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Business types

UK businesses vary! Sole traders are simple, one-person operations. Partnerships share ownership. Limited companies (Ltd) separate personal and business finances, offering legal protection. Limited liability partnerships (LLPs) blend partnership flexibility with limited liability. Social enterprises prioritize social impact. Franchise options exist too. Choose wisely based on liability, tax, and goals.

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At Googol Accountancy, we appreciate the time, money, and sheer effort you dedicate to your business. This understanding is the driving force behind our dedication and commitment to providing exceptional accounting services.

Obligations towards the state

Businesses in the UK have several obligations towards the state. These include registering with Companies House (if a limited company), paying Corporation Tax on profits, and paying VAT if their turnover exceeds the threshold. They must also deduct and pay employee income tax and National Insurance contributions through PAYE. Businesses must keep accurate financial records and submit annual accounts and tax returns. Compliance with these regulations is crucial to avoid penalties and ensure legal operation.

Variety in the market

UK accounting software caters to all! QuickBooks and Xero dominate for small businesses, offering cloud-based ease. FreshBooks is great for invoicing. Sage provides scalable solutions, from startups to enterprises. Zoho Books integrates with other Zoho apps. Free options like Wave exist for basic needs. Consider your business size, features required (invoicing, payroll, inventory), and budget.

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What is bookkeeping?

Bookkeeping is the systematic recording of a business's financial transactions. It's the foundation of accounting, tracking income, expenses, assets, and liabilities. Accurate bookkeeping is essential for making informed business decisions, managing cash flow, and preparing financial statements. It ensures you meet legal and tax obligations, including VAT and income tax returns.

Importance of reporting

Reporting is crucial for business success. It transforms raw data into actionable insights, revealing performance, trends, and areas for improvement. Financial reports track profitability and cash flow, aiding in budgeting and forecasting. Operational reports monitor efficiency. Marketing reports assess campaign effectiveness. Regular reporting enables informed decisions, timely adjustments, and proactive problem-solving.

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Services

Personal Income Tax

Business Income Tax

Corporation Tax

Capital Gains Tax

Value Added Tax (VAT)

Accounting for Sole Trader / LLP / LTD

Accounting for Statutory Purposes

Payroll

Bookkeeping

Firm:

Googol Accountancy
Yuliyan Yuliyanov MAAT AATQB
Sole Practitioner

Contact:

Policies:

Are you having trouble choosing?

Start the Quiz

Services

Personal Income Tax

Business Income Tax

Corporation Tax

Capital Gains Tax

Value Added Tax (VAT)

Accounting for Sole Trader / LLP / LTD

Accounting for Statutory Purposes

Payroll

Bookkeeping

Firm:

Googol Accountancy Yuliyan Yuliyanov MAAT AATQB Sole Practitioner

Contact:

Policies:

Googol Accountancy
Yuliyan Yuliyanov MAAT AATQB
Sole Practitioner