Wednesday, 24 July 2013

The Plus Points of Letting Someone Else Handle Tax Planning

Tax planning is not the simplest thing under the sun. You need to be able not only to get the right scheme and have an accurate calculation of tax while at the same time being able to budget as well. This sort of financial juggling is not meant for all, as it is obvious. There are indeed few among us who would really feel any enthusiasm at the words ‘tax planning’. Considering this, it is no surprise that most of us leave our accountants to handle the taxman. It might also be a safer move in a way as business people are so busy that remembering when to file tax and filing forms is definitely not welcome.

As startling as it might sound, around 1 million people file their tax return on the deadline day. How many of these people have really sat down and done some serious tax planning? There are also many more who are unable to pay up their tax on the due day as the amount is more than they planned. Due to this they have to pay up as much as they can while a penalty is carried forward on the rest. Many of these people aren’t even too sure of the basics as to how to file a tax return. In such cases you will inevitably end up paying the wrong amount of tax and land up in a further soup.

Thus, availing of proper tax advice is a prerequisite so that you know what you are getting into. The HMRC website does have detailed information but sitting down and trying to decipher it is not everyone’s cup of tea. A simpler solution is to let some else do the tax planning. By doing this, you won’t have to keep tabs on the tax return filing day and nor will you have to bother about budgeting as the accountant will look after all that. Plus, you will also avail the benefit of free tax advice minus jargon. Also, if you opt for outsourcing you won’t have to be worried about being charged an arm and leg! 

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Monday, 22 July 2013

The Importance of Accounting Services as a Business Strategy

Business strategies vary considerably with some remaining in the fashion for longer while others have been discarded rather soon. When you consider a business strategy then you should think on the lines of something that is serving dual purposes. Multitasking is the new in-thing but there are limits to multitasking, as many business professionals know. This is why if your business strategy is multifaceted you can have a better bargain than most. Cheap accounting will help you out here.

Now you might wonder how accounting services can work as a business strategy. This does not need much elaboration as to state the obvious – finance cannot be separated from business. Every business has some working capital, which needs to be budgeted upon. If your books are in a mess there is no way you will be able to do proper cash flow analysis. Thus, cheap accounting will help you not only budget but also make the most of your capital and keep a tab on profits.

There are many accountants in london, which makes choice not limited to a few. However, it is better to opt for outsourced services, as it will be cheaper in the long run. Accounting services can work as an important business strategy in the following ways:

  • You will have a tab kept on your purchases and sales. By using double entry bookkeeping your business will be more fraud secure as making misstated reports will be more difficult
  • Tax planning and budgeting will be done in advance. Due to this you will not face any problems due to cash shortfall when the payment date is near. Also, all your documents will be filed in time so no penalties
  • Your payroll work also will be handled by the accountants who will also make sure it is accurate. Pay cheques shall be issued on time and if there are any queries regarding the payment received the employees will ask the accountant.  
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Tuesday, 16 July 2013

How to Make Business Payroll EZ

Payroll is not just about issuing paychecks. That would only be the tip of the iceberg. There are also quarterly reports, which have to be filed along with tax that has to be deducted. Thus, if you want to save time on payroll having someone tackling it is a better option than doing it yourself. This is ringing even more true recently when you consider the fact that approximately 2 million of our UK tax payers have found they have paid the wrong tax and the reason behind this in a score of cases was wrong payroll calculations. Therefore, payroll services in UK are on an all time rise. 

When you employ business payroll services you don’t need to worry about filing payroll returns or the calculation of pensions and the like. What’s more, you get your wage slips submitted in time and cheques ready on the dot. A payroll service after all is there to make payroll easy for busy business professionals who do not have the time to devote themselves to payroll calculations. Also, once your time is freed up you also earn more revenue as you can spend that extra time in improving your business. 
  • How payroll becomes easy through payroll services in UK
  • Paychecks will be made well before time so employees won’t face a delay in payment. 
  • This will make them happier with the management.
  • Quarterly reports will be tackled with accuracy and filed on time.
  • Proper tax rates will be deducted and so there won’t be a problem arising from cutting more or less tax.
  • Statuary sick leave, pension, maternity leave and the like are complicated calculations, which need experts.
  • In cases when an employee joins or perhaps leaves the company, the government will be notified on time so there won’t be a problem in tax return filing.
Thus, a payroll service will help take care of paying employees and filing tax returns leaving you free to look after business. 

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Monday, 15 July 2013

From Cheap Accounting Services to Cloud Accounting Services

Accounting no longer is perceived to be just a task related to finance for when it comes to running a business, accounting has its own role to play. For example, when we look at cash flow analysis and budgeting, proper account management will help a business professional know whether targets are met and when cash injections can be required. Thus, accounting services have been established as a prerequisite to any successful business. 

At the same time, one would not want to spend to heftily on the accounting front and so we have the concept of cheap accounting services. This meets the need of even small businesses that don’t have much capital to invest on their own in-house accountant. Also, if competitively priced services are available and are efficient then why would any businessman hesitate in considering it a good deal?

There are ample accountants in london as far as choice goes but when it comes to selection there are a few points that should be kept in mind. Firstly, you need a firm that is customer friendly and supportive. In case you need advice on tax matters they should be willing to help. Secondly, they should be using the latest in accounting software and also offer features like cloud accounting services. Just because a firm promises to be the best doesn’t necessarily mean it will be the most expense one in town. Actually, the best firms will offer you competitive prices.

When we consider a small business, in the initial stages making the best out of its capital should be its goal for otherwise there will not be profits made. With the use of cloud accounting the need for accounting software is eradicated. It is easier to use and more accessible so, the clients of an accountancy services firm get the added benefit of accessing their financial information anywhere. Financial reports too can be generated more easily which is an added plus point for your accountant will be able to give you valuable advice on how you can further improve upon business by going through the report. Therefore, cheap accounting services can prove to be in the long run the best investment for your business growth.

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Saturday, 22 June 2013

How to Ensure ‘PAYE’ doesn’t make you Pay More Tax

Tax calculation is a major nightmare for if the recent HMRC report is to be believed; there have been about 2 million people who’ve ended up paying more. If that’s a sorry state of affairs then there’s even worse to follow. About 3.5 million have actually paid less tax due to PAYE miscalculations and the like. How is this tax deficit to be made up? The HMRC has a fairly simple policy, whatever tax you owe will be deducted from you this year. Hence, no matter how well you planned your tax returns or budget, you will have to now make allowances for paying more tax than you planned. Taxing isn’t it?

Given the fact that nowadays it is not so difficult to find accountants in London and the surrounding area, most people have opted for hiring accounting services. Even individuals have caught on the cheap accounting services trend, not to forget large and even small businesses. Any miscalculation in tax returns is bound to lead to a loss of time and money. Therefore, it is advisable to entrust looking after the accounts to those who have expertise and experience in it. PAYE has multiple aspects in it, which the layman may not be well versed with as is indicated below:

  • Submission of right documents within the stipulated time – thus, employing accounting services will save time and worry
  • Getting wage slips accurately ready
  • Ensuring the correct Payroll scheme is selected
  • Dealing with aspects like statutory sick pay, statutory maternity pay, redundancy and the like

  • Employees generally assume that whatever amount of tax is being paid through PAYE is the right amount. The shock comes in when they realize that their employer was deducting more or less. In the case of paying less tax, the burden generally increases on the employee who is forced to meet extra tax payments in the next financial year; and these are unplanned for expenses. Thus, cheap accounting services are a must for individuals as well as businesses.

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    Tuesday, 18 June 2013

    No Reservations – Outsourced Bookkeeping plays Business’ Fairy Godmother

    Once upon a time outsourcing one’s bookkeeping was a big thing. It was seen as expensive, at times risky, and altogether filled with too many ‘what-ifs’ to make it a palatable bargain when juxtaposed with an in-house accountant. How the times have changed can clearly be seen from the role switch outsourced bookkeeping has made from glowering goblin to beneficent fairy. This is most apparent in the promise of most accounting firm that offer their clients a reduction upto almost 40% in their administration and accounting cost by switching to the cheaper option – outsourced bookkeeping services

    How bookkeeping outsourcing can save time and money:
    • Outsourced bookkeeping services when handled by professionals will obviously provide you with accurate and up-to-date accounts whenever needed
    • It will help in cost reduction as far as administrative and accounting activity goes
    • Many firms provide double entry bookkeeping services which improve the accuracy of information
    • In outsource bookkeeping you also have the choice of having an on as well as off site team
    • Not many business professionals will be familiar with cloud bookkeeping which like double entry bookkeeping, helps keep things better organized
    • Some outsource bookkeeping providers also help in the analysis and maintenance of transactions pertaining to Cash/Bank or Credit Cards
    • Bookkeeping outsourcing should also include services like sales invoicing, VAT returns, debtors listing, sales ledger and debt collection and, cash as well as cheque allocations if you intend to get the best out of a firm’s services.
    Thus, outsourced bookkeeping services are no longer given the veto, even small business bookkeeping are ready to avail of them with no reservations. After all, it is no easy matter to handle a business and juggle the books at the same time so its better to pay for help rather than mess up big time.

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    Monday, 17 June 2013

    Payroll Bureau Services On Rise Thanks to Cheap Accounting!

    Payroll and accounting related services are on an all time rise. This can be attributed to not only the scare caused by BBC’s haywire payroll policy but also the tax issues hounding global players like Google, Starbucks and Tesco. It has been made clear that as far as finances are concerned – you’re better safe than sorry. Therefore, even small businesses prefer to hire professionals which is not so surprising as getting accountants in London was never better. Accounting no longer costs an arm and leg. Thus, if you can avail professional services at a bargain rate who wouldn’t want to take it up?

    It is not just cheap accounting that has helped boost payroll bureau services. As stated above, awareness has a lot to do with it for lodging payroll returns with the HMRC is a hassle most business professionals would rather avoid. That’s where the search for accounting services begins. A good payroll bureau service provider will not only offer you wage slips in time but also advice as and when required.

    Besides, since accounting services aren’t too steeply placed anymore, it is a better option to employ a firm that is more than just a payroll bureau. An accounting firm would offer comprehensive services and also at the same time be able to handle questions and queries on a variety of subjects. Some firms that are cost-effective and reputed even offer weekly, fortnightly and monthly pay slip generation services.

    Payroll services to look out for if you want a killer deal:

    • Access to pay related details online
    • Advice provided on payroll and related services like redundancy and employment
    • Lodging payroll returns with HMRC on time
    • Detailed collection of documents with advanced specifications made

    Handing one’s accounting needs to another firm may be a bit difficult but when the accounting service provider is reliable and reputed – not to mention cost-effective – there is really no risk at all be it in accounting or payroll services.