Project accounting focuses on specific projects with defined start and end dates. This means the accounting work gets over on the project completion. Financial accounting focuses on periods throughout the financial year, which is different across various business types.

When a company goes dormant, it ceases any accounting or financial activities until it resumes trading. It does not require a business bank account, as the business neither generates income nor spends money.

Whenever you are ready to resume, you are required to notify HMRC within the 3 months of trading or receiving the income. As a part of the company dormancy service, we will notify HMRC on your behalf.

Your company can remain dormant, unless and until it meets the criteria for dormancy set by the UK government.

Yes, if your company is temporarily inactive or not generating significant revenue, dormancy is the best choice to minimise tax obligations.

The deadline for self assessment tax returns submission is as below:

• for paper return - midnight 31 October 2023
• for online return - January 31st 2024

We require your:

• income records
• expense receipts
• P60 form or P45 form and P11D form

If you are entitled to a refund, HMRC will transfer the amount to your bank account within four weeks. If you owe any tax, within 35 days of your Self Assessment submission, your refund will be deducted from your total tax amount.

Filing your self assessment as early as possible i.e 6th April, you get time until 31st January to pay tax self assessment. If you owe any rebate, you can find and claim a tax refund sooner. Also, you can avoid penalties of up to £100 for missing self assessment deadline.

Once your company has been dissolved, its name will be removed from the official register at Companies House. Any remaining assets will be distributed as per the dissolution process. You won't need to file annual accounts or other documents anymore. Creditors and shareholders will be notified, and any legal restrictions or obligations associated with the company will cease to exist.

No. All fees related to the company dissolution application are included in the price of this service.

Yes, it is possible to apply for company restoration but you require to go through court restoration process for the same. If the dissolution application is accepted by the companies house but the company is not dissolved yet, you can withdraw the application by filing the DS02 form.

During the dissolution process, within the 7 days, you need to inform employees, creditors, clients, shareholders and other directors of the company who did not sign the dissolution application.

It's advisable to close the business bank account before submitting the application to dissolve the company. After the company dissolution, if any bank accounts still open will be frozen, and the money will be passed to the Crown (the government).

Tax implications may include capital gains tax or corporation tax on assets sold during the dissolution. It's essential to seek professional advice regarding tax matters.

The dissolution process typically spans three to six months, but exact timelines may vary based on individual circumstances.

Setting up a UK company while living abroad is possible with our expert support. We guide non-residents through the legal requirements, help choose a registered office address, and offer advice on tax implications and business structure considerations. Our seamless coordination ensures hassle-free company formation, even if you're not physically present in the UK.

You can start trading through your new limited company immediately after it is registered at Companies House.

While not mandatory, it is advisable to open a business bank account to simplify financial transactions, keep personal and business finances separate, and maintain clean financial records.

You'll need basic information, such as a unique company name, registered office address, and details of directors and shareholders and People with Significant Control (PSC), including full names, residential addresses, occupations, dates of birth and nationalities.

It usually takes 3 to 6 working hours to form a company with GoForma; although this can take up to 24 hours, depending on Companies House workload on the day.

A limited company is a business structure with separate legal status from its owners, providing limited liability protection and potential tax benefits.

Company formation refers to the process of creating a legally recognized business entity, such as a limited company, enabling it to operate as a separate legal entity distinct from its owners.

If you've sold cryptocurrency, NFTs or any digital assets, you may be liable for Capital Gains Tax. It's advisable to consult with a cryptocurrency accountant in the UK to ensure accurate reporting and compliance with tax obligations.

HMRC does not accept payments in cryptocurrencies for taxes or other obligations. You must pay tax in British Pounds (GBP).

Yes, self-employed individuals in the UK are required to pay tax on any income they receive in cryptocurrencies. It's important to accurately convert and report the cryptocurrency value in GBP to determine the tax liability accurately.

Certainly, when discussing crypto assets in the UK, it includes both cryptocurrency as well as NFTs (non fungible token) kind of digital artworks or other unique digital assets.

HMRC has been actively using its information-gathering powers to collect data on cryptocurrency investors and their activities. They have retrieved lists of investors from various cryptocurrency exchanges and have taken steps to remind individuals of their tax obligations through "nudge" letters.

Yes, you can claim crypto losses on your taxes in the UK. Cryptocurrency losses can be used to offset gains, reducing your overall tax liability. If your losses exceed your gains, you may carry them forward to future tax years to offset any gains during that period.

From 2022, HMRC has started sending out nudge letters to taxpayers they believe may have undeclared gains from crypto assets. It advisable to come forward and disclose your gains following the receipt of a nudge letter rather HMRC chasing you. Consider consulting a crypto accountant to get the best advise.

To include crypto assets on your self-assessment tax return, you need to convert your holdings into Pound Sterling. Since crypto assets have varying exchange rates and are not recorded in Pound Sterling, accurately calculate the equivalent value in GBP for each type of crypto asset you hold. Additionally, if you've traded one crypto asset for another, determine the exchange rate and convert that to Pound Sterling as well.

To determine the tax you need to pay for your cryptoassets, you must consider the type of transaction. In the UK, it's generally capital gains tax (CGT) for disposals and income tax for mining or receiving crypto as income.

Considering the benefits and drawbacks, you must decide between being a sole trader or operating through your own limited company.

Working as a sole trader comes with less responsibility and obligations.

As a locum operating through a limited company, you can pay yourself through either salary or dividends. Tax rates on dividends are lower than income tax so, with the right business structure you can save tax. Limited companies offer limited liability, remuneration and tax efficiencies and protect personal assets at the time of financial difficulties and debt.

The fees charged by accountants in Leicester can vary depending on the complexity of the work, the size of the business, and the specific services required. Usually the accountant fees range from £35 to £300 per month.

Yes, individuals, including Instagram influencers and Youtubers, are obligated to pay tax on earnings exceeding the £12,750 personal allowance threshold, regardless of the social media platform.

The most common mistake influencers make is not tracking their income and expenses accurately. An accountant can help set up a system to track finances, submit tax filings, and provide financial advice to optimize income and minimize tax liabilities.

Yes, accountants can assist you during an audit to gather and present the required documentation, explain financial transactions, and staying compliant with tax regulations.

When hiring an accountant, it's important to sign a confidentiality agreement or engagement letter that outlines their commitment to keeping your financial information secure and confidential.

Consider factors like their qualifications, experience, industry specialization, reputation, and the range of services they offer. A consultation can help you assess whether their approach aligns with your needs.

The cost of hiring an accountant in Nottingham can vary depending on factors such as the complexity of your accounts, the services you require, and the size of your business. On average, you can expect to pay anywhere from £35 to £300 for professional accounting services in Nottingham.

Accounting services play a crucial role in enhancing the visibility of your Amazon business. Amazon seller accountants maintain accurate financial records, track sales, and analyze expenses, and provides valuable insights into your business's performance. This allows you to identify areas of growth, assess profitability, and make data-driven decisions.

Yes, absolutely! You can contact GoForma through social media platforms like Facebook and Instagram. We value our clients' convenience and accessibility, and our social media channels provide an easy way to contact us. Feel free to send us a message or drop a comment on our Facebook page, and our team will be happy to assist you with any queries or accounting service-related needs.

Accountant costs in Leeds vary based on factors like experience, services needed, and business size. Hourly rates for basic services may range from £35 to £100, while complex accountancy services can cost £100 to £250+ per hour. Monthly fees can range from £200 to £500+. Customized fixed fees might be available for larger businesses. It's best to get detailed quotes and consider the value an accountant brings to your business.

At GoForma, we take data security and privacy notice seriously. We have robust measures to protect your data and ensure compliance with data protection regulations. We only use your data to provide accounting services and never share full details of our data with any third parties without your explicit consent.

When choosing accounting software for small businesses, we consider factors such as ease of use, features required (e.g., invoicing, expense tracking), scalability, cost, and integration capabilities. We look for user-friendly interfaces and options that align with your business needs and budget.

Yes, we provide audit services to businesses in Leeds. Our experienced auditors conduct thorough reviews of financial records, providing valuable insights and ensuring compliance with tax regulations.

Tech startups have unique financial challenges and complexities, making it essential to have specialized accountants who understand the technology industry. Tech startup accountants have the expertise to plan tech-specific expenses, R&D tax credits, investor relations, and other financial complexity.

Startups should stop mixing personal and business finances, neglecting proper record-keeping, overlooking tax deadlines, and failing to properly plan for taxes and cash flow.

Research and Development (R&D) tax credits are government incentives to encourage innovation. Startups engaged in qualifying R&D activities can claim tax credits, reducing tax liabilities and improving cash flow.

Several accounting software options cater to startups, such as Freeagent, QuickBooks, Xero, and FreshBooks. The choice depends on specific needs, scalability, and integration capabilities with other business tools.

While some startups may attempt DIY accounting initially, hiring a professional accountant offers numerous benefits. Accountants bring expertise, compliance knowledge, and time-saving advantages, allowing business owners to focus on core business activities.

Property accountancy services are priced based on the complexity and scope of the work required. Pricing can vary, with some accountants charging an hourly rate or monthly fees while others offer fixed pricing packages. Factors like the number of properties managed, volume of transactions, small or large portfolio, and level of reporting also influence pricing. Discuss pricing thoroughly with potential property accountants to understand what's included in their services.

Property accountants play a crucial role in adding value to your real estate business. They help maximize tax deductions and minimize liabilities, offer guidance on structuring investments for financial benefits, ensure accurate and compliant financial records, and provide valuable insights on property performance.

Local accountants play a crucial role in assisting property investors. Their familiarity with local tax laws and regulations allows them to provide valuable insights on deductions, property depreciation, and other financial matters specific to the area. Partnering with local property accountants ensures compliance with local tax laws and access to a network of real estate professionals.

IR35 applies to contractors and businesses that fall within its scope. However, not all contractors are affected by IR35. It depends on the nature of the working relationship and factors such as control, substitution, and mutuality of obligations. It's important for contractors and businesses to assess their specific circumstances and seek professional advice to determine if they are within the scope of IR35.

Yes, we have extensive experience working with e-commerce businesses. We understand the unique financial challenges and requirements of the e-commerce sector. Our accounting services cater to online businesses' needs, including inventory management, sales tax compliance, and financial analysis specific to the e-commerce industry.

We can assist you in monitoring and optimizing your cash flow. By analyzing your income and expenses, providing timely financial reports, and offering expert advice, we help you maintain a healthy cash flow and make informed financial decisions.

Yes, we offer comprehensive accounting services, including preparing annual accounts. Our expert accountants will ensure that your financial statements accurately reflect your company's financial health and performance in compliance with accounting standards and regulations.

At GoForma, we offer a comprehensive range of accounting services in Manchester, including self-assessment tax returns, corporation tax returns, accounts preparation, bookkeeping, VAT registration and returns, payroll management, company formation, and more. Our team of expert accountants can handle various financial aspects to ensure your business's smooth financial operations.

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Accountants may charge either a fixed monthly fee or an hourly rate. You must discuss pricing and service agreements with the accountant to ensure transparency and avoid hidden costs.

Accountants play a vital role in supporting small businesses in Birmingham. They offer personalized financial solutions, handle tax compliance, assist with payroll processing, and prepare financial statements. Additionally, accountants can provide valuable insights to help small businesses make informed decisions, navigate financial challenges, and achieve sustainable growth.

You can typically claim deductions for camera equipment, lenses, photography software, studio rent, insurance premiums, marketing expenses, professional association fees, travel costs for photoshoots, website hosting, and costumes.

Yes, it is quite common for photographers to work on their own and operate as freelancers or sole trader businesses. Many photographers work independently, providing their services directly to clients without being employed by a specific company.

Healthcare professionals should hire a medical accountant to benefit from their expertise in medical accounting regulations, tax planning, and financial management. By outsourcing accounting tasks, healthcare professionals can focus on patient care while ensuring accurate financial records, compliance with tax laws, and strategic financial planning.

A medical accountant specializes in providing financial services tailored specifically for healthcare professionals. They handle tasks such as bookkeeping, tax planning, financial reporting, payroll management, and offer financial advisory services.

Yes, we can assist with the registration process and ensure compliance with Companies House requirements for GP practices and other businesses. Our GP accountants provide valuable financial insights and analysis to support your business decisions. ‍

Yes, our tax services cover various business structures, including self-employed GPs. We provide expert guidance on tax planning, deductions, and ensuring compliance with HMRC regulations.

National Insurance contributions play a significant role in your tax obligations. Our GP accountants ensure proper calculation and compliance with National Insurance requirements, helping you navigate the complexities of tax planning.

Absolutely! We have extensive experience working with NHS professionals, including GPs. Our services are tailored to meet the unique accounting needs of healthcare professionals in the NHS.

GoForma provides comprehensive payroll services, including payslip generation, tax calculations, and timely payment processing for GP practices.

Choosing the right business structure is vital for locum professionals. Our locum accountants provide guidance on the most suitable options, such as operating as a sole trader, setting up a limited company, or joining a partnership. We analyze your specific circumstances, considering factors such as liability, taxation, and long-term growth potential, to recommend the best structure for your practice.

Reputable accountants for IT contractors prioritize the security and confidentiality of their clients' financial information. They utilize secure online platforms, employ robust data protection measures, and adhere to professional standards and ethical guidelines to safeguard client data.

Hiring a local IT contractor accountant in London offers the advantage of their familiarity with local tax regulations. They can provide personalized advice based on their knowledge of the local business environment and connect you with relevant resources.

Yes, accountants for IT contractors can assist with setting up an own limited company. They can guide you through the process, including registering your company with Companies House, setting up a business bank account, understanding director responsibilities, and providing ongoing accounting and tax support for your limited company.

IR35 legislation determines whether an IT contractor is classified as self-employed or employed for tax purposes. Compliance with IR35 regulations is crucial to avoid potential penalties and ensure proper tax treatment. Accountants experienced in IR35 can help assess your status, provide advice, and guide you through compliance requirements.

Tax planning services help IT contractors minimize their tax liabilities by identifying applicable deductions, allowances, and tax-saving strategies. Accountants with expertise in IT contractor taxation can provide guidance on allowable expenses, VAT registration, IR35, and other tax considerations, ultimately maximizing your take-home income.

IT contractors face unique financial challenges, such as managing expenses, tax planning, and compliance with IR35 regulations. A good contractor accountant who is familiar with the IT contracting industry can provide tailored solutions, maximize tax efficiency, ensure compliance, and offer expert advice.

Yes, doctors can benefit from having accountants. Accountants help optimize tax strategies, provide financial planning advice, and ensure compliance with regulations. Having an accountant specialized in medical accounting can be valuable for doctors in managing their finances effectively.

Absolutely! Whether you are currently practicing, on a career break, or retired, GoForma can provide comprehensive NHS pension assistance. We cater to medical professionals at all stages of their careers.

Yes, GoForma serves medical professionals in various locations, including London. We are dedicated to providing specialized accounting services to healthcare professionals, regardless of location.

GoForma's expertise in creative accounting, personalized attention, and comprehensive solutions make us the preferred choice for creative professionals and companies. We go beyond traditional accounting services to understand your unique business and deliver results that drive your financial success.

Yes, GoForma serves clients in various locations, including London. We are dedicated to providing specialized accounting services to creative businesses globally, regardless of location.

A specialized accountant familiar with the creative industries can provide valuable insights and advice tailored to your specific needs. They can help you navigate industry-specific tax deductions, manage project-based income, and ensure compliance with regulations unique to creatives.

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