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.