAT registration in the UK, then contact Affinity Associates – a small business VAT Services Expert in the UK.
If you are new to the world of VAT, it can be overwhelming to navigate the VAT rules and regulations in the United Kingdom. Most of the start-ups, small businesses, and even medium-sized businesses in the UK find it hard to tackle the frequently changing VAT laws and compliances, and this is where small business VAT return services come in.
In this blog post about VAT Return UK, we will explore what small business VAT return services are, why they are important, and how they can benefit your business.
What are small business VAT return services?
Small business VAT return services are specialized accounting and bookkeeping services designed to help small business owners in the UK manage their VAT obligations. There are many accounting firms in the UK that help businesses across the UK in preparing and filing VAT returns during the tax season. These VAT return UK services typically include:
VAT Registration: If your business’s annual turnover exceeds the VAT registration threshold (currently £85,000), you must register for VAT with HMRC. A small business VAT return service can help you with the registration process, ensuring that you are compliant with all the requirements.
VAT Return Preparation: Once you are registered for VAT, you must submit regular VAT returns to HMRC. A small business VAT return service can assist you in preparing and filing your VAT returns accurately and on time, reducing the risk of penalties and fines.
VAT Advice and Support: VAT rules and regulations can be complex and confusing, especially for small business owners. A small business VAT return service can provide you with expert advice and support on all aspects of VAT, from registration to compliance to reclaiming VAT.
If you are a business in the UK with an annual turnover above the VAT threshold, then don’t miss the deadlines. And, if you need any help/support from a Top VAT services company in the UK, then contact Affinity Associates today. To talk to UK VAT experts, please dial +44-20-8903-2077.
Why are small business VAT return services important?
Businesses have to register for VAT if their VAT-taxable turnover is more than £85,000. They can also choose to register if their turnover is less than £85,000. Small business VAT return services are important for several reasons:
Compliance: As a small business owner, it is your responsibility to comply with all the VAT regulations in the UK. Non-compliance can result in penalties, fines, and even legal action. A small business VAT return service can help you ensure that you are compliant with all the VAT rules and regulations.
Accuracy: VAT returns must be accurate, or you risk overpaying or underpaying VAT. A small business VAT return service can help you ensure that your VAT returns are accurate and complete, reducing the risk of errors and penalties.
Time-saving: Preparing and submitting VAT returns can be time-consuming, especially if you are not familiar with the process. A small business VAT return service can save you time by taking care of all the VAT-related tasks for you, allowing you to focus on running your business.
Cost-effective: While hiring a small business VAT return service may seem like an additional expense, it can actually be cost-effective in the long run. A small business VAT return service can help you avoid penalties and fines, as well as identify opportunities to reclaim VAT, potentially saving you money.
VAT return preparation and VAT return filing is a complicated process, and if you are entirely new to the domain, then it can be a truly hectic task. Therefore, in that case, it is advisable to contact someone expert in VAT Return UK and associated services.
How can small business VAT return services benefit your business?
If your annual turnover is above £85,000, then you have to register your business. And, if your business is VAT registered in the UK, then you have to be prepared for VAT Return UK. If you are familiar with VAT preparation and VAT filing, then you can do it on your own, but if you are not sure where to start from, then better call the VAT return experts from Affinity Associates. Small business VAT return services can benefit your business in several ways:
Peace of mind: Knowing that you are compliant with all the VAT regulations and that your VAT returns are accurate can give you peace of mind and reduce your stress levels. VAT experts you hire take care of everything related to VAT preparation and filing.
Improved cash flow: If your business is eligible to reclaim VAT, a small business VAT return service can help you identify opportunities to do so, improving your cash flow. This way you can manage and improve your cash flow more effectively.
Time-saving: As mentioned earlier, a small business VAT return service can save you time by taking care of all the VAT-related tasks for you, allowing you to focus on running your business. The time that is saved can be invested in other lucrative business activities.
Professional expertise: Small business VAT return services have professional expertise in all aspects of VAT, ensuring that you receive expert advice and support. Experienced and skilled VAT return experts in the UK ensure UpToDate services at affordable rates.
VAT Return UK – Get a Free Quote
In conclusion, small business VAT return services can be an invaluable resource for businesses in the UK that are unable to hire in-house resources. Affinity Associates is one such small business VAT return services company that helps businesses with VAT registration, VAT preparation, VAT filing, and more. We have a team of experienced VAT experts to help you with everything related to UK VAT returns.
Accounting outsourcing and outsourced accounting services refer to the practice of hiring an external accounting firm or service provider to handle some or all of the accounting functions of a business. This includes tasks such as bookkeeping, tax preparation, financial statement analysis, and payroll processing. Accounting Outsourcing is one of the most common practices in the UK, and many small businesses, startups, and large businesses have partnered with a remote Outsourced Accounting Services company.
Outsourcing accounting services provides businesses with access to a pool of experienced accounting professionals who can handle the various accounting tasks required to keep the business running smoothly. By outsourcing these services, businesses can save time and money, while also ensuring compliance with tax laws and financial regulations. There are tons of benefits of accounting outsourcing services and not only businesses in the UK but across the have accepted this unique business model.
Overall, small business accounting outsourcing services can be a cost-effective and efficient solution for businesses looking to manage their accounting needs without having to invest in hiring and training their own accounting staff. To learn more about the services, you can get in touch with experts at Affinity Associates.
After the Definition of Accounting Outsourcing, Let’s Understand the Importance of Small Business Accounting Services.
Importance of Small Business Accounting Services
Not only in the United Kingdom but also across the world, Outsourced accounting services have become an increasingly popular practice for businesses of all sizes, from small start-ups to large corporations. Thus, whatever the size of your business is, whatever your industry is. Whatever your domain of work is; if you want to maintain your company’s account accurately and efficiently without spending thousands of pounds, then small business accounting services is the right option, and if you want to try them, please click here.
Here are some of the key reasons why outsourcing accounting services is important for small businesses in the UK and globally:
Cost savings: whether you are a small business, a start-up, or an established brand, cost saving is always at the apex. With the help of accounting outsourcing services, businesses can often save money on overhead costs associated with maintaining an in-house accounting department. This includes costs such as salaries, benefits, office space, and equipment. Thus, if you are looking for ways to increase your ROI, then outsourcing accounting services is the best.
Access to skilled professionals: Accounting Outsourcing provides businesses with access to a team of experienced accounting professionals who have the necessary skills and knowledge to handle various accounting tasks. This is particularly important for small businesses that may not have the resources to hire and train their own accounting staff. Also, when you have a team of experienced professionals taking care of your business finances, you don’t have to worry about anything else.
Scalability: Outsourcing accounting services allows businesses to scale their accounting resources up or down as needed, depending on their changing business needs. This flexibility can help businesses to manage costs and stay competitive. Moreover, small business accounting services providers in the UK (Like Affinity Associates) have extremely flexible hiring models backed and pricing models.
Improved efficiency: By outsourcing accounting services, small businesses in the UK can benefit from streamlined accounting processes that are designed to be efficient and accurate. As they don’t have to worry about their businesses’ accounts and finances, they can enjoy a stress-free working environment. This can help to reduce errors and improve overall efficiency.
Focus on core business activities: Outsourcing accounting services allow businesses to focus on their core competencies and strategic goal, while leaving the accounting functions to the experts. This can help businesses to stay competitive and achieve their business objectives more effectively.
Overall, outsourcing accounting services is important because it can help businesses to save money, access skilled professionals, scale their resources, improve efficiency, and focus on their core business activities. By outsourcing their accounting needs, businesses can free up valuable time and resources that can be used to drive growth and success.
Well, after understanding the importance of outsourcing accounting services, it’s time to find the best Accounting Outsourcing Provider nearby.
Best Accounting Outsourcing Provider in UK
When you are taking the help of Google to find Accounting Outsourcing Provider nearby, you will get hundreds of results. But, instead of finding an accounting outsourcing services provider nearby, find a company with proven a track record and strong portfolio. If you are a business in the UK, then instead of finding small business accounting services nearby, you should directly contact Affinity Associates.
Choosing an accounting outsourcing provider is an important decision for any business. Here are some factors to consider when selecting an outsourcing services provider:
Expertise and experience: Look for an outsourcing provider with a strong track record of providing accounting services to businesses in your industry. You should also consider the level of expertise and experience of the provider’s team members.
Range of services: Consider the range of services that the outsourcing provider offers. Make sure they can provide the specific accounting services that your business needs, such as bookkeeping, tax preparation, financial statement analysis, or payroll processing.
Technology and tools: Look for an outsourcing provider that uses the latest accounting software and tools. This can help to ensure accuracy and efficiency in the accounting processes.
Communication and responsiveness: Choose an outsourcing provider that is responsive to your needs and communicates effectively with your team. This can help to ensure that your accounting processes run smoothly and that any issues are addressed in a timely manner.
Security and confidentiality: Make sure that the outsourcing provider has strong security and confidentiality policies in place to protect your sensitive financial data.
Cost: Consider the cost of outsourcing accounting services and make sure that it fits within your budget. Be sure to compare the pricing of different providers and make sure that you are getting a fair deal.
Reputation and references: Look for an outsourcing provider with a good reputation and positive references from other businesses. This can help to ensure that you are working with a reliable and trustworthy provider.
By considering these factors when selecting an accounting outsourcing provider, you can ensure that you are working with a provider that can meet your accounting needs and provide value to your business.
Need Help Finding the Best Accounting Outsourcing Services Company in the UK? Get a free quote and consultation from industry experts.
Well, finding the best accounting outsourcing company is a tricky job, and if you want to skip that for a purpose then get in touch with Affinity Associates today. With more than four decades of industry presence, teams of skilled professionals, and a 100% client satisfaction ratio, Affinity Associates is the best small business accounting services provider in the UK.
Affinity’s outsourcing accounting services is just right for your business. Whether you are a restaurant owner, a dentist, a lawyer, a store owner, etc. you will get services based on tax rules and compliances that apply to your business. You get highly accurate bookkeeping and accounting services.
Schedule a Free Consultation Call!
You can also schedule a free consultation call with one of the accounting experts at Affinity Associates by emailing your details to info@affinityassociates.com. You can also call Affinity Associates at +44-20-8903-2077.
If you are interested in getting updates related to UK tax rules and compliances, then please like our Facebook page and Follow us on Twitter.
Making Tax Digital (MTD) is a UK government initiative that aims to modernize the tax system by requiring businesses and individuals to use digital means to keep their records and submit their tax returns to HM Revenue and Customs (HMRC). The goal is to make the tax system more efficient and reduce errors by using digital technology. Under MTD, businesses and individuals will be required to keep digital records and submit their VAT returns through compatible software. This will be phased in starting in April 2019 for VAT-registered businesses with a turnover above the VAT threshold and will be mandatory for all businesses by April 2020.
Overview: Making Tax Digital Facts
MTD requires every VAT registered business to record and submit VAT returns electronically using ‘functional compatible software’.
Companies must use software to keep digital records of specified VAT-related documents.
Stored records must include designatory data and summary VAT data for the period.
Use of multiple pieces of software is allowed.
The format of the VAT return is a 9-box summary, filed via the HMRC’s JSON API platform, which must be digitally linked between the customer’s source data and the submitted digital return. Businesses receive and send information to HMRC via API.
Each business must set up a new digital tax account and should follow a new authentication process.
Submission of digital records can be in a range of digital formats, including XML, CSV, and Excel, provided they are API enabled.
What Are the Penalties for Not Complying with MTD?
The penalties for not complying with Making Tax Digital (MTD) can vary depending on the specific situation. Generally, if a business or individual is required to use MTD but fails to do so, they may be subject to penalties from HM Revenue and Customs (HMRC). These penalties can include fines and additional interest on unpaid taxes. Additionally, if a business or individual is found to be non-compliant with MTD, they may be required to pay back any outstanding taxes and may also be subject to criminal prosecution. It is important to note that the penalties for not complying with MTD will be determined on a case-by-case basis and will depend on the specific circumstances of the non-compliance. Contact the MTD experts at Affinity Associates today at +44-20-8903-2077.
Making Tax Digital VAT
Affinity Associates is the most reputable small business accounting services provider in the UK. It has been more than 40+ years since we are offering affordable accounting services, bookkeeping services, and all other finance related services to businesses across the UK. With so many years of industry presence, we understand UK Tax laws and compliance at the best.
Whatever is your business, whatever is the size of your business, if you need any help related to “Making Tax Digital VAT”, just get in touch with our MTD experts. We assure you to offer the best support and instant response to all your queries related to Making Tax Digital VAT.
Need Urgent Help? Talk to Making Tax Digital Experts
If you run a VAT-registered business with a taxable turnover above the VAT registration threshold (currently £85,000) you are required to keep digital VAT business records and send returns using MTD compatible software. However, if MTD is complex for you to understand, then help is just a call away. Call Making Tax Digital experts at Affinity associates for instant help at +44 20 8903 2077.
To learn more about how Affinity Associates can help you with Making Tax Digital VAT, please visit their official webpage at https://bit.ly/3ZWCkQo.
You might be already using an accountancy service – but are you satisfied with the services you are getting? The accountant you hire must be capable of delivering superior bookkeeping, tax returns, and other basic accounting services at affordable prices.
True value comes from a proactive accounting function that understands the business itself and actively supports your goals. This proactive approach also ensures that you have all the updated and accurate financial information of your business at the time of making crucial business decisions.
Therefore, it is extremely important that you find the best small business tax accountant who has in-depth knowledge, a proper understanding of your business, and all the tax rules and compliances applicable.
Why do you need the best small business tax accountant for your business?
As your UK small business expands, you will need a tax accountant who can take care of all the accounting-related tasks. The small business tax accountant you hire will a crucial role in your business’s success. The accountant will be responsible for tasks such as financial reporting, compliance, and payroll in addition to bookkeeping and accounts.
Also, a well-experienced UK accountant allows you to concentrate on your business and business operations. It also minimizes risk by reducing the chance of errors in reporting. Also, a smart accountant will save you money by increasing tax efficiency and improving cash flows and will also prove essential if you wish to win external funding. Thus, to conclude, the right accountant will offer you valuable support – after discussing it with you. here are some advantages of a small business tax accountant:
Free up your time
Minimize risk
Focus on business
Save money
Achieve business goals
So, how will you find the best small business tax accountant in the UK? Here are some tips by experts to follow.
When you are hiring a small business accountant, first, make sure you have good chemistry with the accountant. Good chemistry will ensure the smooth functioning of various tasks and you will feel comfortable working with each other.
The next thing to remember is that the small business tax accountant you are about to hire is capable of meeting your needs both now and in the future. You can encourage them to explain how they’ll support you as you grow.
Apart from the above two points, also make sure your small business accountant is qualified and holds degree certification from a renowned college or university. Also, ask about their industry experience – it helps if they have first-hand knowledge of similar businesses to your own. Finally, make sure you’re happy with the fees and charging methods. Services offered by small business tax accountants:
For Small Business Tax Accountant, Call Affinity Associates at +44-20-8903-2077
Affinity Associates is among the best small business accountancy services providers in London that offer all the services you need to ensure the smooth functioning of your business.
Accounting and bookkeeping are some of the major business tasks, and they must be taken care of with utmost professionalism and patience. You must be having a team of accountants and bookkeepers to ensure your accounts and books are maintained accurately. However, if you are not having a team of in-house accountants or bookkeepers, then you can consider the option of accounting outsourcing services.
There are many outsourced accounting services providers in the UK, and Affinity Associates is one the leading name. From UK accounting services to UK bookkeeping services, to payroll services and tax preparations and filing, Affinity Associates has a team of professionals to take care of every task related to accounting and taxation. The list of services offered by them is quite long, and if you want to learn more about the services they offer, then please click here.
Whether you are a small business or an established one, you have to accurately maintain your company’s finances as per the tax laws. Not maintaining your books and accounts may create some serious problems for your business during the tax season and may invite some unnecessary penalties from the tax department. Thus, either hire a team of accountants (based on the volume of your transactions) or contact outsourced accounting services providers and build your own team at affordable prices. Such companies offer you the option to hire an individual accountant or a complete team of accountants and bookkeepers to work as your in-house team. There are multiple advantages of using service from a reliable and certified outsourced accounting company that offers staffing solutions to let you build your own team of accountants and bookkeepers.
But Why Should You Build Your Own Accounting Team with Affinity Associates?
Accounting and bookkeeping are a must for every business. As a business owner, it is important for you to maintain and if you are not able to manage your company’s finances then build your own team of accounting team with our accounting services provider. Below are some of the reasons why Affinity Associates is the best for outsourced accounting services:
Team of Experienced Professionals: With more than 40+ years of industry experience, we have a team of handpicked accountants, bookkeepers, and other finance experts to offer you the most reliable, up-to-date, and affordable accounting outsourcing services.
Cloud Accounting Services: We keep on evolving with the latest technologies to offer the most modern and secure accounting services to our clients. We use the latest software and tools to ensure, we are at the forefront of accounting outsourcing services. We are among the first to adopt cloud accounting services.
Affordable Accounting Services: Budget is one of the primary reasons why businesses outsource; thus, we have ensured that our outsourced accounting and bookkeeping services are affordable and don’t disturb your monthly budget.
Flexible Hiring Models: We understand that no two businesses are the same; thus, their requirements also vary from one another. Therefore, we have personalized and customizable hiring models to meet your requirements and budget.
Flawless Support: We ensure that we are available for our clients in times of urgency. Thus, we have a support team to assist you in the time of emergency. You can call us, chat with us, or email us, and we will get back to you with a proper solution.
Trust Services: It is more than 40+ years since we are offering accounting and bookkeeping services to small and medium-sized businesses across the UK. We are among the most trusted outsourced accounting and bookkeeping services providers for businesses.
How Can We Help?
If you are a young entrepreneur, a start-up, or a small business owner struggling to manage your company’s accounts and other finances, then we can help you streamline and organize your finance at affordable prices. Our team of accountants and finance experts has years of experience in helping small businesses professionally manage their finances. Also, we have a proper understanding of UK tax laws and compliances to avoid any errors and problems.
If you are interested in learning more about our outsourced accounting services, and how they can help your business grow, then contact us today. Call us at +44 20 8903 2077 or visit https://www.affinityassociates.com. You can also like our Facebook page and follow us on Twitter to get useful accounting, tax, and bookkeeping related-updates on your timeline.
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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