Global Accountancy Practice
Call us at 0141 423 4555
Our Services
Switching is Easy

If your current accountant isn’t saving you money and helping you grow your business then you need to speak to Global Accountancy Practice.

Call 0141 423 4555 or fill out our contact form.

Global Accountancy Practice is different. We don’t just offer a full tax and accountancy service tailored specifically for the small business owner, self-contractors and the self-employed. We also offer personal tax advice and business planning in a friendly environment in language you understand. And great coffee.

Small Business Specialist Changing Accountants?

No need for long drawn out goodbyes. We’ll contact your boring old accountant and arrange for the forwarding of all books and records relating to your tax and accountancy affairs to ensure a smooth changeover.

How easy is it to switch from one accountant to another?

At Global Accountancy Practice, we make this as simple as possible for you.
The first step is to contact us, we can book a FREE, no obligation, consultation so that we can understand your circumstances and then offer you a fixed fee quote.

Once you have decided that Global Accountancy Practice is the right choice for you, you may be wondering how you are going to break the bad news to your previous accountant. Now comes the easy part, you can instruct us to do that for you!
We will write to your previous accountant informing them to provide us with all of your accounting and tax records that they hold and we will prove that you have made the decisions to switch accountants.

All accountants are expected to provide the paperwork and records within a reasonable amount of time by their professional bodies and accountants are familiar with the process.

We can help you every step of the way, our accountants are known for their friendly and approachable service and we can make life simple for you.

Tax Investigation

Global Accountancy Practice also use specialist software which will analyse the completed tax return to check for anything which may arouse suspicion by HM Revenue & Customs.

HM Revenue & Customs do, however, carry out a number of random investigations which are, unfortunately, unavoidable. So even if you believe that there are no unusual entries in your accounts or on your tax returns, an investigation could still happen to you.

Global Accountancy Practice are offer to all existing clients for free tax investigation.

Corporation Tax

If your company is liable for corporation tax then you must calculate how much taxable profit your company made over the course of the financial year and pay what is owed to HMRC.

Global Accountancy Practice can calculate your taxable profit as well as guide you through your corporation tax return. We guarantee to make the process of assessing your corporation tax liability and paying HMRC as pain and stress free as possible.

The first thing you must do is register your company with HM Revenue & Customs (Her Majesty’s Revenue and Customs), using their official forms, letting them know that you are liable for corporation tax.

If your company is liable for corporation tax, you must calculate how much profit your company makes for each accounting period and how much corporation tax is payable on those profits. This information must be reported to HM Revenue & Customs on a corporation tax return form and accounts and tax computations must be submitted to HM Revenue & Customs in support of the return. There are strict penalties for filing late returns and interest is charged on tax paid late, so it is important that the deadlines, which are determined by your company’s annual accounting date, are adhered to.

Year End Account

One of the main strengths of our firm is the accounts preparation function. We have many years of experience in preparing accounts and we are able to prepare accounts with extremely fast turnaround.

Typically a sole trader accounts (no employees / not VAT registered) will be prepared for client approval within 48 hours. Most accounts can be prepared within one week, especially when they are urgently required. We use specialized accounts preparation computer software to prepare accounts to meet Companies Act disclosure requirements.
We can provide a quarterly, monthly or even weekly service so that if you provide all the records we ensure they are put into good order and recorded accurately.

We can also advise on bookkeeping and accounting systems that best suit your business and provide support, guidance and training if you do have someone who is willing and able to take on the bookkeeping in house. Our prices for accounts preparation are very affordable and fair.

VAT

Full VAT assistance

Choosing the right VAT scheme can make a huge difference for your business. There are number of factors that need to be considered, such as products or services being supplied, the nature of business and the revenue that can all affect the right choice of VAT scheme.

As a VAT specialist we can give you full VAT assistance to ensure that you chose the right VAT scheme for your business and you stay on top of all the ever changing VAT laws and regulations.

Choice of VAT scheme.

As a VAT specialist we can give you full VAT assistance to ensure that you chose the right VAT scheme for your business and you stay on top of all the ever changing VAT laws and regulations.

Flat Rate VAT Scheme

The flat rate VAT scheme is designed to help small businesses reduce the amount of time they spend accounting for VAT. Using the flat rate scheme you do not have to calculate the VAT on each and every transaction. Instead, you simply pay a flat rate percentage of your turnover as VAT.

The percentage is less than the standard VAT rate because it takes into account the fact that you are not reclaiming VAT on your purchases. There is range of flat rate percentages - the one you use depends on your trade sector.

Although the flat rate scheme can reduce your paperwork, one downside is that you cannot reclaim VAT on your purchases. If you buy a lot of goods and services from VAT registered business, you could end up paying more VAT. Also, if you make a lot of zero- rated or exempt sales, you could end up paying more VAT because you will still be liable to pay the flat rate percentage on your turnover for those sales, even though you are not charging VAT on those sales.

Standard VAT accounting

Standard VAT accounting allows you to reclaim VAT that you may have had to pay on you purchases. You will pay or reclaim the net of the VAT that you have charged your customers and the VAT that you have had to pay on your purchases.

Standard VAT accounting method follows the accrual basis of accounting; this means that your VAT calculations will be based on your raised invoice rather than the date the invoice was paid. This could have a negative cashflow effect on your business since you have to pay VAT over to HMRC for services or goods sold which you have not yet received the money for.

On the contrary, if you have not paid for goods purchased, you can claim the VAT on the invoice received resulting in positive impact on you cashflow.

Cash VAT Accounting

In contrast to standard VAT accounting, cash accounting allows you to calculate on actual VAT money paid or received than on invoice basis. Cash accounting can be beneficial for your cash flow especially if your customers are slow to pay. It is even more useful if you have bad debts. Using the cash accounting scheme, you do not pay VAT if your customer never pays you.

Buy to Let

If you are a Buy To Let landlord – or rent a room or own a second home, here or abroad – then you should speak to Global Accountancy Practice. There are many ways to reduce, and in certain circumstances eliminate, tax for:

  • Anyone renovating or developing property.
  • Anyone considering a property sale in the near future.
  • Anyone wanting to claim lots of income tax relief and deductions.
  • Those with second homes or big portfolios of buy to let property.
  • Anyone wanting tried and tested ways of legally paying less tax.
  • Anyone using their home for business purposes.

Global Accountancy Practice are experts in Property Tax Mitigation. If you would like to discuss any of the issues raised, please call us on 0141 423 4555 or fill out our contact form to discuss.

We offer a great range of property tax advice specifically for landlords or those with second properties If you receive rental income that exceeds your total expenses, allowances and reliefs, then you are required to pay tax on this income by submitting a tax return.If your rental property generates a loss, you may want to voluntarily disclose it because this allows you to make use of the loss in the future should the property turn profitable.

Selling property If you have Capital Gains Tax to pay, for example because you’ve sold or given away a holiday home or second property, you will need to complete a tax return.Global Accountancy Practice can advise you on any tax planning opportunities available, in order to minimize your Capital Gains Tax liability. We can also calculate your Capital Gains Tax liability and complete your tax return for you.

Landlords If you rent out property you will pay income tax on the difference between the rents you have charged in a tax year, less any allowable expenses and charges. We can help you to make sure that you are claiming all of the expenses and reliefs you are entitled to.

Knowing what maintenance and repairs can be deducted can be tricky, because there are a number of different methods that can be used depending on your circumstances. We can discuss your options with you and make sure that you make the right choice; to optimize your tax position and fit your needs. We can also make sure that you are claiming all of the finance costs for any loans or mortgages you have on your properties, as again, this can be a complicated area and taxpayers can miss out on valuable tax relief.

Furnished holiday Lets Significant changes were made to the treatment of Furnished Holiday Lets (FHLs) for tax purposes in April 2012. The conditions in order to qualify for such treatment are now more stringent and the benefits have been reduced. But we can advise you on the qualifying conditions and the implications that such status entails for your properties.

Letting rooms in your home If you let rooms in your own house, you may not pay tax if the total rents charged are under £4,250 per tax year. But there are conditions in order to apply this exemption.

We can provide you with advice regarding all tax aspects of buying, selling and letting property.

Payroll

Operating Payroll internally can be problematic for small and growing businesses. It is extremely time-consuming and needs to be controlled by individuals with up-to-date knowledge of legislation. At Global Accountancy Practice we can take that pressure off your business and leave you free to concentrate on expansion.

Our On-Line Payroll Service offers:

  • Free initial set-up.
  • Competitive prices.
  • Laser & Email payslips.
  • P35, P45 & P60 preparation.
  • Full supporting printouts providing detailed analysis of net pay for each employee.
  • Preparation and completion of all statutory year-end documentation.
  • SMP SPP SSP SAP - Statutory Maternity and Paternity Pay, Sick Pay and Statutory Adoption Pay.
  • Student Loan Recoveries.

Our payroll staff will ensure full compliance with all HM Revenue & Customs rules & regulations. You won’t have to worry about maternity pay, sick pay, So why not concentrate on your business while we take care of your Payroll and Bookkeeping?

Limited Company

One trading option for a business is to operate as a limited company. This will provide access to a number of tax planning strategies and limited liability status.

Although there is perceived prestige in operating as a limited company you will lose some of your privacy – directors’ and shareholders’ personal details and abbreviated accounts have to be filed and are open to public scrutiny. A limited company is a distinct legal entity that is able to enter into contracts in its own name. The fact that the company is a separate legal entity from its owners is very important as it means that all the company’s liabilities are the responsibility of the company – not that of the directors and shareholders!

The only exception is if you, as director of the company, offer a bank or other creditor a personal guarantee to repay the company’s debt. In that instance you then become personally liable to repay the debt if the company is not able to. So what are the pros and cons of incorporating your business?

Significant advantages:

  • Limited liability – as explained above, the company is a separate legal entity and this can protect your personal assets from business creditors if for any reason the company is unable to clear all of its debts and has to cease trading. Operating as such is especially useful if there are significant risks associated with your business activity.
  • Due to the Limited Liability discussed above, companies look like a more secure prospect to investors.
  • Status – the business artificially looks bigger and more professional.
  • Succession of shareholders is more straightforward.

Significant disadvantages:

  • More cost – the professional costs for setting up the company and for preparing company accounts and tax returns can be higher than those you would expect to pay if you were self-employed. There are then additional costs involved with various Companies House requirements.
  • Companies must file their accounts and various other documents on public record with Companies House, so companies have less privacy than unincorporated businesses.
  • Any losses generated by a company, belong to the company. Therefore, they cannot be utilized by the directors or shareholders.

Audit requirement:

If your company exceeds certain limits, or is in a particular trade sector, an audit may be required thus incurring further costs. We can advise on this, but most small companies will be exempt from annual audits. We are happy to discuss your individual requirements and undertake a proper risk assessment thus enabling you to decide on the best way forward for your business. Whether you proceed as a limited company or as an unincorporated business, our assessment will indicate the most beneficial tax arrangements available to you and help you to make sensible choices about how you can minimize your commercial risks.

Book Keeping

We can relieve you and your staff of the pressure of bookkeeping by completely taking over this role on your behalf. If you operate your business in the Glasgow or surrounding area, having an efficient and accurate book-keeping service in Glasgow is essential to ensure statutory obligations with Revenue and Customs are met. In many cases the quality of book-keeping will be a deciding factor for Revenue & Customs in deciding the depth of an investigation. Outsourcing of your bookkeeping function can have many benefits for your organisation.

Benefits Include:

  • Eliminating the need for you to directly employ a trained and competent book-keeper
  • Eliminating the need for day-to-day supervision
  • You free up time to concentrate on the core functions of your business.
  • Knowledge that a professional firm of Accountants will ensure all statutory deadlines are met By using our bookkeeping,

we can also help you to reduce the time and cost involved in preparing your year end accounts.

CONNECT WITH US
  • Global Accountancy Practice
  • Head Office: 10 Allison Street,
    G42 8NN,
    Govanhill Glasgow UK.
  • 0141 423 4555
  • info@gapractice.com
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