Individual and self employed Businesses in UK
For individuals:
like taxi drivers, professionals. They are liable to their income taxes. We can assist such individuals and advise them, how to avoid income taxes and avail taxes savings
Self- Employed:
Monetics and Accountants and Advisors assist self-employed businesses in UK with bookkeeping tasks, which involve recording and organizing financial transactions, such as income, expenses, sales, and purchases. Accurate bookkeeping is essential for preparing financial statements and tax returns.
Tax Planning and Preparation: Accounting firms help self-employed individuals plan and prepare their tax returns. They ensure that the business takes advantage of available tax deductions and credits while remaining compliant with tax regulations.
Financial Statement Preparation: We prepare financial statements, including income statements, balance sheets, and cash flow statements, which provide an overview of the self-employed business’s financial performance and position.
Payroll Services: For self-employed businesses with employees, we can handle payroll processing, including calculating wages, taxes, and deductions, as well as ensuring timely and accurate payroll disbursement.
Business Structure and Entity Selection: We advise self-employed businesses on the most suitable business structure, such as sole proprietorship, partnership, or limited liability company (LLC), based on their individual circumstances and goals.
Budgeting and Financial Planning: We help self-employed individuals create budgets and financial plans to manage cash flow, allocate resources efficiently, and achieve their financial objectives.
Tax Compliance and Reporting: We assist self-employed businesses in meeting their tax compliance requirements, including filing income tax returns, estimated tax payments, and sales tax reporting (if applicable).
Business Advisory Services: Beyond basic accounting tasks, we may offer business advisory services to self-employed individuals. This may include strategic planning, financial analysis, and advice on business growth and expansion.
Recordkeeping and Documentation: We help self-employed businesses maintain proper financial records and documentation, ensuring that all transactions are well-documented and organized for future reference and audits.
Audits and Reviews: In some cases, self-employed businesses may require audits or reviews of their financial statements for various purposes, such as securing financing or complying with specific industry regulations. Accounting firms can conduct these assessments and provide assurance on the financial information.
