WHAT IS VAT AND WHEN YOUR BUSINESS NEED TO BE REGISTERED FOR

VAT or Value Added Tax is defined as the tax levied on a commodity’s price before the cost of production and taxes are rendered to consumers. The type of business determines the type of taxation. Any business that caters to the provision of goods and services in the UK is subject to tax. Value Added Tax is levy payable on all goods and services in the UK.

The concept of taxation can be intimidating for those just starting their own business. For better understanding and clarity, it is in your best interest to seek the advice of a professional consultant to know which plan suits your business.

When Your Business Needs to Register for VAT

If your VAT taxable supplies in the 30 days, when added up in the last 12 months exceed £85, 000 (which is currently the registration threshold) then you need to register for VAT.

You may not register your business if your expected taxable turnover doesn’t exceed the registration threshold (£85, 000).

Registering Your Business for VAT

For you to start a legitimate business in the UK, you need VAT registration. VAT registration can be categorized into two: compulsory and voluntary registration.

Compulsory Registration

A business in the UK is expected to register for VAT if it ranks over the VAT threshold, currently £85, 000. This is termed compulsory registration. In simple terms, your business must register for VAT if it exceeds the VAT threshold. However, you have a choice (voluntary registration) if it is below the VAT threshold.

Voluntary Registration

For voluntary registration, business owners choose to register their business regardless of whether VAT taxable supplies in the last 12 months exceeds £85, 000 or not. Many businesses opt for this option as it provides a lot of benefits. Choosing to register your business voluntarily will open streams of opportunities for your business. It will also increase your business reputation as you’ll have a much higher turnover than usual. For some business, however, voluntary registration may not be beneficial. Seeking the advice of a professional accountant will help you make a healthy decision.

VAT and taxation are broad and difficult for most people to understand. With regulations changing on a regular basis, it is virtually impossible for any business owner to successfully handle taxation. However, with the help of a third party service provider, effective VAT strategies can be employed to make the procedure faster. Hiring a professional accountant is a sure way of fulfilling VAT obligations and ensures that you are not violating any rule. These companies can help you process your company’s VAT UK registration hassle-free.

ARE YOU OPENING A NEW BUSINESS? A BUSINESS PLAN CAN HELP YOU MORE THAN YOU THINK

Creating a business plan is an important part of any business that entrepreneurs are negligent of. Questions like “Do I hire someone to do it? Do I do it myself? How do I get it done quickly? Are there any benefits of writing a business plan? Does it require me to spend too much money?” are frequently asked questions that many entrepreneurs ask in regards to having a business plan. Well, we will examine these questions in this article.

First, let us understand exactly what a business plan is

A business plan is a blueprint that contains sections related to the management, marketing, financial, and industrial analysis about a business. It is important for small-sized, medium-size, and large-sized companies. A well-written and conceived business plan can attract investors to your business which is why many businesses hire a professional business plan service.

Who is a professional business plan writer?

A professional business plan writer is one who writes business plans for entrepreneurs and business owners. These accountants are highly trained professionals who are experienced in writing business plans. Accountants possess the skills and experience required for helping entrepreneurs come up with a plan that is financially attractive.

Why you need to hire a professional business plan service

Business planning is better written by someone who knows the in-and-out of finance. Here are a few reasons why you need to hire an accountant to write a business plan.

Save Time

A professional business plan writer can save you hours of work. With their knowledge and capability, they can deliver the best plan that will attract investors within a short timeframe. Also, hiring a professional will allow business owners to focus on other aspects of their business.

Experience

Professional business plan writers have spent years in this business. After years of attending to different clients, they have gathered experience in writing plans for many businesses. One interesting thing about experience is that it gets better with time; i.e. business plan writers learn on every successful plan they’ve ever written. Hiring an experienced business plan writer will deliver a top-notch service that will attract potential investors.

Tools

Many think that since a business plan is made of written words, they can do it themselves. However, a well-developed plan requires certain tools to develop. Professional business plan writers not only have the tools but they also have the knowledge and expertise in utilizing these tools to produce great results.

100% Customer Satisfaction

Another reason why you should hire a professional accountant is that they will write your plan until you are 100% satisfied. So, it’s a win-win situation for you.
If you are interested in hiring a professional business plan writer in the UK, you will have to browse through a number of different options. Or you could simply contact SJPR Accountants – a top-rated accounting firm in the UK.

SJPR Accountants are professional and experienced team of accountants who specialize in writing business plans, creating bank loan approval, complete tax preparation, bookkeeping, payroll services, and other financial services for small, medium, and large-scale companies.

HIRE A PROFESSIONAL ACCOUNTANT AND FOCUS ON YOUR BUSINESS GROWTH

When you start thinking of the cost of outsourcing the accounting services of your business, you begin to extend your business growth. The accounting department is very crucial for any business and if managed by a novice can prolong growth and success. Hiring a professional accountant for your business has a lot of benefit for you, your employees and your business. Some of the amazing benefits are: it can save a lot of time, hassles, and money. These pros will eventually lead to further progress in the other areas of your business – overall business growth.

What a Professional Accountant Will Do For Your Business

Tax Consultation

The importance of tax planning for both small and medium scale businesses cannot be regarded less. Only professional accountants have the appropriate knowledge and experience of how to provide tax planning advice and save money from taxes. Moreover, expert accountants are updated in taxation laws. It is in their nature to be conscious of breaking tax rules so they can do everything possible to help check your conformity just top avoid taxation problems.

Payroll Assistance

It is better for your business to hire an accountant that will manage its payroll than for an insider to handle it. Besides the fact that an expert accountant will dedicate more time to manage payroll, it is more secure to have them handle it. This decreases the number of people that have access to this information – think of fraud.

Offer Complete Services

Not only will your business benefit from specific tasks such as tax consultation and payroll, but it can also enjoy other services such as:

> Financial Consultation

Professional accountants know how to handle money-related matters especially when it comes to tax-related issues. They can also help you maintain all your financial accounts and statements, and even resolve any financial problems that will hinder the growth of your business.

> Expert Advice

These professionals can provide expert financial advice on business financing, cash flow management, etc. They act as your financial consultant just to aid business growth.

> Accounting

> Bookkeeping Services

How will a professional accountant be beneficial for your business?

> Cost saving

When you hire a professional accountant for your business, you tend to save money in the long run. The cost of benefits on employees which may include bonuses, office space, etc. will be eliminated.

> Increased productivity

Outsourcing accounting services increase productivity. An experienced accountant pays full attention to his/her job. This keeps other employees focused on their own job thereby increasing efficiency and productivity.

> Networking

Since professional accountants have multiple clients all over the globe, they can engage growth in your company by networking with others.

> Eliminating Mistakes

Multitasking has cost a lot of businesses. Multitasking is when a business owner assigns different tasks to one employee, especially when the task is not related to his area of expertise. Because they have to meet up with their task as well as the accounting task, they get pressurized and eventually make mistakes. Having a professional accountant oversee your accounting records is an excellent way to eliminate simple mistakes.

Having read this, it’s time for you as a business owner to assign accounting duties to professional accountants. SJPR Accountants are a full-service accounting company in the UK. These professionals focus on business growth and pride themselves in offering accounting services to small and medium-sized companies and even MNC’s (multi-national corporations).

Think of SJPR Accountants as an accounting solution for your small and medium-sized business.