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End Your VAT Troubles by Engaging Expert Tax Accountants for Small Business

End Your VAT Troubles by Engaging Expert Tax Accountants for Small Business

Preparing, accounting, and filing VAT returns can be extremely difficult, especially for busy business owners who have other important things to take care of, like overseeing day-to-day operations and managing customers among others. However, by engaging tax accountants for small business in London, UK, like the ones at ob体育首页下载安装, business owners will never have to worry about their VAT matters ever!

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

VAT – In a Brief

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

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

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

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

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

Availing Assistance for VAT Returns

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

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

VAT matters are usual chores for small business tax accountants. They know the ins and outs of VAT and will help you with every VAT matter, ranging from VAT preparation, VAT submission, VAT payment and everything in between. Engaging tax accountants for small business, like at ob体育首页下载安装, will certainly benefit every business owner.

ob体育首页下载安装 is a top small business accountancy firm in London, UK. With some of the most competent accountants and tax accountants for small business, ob体育首页下载安装 provides a range of accountancy services to small business, including bookkeeping services, payroll services, VAT services, personal and corporate taxation services, and financial advisory services among other.

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

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

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 .

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Here’s Why You Should Engage Bookkeeping Services for Small Business

Here’s Why You Should Engage Bookkeeping Services for Small Business

Business owners often know the true value of bookkeeping. However, with so many things to take care of, it is quite impossible to be an all-rounder who simultaneously runs the day-to-day operations, addresses minor details, and records every transaction that incurs daily in the books. Business owners who need to take care of their bookkeeping efficiently can either hire a full-time, in-house staff of bookkeepers or engage bookkeeping services for small business from a reputable provider.

Technology today has enabled engaging bookkeeping services for small business an easy task. The provider of bookkeeping services for small business helps you with all sorts of backend tasks, such as recording every transaction and monitoring the books. The provider can do all these tasks without having to be present physically in your office! Here are some notable benefits of engaging bookkeeping services for small business.

More Time, No Headaches

Doing bookkeeping on your own will actually be a waste of your precious time. Rather than bookkeeping, you must spend your time more fruitfully thinking about how to bring more customers, improve business, and streamline various processes. When you engage bookkeeping services for small business, you can avail more time, which you can spend wisely for the betterment of your business. Also, it will give you the peace of mind about keeping your books accurate and up-to-date.

Economical

If you decide to hire a team of full-time, in-house bookkeepers to take care of all your bookkeeping tasks, then be prepared to pay more. Not only the salaries but you will need to consider recurring expenses such as payroll taxes, insurance, and employee benefits among others, which are mandated by law.

When you engage bookkeeping services, however, you get a team of professional bookkeepers to whom you need to pay on a monthly, weekly, or hourly basis. The pricing will actually depend on your requirements, the size of your business, and the amount of work that needs to be done.

Bookkeeper Vs. A Pool Of Bookkeepers

When you engage bookkeeping services, you are basically getting access to a pool of experienced bookkeepers, who can help each other to deliver the best for your business. What is great about this is that it will not cost you as much as when you employ the same number of bookkeepers or accountants to work in your office.

Scalability is also not an issue with professional bookkeeping services. As your business grows, your bookkeeping needs also increases, but the provider can adjust easily to these challenges as it already has enough workforce set in place.

Experts At Work

Bookkeeping is always at its best when bookkeepers are at work! Not that you are bad with numbers, but it is wise to leave the bookkeeping to the expert bookkeepers. The provider of bookkeeping services for small business has professional bookkeepers who know what they must do even when they are half asleep. The skilled and experienced bookkeepers will always be there to address all your concerns and queries. What is great is that they will not leave you stranded but instead provide practical answers and solutions to run your business better.

Quality Work

Quality is everything for the providers of bookkeeping services for small business. In order to maintain the reputation of their business, these providers have stern quality-check measures in place to ensure errors are avoided at all cost. Keep in mind that a bookkeeping error can have a ripple effect, which can create headaches for business owners. To avoid this, bookkeeping needs to be accurate and error-free, which the providers of bookkeeping services are expert at doing.

When in need of quality bookkeeping services for small business, UK business owners rely on ob体育首页下载安装. With some of the most skilled and experienced bookkeepers, ob体育首页下载安装 provides unparalleled bookkeeping services for small business in London and across the UK.

To learn more about our bookkeeping services, click here .

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

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.

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Top Benefits of Operating Business as a Limited Company

Top Benefits of Operating Business as a Limited Company

Are you operating your business as a sole proprietor? Have you ever heard or thought about incorporating your business? There are great benefits of running as a limited company!

Starting as a sole proprietor is indeed the simplest way to kick off a business in the UK. To run as a sole proprietor, all you need to do is register with HMRC and inform that you are operating as a self-employed, and report all your financial activities through the self-assessment tax process annually.

Establishing the business as an incorporated entity or a limited company, on the other hand, involves a complex company formation process. Further, the administrative and financial responsibilities of functioning as a limited company are also greater than those of a sole trader. Despite the complexity and burden, operating as a limited company can be very beneficial for you.

Here are some of the notable advantages of functioning as a limited company:

Separate Legal Entity

Unlike a sole proprietor business, a limited company has an entirely separate identity from its owners. Ranging from the bank accounts to the ownership of various assets, everything belongs to the company and separate from its shareholders’ interests. Even the debts and liabilities are in the name of the incorporated company, and the company itself is responsible for them. Hence, if the company becomes insolvent, owners or the shareholders are not responsible to for the bankruptcy.

In case of a sole proprietor business, the business and the owner are considered as a single entity; hence, the owner is responsible for everything.

Tax Benefit

By running your business as a limited company, you may perhaps have to pay less tax than as a sole proprietor.

A limited company needs to pay corporation tax on the income or profit it makes. Whereas, a sole proprietor needs to pay income tax on the income or profit his/her business makes. The current corporation tax rate is 19%. And, the current income tax rate is 20-45%! You can see yourself how much less tax you will need to pay by functioning as a limited company.

Further, from a limited company, you as a director or shareholder can draw a salary as well as substantial income in the form of dividends. Both dividends and salary are taxed separately, so you will receive the maximum income while paying less tax.

Limited Liability Protection

By operating your business as a limited company, you as the owner get a ‘limited liability’ protection. Limited liability protection simply means that if the company runs into any trouble, your personal assets will remain safe. You will not be responsible for any form of losses made by your company because your company is a separate entity, as mentioned above, which is liable for its own losses.

In case of a sole proprietor business, the owner does not get any such protection. Therefore, whenever any loss arises, the owner needs to bear it all by him/herself.

Funding

Acquiring new funding these days can be difficult for all kinds of businesses. Nevertheless, since a limited company is entirely a separate legal entity, it could be a little easier for it to acquire funds than it is for sole proprietors. Most financial institutions trust incorporated entities more than sole proprietors.

Further, if provisions allow, then a limited company can also raise capital via issuing of new shares.

Professional Outlook

In some sectors, being a limited company can portray that the company has credibility and is dedicated to effective and sound management.

A limited company gives both the suppliers and customers a sense of confidence and most companies, especially big enterprises, will never prefer to deal with sole proprietors. For that reason, incorporating your business can be beneficial to create a professional outlook, which helps bring in new prospects.

Incorporating your business is not too expensive and difficult! Just get in touch with the experienced accountants for small business in London at ob体育首页下载安装, and seek their incorporation/company formation services .

The skilled accountants for small business in London at ob体育首页下载安装 will help you not only with the company formation process, but also with the accountancy for a limited company! ob体育首页下载安装’ accountants for small business are vastly experienced and will take care of every accounting aspect of your incorporated or self-proprietary business. Discover what small business accountants in London at ob体育首页下载安装 can do for you by visiting the following link https://www.affinityassociates.com/accountancy-services-uk/ .

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Knowledge source: http://www.bytestart.co.uk/

Bookkeeping and Accounting – Know the Differences

Bookkeeping and Accounting – Know the Differences

Often, small business owners interchange the important term ‘bookkeeping’ with ‘accounting’ or ‘accounting’ with ‘bookkeeping.’ They should not do that as both these accountancy terms are different.

Bookkeeping and accounting have separate financial functions, and both of them are integral parts of small businesses. It is important to understand these terms because streamlined financial records and organized finances are key to the success of a small business. Understanding these terms also helps when it comes to engaging the right services, i.e., bookkeeping services for small business and accountancy services for small business.

What is bookkeeping?

Bookkeeping is an accounting process of recording all daily financial transactions, both cash and credit, of the business. The one who carries out bookkeeping is called a bookkeeper.

Bookkeepers need to record all the sales, receipts, purchases, and payments transactions of the business in the correct daybook, customer (sales) ledger, supplier (purchase) ledger, or general ledger. You need to keep in mind that a ledger is a principal book. It is the key to the finances of your business; hence, it needs to be accurate.

Bookkeeping can be simple initially, but as the size of your business and the number of transactions increase it can quickly become difficult to manage. In such a case, engaging quality bookkeeping services for small business in the UK from a reputable firm like ob体育首页下载安装 can be helpful.

Methods of bookkeeping

The two prevalent bookkeeping methods are single-entry bookkeeping and double-entry bookkeeping. Of these two methods, most businesses use the double-entry system. In this system, “ every entry to an account needs a corresponding and opposite entry to a different account. ” For example, recording an expense of £20 would need two entries:

  1. A debit entry of £10 to an “Expense” account
  2. A credit entry of £10 to a “Cash” or “Credit” account

Bookkeeping can be carried out on a piece of paper or a spreadsheet, like Microsoft Excel. Today, however, much of the bookkeeping is done using specialised accountancy software applications.

Whether carrying out bookkeeping on a paper, spreadsheet, or an accountancy software, it is a time-consuming task. Furthermore, whether being an expert or not, an in-house bookkeeper (or you if you are doing the bookkeeping yourself), can make errors. For that reason, it is beneficial to engage bookkeeping services for small business, where professional bookkeepers will quickly complete the task, under the direction of an experienced accountant, which by the way, minimises the errors.

What is accounting?

Accounting or accountancy is a broad terminology. It deals with summarising, analysing, and reporting financial information of the business. Accountancy or accounting provides information on the current resources available to the business, how those resources are financed, and the results the business achieves through the use of those resources.

The function of accountancy is to prepare statements of the financial affairs of the business. It also includes the analysis of the figures recorded by the bookkeeper in order to ascertain the financial health of the business. Furthermore, the function of accountancy also extends to the preparation of various business taxes and other financial materials.

The one who carries out the accounting or accountancy is called an accountant. Employing full-time, in-house accountants can be very expensive. Therefore, whenever the need arises, engaging certified accountants for small business in London from a firm like ob体育首页下载安装, can be beneficial.

Who qualifies as an accountant?

In the UK, there are no license requirements for anyone to call themselves an accountant. Nevertheless, it is wise to deal only with trained and qualified accountants. Such a qualified accountant is referred to as a CA (Chartered Accountant) or ACCA (Chartered Certified Accountant). In order to achieve a qualification, an individual needs to pass a series of examinations and undergo a period of appropriate work experience.

Accounting can be difficult, depending on the size and nature of the business. Therefore, as mentioned before, engaging accountants for small business can prove to be sensible for a business owner.

So now you know what bookkeeping and accounting are. You can, of course, carry out both bookkeeping and accounting in-house, but they often prove to be uneconomical, especially for small businesses. Therefore, it will be in your best interest to engage both bookkeepers and accountants for small business.

At ob体育首页下载安装, we offer both bookkeeping services for small business and accountancy services for small business in London and across the UK. Contact us today to discover how we can help you keep your books accurate and up-to-date and how we can help you manage the finances of your business. Get in touch with us through the following link https://www.affinityassociates.com/contact-us/ .

Common Small Business Taxes in the UK

Common Small Business Taxes in the UK

Small businesses in the UK and the proprietors or partners who own them are subject to various taxes – ranging from Corporation Tax to Capital Gains Tax.

Below is an overview of some of the most common business taxes you may encounter as a small business owner in the UK.

Corporation Tax

Corporation Tax is a business tax levied on income or profits made by limited companies in the UK.

For Corporation Tax, companies first need to calculate their operating earnings. This is calculated by deducting expenses related to operating the business, like the cost of goods sold, depreciation, general operating costs, etc. from the actual revenues. Once the operating earnings are derived, the existing Corporation Tax rate is applied to ascertain the amount a company is liable to pay to the HM Revenue & Customs ( HMRC ).

The payment of Corporation Tax is usually due nine months and one day after the end of a company’s accounting period.

The current Corporation Tax rate is 19% .

PAYE

PAYE (Pay As You Earn) is a scheme regulated by HMRC to collect income tax from your employees as they earn it.

Self-proprietors are not affected by PAYE; they need to self-assess their income and file a tax return.

Limited companies, however, that have their own staff and draw salaries, are considered as employers, and they have to understand and operate PAYE as a part of their payroll system.

PAYE is a complicated subject with many rules. For that reason, it will be in the best interest to get professional advice. In fact, for a small business, considering outsourced payroll services, which also include PAYE tax advice , can prove very beneficial.

If operating PAYE, employers must pay to HMRC every month!

Value Added Tax (VAT)

Value Added Tax (VAT) is a consumption tax levied on most goods and services provided by businesses registered in the UK.

UK VAT rates differ based on different goods and services, yet, the current standard VAT rate is 20%, the reduced rate is 5%, and the zero rate is, as you have guessed, 0%.

Companies need to register for VAT if their turnover is more than the current VAT threshold specified by the HMRC. Currently, the VAT threshold is £85,000.

Every VAT-registered business in the UK needs to submit its VAT returns online, usually every three months. And, in order to pay the VAT bill, businesses need to rely on electronic mediums, such as internet banking or direct debit.

Capital Gains Tax

Capital Gains Tax (CGT) is a tax levied on the profit that a company makes by selling its own assets. These assets include plant and machinery, fixtures and fittings, land and building, shares, trademarks, etc.

The current CGT is 20% on profits made from selling assets.

There are ways to reduce the Capital Gains Tax liability, but for that, you need to start early tax planning and get the right tax advice from a professional.

Tax business can be very confusing for a business owner. Therefore, just get in touch with us and engage our experienced tax accountants for small business in the UK.

We are the leading small business accountancy firm with some of the best small business tax accountants in the UK. We will help you deal with all your personal and corporate taxes in the most professional manner. Ranging from Corporation Tax and VAT to PAYE and Capital Gains Tax, our tax accountants for small business in the UK will take care of everything on your behalf.

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Top 5 Ways a Professional Bookkeeper can Help Your Business

Top 5 Ways a Professional Bookkeeper can Help Your Business

If you are a small business owner, then you might act as a bookkeeper yourself – at least until managing it on your own becomes extremely time-consuming and difficult. Once your business expands, it makes sense to consider professional bookkeeping services for small business. Here are top five ways that a professional bookkeeper can help your small business:

1. Enables you to focus on your business strategy

Bookkeeping means recording every financial transaction, even the minutest ones, which your business incurs. It involves entering the accurate figures in the books or accounting software. Working with these figures, however, can often bog you down and astray you from focusing on your business goals. Therefore, it is better to have a professional who can take care of your bookkeeping.

2. Another pair of eyes inspecting your cash flow

You need to ensure that the liquidity of your business remains in check. And, in order to do so, you need to refer the cash flow statement of your business. A cash flow statement shows the flow of cash coming in and going out of the business. Having an extra pair of eyes keeping a watch on your cash flow guarantees that your business does not abruptly run out of money. A bookkeeper can keep a close watch on your cash flow.

3. Minimises your accounting costs

Did you know that there is a difference between an accountant and a bookkeeper? An accountant is a qualified professional, who focuses mainly on the preparation and filing of statutory returns, giving financial and business advice, and advising on the legal entity structure. A bookkeeper, on the other hand, is an expert who focuses on organising and recording of financial transactions of a business. So, who are you using to take care of your daily accounting? If you are using an accountant for managing your daily transactions (who, of course, can manage it), stop their services immediately and engage a professional bookkeeper instead – a bookkeeper will efficiently do the job and will certainly prove cost-effective than an accountant. Besides, a bookkeeper can quickly carry out the accounting/bookkeeping because they specifically specialise in it.

4. Quick access to important figures

Engaging a professional accountant for small business to take care of your monthly reconciliation, tax computation, and reporting is important. An accountant for small business can give you the overall picture of your financial health. However, what if you need some financial figures for a specific period, for instance, a particular day? Bookkeepers can get you such figures quickly, without having you to waste time scanning through the reports yourself.

5. Reduce Tax Liabilities

When a bookkeeper is experienced with the businesses in your sector, they will be knowing most of the common expenses and can tell you about all the tax-deductible expenses. For example, a bookkeeper who specialises in marketing business can tell you whether the cost of advertising in the newspapers or directories can be deducted from your taxes. Furthermore, engaging bookkeepers to carry out bookkeeping for your business is also tax-deductible.

Professional bookkeepers can help your business a lot, and therefore, it is sensible for you to consider bookkeeping services for small business in the UK.

When in need of quality bookkeeping services for small business in the UK, you can count on us at ob体育首页下载安装. A leading small business accountancy firm in London, UK, we have the best bookkeepers who are both experienced and skilled. Discover more about our bookkeeping services for small business in the UK by browsing through our “Bookkeeping Services” section on our site at https://www.affinityassociates.com/affinityservices/bookkeeping-services-for-small-business-in-uk/ .

If you have any questions or want to know more about our bookkeeping or accounting services, feel free to contact us at https://www.affinityassociates.com/contact-us/ .

What is an Income Statement & Why it is so Important

What is an Income Statement & Why it is so Important

Why is the income statement important?

An income statement, otherwise known as a profit and loss (P&L) statement and profit and loss (P&L) account, is a record that measures and shows all the expenses and revenues a company incurred during a specific period of time. The income statement helps determine a company’s financial health and the financial progress it made during a particular period.

The income statement contains sections for revenue and expenses, which include net sales, gross profit, cost of goods sold, selling expenses, general and administrative expenses, and net profit.

Small businesses can easily prepare an income statement using popular accounting software, such as XERO or QuickBooks. Businesses should consistently prepare a profit and loss statement in order to determine whether they are making a profit or loss and why.

In order to have an accurate income statement, accurate bookkeeping is necessary.

Why Do Small Businesses Need to Prepare an Income Statement?

Small business income statement: There are many reasons why small businesses should be preparing income statements – and other financial statements.
Here are three good reasons:

Helps Make Better Decisions

With a profit and loss statement on hand, a business owner is able to look at the past financial performance of their company. With essential data at hand, from sales to profits and operating and non-operating aspects, a business owner will be able to make better financial decisions. By having accurate figures, a business owner is able to make swift decisions, which would otherwise require unreliable guesswork.

Acts as a Proof of Business Success

Having income statements on paper means that a business owner is able to show a chronological record of how their business has been performing over the course of its existence. This ultimately allows a business owner to play the cards right around the stakeholders, or with the buyers if the owner has the intent of selling the business. A P&L account also becomes useful when new clients who wish to do business want solid proof of a business’s success.

Helps Prepare a Business to File Taxes

A small business and its owner are subject to various forms of business taxes. Paying these taxes is obligatory by law. In order to ensure what tax liabilities a business has, income statements and other financial statements help a lot. Accurate and up-to-date income statements (along with other financial statements) give business owners all the necessary information they need to calculate various taxes.

An income statement is one of the vital records that every business must prepare. Preparing an accurate income statement and other financial statements can be challenging for a business owner; however, professional help is available! Get in touch with ob体育首页下载安装 and engage their skilled accountants for small businesses in London.

ob体育首页下载安装 is a reputable provider of professional accountancy services for small businesses in the UK. They have some of the most skilled and experienced accountants and tax accountants for small businesses in London. They can help business owners prepare all the essential financial statements, from journals and ledgers to income statements and balance sheets. These accountants for small businesses in London can also assist businesses to prepare and file various taxes.

Contact us at ob体育首页下载安装 to learn how our accountants for small businesses in London can help you.

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Small Business Accountancy Firm in the UK – What it can do for you?

Small Business Accountancy Firm in the UK – What it can do for you?

With tough competition on the rise, it is essential for UK businesses to do something extraordinary that would give them an edge over their competitors. For instance, engaging a reputable small business accountancy firm in the UK, which can take care of every accounting and financial aspect of the business efficiently can definitely give a much-needed advantage.

Accounting is vital, but at the same time, a time-consuming activity for the business. Some aspects of accounting can be challenging too. In order to ensure that everything is in proper order, a business owner needs to employ an in-house team of full-time accountants. Not just any accountants, but a business owner needs to hire certified and skilled accountants, who can address every accounting aspect of the business. Finding such accountants can be time-consuming. Even if you can find such accountants, keeping them on your permanent payroll can prove to be expensive. And finally, such accountants will only handle your books, and may not come in handy when it comes to addressing the financial matters of your business.

Fortunately, engaging a small business accountancy firm can be the best resort for a business owner. Such a firm has certified and vastly experienced accountants to whom you can outsource various accounting activities of your business. Engaging a small business accountancy firm is substantially cost-effective compared to hiring a permanent staff of accountants. And, the best thing about collaborating with a top small business accountancy firm in the UK, like ob体育首页下载安装, is the value-added services that you can avail along with the quality accountancy services.

Check out what you can avail by partnering with a leading small business accountancy firm in the UK, like ob体育首页下载安装:

Click on each of the services to know more about it in detail.

ob体育首页下载安装 is the leading accountancy and consultancy firm in London, UK. With some of the best accountants and tax accountants for small business in the UK, ob体育首页下载安装 provides quality accounting, business advisory, and tax services. Being in the profession for over 30 years now, ob体育首页下载安装 can help you achieve an edge over your competitors.

To discover more about ob体育首页下载安装, contact us https://www.affinityassociates.com/contact-us/ .