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Top 5 Things a Small Business Accountancy Provider in the UK can do for your Business

Wondering what a top small business accountancy provider in the UK, like ob体育首页下载安装, can do for you?

Many small business owners believe that keeping accountancy in-house or doing it on their own is economical. However, the fact is that the price they are paying for in-house accountancy is greater than engaging a professional small business accountancy provider. A small business accountancy provider not only can take care of the accounting but can do a lot for your business. Here are the top five things that a small business accountancy provider can do for your business:

1. Bookkeeping

The bookkeeping services for small business from an accountancy provider can help you save time and money. It can take away the hassle of bookkeeping, and at the same time, free you so you can concentrate more on running and expanding your business. Bookkeeping services for small business are also more cost-effective than hiring full-time, in-house staff of bookkeepers. By engaging bookkeeping services for small business, you will never have to worry about keeping your books accurate and up-to-date.

2. Payroll

Payroll management can be ridiculously time-consuming and confusing. With payroll services from a small business accountancy provider, payroll management will not be a hassle anymore. Professional payroll services help increase your payroll efficiency, improve your employees’ satisfaction, and ensure your payroll remains compliant with the existing legislation.

3. VAT Returns

Preparing VAT returns, accounting them accurately in the books, and submitting those returns to HMRC can be very challenging. Fortunately, small business tax accountants working with your accountancy services provider can efficiently address all your VAT return requirements. These small business tax accountants not only prepare, account, and file VAT returns, but also deal with HMRC on your behalf if any queries arise.

4. Financial Accounting and Business Advice

Bookkeepers may not be able to prepare accounting statements and financial reports. They may also not be able to identify and extract vital information from the statements and reports. Accountants for small business working with your accountancy services provider, on the other hand, can easily prepare all the necessary accounting statements and financial reports. They are trained and qualified to handle these tasks. Apart from preparing statements and reports, accountants for small business can also identify and extract vital information from your books. Using this information, accountants for small business can offer you practical advice that helps limit expenditure and improve the bottom line. They can also advice on business expansion and tax planning opportunities.

5. Personal & Corporate Taxation

There are a lot of ways to reduce your personal and corporate tax burden, but you probably would not know. Small business tax accountants working with your accountancy services provider can provide you effective personal and corporate taxation services. These small business tax accountants will show you practical ways to help bring down both your personal and corporate tax liabilities.

Apart from the above, a small business accountancy provider can help with incorporation, company secretarial services, audits, and inheritance tax planning among other things.

It is always beneficial to team up with a reputable provider of small business accountancy in the UK, like ob体育首页下载安装 . Engaging small business accountancy provider is cost-effective, and it takes care of every accounting aspect of your business .

Want to know more about what we, the leading provider of small business accountancy in London, UK, can do for your business? Just contact us at https://www.affinityassociates.com/contact-us/ .

Handling Accountancy In-House can be Costly! Consider Engaging Small Business Accountancy Services

If you are a small business owner and are handling the accountancy of your business by yourself, then you are probably incurring some costs to your business!

Many small business owners think they are saving money by carrying out accountancy in-house or on their own. The fact, however, is that the price they are really paying is quite higher than engaging small business accountancy services , like the ones offered by ob体育首页下载安装. Continue reading to discover more.

Adequate Procedures & Professionalism

Accountancy is not just addition and subtraction! If it were, then anybody with a primary school education would be an accountant. Accountancy is also not about just recording and keeping track of various financial transactions. It is a smart discipline that ensures the financial records of a business are current, accurate, and complete.

It is not uncommon for many business owners who handle their own paperwork to keep fiddling with their previous financial records. For instance, finding an unaccounted receipt today or remembering recording a wrong figure, would urge a business owner to change the previous month’s records. While ensuring the accuracy of your books is essential, continually disrupting the records means the financial picture of your business is always changing. The reports of your business become less reliable, and no one will trust your records.

Even some bookkeepers tend to follow this practice because they are not trained in the accountancy discipline. This is one of the reasons to employ small business accountancy services from a professional and experienced firm rather than an in-house bookkeeper. Small business accountancy services will bring the discipline and streamline your financial/accountancy operations.

Accounting Analysis & Financial Advice

Skilled and certified accountants for small business can offer an unmatched level of analysis of the finances of a company that is well beyond what anyone else could. By looking at the books, experienced accountants for small business can identify and understand the patterns in revenues and expenditures, which you would not be able to do on your own. Understanding these patterns can help you create strategic plans to expand and improve your business further.

Professional accountants at a reputable small business accountancy firm in London, like ob体育首页下载安装 , can also offer sound financial advice to better your business. Learn how to cut expenses and increase revenue by engaging expert accountants. By engaging small business accountancy services, you may also be able to discover all the tax planning opportunities that help reduce your overall tax burden.

Tax Legislations & Tax Breaks

No one likes paying taxes, but things can become very serious if you do not pay at all or file them wrong. Only some business owners can comprehend various tax laws when they apply to their businesses. Value-added tax, payroll tax, capital gains tax, income tax, corporation tax, and more – all have to be paid to HMRC accurately and on time. However, the moment a business owner starts to understand, the tax legislation changes!

Business owners have other important things to do than understanding the various tax legislations and dealing with HMRC. A decent small business accountancy firm, like ob体育首页下载安装, also has experienced small business tax accountants on its team who take the tax hassle out of your business.

These small business tax accountants are familiar with the latest tax legislations. They make sure that all your tax deadlines are met, and your financial reports are accurate so the proper amount can be paid.

Professional small business tax accountants often have in-depth insight into various tax breaks or tax benefits that business owners may not even know remotely. Engaging small business tax accountants can substantially minimise your overall tax burden.

Conclusion

Doing accountancy in-house may apparently seem economical, but it is not. Engaging professional small business accountancy services, on the other hand, will certainly prove cost-effective. There are numerous benefits of engaging professional services. They streamline your financial operations, ensure your books are accurate and up-to-date, analyse and provide essential data to help create strategic plans, offer practical financial advice, and help reduce the tax burden among other things.

If you are in need of quality small business accountancy services in London, UK, then just contact us at ob体育首页下载安装. We are the leading small business accountancy firm in the UK, and we provide a range of high-quality accountancy and advisory services to all kinds of businesses. We have some of the best accountants and tax accountants for small business in London who can take care of your entire business accountancy.

Discover more about us and our small business accountancy services by getting in touch with us https://www.affinityassociates.com/contact-us/ .

Domicile and Tax

Domicile and tax

Correctly establishing your ‘domicile’ can have a big impact on your UK tax bill, especially if you have foreign income, foreign capital gains or a potential exposure to Inheritance Tax (IHT).

Domicile is a complex issue because it is not actually defined in our tax laws; it is a legal concept as to which country’s rules an individual is to be subject to, in terms of factors like marriage, divorce and inheritance/intestacy rules. Your domicile can be different from both your nationality/citizenship and residency.

Domicile of origin

Everyone has a domicile and you can only have one domicile at a time. The starting point is to look at your “domicile of origin” which you acquire at birth. This is usually your father’s domicile, but in cases where your parents were not married at the time of your birth, you will take on your mother’s domicile. It is therefore important to find out as much as possible about your family background and whether your parents had or have any overseas connections. Domicile can be a major consideration if you are making a disclosure to HM Revenue and Customs (HMRC) of previously undeclared offshore income/ gains, such as under the Liechtenstein Disclosure Facility. Your domicile status may never have previously been looked at and, more importantly, no claim may ever have been submitted to HMRC.

Domicile of dependence

Changes to your domicile status can happen through changes in your parents’ domiciles whilst you are a child (under 16), through marriage (before 1974) or if your intentions change.

Domicile of choice

If you have a non-UK domicile of origin, then in order to acquire a UK domicile as an adult, you must have both:

a physical presence in the UK and

an intention to remain here indefinitely, but not necessarily permanently.

Income tax and capital gains tax

An individual who is both UK tax resident and UK domiciled is subject to tax on their worldwide income and capital gains on the arising basis. This means they are taxed on the income/gains as and when they receive them.

For individuals who are UK resident but non-domiciled, they can choose whether to use the arising basis or whether to use the remittance basis for their non-UK income/gains. The remittance basis permits them to only pay tax in the UK on their overseas income/gains when the funds are “remitted” or brought in to the UK. There is a wide definition of what constitutes a remittance and tracking remittances does need careful attention, so specialist advice should always be sought.

Individuals who have been long-term residents of the UK (for at least seven tax years from the past nine) are subject to an annual charge of at least £30,000 if they wish to continue to use the remittance basis; they can of course choose to switch to the arising basis if it is not worth paying the charge.

Inheritance tax

The other primary consideration of being non-domiciled relates to Inheritance Tax. Most people will be aware that IHT is charged on the value of possessions owned at the date of death which cumulatively exceed the threshold of £325,000. However, it can also apply to gifts made during a person’s lifetime, especially if the gifts were made in the seven years prior to the date of death.

A UK domiciled individual is liable to IHT on their worldwide assets, whereas a non-domiciled individual only pays IHT on their UK-based assets.

If you have been UK resident for at least 17 tax years, you will be deemed to be UK domiciled although this rule only applies for IHT purposes and there are some countries to which this rule cannot apply.

Until 5 April 2013, there was an IHT lifetime limit of £55,000 on the amounts that could pass from a domiciled spouse to a non-domiciled spouse. As of 6 April 2013, there are elections which can be made to mitigate this issue.

Ten Common Tax Elections and Claims

We came across this informative Ten Common Tax Elections and Claims explaining how to make claims under 10 common tax elections. There’s a lot to take in, but we’ve pulled out 3 of the most relevant with links to the necessary forms.

1. Form 17 (Declaration of beneficial interests in joint property & income)

Income and gains from jointly owned properties are usually taxed equally on spouses (or civil partners) regardless of the actual ownership of the property. However, completion and submission of this form specifies a different apportionment for tax purposes, which is based on actual proportion of ownership. This can be useful where owners are subject to different rates of income tax.

2. Capital losses set off against income tax s131 ITA 2007

Under this section a taxpayer may be able to reduce his income tax liability by making a claim to offset losses on disposal of shares acquired by subscription in a qualifying trading company (or following a negligible value claim for such shares) against other income in the current or previous year.

3. Holdover relief claim S165 TCGA and S260 TCGA

Hold-over relief is available under s165 TCGA 1992 . There is small print however, such as, the gift must be of ‘business assets’. Also, the transferor and the transferee must claim jointly within five years from transfer.

The time limit for claiming gift hold-over relief is five years and 10 months from the end of the tax year of disposal. Hold-over relief is also available under s 260 TCGA 1994 where the disposal is a chargeable transfer for inheritance tax purposes, but not a potentially exempt transfer. Cases where there is no liability to inheritance tax, because the value transferred is within the zero-rate band, qualify for hold-over relief.