Ilford Accountants

Finding a local accountant in  Ilford

Finding a local accountant near Ilford should be hassle free, GM Professional Accountants are here to help you with your Accounts and Self Assessment Tax Returns. We are Specialist Accountants near Ilford. We specialise in providing Accounting and Tax Services cover areas all over East London and Essex. Our accounting services are affordable and hassle free. Ilford Accountants specialise in filing and submitting Self Assessment Tax Returns for Small Businesses (Limited Companies, Sole Traders or Partnership Companies) and Personal Tax Returns or Tax Refunds. We help you prepare, complete and file your company accounts. Our Accountancy practice near Ilford offer great packages for many business sectors that need their accounts set up and managed. GM Professional Accountants aim is to ease you from the stress of the paperwork you will need to do for your year end accounts. By letting our Accountants produce the work for you, it helps you, the business owner, to focus on developing your business.

Our accountants use their expertise to help you identify the maximum allowances and shed light on areas where expenses are to be claimed in your company and tax returns. We go the extra step by helping you understand the financial statements, this enables you to make the right choice. As the core of Bookkeeping is based on accounts payable, accounts receivable and bank reconciliation. It is important that you know how to efficiently control these departments from invoicing to the bank entries. This keeps the foundation solid and helps you in the year end process from avoiding penalties.

3 Common errors in completing Tax Returns

  1. Not completed all the pages in the tax return such as not inserting the P.A.Y.E details.
  2. Not pressing the submit button once the tax return has been finalised. This could lead to a £100 fine.
  3. People often self calculate the  tax that they need to pay and don’t take into consideration the Tax computation. This could be avoided by proof reading of what you have inserted.

There are benefits of submitting your Tax Returns online, rather than paper, because you have a longer period to submit your return. Paper based Self Assessment Tax Returns deadline is on the 31st of October, after your accounting period, whereas it is the 31st of January (for online submissions) after your accounting period.

GM Professional Accountants have a large client base in Ilford. A number of our Clients based in Ilford come from many different business sectors. You may look at our Sector based page for all of the areas of business we cover. There are differences between Sole Trader and Limited Companies, one of them may apply to you, that is if you are looking to register as self-employed or start up your business with us. Professional Accountants can explain to you what legal entity is best for your business, as we analyse the risks of your business before making any decisions.

It is essential that all businesses have filed their VAT Returns correctly in order to stay compliant. There are a number of businesses in Ilford that require an Accountant, or if you are looking to change Accountant do not hesitate to contact The Accountants of East London, which is GM Professional Accountants.

Organise your Accounts

Bookkeeping is the best way to organise your Accounts throughout the year. It creates your Year End Accounts, Profit or Loss Account and creates your Tax Returns. Organise your filing system by differentiating your Sales, Purchases, Business Related Expenses and Personal Expenses in each month. This then makes your Accounts and Files easier to read and follow. You can create folders quarterly, every 3 months, if your purchases and expenses are not as much as you’d expect them to be creating folders for each quarter will benefit you more. Our Specialists Accountants can speak to you on more ways on how to organise your files and accounts. It may seem like something that is minor, but organisation is important for any business, especially if you have a random inspection from the Government.

For more information on our Accounting and Tax Services near Ilford, Contact GM Professional Accountants today on 0208 396 6128 or email us at: info@gmprofessionalaccountants.co.uk

Address:  Unit 14 Clements Court, Clements lane,  Ilford, Essex, IG1 2QY

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, Unit 14 Clements Court, Clements lane,Ilford,Essex,IG1 2QY Tel: 0208 396 6128,