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We’re here to help you better your business.
What did you come to London Accountants for?
“London Accountants have been invaluable to me for the past 10 years. The team are so knowledgeable and responsive. We are now fully cloud-based which makes the accounting side of the business so much easier. This, along with the invaluable advice has moved my business forward and continues to do so.”
Navigating the intricacies of tax law can be challenging and as an accountant specialising in the design industry, I stay up to date with the latest updates and amendments to tax regulations.
By understanding these changes, I can provide informed recommendations that align with your personal circumstances, ensuring compliance and helping you make the most of available tax benefits. My expertise can guide you through these complexities to keep your tax affairs in order.
As a self-employed designer, you face a unique set of tax considerations. From home office deductions to mileage expenses and equipment costs, there are numerous tax advantages available to you, a small business owner.
By enlisting the services of me, a qualified accountant, you gain access to expert guidance on navigating the often intricate world of tax write-offs. My specialised knowledge can help maximise your tax savings and potentially save you a significant amount of money.
Let's face it, tax matters involve numbers and calculations. If you'd rather undergo a root canal than deal with complex mathematics or if you find managing your finances personally overwhelming, hiring me is a wise decision.
I possess a natural affinity for numbers, equipped with the expertise and experience to handle tax forms accurately and efficiently. By entrusting your tax obligations to a professional who genuinely enjoys working with numbers, you can ensure greater accuracy and peace of mind.
If you have multiple sources of income, such your design business, alongside rental properties or another side hustle, your tax situation can become considerably more complex. I can help you identify potential tax savings that you may not be aware of. By leveraging my knowledge and experience, you can optimise your tax position across various income streams, ensuring you capitalise on available opportunities while complying with tax regulations.
One of the most significant advantages of hiring an accountant is the time and accuracy I can offer. Preparing your own taxes can be a time-consuming task. By entrusting your taxes to a professional, you save precious time that can be better spent on your design practice and winning jobs and commissions.
Additionally, I possess comprehensive knowledge of tax laws and savings opportunities, making me an ideal advisor throughout the year, not just during tax season. Whether you have questions about tax incentives for electric vehicles, debt management, or other financial matters, I can serve as a trusted financial advisor, providing valuable guidance beyond tax compliance.
Investing in the services of an accountant tailored to your needs is a prudent choice, delivering long-term financial benefits and peace of mind.
The difference between quarterly and monthly VAT (Value-Added Tax) refers to the frequency at which businesses are required to report and pay their VAT liabilities to the tax authorities.
Companies may have two accounting periods when they decide to change their accounting year-end, resulting in a transitional or “dual” accounting period. This situation can arise for several reasons:
Change in Financial Year: A company may decide to change its financial year-end for various reasons, such as aligning it with the parent company’s year-end, facilitating reporting, or improving financial planning. When changing the financial year-end, there is a need for a transitional or “dual” period to cover the gap between the old year-end and the new year-end.
Acquisitions or Mergers: In case of a merger or acquisition of companies with different financial year-ends, a transitional accounting period might be necessary to consolidate the financial statements and align the accounting periods of the merged entities.
Change in Company Status: If a company changes its legal structure (e.g., from a sole proprietorship to a corporation), it may result in a change in the accounting period, leading to a dual accounting period.
Compliance with Reporting Standards: Companies might need to comply with different reporting standards or regulatory requirements. For instance, a company that previously followed the UK Generally Accepted Accounting Principles (UK GAAP) might transition to International Financial Reporting Standards (IFRS), leading to a dual period.
During the dual accounting period, companies must prepare financial statements for both parts of the period and ensure that transactions and financial records are accurately accounted for in each segment. This process can be complex, and companies usually seek professional accounting assistance to handle the transitional period and ensure compliance with accounting standards and tax regulations.
A PAYE (Pay As You Earn) reference is a unique identifier used by HMRC in the UK to track income tax and National Insurance contributions of employees. It’s given to employers and used for tax-related purposes.
The PAYE reference consists of two parts:
Employer Reference Number (ERN): This is a 3-digit HMRC office number followed by a reference code specific to each employer. It is unique to the employer and helps HMRC identify the tax office responsible for that employer.
Accounts Office Reference (AOR): This is a 13-character reference number that identifies the specific employer’s payroll scheme.
