3 Common Bookkeeping Mistakes That Lead to Business Failure

3 Common Bookkeeping Mistakes That Lead to Business Failure

Operating a business successfully is as fulfilling as it is stressful. Undoubtedly, it gives immense joy and happiness to see your idea become reality, but you know it very well that it is much more than owning a company and marketing your product. Improving your product, getting your brand message across audiences, monitoring all your day to day expenses, and ensuring your business finances are in order is equally important in operating a successful business.

Needless to say, bookkeeping should be a priority for every business owner. Bookkeeping may sound ordinary and easy-going task, but it is equally tedious and demands 100% accuracy and attention. Even a small calculative mistake can also lead to unwanted consequences. If you are a new entrepreneur, then below are a few bookkeeping mistakes that you should be aware of, and they are as follow:

  1. Not Separating Business and Personal Accounts : For micro and small businesses, it is easy to predict the operational cost of the business, and you can use the same personal bank account for doing business transactions. However, when your business expands, and when audit time comes, not having a separate bank account for business and personal use can cause issues and delays. And if there is an entity that you should avoid having problems with, it is the HMRC department. Separating your personal and business expenses can help you accurately manage your books and keep a close check on your business transactions.
  2. Forgetting Sales Tax : Forgetting sales tax or missing deadlines is one of the most common mistakes of businesses in the UK. While it is common, this mistake can cause your business a considerable amount of money. This mistake can result in fines and penalties from the HMRC department that a business might not be able to accommodate. To avoid any sort of penalties, a business must understand the tax slab and other important aspects like how sales tax, or any other type of tax, works. This way you don’t neglect or forget to file aspects of your business that are non-negotiable.
  3. Not Having a Back-Up : If you are a start-up or a small business, then you might not be aware of the bookkeeping technology, and it can be quite challenging to understand while performing your business activities. If you are not tech-friendly or do not understand a program thoroughly, then there is a high chance that you would miss or delete data that is essential. If something gets deleted unknowingly, then having a backup can save you and your business. Along with a soft copy backup on your computer, try to have a physical copy of your books. In case something happens with your computer, you would be able to update your finances without having to miss too much.

Bookkeeping Services for Small Business in London

These are the 3 most common mistakes that businesses in the UK make, and if you are not confident with your bookkeeping skills, then it is advisable to opt for small business bookkeeping services in London by accountancy firms like ob体育首页下载安装. Small business bookkeeping services can help you keep track of your business’ finances in an efficient and stress-free way.

Though it may look and sound simple, bookkeeping is a tedious task and needs expert advice; thus, only experts should be allowed to manage your books. ob体育首页下载安装 would be more than happy to keep your books for you. To learn more bookkeeping services for small businesses in London or across the UK, please contact ob体育首页下载安装 today. To schedule a free consultation for small business bookkeeping services, please give us a call at +ob体育首页下载安装 or visit us at  https://www.affinityassociates.com.

ob体育首页下载安装 Offer Discounted Priced Bookkeeping and Accounting Services for Small Businesses in London, UK

ob体育首页下载安装 Offer Discounted Priced Bookkeeping and Accounting Services for Small Businesses in London, UK

Many small businesses in London and across the UK are finding it hard to bring their business back on track amid the COVID19 pandemic. They are trying every possible way to bring their customers back by staying affordable and reasonable with their services and products. But, if they keep on offering services with a minimum profit margin then they won’t be able to expand their business as per their will. So, what can be done? Small businesses in London and across the UK must give a try to affordable and accurate accounting and bookkeeping services offered by small business accountancy firms like ob体育首页下载安装.

Based in London, ob体育首页下载安装 is one of the most reputable accounting firms that offer accounting and bookkeeping services amid COVID19 at a truly discounted price. If you are a small business then, it’s time to contact ob体育首页下载安装 and take advantage of their discounted priced small bookkeeping and accounting services and help your business flourish amid the COVID19 pandemic. To learn more about the offer, please visit our website at https://www.affinityassociates.com .

At ob体育首页下载安装, we care about our clients’ goals for their business and offer bookkeeping and accounting services that help them achieve that goal. When you hire our services and become our client, we’ll identify your overall strategy long before and will educate you to become tax efficient. We use advanced tax-saving techniques that align with your objectives and ensure you pay the least amount of tax. From day-to-day bookkeeping to making informed decisions about hiring more employees or investing in a big purchase, we’re ready to partner with you to help ensure your success and increase your net worth.

When you turn over the complex task of managing your accounting and bookkeeping to our experienced and qualified tax accountants and bookkeepers in London, you’ll gain a partner who genuinely cares about you and your business. Our supportive and welcoming staff is ready to answer your questions and queries. Our affordable and discounted priced small business accounting and bookkeeping services in London are highly customizable and tailor-made. We have affordable service and hiring packages to suit the needs of every business – from start-ups and small business to medium-sized businesses. We are a small business accounting firm with a passion for helping small businesses and individuals succeed through personalized, hands-on tax preparation services.

Call us at +44 020 8903 2077 or request a free business consultation today to learn how our discounted bookkeeping and accounting services for small business can help you make your business thrive amid the COVID19 pandemic.

Tailor-made Bookkeeping Services Packages for Small Businesses in London, UK

Tailor-made Bookkeeping Services Packages for Small Businesses in London, UK

There are hundreds of small business bookkeeping service providers in London who claim to have tailor-made and customizable bookkeeping services packages for small businesses, but most of them have fixed or rigid packages. Initially, these accountancy firms in London small businesses with attractive ads, but when the small businesses contact them, they fail to offer them the services and packages that small businesses are looking for. But, not all of them are the same. There are some professional and accountancy practices in London like ob体育首页下载安装 that offers highly customizable and tailor-made bookkeeping services package for small businesses in London and across the UK.

Whether you want to hire a team of bookkeepers or a single bookkeeper on hourly basis, they have packages to meet your requirements, and if they don’t have packages, they will create a package to meet your budget and requirements and business model. To learn more about the packages, please contact ob体育首页下载安装 at https://www.affinityassociates.com .

Our tailor-made small business bookkeeping services are designed for every business in London. Our services are care carefully and thoughtfully summarized to bring smiles on the faces of the small business owners who are genuinely in need of bookkeeping services in their budget and in their time. Our small business bookkeeping services packages are ideal for every business in London – from start-ups to small business to medium-sized businesses belonging to any domain and industry.

At ob体育首页下载安装, we offer small businesses with customized accounting and bookkeeping services with top-notch quality. Our qualified bookkeepers and accountants offer exceptional customer support with guaranteed small business bookkeeping and accounting solutions in London and across the UK. Along with tailor-made and customizable bookkeeping services in London, we also offer a wide range of services such as payroll processing, financial reporting, invoice handling, and much more. All of our services are derived to be useful and feasible for small businesses in London.

If you are pre-occupied with running your small business and have less time to do business bookkeeping and accounting on your own, then bookkeeping and accounting services London, UK, can be the perfect handy choice. This is where ob体育首页下载安装 can help you with the best accounting and bookkeeping services for small businesses throughout the United Kingdom.

Our small business bookkeeping services packages in London are affordable and money-saving. Our cost-effective services can help you invest more in your business growth. Joining hands with ob体育首页下载安装 can provide the best bookkeeping and services for small businesses as you can have a fully equipped bookkeeping department at a reasonable price. For years, we are trusted by many small businesses in London and the number is continuously growing.

If you are interested in our small business bookkeeping services in London and if you are willing to learn more about our services, then please feel free to contact us at https://www.affinityassociates.com . For a free consultation on our packages and pricing, and how our services can help your business grow, you can also call us at +44 020 8903 2077 or email us your details at info@affinityassociates.com .

ob体育首页下载安装 will send you a free analysis of your current state and what would be the cost of managing either a separate accounting and bookkeeping services or a complete solution. Do get in touch and we will be happy to consult you with our affordable bookkeeping services in London, UK.

Small Business Tax Accountants London – Hire the Most Experienced Accountants for Your Small Business

Small Business Tax Accountants London – Hire the Most Experienced Accountants for Your Small Business

When you start a business, you do so because you have a good business proposition and the commitment to see it through. You might be an expert in all the aspects of your business, but you may not be an expert in the financial aspects of running a business; thus, you will often need an experienced small business tax accountant. If you are not skilled in financial aspects of your business then there’s no need to be and don’t divert your focus from your core business activities. Fortunately, there are accountancy firms in London like ob体育首页下载安装 whom you contact to hire experienced and certified small business tax accountants in London.

We have a team of small business tax accountants in London to take care of your tax and compliance issues in the most professional manner and to offer you the full records for HMRC. We are known for our accuracy and we will make sure that your numbers are right, and your returns are in on time. Along with highly professional accounting services in London, we also offer services such as bookkeeping , payroll , and VAT returns preparation and filling. We don’t just work with larger companies across the UK, but ob体育首页下载安装 is also a small business accountancy firm in London that champions the accounting needs of every size and domain. We know that a small business faces more challenges than more established businesses do not, and we are here to support them in maintaining their finances accurately.

What Makes ob体育首页下载安装 the First Choice for Small Business Accounting in London?

ob体育首页下载安装 has tons of good qualities when it comes to small business accounting services in London and across the United Kingdom. Professionalism and dedication of our tax accountants make them stand over the other service providers in the market. Here are some more reasons to hire tax accountants in London, and they are:

Chartered Status : The first thing is we are Chartered Certified Accountants qualified through the ACCA and ICAEW.  This means that we are held accountable for our actions; that means protection for you.

Big Enough to Care for You Personally : We are big enough and have enough staff to care about you and your business personally, and build a personal relationship with you. Additionally, we have the broad experience to offer you sound business advice your business needs to be successful. We’ve been working with small businesses for years and this accounting and business experience is there for you too.

With You All the Way : We are always with you through thick and thin; we’re not going to bolt just because we are not making the fee’s other accountants are.

Responsive to Your Needs : We are responsive and we are available 24*7. We are not like other small accounting services providers who want to see you once a year to sort out your tax return and annual accounts. Just call us and find out.

Full of Character : We hope you’ll find our character, that of our company and the individuals in it, are a match with you – spirited and entrepreneurial. We are going to have to get along and trust each other for this to work.

An Established Small Business Accounting Firm in London

For years, we have been into the business of providing accounting services to small businesses in London and across the UK. There are plenty of small business accountancy firms in London from where you can hire experienced small business tax accountants, but we’ve been helping small businesses and start-ups for close to 10 years – so we must be doing something right!

Our team of small business tax accountants in London has a better view of all the businesses and financial affairs which in turn makes our recommendations and business advice more focused and effective. Why not call us on +44-20-8903-2077 to arrange a first, no-obligation, meeting with one of our tax accountants in London, UK. That way we can both get to know each other and your needs for a London firm of small business accountants a little better. You can also visit our website to learn more about our services https://www.affinityassociates.com .

Need Accounting and Bookkeeping Services for Your Small Business in London Amid COVID19 Pandemic? Contact ob体育首页下载安装

Need Accounting and Bookkeeping Services for Your Small Business in London Amid COVID19 Pandemic? Contact ob体育首页下载安装

Are you a small business in London who is badly hit by the COVID19 Pandemic? Are you in need of professional advice and affordable accounting services in London amid Coronavirus Pandemic? If so, contact us for initial free consultation and to keep your business’s accounts and books up-to-date and ready to use once the world recovers from the COVID19 pandemic.

We have a team of chartered certified accountants and experienced bookkeepers to help small businesses (any domain any industry) maintain their business finances and make the best use of relief packages announced by the HMRC and the UK Government for small businesses and self-employed across the nation. To learn more, give us a call today at +ob体育首页下载安装 or visit our website to contact us or to learn more about our small business accounting and bookkeeping services in London, Harrow, and Wembley.

We are ob体育首页下载安装, a London-based accountancy firm that is committed to helping small and medium-sized businesses with highly professional yet affordable accounting and bookkeeping services. We all know that not only the United Kingdom but the entire world is at a war against the novel Coronavirus. Everyone is living in an unprecedented time and with operational regulations constantly changing to control the spread of Coronavirus, and also to keep the citizens safe and protected. Being a small business accounting firm in London, we want to assure all the small businesses across that we are here to support them in this tough time and we are in this together.

As the entire nation is mitigating shutdowns to stop the spread of novel Coronavirus, the small businesses are dealing with disruptions to their supply chain. We want to assure small businesses across the UK, then we are with you along with our dedicated small business accounting and bookkeeping services to tackle this pandemic. We can provide you with resources designed (Bookkeepers and Accountants) to assist small businesses through this difficult time. Small businesses in London can contact us for services like:

  1. Accounting and Bookkeeping Services
  2. Business Advisory Services
  3. Audit and Assurance
  4. Tax Advice

At ob体育首页下载安装, we understand the struggle that small and medium-sized businesses are facing in this difficult time, and as a small business accounting service provider in London, our sole objective is to offer them practical and useful services and information that can in some way improve or support their businesses and their personal lives.

In this tough time of COVID19 pandemic, we are not only offering small business bookkeeping and small business accounting services in London, but we are also helping small, and medium-sized businesses in understanding and benefit from the relief packages announced by the HMRC and the Government of the United Kingdom. If you are a small business, a medium-sized business or a self-employed in the UK, and don’t know what are the relief packages for you and your business then us today. You can also visit our blog section ( https://www.affinityassociates.com/blog/ ) to learn more about relief packages in detail.

You can also contact us to learn more about how those relief packages can be used to benefit your business amid the COVID19 pandemic. To schedule a free consultation, you can call us at +ob体育首页下载安装 or email us your queries at info@affinityassociates.com . We will be more than happy to help you in this tough time.

Be Safe and Be Well.

Small Business Bookkeeping Services in London: 3 Things to Help You Prepare for 2020

Small Business Bookkeeping Services in London: 3 Things to Help You Prepare for 2020


When you are running a business, then one of the most crucial aspects of the business is to take important notes. By taking the notes, a business can keep tabs on every move they make, and that’s never been more important than with company finances.

Closing monitoring finances is extremely important for any business. Money not only keeps your business going but at the same time, it also cares for your employees and overall ensures that your company’s financial ship is sailing. In other words, it’s the last thing that you can afford to slack on with your accounting.

To achieve all those financial goals, you need highly professional bookkeeping services in place for your business. Bookkeeping is a simple way for you to manage your money and keep things in check at your business. Keep reading to find out more!

Small Business Bookkeeping Services Allows You to Keep Track of Your Statements

This may sound like a simple statement to make, but you will be shocked to know that plenty of businesses across the UK don’t follow up with it. In a year, a business goes through a ton of statements, which makes sense when you make multiple transactions each week. However, simply knowing that you make transactions isn’t enough.

With the help of professional bookkeeping services, a business can keep track of each statement you receive and track your expenses and earnings based on those statements. Moreover, small business bookkeeping services allow you to track your unnecessary financial expenses and where you need to improve with your financial habits.

Small Business Bookkeeping Services Allows You to Build and Understand the Balance Sheet

Do you know the value of your company? How much is your company really worth? Well, if you want to know the value of your company then you can do it with the help of a balance sheet. A balance sheet is yet another important aspect of professional bookkeeping services.

A balance sheet prepared by an experienced professional helps you cover multiple financial statements of your business assets. In simple to understand words, it highlights how much your company owns, how much you owe to other parties, and how much has been invested into you by shareholders.

Preparing a balance sheet is not only for big brands or big businesses, but it is even for small businesses who are planning a big future. The sooner you understand your stature in the business world, the sooner you’ll be able to grow and become better.

Small Business Bookkeeping Services Will Keep You Ready for Tax Season

Whether small or large, tax season is no fun for businesses of any size. Especially for small businesses, it is extremely complicated, because you are just starting to off the ground, and the government is heavily relieving on your hard-earned cash.

If you want o save yourself from paying heavy taxes, then you can take the help of professional bookkeeping and accounting services in London. For example, if your business had to purchase in-house necessities, you could record that and use it to help deduct the total amount you have to pay for your taxes. Writing down these necessities may very well save you money in the long run, so it’s best to start planning for it now.

ob体育首页下载安装 – We’re Here to Help

Now, as you know that small business bookkeeping services bring tons of advantages, you need o know where to go to get the best bookkeeping services in London at the right prices. Luckily for you, we’ve got you covered.

At ob体育首页下载安装 , we highly committed to helping all the small businesses in London and across the United Kingdom. We want to see every small business thrive in their field by offering them bookkeeping and accounting services at affordable process. We can take care of bookkeeping services, controller services, CFO services, Payroll services, and much more.

Are you ready to get started? Give us a call or send us a message and we’ll be more than happy to help. We look forward to getting you and your company to financial success!

Professional Small Business Tax Accounting Services in London, UK

Professional Small Business Tax Accounting Services in London, UK

Unless you are an accounting firm, there are higher chances that you might not have adequate knowledge about accounting and bookkeeping. That’s perfectly fine, as your expertise lies elsewhere. But the fact that you might be not aware is that accurate bookkeeping and accounting is extremely crucial for maintaining a financially sound business.

However, most small business owners across the United Kingdom are too busy running a business to spend countless hours educating themselves on the ins and outs of accounting. That’s where ob体育首页下载安装 of London comes in. Being a reputable small business accounting firm, we offer small business accounting and bookkeeping services to businesses throughout London, Harrow, and Wembley. When you hire small business tax accountants from our team in London, you’ll be able to invest your valuable time and energy on your own business activities knowing that your company’s finances are in the hand of experienced professionals.

At ob体育首页下载安装, our certified accountants have been in the small business accounting services for many years. With that amount of experience and knowledge, we are enormously savvy at a full spectrum of small business accounting services . You can definitely hire our small business tax accountants in London to provide you with sharp attention to detail, efficient work, and personalized accounting service. Additionally, our comprehensive approach to accounting for small and medium-sized businesses means you get the best value for your investment.

When you hire the small business tax accountants from ob体育首页下载安装, you can trust us to perform the following duties either monthly or quarterly:

  • Tax reduction planning
  • Cloud accounting and bookkeeping
  • Financial statement preparation
  • Budgets
  • Business plan development
  • Cash flow management
  • Payroll processing services
  • Succession planning
  • Retirement planning for you and your employees
  • Business loan assistance
  • College savings planning
  • QuickBooks set up and training
  • Compilations and financial reviews

In the stance of fierce competition around your small business in London, our small business accounting services can offer you the competitive edge. You can benefit from having highly qualified tax accountants in London to take care of your business finances. ob体育首页下载安装 work with business owners in a wide range of industries to help them stay on top of their accounting, tax and general business planning functions.

When you decide to work with ob体育首页下载安装 , you are getting much more than an accounting firm. You are gaining a reliable partner who will understand your business, evaluate your requirements, and offer the kind of advice that will help you succeed even when you face stiff competition. Call us at +44-020-8903-2077 to learn how we can help you.

Tips to Find the Right Small Business Tax Accountants in London

Tips to Find the Right Small Business Tax Accountants in London

Being a small business owner in London, it becomes inevitable for you to wear a lot of different hats and play different roles within your business. There are plenty of entrepreneurs and businesses across the United Kingdom that are operating on a limited budget; thus, it is understandable that many of them have to manage their accounts by themselves. However, this is because most of them are not aware of just how much of a difference in hiring an accountant can make to their business.

If you are a small business owner who wants to make sure of the continual success of his/her business, then finding and hiring a small business tax accountant is extremely important. Here are some pro tips by ob体育首页下载安装 to help you find the right small business tax accountant in London.

Tips to Find the Right Small Business Tax Accountants in London

  1. Offers Practical Tax advice : Every business or individual earning over the suggest VAT threshold has to pay taxes; hence, tax is an inevitable outgoing. But, there are plenty of ways that you can save your money on your tax bill – and that too legally. Find a small business tax accountant in London, who is well-versed with all the tax laws and legislations, so that he/she can help you plan effectively to reduce your overall tax burden, while still ensuring you are in line with all tax laws.
  2. Offers All the Fundamental Accounting Services : A tax accountant or an accountancy firm that you hire to manage your business accounts should be able to provide a variety of services to you and your business such as accounting, bookkeeping, tax returns, record keeping, and payroll. By hiring an accountant who can offer you all these fundamental services, you can closely observe all your financial transactions and make sure you are obeying all HMRC tax compliance and where you are financially standing at the end of every month. A small business tax accountant in London can set up accounting software and bookkeeping systems, saving you time, money and hassle when it comes to preparing financial statements and annual tax returns.
  3. Offers Business Advisory : An experienced tax accountant can give you some really useful advice over your financial situation and business environment. Based on his/her perspective, an accountant can provide a high level of insight across the board – everything from business and marketing plans to retirement planning. Thus, find a tax accountant or an accountancy firm in London, who is experienced enough to offer you productive business advisory.
  4. Find One Who Fits Your Business : Make sure that the tax accountant or the accountancy firm you hire in London for your business has experience in the sector and size of business that you are operating. For instance, if you are an IT agency in the UK, then don’t choose an accountant whose speciality is automobiles. Similarly, do not hire an accountant who specialises in large businesses, if your business is small because the needs will be very different.

Hire Tax Accountant in London

Many people depend on your business for income, guidance, products, services, and more. One bad year of tax planning can put all of your hard work down. Therefore, you need to find a tax accountant who is experienced and ready to take on challenges whenever required.

At ob体育首页下载安装, 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. If you are looking for a small business tax accountant in London, then contact ob体育首页下载安装 for a free consultation and trial. To schedule a free consultation, please call us at https://affinityoutsourcing.net or give us a call at 0203-848-4450.

Small Business Bookkeeping Services in London, Harrow, and Wembley

Small Business Bookkeeping Services in London, Harrow, and Wembley

Flawless bookkeeping is extremely important for the smooth functioning of your business. Spotting, evaluating and recording your financial transactions in a clear and organized manner should always be your priority. However, maintaining your books in an organized manner is a time-consuming process, and it demands a lot of patience. For many small business owners in London, it feels like a never-ending task that takes time away from your real passions and goals.

At ob体育首页下载安装, we have a team of certified, skilled, and experienced bookkeepers to help small businesses in London to organize and manage their books in the most efficient method. Our small business bookkeeping services in London are committed to supporting you with all your bookkeeping needs so that you can focus on running and managing your business.

Importance of Professional Bookkeeping Services for a Small Business in London

For any business, either small or large, bookkeeping is undeniably essential to a successful operation. Well-maintained and organized books can offer you with a clear and precise financial scenario of your business. Here are the practical advantages of professional bookkeeping services for a small business in London, and they are:

  1. Help you make business decisions based on your current financial situation
  2. Help you create and amend budgets accordingly
  3. Help you formulate reports and profit projections
  4. Provide HMRC with transparent information
  5. File your tax returns properly and ensure maximum savings.

If you are not having professional bookkeeping services in place for your business, then you won’t be having access to those in-depth financial data of your business when you need them the most to take some vital business decisions. Overall, your business’s performance will suffer.

Who Needs Small Business Bookkeeping Services?

Professional bookkeeping services in London have nothing to do with the size of business. If you are a business making financial transactions, then you will need an experienced bookkeeper to manage your books efficiently and accurately. Small business bookkeeping services in London by accountancy firms like ob体育首页下载安装 keep accurate records of your business’s financial history. Our bookkeeping services for small businesses across the United Kingdom (UK) offer you a strong and stable financial foundation on which you can secure your company’s future.

At ob体育首页下载安装, we highly recommend our small business bookkeeping services to anyone who:

  1. Is worried about maintaining accurate records
  2. Is too busy to spare time to keep their bookkeeping systems regularly updated
  3. Forgets to manage their books
  4. Do not have prior experience in managing books accurately
  5. Has made bookkeeping errors or mistakes in the past
  6. Wants the true peace of mind that comes from having their books managed by experts.

Complete Small Business Bookkeeping Services in London

At ob体育首页下载安装, we firmly believe in keeping things simple and effective. The key to effective bookkeeping is maintaining a clear and systematic process. If you cannot manage your business’s financial transactions efficiently, then allow us to take the strain out of your financial management.

We are a complete accountancy firm in London offering a wide variety of accounting and bookkeeping services to small businesses in London and across the UK. Here is everything we’ll do for you and your small business:

  1. Establish Your Books
  2. Manage Your Invoices
  3. Monitor Payment and Receipts
  4. Conduct Bank Reconciliation
  5. Review Your List of Customers and Suppliers
  6. Review Your Entire Accountancy System
  7. Manage Your VAT

About ob体育首页下载安装

ob体育首页下载安装 is a London-based accountancy firm that is known for offering highly accurate and affordable small business bookkeeping services. We can support your business through both our bespoke financial services and growth optimisation consultancy. Don’t let bookkeeping get in the way of you achieving your true business potential. Is it time to contact ob体育首页下载安装 to help you manage your small business bookkeeping.

Get more informatio n on our bookkeeping services by contacting the ob体育首页下载安装 team today at https://www.affinityassociates.com . Book a no-obligation business consultation to discuss your needs.

Is Your Business Ready for Making Tax Digital? Ask MTD Experts in London

Is Your Business Ready for Making Tax Digital? Ask MTD Experts in London

If you are a VAT registered business in the United Kingdom earning more than £85K, then you have to be Making Tax Digital compliant. This means that businesses over the VAT threshold now have to keep digital records of their tax and submit VAT returns via compatible software. The HMRC’s sole objective is to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.

Some Important Points to Remember Regarding Making Tax Digital:

If you are a small business earning over the VAT threshold, then here are some important points to remember, and they are:

  1. Making Tax Digital is all businesses and landlords earning over the VAT threshold
  2. Making Tax Digital is compulsory
  3. You need to maintain all your financial and tax affairs digitally, using MTD compatible software
  4. You have to submit all your records to HMRC on a quarterly basis
  5. Making Tax Digital is time effective and saves you from unnecessary stress
  6. You will get a full report of all your tax information, entitlements, and liabilities, so you know exactly how much you owe at any point in time

As per the data available over the web, it can be easily concluded that hundreds of SMEs in the United Kingdom are still underprepared for Making Tax Digital, and they require more support from professionals who have a better understanding of MTD in order to become tax compliant. If your business falls in the same categories and if you still don’t have an idea about how to make your business MTC compliant, then here are tips by MTD experts in London:

Getting Your Small and Medium-Sized Business Ready for Making Tax Digital

Originally announced in 2015, Making Tax Digital (MTD) is an initiative by the UK Government and HMRC to make it easier and faster for businesses and individuals to record, understand, and file their taxes digitally. This section lists the steps on what you need to do next to make your business Making Tax Digital ready.

Keep Records for Making Tax Digital

HMRC has stated that a business can use spreadsheets in certain circumstances, but the spreadsheets that you use must be MTD compatible. HMRC will provide free software to businesses with straightforward tax affairs, but businesses need to maintain the records by themselves. The uploaded records will be then transferred to HMRC by bridging software.

Getting Ready for Making Tax Digital

There are 2 most important aspects that you need to consider to make your business MTD ready, and they are:

  1. Ensure you’re using software or apps that can integrate with HMRC’s Making Tax Digital system.
  2. Talk to your accountant about how they can help you prepare for Making Tax Digital.

What You Need to Do?

  • You need to keep a record of all your tax affairs digitally using an MTD compatible software
  • Submit tax data to HMRC quarterly using digital tools.
  • Offer a complete end-of-year position to HMRC using digital tools.
  • Work with your accountant to make sure everything is recorded and reported correctly

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