We understand that all businesses are unique and operate based on different models. Our team will aim to get to know your business to ensure we provide a tailored service suited to your needs. Our clients understand an accountant’s business is predominantly about dealing with numbers. But we know a business consists of people and for us that is equally as important. That is why at L.A. Accountants we want to understand our clients’ businesses, so that we can provide the right advice to ensure their success.
- Are you clear on what you can offset against your income so you pay less tax?
- Would you like to grow your business further?
- Do you have CIS deductions?
- Would you like to know the financial position of your business monthly?
Record Keeping
You must keep records of your business income and expenses for your tax return if you’re self-employed
- As a sole trader
- partner in a business partnership
You’ll also need to keep records of your personal income.
If you’re the nominated partner in a partnership, you must also keep records for the partnership
There are different rules for limited companies.
Accounting methods
You’ll need to choose an accounting method.
Cash Accounting
Most small businesses with an income of £83,000 or less can use cash basis reporting.
With this method, you only record income or expenses when you receive money or pay a bill. This means you won’t need to pay Income Tax on money you haven’t yet received in your accounting period.
Traditional accounting (Accrual method)
Many businesses use traditional accounting where you record income and expenses by the date you invoiced or were billed.
“We can help you to spend more time running your business and less time sorting out expenses and worrying about lost receipts/invoices. We offer flexible payment plans on all our services to help spread cost. We are on hand when you need us and are available at weekends and evenings”
Contact LA Accountants for all your tax and accounting affairs.
Let our accountants take care of your business accounting, giving you more time to concentrate on growing and running your business.