Local VAT Return Services From London Accountants

Royds Accountancy

Accountants in Eltham
43 Lovelace Green,
Eltham,,London,
SE9 1LG
UK
Phone: 020 3488 0529

 

VAT UNIVERSE

Benjamin Franklin once famously said,” There are only two certainties in life. They are Death and Taxes”. Deep down inside our conscience we absolutely abhor the idea of paying a slice of our hard income to the government in the form of taxes but it is a necessary evil. The tax revenues generated by individual governments are used for the betterment of infrastructure and other public services in an ideal scenario.
Since we have approached the complicated world of taxes we might as well gain a fair understanding and perspective for a user point of view. In the gamut and multitude of taxes we mainly have two umbrellas which are Direct Taxes and Indirect Taxes. The direct taxes are directly deducted from your income by the government while the indirect taxes are levied on the goods and services that we consume as customers. We are going to expend most of sensibilities in understanding a small component of the Indirect Tax umbrella which is VAT (Value Added Tax).
To a layman like me, the VAT simply means a tax levied on the value that is added to a good or a service. Ironically, it sounds counter-productive but let’s proceed for the sake of argument. Let’s take a look at the simple theoretical mathematical formula that explains the definition:

  1. I pay a fee (VAT) while purchasing goods or services from my suppliers.
  2. I charge a fee (VAT) while selling goods or services to other business houses or individual customers.

Ideally Point (1) – Point (2) should be equal to 0. If that is not the case you either need to pay the Tax Authority an additional VAT amount or you can claim a refund depending on which side of the equation you are perched.

 

One must register their respective Business with the country specific Tax Authority in order to avail the services that they are entitled to. There are three main accounting methods to calculate VAT:

Cash Accounting: VAT is considered on a per invoice basis vat return servicesi.e. when a payment is received for a good or service or when a payment is made for a good or a service. Most small business employ this method as it is more effective in keeping track of their cash flows.

Accrual Accounting: The main difference of this method from Cash Accounting is that the VAT amount is considered when an invoice is raised and not when it is received. It takes the Receivable or Payable period into consideration.

Flat Rate Accounting: This method was deployed for simplification of VAT calculations. Under this method businesses are given the provision of paying a smaller percentage of the VAT amount they are ideally entitled to pay but under the condition that they will not make any VAT refund claims for the same.

This is a brief monologue of the VAT universe that we are involved in. I hope the article clarified a few questions bogging you’ll. Find out how you can use VAT returns services at Royds Accountancy.

Need a Job?

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Need a Job? Need a New Employee? Penski Staffing Ltd Can Help

By Andrea Pedrick

When Barry L. Scholz opened his construction business 29 years ago, he knew he wanted to concentrate on projects and directing his employees on the job – not on the payroll and paperwork.

“Whether you have one employee or six on the payroll,l there is a lot of paperwork and reporting to the government,” said Scholz, owner of Barry Scholz – Builder, a residential carpentry business.

Scholz focuses his business on lesser and major renovation projects. Keeping up with the latest government regulations can be daunting for small business owners like him. That’s why he turned to Penski, Inc. Staffing for help with payroll and staffing. Penski specializes in human resources, payroll services, assessment and staffing services.

 

About Penski Incorporated 

“It’s pushing 20 years now that Penski took over my payroll. I spend 15 to 20 minutes a week on paperwork and they do the rest,” said Scholz. “I love their services. I’m not worrying about withholding and deductions. It’s covered.”
Penski also provides skilled labourers to local construction companies. One of Scholz’s first employees came from Penski. Scholz’s company is one of dozens of construction firms that have come to rely on Penski payroll and recruitment services.

John M. Wicke, general manager, said Penski provides all levels of staffing to hundreds of firms annually, many of which are construction companies. “We pride ourselves on knowing our clients’ needs so we can provide the best possible candidate for a variety of positions. We have successfully partnered with leading construction companies by providing skilled, entry-level and mid level employees,” said Wicke. “Every day, we interview candidates and assess their skills to determine their talents and experiences. Our clients have come to count on our superior customer service and quality referrals that allow them to focus on their core business and have confidence in the skill level of our assignees. The difference in the cost of a ‘bad hire’ or of just filling the job opening versus using Penski Staffing to find the exact “fit” is significant.”

Jobs are available despite these difficult and challenging economic times, insists Stacey MacCue, branch manager of Penski. “There are employment opportunities out there for the job seeker. Employers will often use us during challenging times because they might not be able to make the long-term commitment in respect to employment. We offer a great service by allowing employers the convenience of trying out a prospective employee before they make any permanent decisions,” said MacCue.

Current Events

Currently Penski is looking for job applicants who want to work in areas such as: administrative, technical, construction, labour, retail, call center positions, sales/marketing professionals, health care and not-for-profit positions. A person can be assigned for a day or for several months.

MacCue added that candidates undergo assessment testing to ensure the right job fit; and some people will receive soft skills training for job readiness. There are no out-of-pocket costs to the job applicant. However; companies pay a recruitment fee to Penski. MacCue said, “Our recruiting costs often turn out to be less then what the employer would pay on their own, especially when you add up all the costs associated with hiring, such as advertising, as well as the time involved in interviewing, recruiting and screening applicants. Our service allows the company to focus on its core business instead of the hiring process. We also provide them with outstanding candidates that fulfill their expectations resulting in higher productivity in the workplace.” Annually Penski places 1,500 people in careers that range from administrative and production positions to controllers and engineers.

McCorry Connolly Employment Law Solicitors

Wicke credits the success of the company to its ability to meet the customer’s needs. Penski is focused on finding the right match of employer and employee. These are standards that were set by founders Robert and Judith Penski more than 25 years ago.

Important Steps To Consider When Hiring Small Business Advisors

Professional Home Organiser in London

 

Small Business Advisors – What to Consider Before Hiring

 

Locating the most effective small business advisor can be a challenging task to complete. There are numerous considerations to make regarding the type of business and their quality of service. A superior business advisor service should show competency regarding the industry and the different steps to effective consulting. The purpose of a business advisor is to streamline the company processes, to increase marketing awareness, to identify problems in company functioning, and to provide viable solutions to these difficulties. This article will provide information on how to locate the most suitable small business advisors for one’s particular business needs.

Doing Research

The first steps to take when choosing the most suitable small business advisors, such as RBSS Consulting, service is completing research and obtaining references. It is recommended that one never settle for the first option available but rather compare a variety of services. This will increase the chance of finding a competent advisor instead of settling for the first service advertised. Competency can be based on experience and skills; therefore, it is important to review all information available on the service regarding their skills and experience. A portfolio is always beneficial when dealing with this issue and this can be found either online or when obtaining a quote from the advisor.

Finding References

References and testimonials are significant as they provide feedback on the advisor’s customer service. Many business advisor services will provide testimonials on their official website; however, this may be fraudulent and misleading. The most reliable reviews can be found on third-party review websites and represent the opinion of previous clients. Another method that can be used to gain references is by discussing the issue with friends and family to gain word of mouth reviews on the service. Word of mouth is highly recommended as it provides feedback on the service and may introduce one to new options.

The Cost

While the majority of initial consultations with small business advisory companies are free. This is beneficial as one can gain information in these interviews, in addition to an overall quote. It is recommended that one have a list of questions when entering these sessions in order to cover all relevant topics. Once a quote has been provided, it is important to take time to consider the affordability. Some consulting companies can be rather costly; therefore, it is important that one draft a budget and view whether or not the price is affordable.

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