Question 1

How much do chartered accountants charge in London?

Accepted Answer

London chartered accountants typically charge £150-£500 per month for small businesses, depending on complexity and services required. We offer transparent pricing with no hidden fees. Our rates are competitive for the London market while maintaining the highest professional standards.

Question 2

What is the difference between a chartered accountant and a regular accountant in London?

Accepted Answer

Chartered accountants (CA) have completed rigorous professional qualifications (ACA, ACCA, or ICAS) and ongoing CPD requirements. They are regulated by professional bodies and can provide audit services, whereas regular bookkeepers cannot. In London's competitive market, choosing a chartered accountant ensures qualified expertise.

Question 3

Do I need a chartered accountant for my London business?

Accepted Answer

While not legally required for all businesses, a chartered accountant is highly recommended for London businesses due to complex tax regulations, high property costs, business rates, and competitive market conditions. We help optimize taxes, ensure compliance, and provide strategic business advice.

Question 4

How do I find the best chartered accountant in London?

Accepted Answer

Look for qualified chartered accountants (ACA/ACCA) with London business experience, positive client reviews, and expertise in your industry. Westfin Accountants has 20+ years serving London businesses across all sectors with personalized service and competitive rates.

Question 5

What tax planning opportunities are available for London businesses?

Accepted Answer

London businesses can benefit from various tax planning strategies including capital allowances, R&D tax credits (especially for tech companies), dividend optimization, pension contributions, and business investment relief. We help London businesses minimize tax while staying compliant.

Question 6

How can I reduce my corporation tax bill in London?

Accepted Answer

Strategies include claiming all eligible business expenses (including London-specific costs like business rates, transport), pension contributions, capital allowances on equipment, R&D tax credits, and timing of income/expenses. We provide comprehensive tax planning for London businesses.

Question 7

What expenses can London businesses claim?

Accepted Answer

London businesses can claim office rent, business rates, professional fees, transport costs (including Congestion Charge if business-related), marketing expenses, staff costs, utilities, and equipment. London's high costs make proper expense planning crucial for tax efficiency.

Question 8

When are tax return deadlines in the UK?

Accepted Answer

Self Assessment deadline: 31st January. Corporation Tax: 12 months after year-end for filing, 9 months + 1 day for payment. VAT: Quarterly (usually 1 month + 7 days after period end). We ensure all London clients never miss deadlines with our proactive approach.

Question 9

What bookkeeping services do you provide for London businesses?

Accepted Answer

We provide comprehensive bookkeeping including transaction recording, bank reconciliation, monthly management accounts, VAT returns, payroll processing, and year-end accounts preparation. All services are tailored for London businesses' specific needs and regulations.

Question 10

Which accounting software is best for London small businesses?

Accepted Answer

Popular choices include Xero, QuickBooks, Sage, and FreeAgent. The best choice depends on your business size, industry, and specific needs. We help London businesses select, set up, and optimize cloud accounting software for their requirements.

Question 11

How often should I update my books as a London business owner?

Accepted Answer

We recommend weekly or monthly bookkeeping for London businesses. Regular updates provide better financial control, easier tax compliance, cash flow management (crucial in London's expensive market), and help with Making Tax Digital requirements.

Question 12

What is Making Tax Digital and how does it affect London businesses?

Accepted Answer

Making Tax Digital (MTD) requires businesses to keep digital VAT records and submit returns via compatible software. All VAT-registered London businesses must comply. We help with software setup, digital record keeping, and quarterly submissions to ensure full compliance.

Question 13

When should my London business register for VAT?

Accepted Answer

You must register if turnover exceeds £85,000 in 12 months. However, many London businesses benefit from voluntary registration earlier for VAT recovery on expenses (especially useful given London's high costs). We advise on optimal timing for registration.

Question 14

Can you help with VAT disputes with HMRC?

Accepted Answer

Yes, we provide VAT compliance advice and can represent London businesses in HMRC disputes. Our expertise includes VAT investigations, penalty appeals, and compliance reviews. Early professional advice often resolves issues more efficiently and cost-effectively.

Question 15

What payroll services do you offer for London employers?

Accepted Answer

We provide complete payroll services including PAYE calculations, RTI submissions to HMRC, auto-enrolment pension compliance, P60s, P45s, payslips, and year-end reporting. Full compliance with UK employment law and HMRC requirements for London businesses.

Question 16

How much does payroll service cost in London?

Accepted Answer

Payroll services typically cost £15-£50 per employee per month, depending on complexity. For London businesses, this investment saves significant time and ensures compliance with ever-changing employment regulations while you focus on growing your business.

Question 17

Do you handle auto-enrolment pensions for London businesses?

Accepted Answer

Yes, we manage complete auto-enrolment compliance including pension scheme setup, employee communications, contribution calculations, and ongoing regulatory compliance. This is mandatory for London employers and penalties for non-compliance are significant.

Frequently Asked Questions

Still Have Questions?

Call Us

WhatsApp

Email