Top-Quality Accountants in Kidbrooke, London
Accountancy At Profit
Based in Kidbrooke, London; we have been providing professional and affordable accounting services at affordable prices since 2007
What We Do
If you run your own business, you’ve no doubt felt the need for a local bookkeeping service to keep track of your business transactions. From the very beginning, your partners, advisors, and associates will most likely have asked you about it, lectured you about their benefits, and suggested several bookkeeping services to you, in order to ensure your company’s finances and books are being handled properly.
Ben Franklin once said ‘There are only two things certain in life: death and taxes’ While the former certainly can’t be prevented, it is possible to minimize your taxes significantly by engaging the services of a skilled tax consultant. Existing tax laws provide lots of opportunities for taxpaying individuals and businesses to save their money and a tax consultant can help you exploit these benefits in your favor. Tax consultants are also known as tax advisors and include CPAs, enrolled agents, and financial consulting agencies.
Value Added Tax or VAT happens to be a business tax that’s levied by the UK government on services and goods, which are sold or purchased for consumption or usage.
All businesses operating in the UK have to pay VAT on their inward supplies. Standard VAT rates hover around 20%, which is why most VAT-registered suppliers increase the invoice amount by 20%.
Most small business owners are often ill-equipped to deal with debt recovery for 2 reasons – They either lack the time and resources to do so or hate chasing their customers for timely payments. Debt recovery can be a costly and time-consuming affair, which can affect your focus on your business. Additionally, if it’s a large business that is refusing to pay up, the entire process can be uncomfortable and stressful, forcing business owners to just postpone debt recovery until it becomes too late.
The employment law in the United Kingdom is considered to be highly complex. Although individuals may be classified to be consultants and self-employed, individuals are generally treated as employees in the eyes of the law, which entitles them to certain rights.
Numerous factors need to be considered to ensure that your business is complying with all applicable laws and fulfilling its prescribed responsibilities.
A business plan defines the mission and vision of the business, serving as a trustworthy road map that helps the management make important decisions down the road. It’s definitely among the most crucial documents you will have to create as an entrepreneur. It’s also extremely useful for people looking to gain access to business loans. Once you’ve learned what lenders are looking for in loan applications and implement these tips while drafting your business plan, no lender will ever say no to you!
TAX INVESTIGATION & AUDITING
All companies are required to undergo routine tax audits in due course of their business. However, a serious tax investigation may be initiated if the HM Revenue and Customs Department believes that your tax filings are fraudulent or inaccurate.
A tax investigation can be a stressful and complex affair. Unless you’re absolutely certain of how to tackle the situation, seek professional advice immediately once the tax inspection or investigation commences.
A traditional accountancy service often entails regular visits to your accountant’s office, mind-numbing paperwork, mail deliveries, and the potential risk of things getting lost in the mail. However, the Internet has enabled the streamlining of such processes. Online accounting services can be used by anyone with a decent Internet connection.
You will also need to follow the regulations established by HM Revenue & Customs and see to it that your business is not falling behind concerning payments and filing deadlines.
All UK-based businesses are required to pay corporation tax, which is calculated based on their yearly profits, similar to personal income taxes. Limited liability companies are required to pay a corporation tax rate of 19% on their profits, a rate that has been in place for the last 4 years (Previously, rates used to differ based on the actual profits of the company). Unlike individual income taxes, companies aren’t entitled to any tax-free allowances, meaning that they have to pay taxes on all profits. However, they are allowed to claim deductions and expenses for reducing their overall bill. Corporation taxes can be paid by submitting Form CT600 to the HMRC.
What We Do
Accountancy at Profit is firm of forward thinking accountants based in Kidbrooke; London, that specialises in providing accountancy and tax services for small businesses. We work with a range of clients from sole traders to limited companies.
As small business owners ourselves we understand the pressures of running your own business so we work as an effective business partner taking away the worries of your accounting and bookkeeping. We will also work with you to plan your tax strategy to ensure that you only pay what is necessary.
As a leading firm of chartered accountants, we look after the accountancy, tax planning and business advisory needs of clients as individuals, businesses and third sector organisations both in the UK and overseas. As part of our complete service for clients we offer corporate finance, personal financial planning, cloud accounting, payroll, probate and much more
Accountancy at Profit is an accounting firm with a team of enthusiastic professionals providing excellence, personalized financial and professional leadership to its clients both to individuals and businesses. Its capability range from basic tax management and accounting services to more in-depth services such as preparation of financial statements, financial planning and advice-giving services. We are well recognized and respected in our community.
Contact Us Now!
8 Polebrook Road, Kidbrooke, SE3 8QR