Professional Accountancy Services for Small Businesses in London, UK

Professional Accountancy Services for Small Businesses in London, UK

Thinking about streamlining or improving your business? Start from your finance department. When your finances are smooth and accurate, it becomes quite easy for your business to thrive. Some firms have their own in-house accounts departments, while others find it beneficial to rely on professional accountancy services. The professional accountancy services for small businesses from an experienced accounting and consulting firm in London, like ob体育首页下载安装, can be as good (or even better) than a full-fledged in-house team of accountants. Outsourced accountancy services for small business can cover everything from bookkeeping to payroll management to tax and other accounts related tasks.

Benefits of getting accountancy services for small businesses

In most cases, small businesses are the ones that need professional accountancy services. By outsourcing their accountings to experienced accountants, small businesses can avail a number of benefits.

One of the most significant advantages that small businesses enjoy when they get accountancy services is cost effectiveness. For a small business, employing a full-time accountant or bookkeeper can be expensive in contrast to hiring the accountancy services from a reputable accounting and consulting firm in London.

Apart from cost benefit, by getting accountancy services for small businesses, you can avail the benefit of extra time. An accounting firm will handle every accounting and bookkeeping aspect of your business; hence, you will have more time available, which you can utilise to focus on your core business functions.

Furthermore, by getting accountancy services from professionals, you can ensure that your business always stays in compliance. While small business owners may not be aware of the every-changing legislation, professional accountants do know the latest legislation and work accordingly to ensure that your business stays in compliance with the law.

How to get the best accountancy services for small businesses

There are many accounting and consulting firms in the UK that offer professional accountancy services for small businesses. This means that you need to be very careful when choosing the accounting and consulting firm so that you are able to get the best accountancy services for your small business.

Consider the following things when choosing an accounting and consulting firm:

Certification and Experience : These are the two important things you must check when choosing an accounting and consulting firm for accountancy services. Find out whether the firm has ACCA (Association of Chartered Certified Accountants) professionals. Further, see how experienced these ACCA professionals are. Inexperienced professionals may have some problems tackling your small business accounting.

Quality Assurance : When you hire any services, whether it is bookkeeping or anything else, you should expect nothing but the best. A reliable accounting and consulting firm always stays up-to-date with the latest tax and regulatory changes so that they can cater to your needs efficiently. Find out whether the firm you decide to hire stays updated with the latest accounting and tax norms.

Flexibility : Will the accounting and consulting firm you decide to hire provide you with the fast and easy access to your financial data, at any time? Can it come to your assistance during any emergencies? It will be in your best interest to hire a small business accountancy firm you can truly count on when the need arises. For instance, an accounting firm that can provide cloud or web based services even though it is local can be the best for times when you urgently need access to your business’ vital financial data.

Finding such an accounting firm can be time-consuming and tiring. If you do not want to waste your time and energy, then directly contact us. We are ob体育首页下载安装, one of the leading and most reliable accounting and consulting firms in the UK. We have vast experience and certified professionals who always stay updated with the latest accounting and tax legislations. Our accountants and tax accountants for small business in London are also well-versed with using the latest technologies to help our clients as and when needed.

If you are looking for the best accountancy services for small businesses in London or elsewhere in the UK, then ob体育首页下载安装 is the right firm for you.

Browse through our site https://www.affinityassociates.com/ to learn more about us and the types of accounting and consulting services we provide. If you have any questions, feel free to contact us here https://www.affinityassociates.com/contact-us/ .

Domicile and Tax

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.


Further reading from Affintiy:

Inheritance Tax


Further information can be obtained from the HMRC website using the link below:




Auto-enrolment and Employers

Did you know that new employers, which include all new limited companies, will have instant pension duties and obligations for auto-enrolment from October 2017?

The Pensions Regulator has said: if you are employing staff for the first time after 1 October 2017, your legal duties for automatic enrolment begin on the day your first member of staff starts work.


You should start preparing early for this to work out what you’ll need to do.


There is guidance available www.thepensionsregulator.gov.uk/business-advisers


Contact us  and we can help your company/business to set up and comply with these new regulations.



Landlords with Multiple Buy to Let Properties

Landlords with Multiple Buy to Let Properties

Many landlords with multiple buy to let properties will be affected by changes in the legislation pertaining to claim of interest cost on borrowings on those properties.

We at Affinity have developed a product that will enable landlords to continue to claim interest as normal regardless of the changes in the legislation, however, with a change in the structure and manner in which these properties are held.

Our tried and tested concept has a proven track record with which we can help many of those who already are and will be affected in the future.


Please do feel free to contact us for a no cost informal chat.

Losses brought forward from 01/04/2017

Losses brought forward from 01/04/2017

This applies to Companies

Losses carried forward from 01/04/2017 can be set off against not just trading income, but any other income that the company derives.

However there is a 50% restriction where companies and or groups are carrying forward losses exceeding £5m.

Capital losses are still ring-fenced so that these can only be relived against future capital gains.

Below link gives much more comprehensive information.


Further reading from Affinity:

Capital Gains Tax

Ten Common Tax Elections and Claims

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.


Related reading from Affinity:

Tax Returns

Capital Gains Tax



The Link below covers the various subjects as indicated underneath the link




Our Mission

Our Mission

We are passionate about the business that we are in, and we take great pride in our personalised approach to managing each client relationship and their respective requirements. Whether it is Bookkeeping Services for small business or Tax Advice, our mission is to provide exceptional quality, every time.

At Affinity , our mission is to bring value added accounting and consulting services even to business of any size. Taking care of various business-critical aspects may not be possible for small and medium size businesses; this is where we come in, offering much more to the businesses than many accountants can.

We have years of experience and team members with specialist skills that offer extensive consultancy and accountancy services, ranging from bookkeeping, financial accounting, and advisory services to statutory audits, taxation, and corporate recovery services. We aim to provide consistent, high quality, and value added services to all kinds of businesses.

How Can We Help You?

How Can We Help You?

We are one of the top providers of accountancy services for small businesses in London whose primary goals are to provide small business owners with quality Accounting Services, Tax Advice, Assurance, and Business Advisory Services. We have over 30 years of experience and can help you in financial matters.

At affinity, we are committed to delivering exceptional client service across our four service lines – Assurance, Tax Advice, Accounting Services and Business Advisory Services.



About Affinity

About Affinity

ob体育首页下载安装 is one of the leading small business accountancy and consulting firms in London, UK, specialising in a range of accounting services. We provide top-quality Bookkeeping Services for Small Business, Advisory Services, Payroll Services, and other Accounting Services in London, UK.

We believe that even the small and medium size businesses are entitled to get more from their accountants. Filing tax returns is not everything that accountants in London and across the UK should be doing; they should be offering valuable insights on every business-critical aspect, from preparing annual accounts and working out cash flow to advising on tax planning opportunities and formulating performance enhancing measures and more. At Affinity, we give a better level of support to small and medium size businesses without hitting their pockets too hard. Our aim is to deliver exceptional service at a very affordable price.
By collaborating with Affinity, you get the highest quality services and solutions that help you grow your business. Leave your business’s financial and compliance matters to us and you can focus on your core business functions.

No matter what kind of business you have, we are here to help you:

  • Stay on top of your accounting and bookkeeping
  • Keep your business compliant with the ever increasing regulatory requirements
  • Advice on financial as well as tax matters
  • Assist in the growth of your business by giving you access to exceptional services that a top Accountancy & Consulting Firm in the UK can offer

Get in touch with the expert accountants in London, UK, at ob体育首页下载安装 today!