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    ACCOUNTING

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    Do I Need to do a Self Assessment?

     

    If you are self-employed you would need to complete a Self-Assessment tax return, we can complete and file your return online or fill in a paper form. You would probably need to pay any Income tax you owe for a tax year in two instalments i.e. January and July plus a final ‘balancing payment’.

     

    Self Employed is the simplest way to start a business; it doesn’t involve any government registration fees. If you start working for yourself, you’re classed as a sole trader. This means you’re self-employed – even if you haven’t yet told HM Revenue and Customs (HMRC). The only drawback is that you are personally liable for any debts that your business runs up, these make risky options for businesses that require a lot of investment. You can be both employed and self-employed at the same time, for example if you work for an employer during the day and run your own business in the evenings or over the weekend.

     

    As a self employed, you will have to register within 3 months with HM Revenue & Customs. If you need any help with Self Assessment Registration and your Tax Return then please feel free to CONTACT US FOR FREE INITIAL CONSULTATION.

     

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    What is a Limited company?

     

    There are different types of limited companies such as private company limited by shares, limited by guarantee and public limited company. Most of the people in UK operate under limited company by shares. Before you start your business under Limited Company it has to be registered with the company’s house.

     

    After incorporation, our first step is to understand your business in depth so that we would be in a position to guide you according to your business requirements. Our job is to explain each and every aspect of the accounts in detail so you can understand all the figures and their impact on the business. We also make sure that the limited company accounts are in compliance with all the Companies House and HMRC.

     

    We try to make things transparent for our clients by providing maximum information. If you need any help with New Company Registration and Limited Company Accounts, then please feel free to CONTACT US FOR FREE INITIAL CONSULTATION.

     

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    Are You Doing Contractor Jobs or Freelancer?

     

    In today’s competitive employment market contracting can be a perfect option for some. Becoming a contractor can have numerous advantages in a number of industry sectors compared to a ‘permanent job’. If you have considered becoming a contractor it would be wise to understand all the options available to you including its advantages and risks.

     

    There are many different types of contractors, such as IT contractors, Civil engineers, Health care professionals and other professionals. By contracting for one or more clients you can generate an income which is often better than a full time employee salary, whilst also enjoying many benefits from being your own boss.

     

    Our team members are highly qualified and experienced with technical knowledge including: IR35, IFRS and UK GAAP and they are currently worked with hundreds of contractors. If you are looking for Contractors or Freelancers Accountant then please feel free to CONTACT US FOR FREE INITIAL CONSULTATION.

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    Are You Rending Out Your Property?

     

    You or your company must pay tax on the profit you make from renting out the property, after deductions for ‘allowable expenses’.

     

    Allowable expenses are things you need to spend money on in the day-to-day running of the property, like:

    • letting agents’ fees
    • legal fees for lets of a year or less, or for renewing a lease for less than 50  years
    • accountants’ fees
    • buildings and contents insurance
    • interest on property loans
    • maintenance and repairs to the property (but not improvements)
    • utility bills, like gas, water and electricity
    • rent, ground rent, service charges
    • Council Tax
    • services you pay for, like cleaning or gardening
    • other direct costs of letting the property, like phone calls, stationery and  advertising

    If you are renting a properties or number of properties, you are required to do a personal tax return and declare the income to HMRC. If you need any help with Landlords Accounts or Personal Tax Return, then please feel free to CONTACT US FOR FREE INITIAL CONSULTATION.

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