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News,May 2018

Taxi Driver Accountants

Expert Taxi Driver Accountants in Croydon

25/05/2020Accountants , Accounting Issues , Business Growth Ideas

From the outside, the job of a taxi driver seems simple enough, which requires picking up passengers from taxi stations and dropping them off at their desired locations. However, it is far from it, and for being a taxi driver you need many skills to be good at your job and in this article, we will let you know of being a freelancer taxi driver to encountering all sorts of customers on your usual work day or night.   Walk in the park? Think Again! A self-employed taxi driver has the opportunity to meet people from different backgrounds, cultures, and ethnicity and this gives them an understanding of the particular area that they work in. However, dealing with such a diverse nature of customers can have its own challenges. First of all, you have to work on unsociable hours as well as sociable hours and that in itself is a challenge. At this hour, you will find some friendly customers, but on a late weekend night, a self-employed taxi driver could come across some difficult customers as well. However, a successful taxi driver is someone who can handle all sorts of passengers be it difficult or easy with a calm demeanor, and if you have it in you then you can become a successful taxi driver.   Skills and Qualifications required being a Taxi Driver When it comes to skills, you need to have good driving skills – that’s a given. You need to have a good sense of direction to reach your destination in a cost-efficient manner and also knowledge of the fares who be helpful as well. In terms of qualification, you need to have a valid license driver. Age also matters as you have to be above the age of 21 to qualify as a taxi driver in the UK and have had your full driver’s license for over a year.   Doing your Taxes as a self-employed Taxi Driver All in all, there are plenty of benefits of being a freelancer taxi driver, as you get to be your own boss, have flexible hours, and not to mention the freedom that comes with it make for a very exciting and attractive package. However, there is one downside to the whole gig and that is accounting. You are taken care of or relieved from this duty if you are a full-time employee. At CruseBurke, we have taxi driver accountants in Croydon, who understand that you do not have time to keep up with the accounting part of your business. The accounting part of the business requires you to keep all the financial records of your business and on top of that, you will need to pay a Self-Assessment tax return which is due at the end of each business year. All of this can distract you from your main line-of-work, but our taxi driver accountants in Croydon have got you covered. Not only that, but we will also give you advice on everything related to accounting to keep the business growing.   Sound Accountancy advice from our Taxi Driver Accountants To keep your business afloat and keep it growing, you would need solid advice on tax and accountancy not once, but throughout the year. We are not most accountants who will forget about your after you pay us for your year-end accounts. Our expert taxi driver accountants in Croydon will guide you to keep your business to be run successfully and smoothly.

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Arab Accountants in Bromley

Arab Accountants in Bromley to Help You with Your Accountancy Needs

19/05/2020Accountants , Accounting Issues

London is an incredibly diverse city, and the people who reside in this great city come from different parts of the world, and with them, they bring a multicultural feel to London. We at CruseBurke understand this phenomenon and to cater to our clients efficiently we have employed accountants who are multi-lingual. This is the epitome of our customer service that we understand the need our clients feel to be communicated in their native language. At CruseBurke, we have an influx of Arab clients belonging from countries such as Saudi Arabia, Egypt, and the UAE, and to make our clients feel right at home, we offer our accountancy services in Arabic as well as English by employing Arab accountants in Bromley. Understanding accountancy terminology and jargon can be a hindrance in seeing the entire picture of what is being offered in terms of advice or guidance to our clients even to a native English speaker, and it gets even harder to understand if you are an Arabic speaker! Our Arab accountants in Bromley understand this challenge, and their Arabic speaking skills bridge that gap easily as they process your accounts and ask you all the right questions when it comes to bookkeeping. You will not have any language barrier or any such ambiguity when you deal with our Arab accountants in Bromley. London enjoys its status as the world’s hub of finance by attracting people from all over the world to do business here, be it big or small. There is a large number of people from North Africa and the Middle East who own small to medium-sized businesses in London, and as an accounting firm of many such companies, CruseBurke gets exposed to business owners and entrepreneurs from these parts of the world. Although a lot of these business owners are fluent in English, however, they prefer to be managed in their native language when it comes to conducting their accountancy. This need triggered the decision to get Arab accountants on board who will keep you up to speed about your business in your native Arabic. Arab Accountants to Assist you in Your Business in London At CruseBurke, we believe in exceptional customer service no matter what language you speak. Our accountants make sure that you get everything explained clearly no matter how complex the accountancy terminology maybe. Especially, our Arab accountants go out of their way to ensure that you don’t leave our offices confused; instead, they structure everything meaningfully to make you feel confident about everything, including the future. Grow Your Business with Us in Your Mother Tongue There is a large Arabic speaking community in London and consequently many Arabic speaking contractors, sole traders, and company directors who will not have any communication problems with our Arab accountants in Bromley. You can have your documents in order without help and communicate your concerns with us, so we can help you resolve them and streamline everything for you in your mother tongue. If you own a business and you are seeking Arab accountants in Bromley, join us at CruseBurke and we guarantee, you will never look for any other accountancy firm in London ever again.

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Arab Accountants in Bromley

Work from Home Expenses

06/05/2020Accounting Issues , Misc

Computing business expenses has always been a hazy prospect, especially if you’re working from home or are self-employed—the concept of work and home has already been blurred, after all.  You’re very much entitled to receive certain amounts of expenses, but what are you specifically entitled to. List of Work from Home Expenses that can be Claimed Some expenses are clear-cut, but you may be surprised that plenty of your monthly living costs can also be claimed! Here are four Work from Home Expenses you’ll be able to claim: 1 – Internet expenses You may be using your internet connection mostly for leisure, such as binge-watching movies for hours at a time or mindlessly scrolling on social media or downloading. While the case may be true, don’t forget that you also use it for answering emails, contacting clients, and of course, accomplishing the entirety of your work. To receive a claim for your internet expenses, work out proportionately how much you spend doing work online and how much you use it for leisure. After doing so, divide your total bill accordingly—whatever the result will be the expenses you’re entitled to claim. 2 – Electricity and gas bill costs Your home also plays a crucial role in your work. Without lights, proper heating, and the means to cook, you will not be able to do your job. It can be difficult to work out how much of your utilities should be charged—calculating your energy consumption every day is a huge feat, but the expenses you can claim will be well worth it. To start, figure out how much of your time is spent on working. From there, equate how long your job requires you to benefit from the use of electricity or gas. After that, carefully take a look at your home. If you’re heating your entire house but are only working in a single room, claim one room’s worth of utilities. By doing this, you will be able to save up on money! 3 –  Phone bill If your work requires you to constantly communicate with clients or receive call advisories, your phone bill is another expense you can claim. The easiest way to identify expense work calls is by having a separate work phone. By doing this, you will be able to track your phone bills effectively enough to receive claims. 4 – Transportation If you’re delivering products, meeting with clients, or in need of traveling away from home from time to time, you are also entitled to claiming transportation expenses. Work out your total expenses by totaling gas use. To claim this, however, make sure that your vehicle isn’t declared as capital allowances! Conclusion Working remotely is a setup not many get to enjoy, but the amount of money you can save is undeniable. More than saving up on daily expenses such as commute, food, and coffee, you’re also entitled to claim more expenses. Keep in mind that these things remain subject to approval. For help in claiming, check with HMRC or an accountant. If you’re looking for Accountants in Croydon, then we’re the ones to call. With over 100 years of combined experience, our professional team offers quality service to various clients, ranging from self-employed individuals to small and medium-sized businesses. Contact us now for more information!

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Bookkeeping Mistakes

Bookkeeping Mistakes UK Business Owners Should Avoid – What to Know

13/04/2020Accountants , Accounting Issues

In today’s ever-competitive UK business landscape, one of the most important keys to success that any London-based business needs to thrive is a solid bookkeeping foundation. From the moment you open up your business, there’s no denying that the essential practice of bookkeeping will play a significant role in every part of running your business. Although it may seem quite boring or tiresome at first, keeping your financial records intact all-year-round is vital to improve every function in your business’s record-keeping processes. Out of all the different aspects of your bookkeeping experience that you have to watch out for, there’s one key task that no owner should ever overlook.   Bookkeeping Mistakes UK Business Owners Should Avoid Fortunately, avoiding any bumps along the way when accurately maintaining your financial records can easily be achieved by simply knowing what you have to look out for and where to improve. If you want to enhance the way your business works and its overall financial health, here are three common mistakes that you should avoid at all costs:   1- Failing to separate business and personal spending For most start-up heads and medium-sized businesses, the temptation to handle the company’s finances by driving transactions and its cash flow right into a personal savings account can be quite tempting. No matter how convenient it may seem at first, this quick “solution” often comes at the cost of a business’s own financial stability, especially in organising transactions and costs. By opening a separate bank account and credit card for your business, you can save lots of time on tracking your business’s transactions and getting all your cash flow affairs in order!   2- Cramming the entire record-keeping process When it comes to improving the way your business’s bookkeeping processes work, your financial foundation won’t be stable if you don’t record your transactions in a timely and organized manner. Putting off your bookkeeping responsibilities can easily prove to be one of the biggest and easiest mistakes you can make because it is a prerequisite for tax compliance and accurate record-keeping. Instead of cramming your record-keeping at the last minute, taking a few minutes each day to record your transactions will spare you from years of inconveniences in the long run!   3- Not outsourcing your bookkeeping, even when you should As a business owner, it’s quite understandable to have a certain tendency to lean towards handling your own processes out of pride and the pursuit of having a “self-made” set-up. Yet, it’s also vital to make sure your pride doesn’t get in the way of achieving efficiency. If you have lots to handle and don’t have adequate skills to look over the technicalities of your financial records, then outsourcing a bookkeeper’s service is one solution you should seek. With the help of an outsourced professional, you can leave your financial needs in the hands of competent accounting experts while you focus on other important matters in your business!   Conclusion Handling your business’s bookkeeping process and financial records as efficiently as possible is all about choosing the right approaches and avoiding common mistakes that may pull you back from attaining your goals! To avoid these mistakes, you could hire an accountant who would help you keep your financial records intact all-year-round. If you’re looking for accountants in Croydon who can provide your bookkeeping services in Croydon, to help your business succeed and attain a competitive edge, get in touch with us today to see how we can help!

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common mistakes when calculating business profits

5 Common Mistakes When Calculating Business Profits

06/08/2019Accounting Issues , Misc

Avoiding Common Errors When Computing Business Profits HMRC produce a range of Toolkits for agents, which highlight errors commonly made in returns so that agents can take steps to avoid them. The business profits toolkit provides guidance on Common Mistakes When Calculating Business Profits for small and medium-sized businesses. They are helpful to anyone computing taxable business profits.   Risk Area 1 – Recordkeeping Good record-keeping is essential for business profits to be calculated correctly. Poor records may result in sales or allowable expenditure being omitted from the accounts, with the result that the level of profit or loss is incorrect.   Risk Area 2 – Business Income The profit or loss will only be correct if all income is included in the accounts. Unless the business is an unincorporated business that has opted to use the cash basis, business income should be included on an accruals basis, matching the income to the period in which it was earned. Not all sources of business income will be immediately obvious – the income of the business may, for example, include scrap sales, contra sales, or barter arrangements. Cash sales may also be overlooked.   Risk Area 3 – Expenditure To ensure that the profit is not overstated, all allowable expenditures should be taken into account. However, a deduction is only permitted for expenses that are wholly and exclusively incurred for the purposes of the business. Attention should also be paid to specific prohibitions, such as for business entertaining. Purchases and expenses should be reviewed to ensure that they have been included. Sole traders and partnerships comprising individuals can use simplified expenses rather than claiming actual expenses.   Risk Area 4 – Stock and Work in Progress Where the business is one that holds stock, care must be taken to include it at the correct value – this is the lower of cost and net realizable value. Errors will arise if stock is overlooked or valued incorrectly. Work-in-progress can be a complex area and advice should be taken to ensure that the treatment is correct.   Risk Area 5 – Miscellaneous Items Miscellaneous areas should also be considered. These may include a review of post-balance sheet events and consideration as to whether any adjustment to the accounts is required. Staff costs should also be reviewed and the amount unpaid nine months after the end of the period should be added back. As far as directors are concerned, consideration should be given to the date on which amounts are credited to the director’s loan account.   Additional Info: HMRC’s Business Profits Toolkit – see www.gov.uk/government/publications/hmrc-business-profits-toolkit.

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