The world of interior design is a blend of creativity and technical precision. Every room you design tells a story; every piece of furniture you select carries an emotion. While the world sees beautiful interiors, we at London Accountants are fully aware of what happens behind the scenes, it involves in-depth planning, sourcing, and budgeting.
Here’s where we come in, while you focus on creating masterful and stunning interiors, we come in and provide our expertise on the financial and accounting aspects of your business. Numbers might not be your favourite chapter, but it is for us.
Start-ups & small businesses are our forté.
From the very beginning, we listen carefully to what our clients want and need from us as their accountant and we pride ourselves on delivering a first-class service – not only taking care of your books but really helping to build your business and provide solid building blocks that are needed to succeed.
If you start your company with your accounting needs in place, this gears you up for a promising future.
Take a look at our fantastic client case studies, covering a range of industries – from construction & interior design bosses to world-renowned Psychotherapists
FAQ’s
How can I reduce my tax liability as an interior designer?
As an interior designer, there are various ways to reduce your tax liability, such as claiming allowable expenses, using the cash basis for calculating your tax, and making use of tax reliefs. Allowable expenses could include expenses incurred for the purchase of equipment, travel expenses, and professional subscriptions. The cash basis could be used if your business has a turnover of less than £150,000. Tax reliefs could include capital allowances on assets you have bought for your business.
Should I register for VAT as an interior designer?
If your business has a turnover of over £85,000 in a 12-month period, you are required to register for VAT with HMRC. However, you may choose to voluntarily register for VAT even if your business turnover is lower, as this can give your business a more professional image and allow you to claim back VAT on purchases made for your business.
Can I claim VAT on purchases for my interior design business?
You can claim back VAT on purchases made for your interior design business, as long as those purchases were made for business purposes and not for personal use. However, you must have a valid VAT invoice or receipt to claim back the VAT.
How often should I file my tax return as an interior designer?
As a self-employed interior designer, you are required to file your tax return with HMRC once a year, by the deadline of 31st January following the end of the tax year. You may also be required to make interim payments towards your tax bill throughout the year if your tax liability is more than £1,000.