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Top 5 Tips to Do Your Own Finance Books

Financial record maintenance (bookkeeping) for your own company is really cumbersome. It will be a huge mess if you are novice in this field. As a result, it will end by mailing you pay a huge sum of money due to multiple errors. Also, you can feel bankrupt as well.

So, accounting is the integral part to run a business successfully. You can either choose trusted bookkeeping services in London or can follow the given 5 tips of bookkeeping mentioned by us!

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All You should know about HMRC Tax Investigations

Do you want to know about HMRC tax investigation? It may be worrying for all kinds of business though there are other ways to make the entire procedure trouble-free for you. Read through this post to know about tax investigations in London for your small businesses.

Visit: https://bit.ly/2VwSDqg

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Great Tips on Bookkeeping for Contractor Accountants in London

Bookkeeping is the keystone of accounting so that you do not fall into trouble with HMRC and miscalculate financial position of the limited company. This blog discusses about the vital role that bookkeeping has for a business with some effective tips on it.

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#contractoraccountants #bestcontractoraccountants #contractoraccountantsLondon #London #UK #contractor #accountants

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Why you should choose the right contractor accountant for your business

It is very discouraging to get an accountant with poor accounting and communication skills, or one that is a late filer. If your business must be effective, you need a contractor accountant from the best accountancy firm to look after your business.

You probably know what it means to run your own limited company. One of its downsides is dealing with the Company House, tax authorities, and the rest.

Though company directors do take up a lot of roles to cover up the lapses in their businesses, but tax and statutory obligation cannot easily be filled by an amateur in the area. That is why you need a specialist accountant to take up the job in exchange for a monthly fee.

The past five years have marked tremendous growth in the number of specialist accountancy firms eyeing the marketplace as contractors. This shows how lucrative the contracting industry is. Considering that the contractor clients usually get to deal with straightforward accounting tasks; with cost-saving online accounting software that makes the job even easier, you can find a soothing explanation to this rise.

So how do you get to filter the best accountant out of this stream of accounting firms all over the internet?

I know that there are many reasons some people may prefer an accounting contractor to the other, but there are some practical measures that must be in place when comparing contractor accountants.

Is your accountant a contractor specialist?

This is very important to consider. Most contractors do their work in the same cycle. Since the accounting needs are almost the same, they get a monthly or weekly pay with a few regular outgoing. A more significant proportion of them take financial consolation through dividends and opt for smaller salaries.

A specialist accountant knows the accounting cycle of a contractor, but the high street accountant does not understand the real job of the contractor. They may not even understand the need to comply with IR35 (the Intermediaries Legislation), which can have a tremendous effect on the earnings of the contractor if there are no laid out compliant steps.

You will then find out those contractor accountants only charge a fixed monthly fee, which is very small compared to the amount you would pay a general accountant who does not appreciate the simplicity of your needs in practice.

What is the monthly fee of the accountant?

The amount you pay for hiring an accountant is significant for contractors. However, we cannot say that you will get the best services once you pay the highest amount.

You should set your mind on dishing out £70 to £150 monthly in exchange for all-inclusive services, which takes care of everything, including the Company House, running the company payroll and even taking care of the annual report for your company.

However, it is more important to rest assured with your accountant, knowing that they are competently looking after your tax affairs and meeting your tax deadlines. So, we advise that you consider other factors like customer service and efficiency, which are a lot more critical than the price.

What service will they offer as the client?

Though you may not have the best view of an accounting firm until you signup, there are some questions you should ask to reduce your chances of investing in a firm that is not worth half your money. They are:

Will you be a dedicated account manager for my company?

How many contractor clients do you look after?

Are there some service guarantees? Can you be sure that the accountant will respond to queries within a specified number of hours?

Is there a money-back guarantee? That is, will they return your money if their services do not meet your expectation?

Will they be face to face meetings with the accountant, like an introductory conversation or reviews for annual tax planning?

Technology

This is not the 20th century where contractors will package all their paper works into an envelope and send it to the accountant to process. The internet has made life very easy for both the accountant and contractor alike. However, not every contractor accountant has found a way to work with this new technology to a reasonable extent.

It is not uncommon to hear accounting firms boast of their “online accounting” systems, but you should take your time to understand the exact thing they mean.

Some firms will request that you send them an MS Excel spreadsheet through an online medium, while others will complete the tasks online, provide you with a dashboard you can always check-in for your accounts and updates. Some may even ask you to use third-party add-ons like the Free Agent Software or bespoke accounting system for the work.

Most of the time, the vital thing to consider is whether or not the firm gets the job done and not the technology they use during the process. However, if you are highly IT literate, you could add this to your list of “very important factors to look for in an accountant”.

However, when dealing with an accounting firm with a top-notch technology system, remember to ask for an online demo before you sign up.

Reputation

The most patronised contractor accountancy firms gain a massive proportion of their new client through direct recommendations from their previous clients. So, you may consider asking your colleagues to recommend a contractor that was useful to them in the past. You may also ask them for reviews about a contractor you have in mind.

Online research and comparison sites will make the work easier for you. However, you need to be cautious with this since some of those so-called reviews are influenced by service providers rather than the clients.

As a new contractor, your recruitment agency may encourage you to join a large contractor accountancy firm. This will give you a better relationship between the recruiters and service providers since some agents gain some commission when they get a new contractor to sign up. So, you should take your time to consider what is best for you in the offer.

You can trust National Accountants for the best contractor accountants London.  

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Registered office addresses and mail forwarding services in London

Every UK limited company or limited liability partnership will be legally required to have a registered office address. This will be the address for all official correspondence such as communication from Companies House or from HMRC and will be the address that is registered at Companies House.

The address that is registered must be an actual address in the UK and has to be in the same country where your company has been registered. For example if a company has been registered in Scotland it must also have a physical address in Scotland and this address will need to appear on the following: 

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The National Accountants Guide to forming a limited company for our clients

What we offer with our service for company formation in London UK

will not only get your company registered but we will go further and offer you free consultation if any of our clients want to set up a limited company. Whether that advice is on how best to structure the business or understanding the legal obligations of a limited company, we will be ready with advice and assistance.

Unlike Company formation agents who will get your company registered, we provide a service that will add value. Offering free consultations to our clients to help them understand Limited Company structure. Whether the advice is on the best structure for a new company or help to understand Limited Company legal obligations, we are here to help and when your company has been setup, we don't just abandon you to get on with it, we can help with things like payroll and VAT and if you need a registered office address, we can do that as well. In fact we will be here to help with all your tax and business accounting needs.

Here are the reasons that you should choose National Accountants to help you with your company formation in the UK.

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Corporation Tax Return Accountants in London

It is mandatory for all Limited Companies to file a corporation tax return accountants in London, also known as a CT600, with HMRC, within twelve months, after the end of the financial year. This tax is a calculation on the profit that is made during that Accounting Period (AP) known also as the CAP (Chargeable Accounting Period) and this is still needed even if, in the period, a loss was made. 

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Tax investigation Services London

Even if your taxes are all up to date, and you have dotted all the ‘i’s’ and crossed all the ‘t’s’ it is still a very real possibility that your business could become subject to a tax investigation. That is because in 2017 HMRC introduced a new system called “Connect” - a state of the art and very helpful tool in identifying those who try to evade paying their taxes. This system is now the catalyst for about nine in ten investigations that HMRC undertake.

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Capital Gains Tax Accounting Services in London

CGT is a tax that is charged on the profit from a sale of any qualifying assets that are non-inventory. They could be:

Stocks

Bonds

Precious metal

Property

Whenever any of these are sold, they will become liable to CGT, and any gain (or profit) that is made might make you liable to pay CGT. The amount will vary with the type of asset involved, how long you had it for and the usage of that asset. Capital Gains Tax advisors in London can be applied to businesses and to individuals but both are likely to be taxed at different levels. Tax bands and allowances will also be different.

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Tax Advisors for Advice and Services in London, UK

Our dedicated advisors in London take pride in offering tax advice to all our clients. We get to know them and their businesses so that we become familiar with the work that they do and the tax advice they may need. Whatever the concern, whether it is a advice on VAT, sales overseas, or whether on asset management, we here to help.

Our team are experienced professionals, who between them have many years of experience, with a dazzling array of qualifications. They will be able to assist with whatever you may need help with.

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Management Accounting Services in the UK | National Accountants

Our management Accountants in London, UK helps you in providing management accounts services on a regular basis. Contact us today! 

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Self Assessment Tax Return Accountants in London

Our qualified accountants will not only help with your self-assessment tax, but we will also concentrate on showing how you can minimise your liability to tax. Ours is a personal and an expert service that will help you keep control of your financial situations and taxes so that you are in a position to make the best and most well-informed investment and business decisions. For more informations on  self-assessment tax returns in London call us today! 

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Accountants in London for Business & Tax Near Me

At National Accountants, our team provides individuals and businesses with top rated services. We focus on sharing our knowledge for bringing beneficial services to clients and enabling them to take critical decisions to facilitate business growth. Our accountants in London offer support to your business to enable you to improve profitability and lessen tax bills. We have a good track record by delivering value for money services. You can contact us to discuss your or business or financial matters.

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Book Keeping Services in London For Small and Medium Size Businesses

For any business to run smoothly bookkeeping will have to be an integral part of the running of that business. In fact bookkeeping skills could be considered invaluable for any small business because efficient bookkeeping services in London will keep track of what money is coming in and what money is going out and will cover the day to day business of cash flow records, as well as preparing for the end of year tax returns. Bookkeeping is certainly an essential cog in the machinery of any business, however large or small. 

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VAT Accountants for Small Business in London, UK

VAT (Value Added Tax) is levied on goods and services and is payable to HMRC.

Any business that exceeds the turnover threshold for VAT (£85K in 2020), has to register for VAT and must charge VAT on anything it sells. A VAT return has to be submitted quarterly and sent to HMRC with VAT that is payable.

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Annual Statutory Accounts Services London – National Accountants

Our highly experienced accountants in London providing annual year end statutory accounting services in London, UK. Call National Accountants today!