What is Business Accounting?
Business accounting is the systematic process of recording, analyzing, and interpreting financial information on business activity, recording transactions, and producing financial statements to help businesses make informed decisions, maintain financial stability, and meet legal compliance. It involves tasks such as bookkeeping, payroll management, accounts preparation, tax filing, company formation, VAT services, and more.
Things to consider when Hiring a Business Tax Accountant
When hiring an accountant for your business, making the right choice is important. An experienced and reliable business accountant can be a valuable asset, ensuring your financial stability and compliance with tax regulations. Consider the following factors when choosing an accountant:
- Expertise in Business Accounting: Look for an accountant with specialized knowledge and experience in business accounting services. They should be familiar with businesses' specific financial challenges, such as tax planning, bookkeeping, and payroll management.
- Knowledge of HMRC Regulations: Ensure the accountant is well-versed in HMRC regulations. They should stay updated with the latest tax laws and compliance requirements, providing accurate and timely advice to keep your own business on the right side of the law.
- Experience with Small Businesses, Sole Traders, and Freelancers: If you own a small business, work as a sole trader or freelancer, it's essential to find an accountant who understands the unique needs of these entities. They should be knowledgeable about income tax, self-assessment, and expense tracking specific to your business type.
- Industry-Specific Accounting Practices: Different industries requires industry-specific accountants and practices. Accountants with familiarity with industry-specific requirements can streamline your financial processes and ensure accurate reporting.
- Transparent Communication and Reporting: Look for someone who communicates clearly and regularly provides updates on your financial situation. Transparency in reporting ensures you stay informed about your business's financial health and allows for informed decision-making.
The Benefit of Availing Business Accounting Services
Having a business accountant by your side can be a game-changer for your company's financial success. Here are the key ways you can benefit from their expertise:
- Efficient Financial Management: A skilled business accountant streamlines your financial processes, allowing you to focus on core operations. They handle tasks like bookkeeping, payroll management, and financial reporting, ensuring accuracy, compliance, and freeing up your busy schedule.
- Expert Tax Planning: A business accountant brings tax expertise to the table, helping you optimize your tax strategy, identify deductions, solve queries and minimize liabilities. They ensure timely tax filings and keep you up to date with HMRC regulations.
- Accurate Financial Reporting: With a business accountant, you gain access to reliable financial statements, cash flow analysis, and other critical reports. Their expertise ensures that your financial information is organized, up-to-date, and easily understandable.
- Streamlined Payroll Management: Managing payroll involves complex calculations, compliance with employment laws, and timely payment of salaries and taxes. An experienced accountant takes care of these responsibilities, reducing the risk of errors, penalties, and ensuring your employees are paid correctly and on time.
- Assistance with Accounts Preparation: Business accountants are pro at preparing year-end accounts and financial statements. They ensure compliance with regulatory requirements and help you meet reporting deadlines.
- Simplified Company Formation: A business accountant can guide you through the company formation process if you're starting a new business or considering restructuring. They assist start-ups with registering with companies house, choosing the right structure, and ensuring compliance with UK legal obligations.
- Access to Best Accounting Software: Business accountants often work with advanced accounting software like FreeAgent, Xero, QuickBooks to provide real-time insights, streamline your business finances and offer valuable data-driven insights.
Why choose GoForma for Business Accountancy Services in the UK
Regarding business accountancy services, GoForma stands out as a trusted and reliable accountancy firm in London. Here are compelling reasons to choose us for your accounting needs:
- Extensive Experience: GoForma has a wealth of experience providing top-notch business accountancy services. We have successfully served businesses of all sizes and industries, gaining insights into various financial challenges and industry-specific requirements.
- Specialized Expertise: Our highly qualified business tax accountants understand the complexities of small business accounting, self-employment taxation, and accounting for limited companies to provide tailored solutions that meet your specific needs.
- Comprehensive Service Offerings: From taxation services and payroll management to accounts preparation and company formation, our expertise ensures that all your accounting needs are met under one roof.
- Dedication to Small Businesses: GoForma recognizes the significance of personalized solutions and hands-on assistance tailored to the needs of various business entities. Our dedicated accountant works closely with you to understand your business goals and challenges, delivering results that drive your success.
- Partnership with FreeAgent: As a leading provider of business accountancy services, GoForma has partnered with FreeAgent, one of the best accounting software available. This partnership enables us to leverage cutting-edge technology, providing you with real-time insights, automated processes, and seamless financial management.
- Competitive Pricing Packages: Our accounting packages are competitively priced, offering flexible options and affordability with convenient monthly fees and designed to offer flexibility and affordability.
What do our Accountancy Services include?
At GoForma, our comprehensive business accounting services cover a wide range of essential tasks:
Our expert team provides comprehensive tax services, including tax planning, preparation, and filing. We stay updated with the latest tax regulations to ensure tax efficiency.
We handle calculations, tax deductions, and reporting, ensuring accurate and timely payment to your employees while complying with employment regulations.
Trust our skilled accountants to prepare accurate and compliant financial statements and reports. We ensure that your accounts are in order, meeting regulatory requirements and providing you with a clear picture of your business's financial health.
Starting a new business or restructuring an existing one? GoForma offers seamless assistance through each company formation step, ensuring compliance with Companies House requirements and handling the necessary documentation efficiently with minimal paperwork.
Stay on top of VAT obligations with our expert VAT returns. We assist with VAT registration, reporting, and compliance, ensuring that your business meets all VAT requirements while maximizing your VAT reclaims.
GoForma partners to provide a bookkeeping solution to ensure accurate and organized financial records. Our meticulous approach keeps track of your income, expenses, and financial transactions, providing a solid foundation for financial decision-making.
Professional Accounting Services for All Business Structures:
GoForma provides a wide range of services tailored to meet the unique needs of businesses and self-employed professionals. Whether you're a sole trader, small business owner, freelancer, contractor, or operate as a limited company, GoForma has comprehensive solutions to streamline your financial management and ensure compliance.
Sole Trader Accounting
Our skilled accountants specialize in managing sole trader accounts, offering careful record-keeping, accurate tax planning, and expert guidance. Trust us to ensure compliance, provide clear financial reports, and minimize your tax liabilities. Maximize your profitability with our sole trader accounting services.
Small Business Accounting
GoForma understands the importance of small business accounting in fueling growth. Our comprehensive services cater to businesses of all sizes and industries. Our skilled small business accountants handle everything from financial reporting, payroll management to tax compliance.
We assist with tax planning, expense tracking, self-assessment tax returns, and overall financial management through self-employed accounting. Focus on your work and have peace of mind, knowing your accounts are in capable hands.
Limited Company Accountant
GoForma's skilled limited company accountants handle tax compliance, financial reporting, and corporation tax, maintain accurate financial records, and optimize your financial performance with great customer support.
Accounting for Contractors
Simplify your financial management as a contractor with GoForma's contractor accounting services. We handle project-related expense tracking, navigate IR35 regulations, and ensure accurate financial reporting.
Accounting for Freelancers
Excel as a freelancer with GoForma's comprehensive accounting services. We assist with bookkeeping, invoicing, self-assessment tax returns, and financial analysis. Our experienced freelancer accountants ensure your freelance business remains financially healthy, empowering your success.
Hassle-free Switching Accountant:
Switching accountants can seem like a daunting task. That's why we have streamlined the process to make it as hassle-free as possible for businesses and individuals looking for a new accounting partner. When you switch to GoForma, you can experience a seamless transition that minimizes disruptions and maximizes the benefits of our expert accounting services. Switching your accountant to GoForma is a straightforward process that includes the following:
- Initial consultation to understand your business requirements.
- Seamless transfer of financial records and documentation from your current accountant.
- Thorough review and analysis of your financial situation.
- Customized solutions tailored to your business needs.
- Ongoing support and collaboration to optimize your financial processes.
Frequently Asked Questions
What happens after signing up?
You can book a consultation with your accountant, who can walk through everything you'll need to register or switch your company accounting. Through your dashboard, you can register your new business, add key details we'll need to authorize your account and see your key company accounting details.
What accounting support do I get?
You get unlimited access to a personal accountant - your single point of contact for everything. You get FreeAgent accounting software to easily send invoices, record expenses and mileage, reconcile transactions and track your tax due. We make sure you file everything on time and help optimize your tax.
How does your registered address work?
With our Operate package, you can use our company address. We'll scan and send you copies of your company mail, and you can also use our Central London business address on your website and Google My Business listings. Meeting rooms are available to book at our office too.
How do I switch accountants?
We understand switching accountants can be a stressful process; that's why we're here to help.
We know your utmost focus goes towards your business; that's why we take care of the handover process for you. Yes, all of it.
All you have to do is contact your previous accountant to provide your information so we can carry out our process with HMRC.