Shahzad Gohar

1 year ago · 2 min. reading time · ~10 ·

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Accounting and Tax advisory for business in UK

Accounting and Tax advisory for business in UK


Accounting and Tax Advisory

In the inception phase of your company, an accountant can also help you in writing down a business plan. Business Advisors can also help in informing you of the structure of your company and help you in getting licenses for your business. Once you have a registered business, then accountants can start setting up your accounts according to the type of business and company. It is important to have a clear financial representation of your company. This effort especially pays back at the time of submitting taxes or in case of an investigation by HMRC. It will also increase your chances of getting loans and credits due to the financial transparency of your company.

Bookkeeping for businesses

Bookkeeping will help you track your expenses as a crucial part of running a business or completing a project. Your financial transactions are going to serve you as evidence of your financial matters. This is also going to come in handy for legal matters. Small expenses such as meals and entertainment, traveling, cars and vehicles need to be accounted for. The best software for bookkeeping such as Xero, quick book, and sage can use them or hire an expert accountant for it.

Payroll in Businesses

At times, the businesses grow fast unexpectedly, and you must hire more people than you had anticipated earlier. For all the employees you must schedule a payroll that will assist you in paying salaries to employees and taxes to HMRC.

Sales Tax Businesses

You will also have to determine the methodology through which you shall get paid. Moreover, you will also need to decide how to pay sales tax if you are selling products.

Tax advisory for business Tax

Tax is a legal requirement for every business. The HMRC has a comprehensive tax code as the UK has one of the best tax collection systems in the world. Business tax accountants advise your company right from the formation process including the various taxes that are applicable on income and salaries.

Tax registration

There are various types of tax registrations and experts will help you in deciding which registration you need for your company. They shall see if your income threshold requires you to be registered for a VAT with HMRC or you need to register for corporation tax. You will also need to register for PAYE. You shall receive a unique tax reference to pay HMRC.

Submission of Corporation Tax

The deadlines for paying tax are very important and the standard period for every tax is different. Failure to comply with the reporting procedures for corporation tax return can result in a fine of up to £1 million. A company must submit corporation tax if it has profited. The corporation tax will be assessed on the profits made during the accounting period. Submission of corporation tax is an annual exercise that is done in the accounting period. Small businesses must pay corporation tax in nine months and one day from the accounting period. Naseems Accountants understands that you may have a busy schedule due to your business activities and so we take the burden of these tasks.

Self-assessment Tax

Just as other types self-assessment tax also requires you to fulfill some conditions and be liable to pay HMRC. If you are self-employed such as laborer, photographer, sole trader, freelance writer, event manager, etc then you must pay self-assessment tax. If you miss the deadline then you would have to pay the penalty of up to £1,800 to HMRC.

Value Added Tax (VAT)

You would have to register your company for VAT if it is generating more than £85,000. Accountants can help in scheduling your VAT return monthly, quarterly, or annually. Calculating VAT is a complicated process.

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