Value Added Tax (VAT) is a tax on consumption levied in the United Kingdom by the National Government. It was introduced in 1973 and is the third largest source of government revenue after Income Tax and National Insurance. It is administered and collected by HM revenue and customs, primarily through the Value Added Tax Act 1994. VAT is levied on most goods and services provided by registered businesses in the UK and some goods and services imported from outside the European Union.

Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that

Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that

Business start-up is not an easy task, it involves lots of complicated facts. Today, everyone want to start his/her own business.  But all of them don’t know how to start from scratch. Secondly, many of them have the budget problem. But it don’t means, if you have little budget you cannot start your business. You can still start your own business. But here you have to follow some business start-up tips and instructions.

Most Crucial Business Start-up tips are listed as below:

1. Make it clear, what is your main motive to start a business e.g.“Why you want to start this business?”.
2. Make deep and advanced research about the resources that are available to make your business successful.
3. Measure your budget, if you don’t have sufficient budget, you can take business loan. There are many financing firms that can help you.
4. Take advice from the business start-up professionals.
5. Select good located office.
6. Study about your customers, their interests and preferences.
7. Make regular marketing plans for your business.
8. Keep track on your employees’ daily activities and performance.
9. Give weekly or monthly targets to your employees.
10. Make the working environment friendly and happy.

All types of businesses need start-up plans. Start-up plans provide them a foundation. Without this foundation no business can become successful.

Outsourced accounting services are acceptable for all types and sizes of organizations. They provide their benefits to all firms equally. Main benefits of outsourced accounting services are:

Reasonable Costs:
The first benefit that an outsourced accounting service can be taken at low cost. They don’t need any office space and other accessories to do their work. They need only your financial records to keep them updated all the time. Updated records help you to take right decision at the right time.

Quality Work:
Outsourced accounting firms provide high quality work because here your work is done by expert, well-trained and highly qualified professionals. They are certified, having many years of experience. They are always aware about all the advanced accounting aspects and laws.

Secure and Safe Results:
When you hire an outsourced accounting firm to handle your accounts then you become tension free because now your accounts are in safe and secure hands. Safety and security of accounts is very important for any firm.

Quick and Fast Services:
These firms provide quick, fast, accurate and professional solutions to all account related problems. Chances for errors are very less here because all reports are rechecked by top level professionals before sending to the clients.

Good Adviser:
Outsourced accounting firms can also play role of an adviser for all business organization. They have the capability to analyse all your old and new financial records. This analyses provide them a clear massage where is mistake, how it can be removed, what steps are required to avoid this mistake in the future.

There are so many other benefits of outsourced accounting services. When we take them from reputed and established firm, it will help us to improve our financial condition and level of efficiency.

Do you know how we can find and hire highly professional accountants for our business? It is not an easy task! Here you need to consider some important facts regarding to your business. Hire only if you are fully satisfied with the ability of applicant otherwise look for the next one. Some important considerations that you need to check before hiring experienced accountants in Milton are:

Understand Your Firm’s Need

Different types of companies have different problems and issues. Understanding the specific needs of a company is not an easy task.  But a professional accountant has the capability to recognize all needs of various types of businesses. So whenever you need to hire an accountant for your business must check his understanding capability.

Must be Aware to All Updates

If you want to hire high professional accountant for your organization in Oakville then check his knowledge about all the latest and advanced accounting systems and tax laws.  A highly professional and expert accountant must have complete and thorough knowledge about all the current tax laws and accounting systems.

Must be Active to Take Fast Decisions

It is very important he must be active to take right and accurate decision in all situations.  Activeness is also important to do work correctly and within time.

Expert and Well-Trained

Tax calculation and financial statement year-end creation are not easy tasks.  They need specific expertise and skills. So whenever you hire an accountant must test his ability to solve different accounts related problems. He must be expert and well-trained to handle all difficulties of your business.

Cost Factor

It is also one of major factors to consider during the selection of an accountant. His cost must be reasonable that can be adjusted in your budget easily.

When you set-up a new business it is not possible for you, to keep all your records in the exact and most updated way. These incomplete records are not sufficient to calculate correct taxes for your business. Well established firms and companies also have to face this problem if they not hire an accountant and bookkeeper or not keeping proper records of their all transactions. There are so many other reasons that all types and all sizes business need an accountant and bookkeeper. Hire H&T Accountants in Brampton, Oakville and Milton. Some of them are:

Provide Complete & Updated Information

First reason to hire them for a firm is – they provide detailed and most updated information about your all business transactions. This updated & complete information helps you to compare your present business position with your competitors.

Offer Strategic Advice

Accountants and bookkeepers not only help you to calculate accurate taxes but also provide strategic advice to grow your business more by analysing all the latest  business strategies.

Find Room for Improvement

One other major reason to hire them is – they calculate all your current profits and losses in an effective way. Then find the room where you need improvement, to get more earnings. They also give you suggestions about where to invest your current profits to get long term benefits.

Save Time and Money

It is the most significant reason to appoint them for all types of businesses. They keep all the records updated every time. Business owner can check his records and transactions any time. Updated records are really helpful to save time and money for the business.

Help to Reduce Stress

Accountants and bookkeepers also help to reduce competition stress in an effective way. They make a detailed study of all your competitors and their current strategies. Then discuss it with business owner. This type of study is really helpful to reduce all types of business stress.

Accountants and bookkeepers are two very important professionals for all types of businesses, if the businesses desire growth in the proper way and within short time.

Bookkeepers and Accountants are two sides of a coin. They are closely concerned with each other. Both are connected with a business or firm. Both are connected with money and accounting. Many of us get confused if we asked about them mix them and their roles. It is true they are associated with each other but their roles are totally different from each other. Major differences between an accountant and a bookkeeper are:

1. Qualification:  To become a bookkeeper you don’t need a degree since here you work as an data entry operator, enter  sales and purchase bills, paying bills, processing payroll data, preparing sales invoices, mailing statements to customers, etc. but to become an accountant you must a have a college degree, and accounting knowledge .
2. Cost: Cost to keep a bookkeeper is low as compared to an accountant. This is the reason many small firms select a bookkeeper instead of an accountant to maintain their records.
3. Role: Bookkeeper makes a good relationship between an Accountant and a business owner his duty is maintain books and retain documentation for transactions. He is governed by the accountant, but an accountant is handled by the business owner and focus on reporting, business analysis and processes.
4. Advice: An accountant also plays the role of an adviser for a business because it handle all the accounts, create finical statements, Tax Appeals, Tax Saving Plans, Cash flow solutions and much more so he can give excellent advise about “how to increase sales and decrease costs” according to current finical position. But a bookkeeper only doing data updating tasks.
5. Level: Bookkeepers work only on the basic level they are not connected with handling tax, Audit Defense, or expense accrual. But Accountants work on the top level their work start where a bookkeepers’ work end. He handles Tax Returns-all kinds, Profit enhancement, Audit Defense and many more.

In conclusion we can say:  Accountants and Bookkeepers are very important for any type of business however they play different-2 roles but both help to grow a business which is the purpose of haring them.

Accounting management services includes many sub-services such as account open, account update, account balance, account detail, account close, account discounts, account bill/usage tally, account payment settlement etc. There are two types of accounting services: Online and offline.

It is a hard task to find out best accountant or accounting company either online or offline. For online services if you search on Google then you get hundreds of results providing accounting services. A company’s website that is shown on the top does not mean they are perfect in providing good results.

If you want best accounting services for your business then you have to make a hard search of it. You search also depend on your business type and size.If your business is small then offline accounting services are the best option for you that any accountant can do from their home. But with an accountant that do your work from home have some problems such as he has lack of the supervision means work that he do not rechecked by any other person, secondly it may have a lack of regularity.

If you want to avoid it you can select the online accounting services methods. That can be performed by a company or any accountant that provide their services online. The major benefit of choosing a company over the individual is, it provide up to date records that are supervised by the company’s CEO or any other major person. Here all works are done step by step. When choosing a company or any accountant or bookkeeper for your business you need to check some things about them, because it is not easy to trust anyone. You have to find best services with economical rates. Here are some points that you need to care.

1. Reputation of the company or the person.
2. Pricing model and working methods that they are using.
3. Reviews from other companies or persons about them on the internet.
4. Check their website, especially services that they are providing, to get an idea of their capability.
5. Work experience. In the experience try to find a company or person which have at least 15 years work experience.
6. Reference if any.

If you choose the right person or company, it may help you to save your money in the future. So don’t hire anyone instant before you are not making your complete searches and satisfied with their work and services. You must have knowledge about the accounting services that you need to maintain your accounts in a proper way. Major services that you need for proper maintenance of your accounts are:

• Bookkeeping
• Tax Appeals and Tax Saving Plans
• Cash flow solutions
• Financial statements

 

Tax, duty, or other charges	Overdue remittances	Overpaid remittances – Corporate taxpayers	Overpaid remittances – Non- corporate taxpayers
Goods and services tax (GST)	5%	1%	3%
Harmonized sales tax (HST)	5%	1%	3%
Air travellers security charge	5%	1%	3%
Excise tax (non-GST/HST)	5%	1%	3%
Excise duty except brewer licensees (amounts due after June 30, 2003)	5%	1%	3%
Excise duty except brewer licensees (amounts due before July 1, 2003)	3%	N/A	N/A
Excise duty (brewer licensees)	3%	N/A	N/A
Softwood lumber products export charge	5%	1%	3%