All About London Accounting – What You Should Know

Royds Accountancy

Accountants in Eltham

43 Lovelace Green,

Eltham, London,

SE9 1LG

UK

Phone: 020 3488 0529

 

If you just typed in "London accounting", it's either your looking for leads on the best accounting companies based in London, or you're looking for information on the accounting courses that you can study at the schools in the area. Whatever it is, you know that there is a difference between the two, a big difference, so if you're looking for accounting companies, make sure to type in “London accounting firms”.

There are many accounting firms based in London. If we are to trust the information on http://www.yell.com, there are at least ten of them. And that's just counting the ones that you can find on the first page. There are at least ten pages worth of results on the Yell, not to mention the ones that you will find Google.

One thing that we know to be true about the accountants in London is that not all of them are created alike. While some provide complete chartered accounting services, other serve only ala carte services. And then there are those that offer special auto-enrollment retirement services. Auto enrollment is required for UK-based companies that have qualified employees. As the name implies, employers need to create a pension program and automatically enroll their employees, at least those that qualify, to that program.

Also, while there are accountants that serve any type of client for as long as they can afford the service, there are those focus solely on startup companies. And there are other accountants that service a specific group of clients. You as a client should know what type of services you need. But accountants don't just differ in the services that they provide. They also differ in the quality of their services.

If you're like most other people, you will want the best service that money can afford. London accountants can save you money at Royds Accountancy in Eltham. If you are looking for a good investment, contact them now.

How do you find the best accountant? 

 You do it by doing due diligence on which accounting firms have a great reputation. You can online and look at the star ratings and reviews on Yell. Unfortunately, only very few accountants have star ratings in there and client comments. That said, you will need to do reputation research the old way, and that is by talking with former clients.

Make an appointment with at least three different accounting companies and consult with them about your needs. When the appointment is done, ask for references. Any decent company that's worth your time would be more than willing to provide you with references. But if its not able to provide references or is not willing to, move away and move on to the next accounting company.

How much does it cost to hire an accountant?

That really depends. While some charge hourly fees, others charge fixed fees. It's up to you whether or not you're going to hire an hourly account or a fixed fee accountant. But no matter what you do, make sure that you've researched on at least three different accountants before hiring.

What To Look for in Management Accounts Services

C&C Accountancy and Taxation Services

Accountants in Essex

88 North Street,

Hornchurch,Essex

RM11 1SR

UK

Phone: 01708 471442

 

If you're wondering to yourself if you need management accounts services, the simple answer to the question is this: It really depends on where you are in the world. Because some parts of the world refer to automatic bank savings when talking about auto enrolment services. But if you live in the United Kingdom, you need it.   This is because of the British government's initiative to supplement the pension that people are currently receiving. With the auto enrollment pension program, all employers no matter what their size are required to enroll eligible employees in an in-house pension program. Of course, this pension program should meet the government's minimum requirements but everything else is decided by the companies themselves. An Essex small business accounting service can save you money in the long run.

Do You Need Auto Enrolment Services?

If you're a business owner who has eligible employees, with “eligible” referring to employees who are at least 22 years old and are regular employees earning at least 10,000 British pounds per year, you need to have a pension program in place and enroll your employees automatically into the program. (Your employees pay 2% while you pay 1%).

Most business owners don't have any clue on how to implement it and more often than not turn to their chartered accountants for help. However, if you really want to make your life easier, you should employ auto enrollment specialists.

If you would only do a search on Google, you will see that there are many such services out there. How do you choose which one to hire? There are several criteria that you need to consider.

An auto-enrollment company should provide all-around service that includes everything from advisory services to doing the actual work. Your service provider should design a pension scheme for you and be able to set it up for you as well. They should also be willing to work with your payroll department. If you don't have an independent payroll department, your auto enrollment provider should have independent payroll services as well, which does all the so-called dirty work including computations.

The company that you hire should have pre-designed pension scheme “templates” that can be customized to your needs. If you rare small business, then you should take the time to find an auto-enrollment service that caters mainly to small-medium businesses.

Another thing that you need to consider is the company's independence. What we mean is that the auto-enrollment specialist you hire should not be connected in any way to any investment company. This ensures that you have the freedom to decide on where to put your employees' pension money. This is also ensures that you are able to find the best places to put the money in.

As you can see from above, there are many good reasons why you need to hire independent auto-enrollment services to help you comply with the government's requirements. Now it's up to you to decide on who to hire. Take the time to read this article again because you will definitely know what to look for when hiring.  

How Does VAT Work For Businesses

In case you're a VAT enlisted business then you are basically an unpaid assessment gatherer. You need to include VAT at the proper rate to all that you offer (more often than not at 20%). This extra pay isn't yours – you're gathering it in the interest of HMRC (HM Revenue and Customs). At regular intervals you have to pay over the VAT you've gathered to HMRC.

The sum you need to provide for HMRC is the VAT you've gathered (regularly called "Yield VAT") short the VAT you've paid out ("Info VAT")

Am I Lawfully Obliged To Sign On?

On the off chance that your turnover (add up to deals) in the past 12 months surpasses the obligatory enlistment limit (right now £82,000), at that point yes – you should enroll. Inability to do as such can bring about fines. Bookkeeping programming like our own will watch out for this for you and caution you on the off chance that you approach the limit. Note this is on a moving 12 months premise (ie, the most recent 12 months from any given point), not in view of turnover in a logbook year.

On the off chance that you haven't surpassed the edge for necessary enrollment you can in any case enlist deliberately on the off chance that it bodes well for you to do as such.

Would It Be A Good Idea For Me To Enroll For VAT?

A typical question among entrepreneurs is regardless of whether they ought to enroll for VAT and what is the Vat Edge? Ideally this article will enable you to decide on Vat enlistment and the advantages of this.

Why Else Would I Need To Sign Up For VAT?

Other than the conceivable monetary benefit, there is no less than one other reason you might need to enroll for VAT: picture.

By not being enlisted, you are telling the world that your organization is turning over under £82,000 a year. In case you're attempting to introduce a picture of being a major, set up organization then this would smash that fantasy to those aware of everything.

VAT is charged on things like:

1.       business deals - for instance when you offer products and ventures

2.       commission

3.       business merchandise utilized for individual reasons

4.       enlisting or crediting merchandise to somebody

5.       offering business resources

6.       things sold to staff - for instance flask suppers

7.       'non-deals resembles trading, part-trade and endowments

These are known as 'assessable supplies'. There are distinctive standards for foundations.

Duties of a VAT Registered Business

VAT-enrolled organizations:

1.       must charge VAT on their merchandise or administrations

2.       may recover any VAT they've paid on business-related merchandise or administrations

In case you're a VAT-enrolled business you should answer to HM Income and Traditions (HMRC) the measure of VATyou've charged and the measure of VAT you've paid. This is done through your VAT Return which is for the most part due at regular intervals.

Simple Ways To Finance Your Business Part 2

Pledge Your Future Earnings

Are you young, bold, and willing to create a bet on your future earnings? Take into account how Kjerstin Erickson, Saul Garlick and Jon Gosier are attempting to raise money. Through an internet marketplace known as the Thrust Fund, the three entrepreneurs have offered up a proportion of their future lifetime earnings in exchange for direct, undesignated venture funding.

Attract An Investor

When pitching an investor, all the basic rules still apply: be concise, avoid jargon, have an exit strategy. However the economic turmoil of the previous few years has made a sophisticated game even trickier. Here are some tips to persuade investor interest:

• Add experience: Seeing some grey hair on your management team can help to ease investors' fears concerning your company's ability to cope with a troublesome economy.

Even an unpaid, but extremely knowledgeable advisor might boost your credibility.

• Don't be a fad-follower: Did you begin your company because you're actually enthusiastic about your plan or as a result of you wanting to benefit on the most recent trend? They spot the distinction and will not provide a lot of attention to those whose corporations are primarily get-rich-quick schemes.

• Know your stuff: you will need market assessments, competitive analysis and solid marketing and sales plans if you expect to get somewhere. Even young corporations have to be compelled to demonstrate a professional knowledge of the market they're getting ready to enter in addition to the discipline to follow through with their game set up.

• Keep in touch: they will not have an interest in your business right away, particularly if you do not have a record as a self-made entrepreneur. To combat that, you ought to formulate the simplest way to keep them in the loop on massive developments, such as a major sale.

Secure A Government Grant Small Business Loan

With banks reluctant to take any chances with their own cash in the wake of the credit crisis, loans warranted by the UK government became a hot commodity. Indeed, funds to support special breaks on fees and guarantees on scheme-backed loans have run out a number of times.

And while scheme-backed loans are open to any small business, there are a variety of qualifications, including:

• In order to qualify as a small business, your firm must meet the government's definition of a small business for your industry.

• Your business may have to fulfil different criteria depending on the kind of loan.

Raise Cash From Your Family And Friends

Hitting up family and friends is the most typical way to finance a start-up. However once you turn loved ones into creditors, you are risking their financial future and jeopardizing vital personal relationships. A classic mistake is approaching friends and family before a formal business set up is even in place. To avoid it, you ought to offer formal monetary projections, as well as an evidence-based assessment of when your loved ones can see their cash again. 

This could cut back the probability of unpleasant surprises. It conjointly lets your investors understand you're taking their cash seriously. You furthermore might need to seriously take into account how the arrangement is going to be structured. Are you providing equity? Or can this be a loan? Maybe most significantly, you need to emphasise the risk concerned. Offer a powerful business arrangement, however inform them there's an honest likelihood their cash may be lost.

Simple Ways To Finance Your Small Business Part 1

Starting a business is something that many people dream of, but don’t have the finances to start their own small business. Small businesses are growing in number and becoming something that is more or less easy to set up. Nowadays, you can start a small business from the office room in your home. Many small businesses that are based online don’t even require you to meet the client.

It is easier for those who already have money waiting in the bank or entrepreneur parents ready to lend a helping hand. However, with the industry getting seemingly more and more competitive, it can be a challenge to stand out from the crowd.

Here are some simple ways you can get finances to fund your business start up in the UK.

Tap Into Your Savings

If you are not employed and considering beginning your own business, those funds you have accumulated in your bank account over the years will look pretty tempting. And because of provisions within the tax code, you truly can tap into them without penalty if you follow the proper steps.

The steps are easy enough, however lawfully complicated; therefore you will need somebody with expertise in putting in place a brand new corporation and therefore the appropriate pension plan to roll your retirement assets into. Bear in mind that you are investing your retirement funds, which suggests if things do not pan out, not only can you lose your business, but you can lose your nest egg, too.

Get A Loan

Lending standards have gotten a lot more stricter; however banks like Santander and Halifax have earmarked extra funds for small business lending. So why not apply?

Use A Credit Card

Using a credit card to fund your business is serious risky business. Fall behind on your payment and your credit score gets destroyed. Pay only the minimum every month and you may produce a hole you will never get out of. However, used responsibly, a credit card will get you out of the occasional jam and even extend your accounts payable period to sustain your income.

Try Crowd Funding 

A crowd funding website like Kickstarter.com or Gofundme.com may be a fun and effective method to raise money for a comparatively low price, artistic project. You can set a goal for how much money you need to raise over a certain period of time, say, £1,500 over 40 days. Your friends, family, and strangers then use the website to pledge money.

Kickstarter has funded roughly 1,000 projects, from rock albums to documentary films since its launch last year. However keep in mind, this is not regarding long-term funding. Rather, it's meant to facilitate the requesting and giving of support for single, one-off ideas. Usually, project-creators supply incentives for pledging, like if you offer an author £15, you will get a book for free in return. There isn't any long-run return on investment for supporters and not even the flexibility to write off donations for tax purposes. Still, that hasn't stopped near 100,000 individuals from pledging to Kickstarter projects.

The Benefits Of Relying On A Management Accounts Service

 
 As a small business owner, you need to feel comfortable with a wide range of tasks. It is not uncommon for small business owners to work long hours since they have to perform many different tasks that would be shared between different employees in a larger company. If you find that you do not have enough time to complete all your daily tasks or lack expertise for some tasks, you should consider outsourcing them. One of the best investments you could make to save time and grow your business is to get help from a management accounts service since these professionals can take care of communicating with your clients and staying in touch with them. Managing your accounts is very time-consuming and there are some best practices that can boost your sales. However, figuring out what these best practices are requires you to get to know your audience and to observe patterns in sales and other business processes. This takes time and requires expertise with business analytics, and you might be better off by having a professional with more experience than you handle your accounts. A management accounts service will help you generate more sales by identifying new opportunities and by creating a management strategy that is adapted to your audience and to their buying habits.

You might for instance be missing out on a lot of sales because you do not contact clients quickly enough after they make a purchase, or because you focus your marketing efforts during the few weeks that follow a purchase and miss out on the sale because you are not longer in contact with a client by the time they are ready to make another purchase. You will get better results if you choose an account management company that has some experience with your niche and your industry. There are different management and sales techniques that need to be used depending on the type of product or services you offer. For instance, it is best to choose a company that has a lot of experience with managing subscriptions if this is what you offer since the best practices to manage these accounts will be different from the best practices one should use to sell regular products. It is also important to choose a service that will offer a good value for the price.



If the services offered by the management accounts professionals you choose to work with do not help you get more sales, this might not be a good investment for your business. Ask some questions to get a better understanding of how they will work and of how they will develop strategies that are adapted to your business and your audience. You should think about outsourcing account management if you find that this activity is time consuming or feel that you do not have the expertise and experience required to manage accounts more efficiently. You should be able to boost your sales, provide clients with a better experience and improve your collection rate by choosing the right management service.

How Accountants Save Businesses Money

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A good accountant can be worth his weight in gold, for example completing VAT returns quickly. Businesses that are doing well are thousands of moving parts, which all happen simultaneously, and are very difficult to keep track of all of the time for the average business owner. A business owner is always going to do what got the business to a profitable position in the first place. That may mean that much of his or her time is spent mingling with customers, working on advertising, or whatever activities made the business successful. This is why the business owner hires an accountant, to keep the day-to-day books in order to have a live record of what is happening to the money.

The accountant is in a perfect position to not only keep track of things, but to also be on top of money saving ideas that are only seen by him or her. Take for example, taxes at the end of the year. A good accountant will organize your business items that can be deducted. Instead of just throwing receipts in a drawer, it might be a good idea to keep copies of the receipts electronically, and use a system that automatically organizes them into categories so they will readily be available at tax time. Cost control is another area that a good accountant will be able to police and give good advice as to what expenses to reduce and where to find better bargains for supplies, for example. As the accountant sees the operation of the business from the financial side of things, he can be better able to keep track of the expenses.

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Cash flow advice is a critical factor in any business, as it is important to have enough cash on hand to be able to take advantage of discounts when paying bills and getting good deals on inventory purchases. A good accountant can be instrumental in helping to plan properly so that cash flow makes cash available when it is needed the most. Business planning is another area where an accountant can be very helpful. Most accountants have worked with businesses at all level, from startups to those that flourish, and those that don't. How to structure a business is vital. Of course, tax planning and knowledge of regulations is extremely important, and your accountant will know how to handle all of the phases of tax, from payroll to filing income taxes. Saving taxes is a big factor in any business success, and a good accountant will shine in this area.