Search Results for: small businesses

Some of the Biggest Tax Issues affecting small businesses

 

Accounting is what helps investors, tax authorities, and managers, to know about the financial data of a company. Accounting is all about the recording of financial transactions, journalizing, Sorting, summarizing and reporting the information in different accounts and analyses. Accounting is also considered a profession that many people often opt for. An accountant is an individual who is well versed with the accounting principles and standards. He is a practitioner of accountancy and has proficient knowledge in technical skills. They also their clients in filing the tax returns and hence also known as tax accountants.

In UK a tax accountant is considered to be a practitioner who has specialized knowledge in tax accounting. These accountants can help their clients with the various tax issues. Tax consulting is important for all to know more about the taxes. A tax accountant will gather all the necessary documents and forms required for filing the tax returns. The tax related issues are crucial. Let’s now look at some of the biggest tax issues the tax accountant has to deal with in UK.

The most challenging part of managing a small business in UK is dealing with taxes. Small businesses are the most common group to be targeted by the IRS for various reasons. Many small business owners understand their craft but are unprepared for dealing with the intricacies of tax laws. The lack of tax law knowledge often turns into an audit or even worse from HMRC. Making sure to avoid certain mistakes can drastically reduce the likelihood of an enquiry. Reporting a net loss year after year is sure to trigger a second look from the HMRC.

Another common trigger for an enquiry is using personal expenses as business deductions. Travel, entertainment, and company vehicles can all be deducted but must be used for business purposes. Overstating expenses or declaring 100 percent use of a vehicle that isn’t solely used for business are all carefully watched. Detailed record keeping is another way to protect a company from an enquiry. Having records is even more critical for businesses that deal with regular cash transactions.

One area that HMRC will focus on is evaluations on payroll taxes. Processing proper tax payments for employees can be one of the trickier parts of dealing with taxes. HMRC knows this is a common area of error and will look for mistakes even if they aren’t done intentionally. For any small business, it’s always best to use a qualified tax accountant to prevent problems before they happen. Spending a little upfront can result in huge savings later one.

How can an a qualified Accountant help a small business being audited or harassed?

Running a small business in UK is hectic and stressful. Finding out that HMRC is opening an enquiry can make things much worse in a hurry. Once a company has been targeted, they will constantly be harassed until a resolution has been reached. . If a company finds themselves being audited or facing a demand for payment, it’s best to find a certified tax adviser immediately. Getting a tax adviser early can save a lot of money in the long run. In addition to saving money, it takes a lot of time to go up against HMRC. Experienced tax adviser are experienced and are much better equipped to tackle the issues. Getting a fair settlement worked out will be worth the cost of having a good tax adviser in your  corner.

GM professional accountants specialise in bookkeeping services for small businesses

VAT Returns for small Limited company businesses in London

VAT Returns Services for small Limited company businesses in London and Essex

HMRC is the UK government body in charge of taxation, that has the power and mandate to enforce taxes and as a result sets out rigorous due dates for filing the returns.

Why does a business need VAT Returns?

The filing of VAT returns in the UK is mandatory and voluntary for all businesses in the UK that reach £84,000 in an accounting period and must register for VAT. This is worked out of from the anniversary of the business. You must also register if in the next 30 days you will go over the threshold. This is one thing every business accountant, worth his title, must be aware of. Undoubtedly, it is very crucial for every business to abide by the VAT return days set by the HMRC. The late submission of one’s VAT returns the late payments of pending VAT as well is most likely to lead to fines.  A business can voluntary register if they are below the threshold and can also de register if they remain below the de registration limit.

 

What is the process?

The filing of VAT returns needs to be done digitally these days. The respective due dates and amounts will be shown on the returns. In addition, the remittance of the due amounts can be done through many methods like the use of debit or credit cards or even making direct debits. However, it is extremely crucial to take special note of one’s due date for VAT settlement and understand that this describes the day on which all settlement needs to have been cleared. So, think about it and organize your approach to VAT settlement beforehand to guarantee the due date is adhered to. The very first thing you need to do to start the procedure is consult the HMRC online solutions and enlist straight away if you haven’t yet. To achieve this, you merely head to their online portal and key in some fundamental information, like your respective VAT number, business address, and so on. Thereafter you will be provided with an activation code that must be used in not more than 30 days. If you are in a rush to send your returns, the HMRC will allow you to go on without triggering the code. However, it is a great idea to take the activation approach. This is allowing you the ability to use the HMRC’s other services. VAT Returns Services for small Limited company businesses in London and Essex

 

What is the difference between the Vat Schemes

Why the standard VAT scheme?

With the Standard rate scheme, you would normally do quarterly vat returns. On this return, you would report the sales vat and purchases vat. You would then pay the difference between these two.

As an Example, if you had £10,000 sales plus vat and you had purchases of £2000 plus vat, (we are using the rate of 20% in this example) you would have the following:

 

Sales vat                                            £2000          (£10,000 * 20%)

Less Purchases Vat                        £400             (2000 * 20%)

Vat due                                             £1600

 

Why the flat rate scheme?

The scheme was introduced by HMRC to simplify vat returns. This would also give an incentive to earn additional income.

The procedure of the sales is like the standard scheme for the customer as they still get charged vat.

The difference occurs when you calculate the vat return for your limited company or sole trader.

The Total gross sales are taken including vat. This is then multiplied by a percent depending on your sector. As an example, we will take 13%

Sales £10,000 plus vat 2000 * 13% = £1440

The amount you have charged the customer is £2000 and the amount payable to HMRC is £1440. This gives you an additional income of £560 for this quarter.

Also, please note the new rule of cost of trader to the flat rate scheme is now in place.

You are classified as a limited cost business if your goods cost less than 2% of your turnover or £1000 per year.

If you fall within this category then will need to use the rate of £16.5%

 

Completing Your VAT Returns?

This modern online way of filing VAT returns was embraced partially because it has many benefits over the outdated, paper based methods. The primary benefit is that it is very simple and fast. You can submit your returns instantly when ready. It can be anytime; even at night. Additionally, these new system saves your VAT returns for the last 15 months. Moreover, if you forget, this new system brings is that you can receive timely email tips from the HMRC to alert you when your returns are due.

 

What if I get a VAT inspection?

If HMRC feels that the information you have filed is not precise, they might order a VAT inspection of your facilities. A VAT inspection examination is an in-depth investigation into your book of accounts and business operations and is carried out if you are suspected of intentionally averting VAT payments. It is performed by professional VAT officers under the HMRC office. If this investigation is initiated, you are most likely to be alerted at some point in time through a letter written by a VAT officer, detailing that a query has been opened to investigate you. In combination with a written notice of inspection, you might also get a special notice to produce, which suggests that you need to produce files and reports in accordance with the VAT officer’s demands.

Going through a VAT inspection can be one of the most unpleasant times for most of Limited companies, Sole trader or Partnerships. It is for this reason that one must look for a taxation expert immediately. This is to ensure that one is totally notified about the procedure and helped to reduce the VAT fines and charges that one might deal with as an outcome of the examination.

How much does all this cost?

Vat services start from £100 per month, the prices are dependent on the type of the business and the time required to complete the vat return. As mentioned earlier you can trade as a sole trader or a limited company and be registered for vat. We offer packages that coincide with your limited company accounts or your self-assessment tax return.

Call us for a free consultation on 0208 396 6128

Accountants for Ecommerce Businesses

Accountants for ECommerce sellers in London

It is vital to ensure that the accountant are regulated by one of the accountancy bodies like CIMA-Chartered Institute of Management Accountants, ICAS- Institute of Chartered Accountants or ACCA-Certified Accountants, AAT and CIPFA. These organizations hold standards and this ensures that you are getting quality practicitioners. GM professional accountants specialise in Ecommerce businesses, majority of the businesses will be dealing with Amazon, Paypal and Ebay transactions.  We have specialists that will help you extract the reports needed for the accounting and vat deadlines.

 

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How to make the right choice at choosing the ideal accountant?

First, you have to get that accountant prior to starting the venture. The accountant is then able to assist you to get the business structure right at the beginning. Besides, a good accountant will help you with the plan of the business and aid with the planning of tax.

Accountants for commerce businesses

Also get an accountant with the ideal expertise. The accountant will assist in coming up with the tax returns and the financial files for organizations of the same revenue and size as yours.

GM Professional accountants have the expertise and experience to help you develop and grow your business through tax planing and tax advice. As there are vat implications if you are selling abroad and there are different vat thresholds in each country. Our tax advisers can help you understands this and make an informed decision.

Thirdly, decide on the software you will use, GM professional accountants provide this with all our packages and this ensure that all data is secured and kept up to date.

Fourth you have to consider bringing on board someone who would like to save you money. In case you are a sole trader, ask yourself whether you can cut off some of the costs like car expenses, phone bill or maybe the payments of rent and mortgage and what could be the consequences of such actions. The accountant will assist you to look out for any pitfalls. For instance, utilizing your house as a business place could prompt being charged tax when you want to sell it.

You have to put in mind that ecommerce business has a certain process for acquiring, sale and distribution of goods. In this process, you have to ensure to make the process efficient. GM professional accountants provide you with reminder fore your Company accounts, VAT, Payroll and Self assessment tax returns.

The services you will need for a limited company will be the following:

Depending on your business. set up, you may not need vat return services if you have not registered for vat. There is a compulsory threshold of £85,000. You will need to keep a record of this and ensure you register when you hit this threshold.

GM profesional accountants also provide an overview on the expenses that you can claim. We ensure you are comfortable and know which expenses are wholly and exclusively and remote to your business.

Contact us today for a fee no obligation quote.

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Top 10 Profitable Businesses to Start From Home in the UK

Top 10 Profitable Businesses to Start From Home in the UK

Top 10 Profitable Businesses to Start From Home in the UK

Top 10 Profitable Businesses to Start From Home in the UK

Starting a business in the United Kingdom these days is not as difficult as it used to be. This is because of the rise of online commerce and all the business tools and resources that are associated with it. And of course, there’s the fact that the capital needed to start a business venture from scratch has significantly gone down. With just a few thousand pounds, you can start a small business and launch it within a short period of time. If you’re planning to start a business anytime soon, below are some venture ideas that you can explore. Also included in the list are the estimated profit percentages associated with the venture.

1. Real Estate Agents (15.19%) – All you need to start a real estate brokerage firm is an agent or a brokerage license. The returns can be very lucrative especially if the economy is doing well and the value of properties go up.

2. Ecommerce Website (15.10%) – The biggest advantage of building an ecommerce website is that you don’t need much to launch it. You can have a complete website built and launched for under 100 pounds. Another benefit of ecommerce is that you can choose to either sell other people’s products through affiliate marketing or you can create your own products and keep most of the profits.

3. Automotive Rental or Leasing (14.55%) – With more people getting disenfranchised by traffic and commuting, now would be the perfect time to offer automotive rental services. You can start with a few cars and when things go well, you can slowly expand your services.

4. Legal Services (14.48%) – This has very low operating costs. And if you’re good, you can accumulate a lot of repeat clients. You can also branch out to notary services.

5. Industrial Machinery and Equipment Rental (12.58%) – This can be very profitable especially if you live in an industrial region where there’s a boom in construction projects. The only drawback of this business is that you are going to need a huge initial capital.

6. Business and Management Consulting (12.05%) – Business consulting is in huge demand these days especially with the rise of online commerce. There are companies and human resource managers out there who badly need advice from business consultants.

7. Design Services (11.4%) – The creative industry caters to a huge market. You can focus your attention on a specific niche like graphic design, industrial design, product design, or illustration.

8. Office Administrative Services (11.3%) – Businesses and companies from all over the world are always looking for third parties to manage their administrative operations. You can offer services like record keeping, billing, or even financial planning.

9. Social Media Management Services (11.2%) – Social media is big business right now. Social media presence is a very important aspect of marketing these days that it has grown into a separate industry. Starting a social media marketing firm is easy and you don’t need a lot of capital.

10. Technical Consulting Services (11%) – Almost all businesses these days are in one way or another in need of technical support. This is where you come in with your technical consulting services.

When it comes to returns on your investment or capital, these are the most profitable business sectors in the country today. Needless to say, you should trail your sight on these sectors if you have plans of starting your own business. You have better chances of achieving success if you focus your attention on these sectors.

Accountants for new businesses

Accountants for new businesses

The success of any economy in the long run is a strong core of small businesses. These businesses are highly encouraged in most societies and contribute to employment, taxes and innovation. This means that if you are in the process of creating your own small business, you are doing something far more important than you can think! Not only are you fulfilling your own dreams, but you are making a way for a more prosperous future for the overall economy.

There are many things to consider when starting a small business, and they should all be figured out in advance. If decisions are made too late, then the general running of the business can take over, thus compromising the integrity of your choices.

One such decision that is important to make is whether to create a limited company or just register as self-employed. If you are just starting out, then let’s talk about how to structure your company based on your needs. If you are already rolling, then the decision can still be made wisely, just make it quickly!

Self Employed

The first option is to register for self assessment. For many people this is the best option. It is simple, uncluttered and doesn’t require too much maintenance throughout the year. This will fit your business if you are a freelancer, don’t have many employees or are providing a consultancy service. The more complicated your business becomes, then the more need there is for legal protections.

The big advantage of being registered for self assessment is that the accounts you are required to keep are much less involved than a limited company. A simple ingoings and outgoings is sufficient, and then a once per year tax return is then required. The simplicity of this is that you and your business are viewed as the same legal entity by the government, so everything starts and stops with you. This includes national insurance and income tax.

So to recap, a simple business where you are not crowded with huge overheads and employment responsibilities is easier to manage if you are registered as self employed.

Limited Company

The next option that is available to you is to create a limited company. This is what all major companies are registered as, so that tells you how important it can be. The nature of a limited company means that legally it is viewed as a legal entity in it’s own right. This means that any debts or liabilities stop with the company, you as a person cannot inherit the debts from a company. However, this also means that the profits from this company are subject to a “corporation tax”, so it isn’t all good news!This fact should bring to mind when a limited company is appropriate to have a limited company. If you are going to be holding large amounts of stock, and in turn huge levels of debt, then it is a very wise decision to make the company limited. If you have large overheads, staff needs or potential legal issues then having a limited company is highly recommended. This will mean that if a storm comes, your company will be the one that has to answer and not you personally. With this protection however comes closer scrutiny from the tax man. The accounts that need to be kept are much more involved than when you are self employed. This is why most large companies have an on site accountant, or even accountancy department. If you are not quite there yet, hiring an outside accountant is much cheaper and wise investment.

Accountants for small businesses

Many people setting up a company in London or the surrounding area would benefit greatly from the help of an accountant from the ground level up. A well skilled accountant can point out cash issues you may have in your company long before you are able to spot them. Another advantage would be that the continual maintenance of the accounts can be outsourced. Doing everything in house can lead to a loss of priorities. Focus on building your business, and leave the number crunching to the accountants.

So to sum up, a complicated risk heavy business would require a limited company to safely function, but a simple low cost business can be handled adequately with a self employed status. No matter which is right for your business, the right choice is always to hire an accountant!

How a hard brexit will affect businesses and indiviuals

How Brexit will affect Small businesses

The moments that Farage and over half of the country has been waiting for is nearing. Article 50 is just months away from being triggered, and the position the UK is in currently doesn’t seem to be poised for an amicable split.
The crux of the negotiations all hinge on the single market, and the caveats that come with it. According to polls, the second biggest issue in the whole referendum was immigration. The rhetoric about overcrowding, low paid labor and British workers missing out was at the heart of everything.
Britain is trying to stay within the single market, but change the parameters, namely, all the perks, but no free movement of people. Francois Hollande on the 6th October gave a speech which has strongly warned other EU members that this cannot happen.
In Hollande’s words, ” Britain wants to leave, but not pay”. Essentially, his comments tell us that either you can stay in the single market with everything that comes with it, or you can leave completely. This seems to be the feeling across the whole continent, and a so called “Hard-Brexit” is every more likely.

How will it affect small businesses?

Brexit has heralded in an era of a slumping pound. The strength against the dollar and the euro is down considerably. Whilst foreign exchange rates aren’t always the best indication of overall economic strength, it can give us an indication of the feelings out there. Since Britain is a trade deficit nation, not entering the eurozone in the first place enabled the country to keep out of the recessionary cycle the eurozone is in right now. This means then, that a hard brexit can only present a difficulty for businesses. Since we enjoy a single market relationship with Europe without the disaster of the Euro currency to deal with, what will remain is no access to that single market. This will cause costs to rise, and the potential for firms to move into the single market zone.
The logic behind the Brexiteers is that Britain will once again take up it’s old manufacturing past (which was deftly dismantled by Thatcher) this solution will take years to implement, and won’t have an affect for a long time. So for businesses, expect some tumult in the following years, as a hard brexit can and will affect trade.

How will it affect the self employed

Depending on your area of expertise, the self-employed person might be in their element. The modern day self employed entrepreneur is well equipped to deal with market tumult, since often times, money can be made anywhere on earth. This also means that there will be many opportunities opening up in the near future with all the brexit uncertainty in Europe.
Perhaps now is the best time to be self-employed, since you will have control over your own finances. This means that huge shifts in the world economy can largely leave you unaffected. Relying on salaried work might leave a more uncertain future.
To summarize, a hard Brexit may or may not happen. Currently, it seems likely that the EU will try and make the UK feel the consequences for leaving. However, the EU is headed for a stagflationary spiral that will affect the UK anyway, so the best advice would be to focus on creating your own sources of income, and don’t rely on market stability in the coming few years

 

GM professional accountants are specialists in small business accounting services.

Effect of Brexit on Small Business

Brexit only happened a few short months ago when the United Kingdom decided to leave the European Union, and small businesses are just now starting to see the effects. When big moves happen in any country’s government, the effects will trickle down to citizens through the economy which is usually more damaging for those that have a small business. Brexit, since it happened so recently, has not shown a substantial difference in most small businesses, but you should know what to expect in the future.

Know Your Present and Future Risks

Now that Brexit has happened you should expect that this is going to change the shape of your company whether this is marginally or on a larger scale. The biggest issues that businesses have complained about are the difference in tax on some goods. Some transactions will require additional fees that were previously free or reduced. The biggest thing to remember is that everything is in a period of transition and although it’s different it doesn’t necessarily mean that it’s bad.
International Business Problems
Currently, most small businesses are not experiencing much difficulty continuing with their international accounts. Experts do state that it could take up to two years before owners see the effects of this change on their revenue. Exchange rates are fluid and change all of the time, so this is just another aspect of business operations that owners should understand. However, it is stated that smaller companies should be prepared to buy higher shipping fees because their volume is lower than larger competitors.
Uncertainty of the Future
Many small businesses were completely unprepared for the finalization of the Brexit vote. This is only the first step into unchartered waters where businesses have never headed before. The most efficient way to survive this change is to be easily adaptable so that you can easily transition and survive.
Future Economic Issues
Most small business owners are successful because they can accurately access their day to day risks and know how to handle their revenue appropriately. With the introduction of Brexit, businesses no longer have anything to gauge their future against because the economy has changed. There are many ways that you can survive this change with minimal loss by being even more conservative in your business practices. Make sure that you have a little bit of overhead in your accounts so that you prepare for unexpected costs.
Best Steps to Take After Brexit
The biggest thing to remember is that panicking isn’t going to be useful in any situation and that this situation will pass and be in the history before you know it. It may seem like a good idea to overreact with your finances, but it’s better just to wait awhile before making any big moves. However, there are a few things that you can do to make sure that small businesses are protected better from Brexit fallout. Make sure that you build up some cash to have in reserve. You should also pay attention to all of your clients and their locations so that you can decide which relationships might change. Then, at the end of the day, focus on your customer service because your small business will continue to thrive long after Brexit has left the headlines.

GM professional accountants are small business accountants based in London.

How Much are Accountant Fees for a Small Business

Accountancy Fees for Small Businesses

Accountants deal with a number of small businesses in all types of sectors. They deal with bookkeeping, preparation and submission of self assessments, tax advice and planning, tax returns, CIS Tax, and company formations. Accountants have a high quality standard at low rates.

Small business accountancy fees are listed below:

•Sole trader accounts and tax returns range from–  £250 to £350*

Gm professional accountants have self employed packages from £20 a month, small business accounting services from £60 a month this is an exclusive offer for August 2017 and with limited numbers, contact us today on 0208 396 6128.

 

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•Limited companies accounts and tax returns – £650 to £850*

•Payroll per employee – £100- £120

*Prices are dependent on the size and scale of the work.

Limited Companies

• Small limited companies are not legally required for an auditor.

• The costs of trading as a limited company are larger than if you were a sole trader. Though there are significant benefits, mostly the saving of Class 4 National Insurance; and also the limited liability.

• Services of an accountant is highly advisable for a Limited Company. This is because the preparation of Year End Accounts is a legal requirement and requires specialist accounting knowledge.

• The main accounting fees for Limited Companies will be accounts for the Year End, which then are filed at Companies house and returned to HMRC.

• Dividends can be paid if you are making profit, which you probably are paying yourself. You will also need to register for Self Assessment to pay yourself dividends.

• You will be probably paying yourself a salary as a director, if you trade as a Limited Company. This will require registering a PAYE scheme and administer a Payroll.

Self Assessment

• Sole traders are permitted to prepare and file their own accounts and tax returns.

• Self Assessments can be done online but a small business may need a specialist online filing system.

• Accountant services will include consultancy, tax advice and general help with business issues which new businesses can benefit from.

Bookkeeping

• Accountants offer a bookkeeping service, which many of them do. Keeping good records of your business will be able to save the cost of this extra help, as it saves the accountants’ time from filing.

• Bookkeeping fees are considerably much cheaper than accounting costs. You are more likely to save money if you combine the whole accounting costs together.

• As a busy business owner you may well conclude that it is a better use of time to concentrate on developing and growing your business, rather than spending hours doing your accounts and bookkeeping, and therefore you appoint a bookkeeper.

Software
• Accounting and bookkeeping software, like Sage, will help a business owner complete the records before hand, which can reduce the accountant’s year end fees. The added advantage is that your records are updated, business reports will be ready to hand in and your accounts can be done quickly.

• Online filing is now compulsory, so your accounts and tax returns can be filed online. Small business may require using specialist online system.
What do Small Business Accountants do?

• Most businesses accounts are legally required to be presented and prepared on an accruals basis. Adjustments are likely will need to made to the accounts to bring them to the legal standard, this does include sole traders.

• Small business accountants have many contacts and clients in various trades and professions. Therefore they are able to guide you to additional business services, like business planning, which may require additional service.

• Small business accountants are also often tax advisors and are likely to be able to give you advice on tax strategy and potential tax savings.

Small Business Accounting Services in London

Small Business Accounting services in London and Essex

 

What is small business accounting?

An important part of an accounting system for a small business is to enable business owners to record, analyse, and interpret the financial information to make an informed decision.  Accounting records have to be correct so that a business can keeps track of its operations.

one of the most important reports for business owners is the profit and loss account. This can give a snap shot of the sales and expenses of a business for a given period.

Why should I hire you?

Our team of accountants are experts in small business accounting  such as accounts receivables, accounts payable, bank reconciliations and payroll processing.

Our certified practising accountants and professional tax experts understand what it takes to remain competitive and profitable in the fast-paced business environment of today. You can trust us to work with you as your principal accounting provider, or as part of a bigger group.

Our dedication to customer service is unreserved, and we boast a high client retention rate that is unmatched in the financial sector.

At GM Professional Accountants form, we specialize in small business accounting and always strive to offer the best possible business services. Other than helping with your annual tax return, we also offer full-service, year-round accounting services that give you the best advice on growing wealth, increasing profitability and making the right choices in investment.
In short, our accountants go out of their way to provide you with correct innovative and strategic counsel in proactive and timely fashion.

Choosing the best accountants?

With all the accountants claiming to be the best in the industry, it can be challenging to choose the right accountant for your small business. One of the most crucial things you need to consider is the accounting firm you settle for is specialised in small businesses. You want a company that understands how you operate as it is likely to serve you better.

Another important thing you have to consider is certification. Your accounting firm should have certified public accountants who can offer useful advice to your small business.

Using references, or the word-of-mouth method is yet another way of finding the best accountants for your business. Talk to business associates or friends to ask them if they can recommend you to any top accountants in your region.

 

Reading reviews on Google is also an oft-used method of finding good accountants. Reviews are usually from the accountants’ clients, and they can give you valuable information about the accountant that you are looking to hire.

Small business accounting services in london and essex

 

Can you trust your accountant?

 

Do you like your business accountant? Or better still, do you trust your accountant? Your accountant plays a crucial role in guiding the financial well-being of your company. There, you must be able to trust your accountant and know that they will be there for you when you need them most.

Trust is even more important when it comes to meeting deadlines. As you know, business deadlines are critical. If the accountant needs to finish a project or prepare a report by a certain date, it has to be done. To know whether or not you can trust your accountant, talk to the accountant’s other clients to get an insight into their turn-around time or timeliness.

 

Has your Accountant got the relevant experience?

Your accountant will have unfettered access to the financial records of your company. This is why you need to be sure that they are experienced and qualified enough to be trusted with this task. Apart from their experience, find out the qualification and skills they have. It’s advantageous if they have previous experience or knowledge of your business field. Do they have any connections that could help your business? Does your accountant have contact with legal advisors and solicitors, local banks and manage suppliers and clients that may be of benefit to your business? Experience is significant, and it’s going to help your business a great deal.

Can you do your own limited company accounts?

The straight answer to this is yes. In fact, as a limited company owner, there is no law that demands that you hire an accountant. However, doing your own books has two critical disadvantages.

The first one is that bookkeeping can be a significant distraction to the main purpose of your business. You are likely to take time away from critical business dealings that could be improving and enhancing your bottom line.

The second drawback is that, even if you do possess bookkeeping and accounting skills, you can mess up your books. This will mean either of two things: you hire a professional accountant to fix it, or you pay a costly price regarding taxes.

Our Accounting and tax packages explained

Here at GM Professional Accountants, we offer accounting services specifically tailored to meet the needs of small business owners. We treat our customers as more than simple financial records. That is because we understand that your business is more than just your livelihood. We understand that it embodies your dreams, your hard work, and your passions. Whether you want us to file your tax returns, or you want professional advice to take your business to the next level, you can count on our accounting experts to be of help to you.

Contact us now 

Call for a free no obligation consultation on 0208 396 6128

Accountants For Cryptocurrency

How To Choose Accountants For Cryptocurrency.

If you are looking for a qualified and experienced accountant that is able to specialize in a particular field, such as cryptocurrency accountant, then there are several key points that need to be fully considered prior to using the services of the right person.

Here are several tips to consider for choosing a reliable accountant in London:

Reviews

During your interviews, it is a good idea to have a list of questions ready for the accountants. The most important, and often overlooked, the question is whether they are a licensed CPA. Many people simply assume that all accountants are licensed. You don’t want to hire someone who does accounting on the side and never got around to being licensed. Find out how many accountants work with him at his firm. Having a large number could save you money because you could use the cheaper ones for less important issues. You also have to make sure the firm is used to dealing with a business of your size when choosing an accountant. GM professional accountants have been rated one of the three best rated accountants in redbridge.

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cryptocurrency

Experience

When looking for the cryptocurrency accountants it is also good to consider how long they have been in service. A contractor accountant with many years of experience has the capacity to do a good job since he/she has done the same thing over and over again. An accountant with a good experience know the various challenges likely to be encountered and how to deal with them. On the other hand, a contractor with little or no experience at all is most likely not going to give you the desired result.

Qualification

In the process of searching for the right accountant, you will often come across a range of accountants offering a range of services. It is often the case that cryptocurrency accountancy requirements are often unique and specific. It is therefore vital to choose a specialized accountant that is qualified in this particular sector. Many of the larger accountancy practices or high street firms are more likely to focus on dealing with large corporations, personal tax planning, or small businesses which might not be suitable for your specific needs. In an initial interview with an accountant, you should ask whether they are specialized in dealing with matters that relate to cryptocurrency and that they are fully qualified on such requirements. This is a key consideration and will often drop many of the high street based accountancy firms.

Reliability 

Oftentimes, when people are choosing an accountant, the individual’s personality is forgotten. You have to remember that you will be working closely with this person, so make sure you choose someone you and the rest of your employees can trust. Convenience also should play a part in your selection. You may have found the perfect accountant. The only problem is that his firm is located hours away from your company. He no longer is the perfect accountant. Choose someone in your area because these are the people you know well and can trust.  The above are some of the things to look at when choosing an accountants for cryptocurrency.

GM professional Accountants are Accountants based in London, our Tax advisors are specialists in small businesses and self employed individuals. we offer the whole package from registering you as self employed to bookkeeping services as well as the final accounts and tax returns. Manor park office address, 47 Gladstone Avenue, Manor park, London, E12 6NR, Ilford office address, 14 Clements Court, Clements lane,Ilford,Essex,IG1 2QY Tel: 0208 396 6128,
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