Monthly Archives: October 2020

Some people think that accounting is the same across the board, but the laws and regulations vary from industry to industry. Hiring a restaurant accountant in London is important if you want to ensure proper financial management, bookkeeping, and other core accounting tasks for your restaurant business.

An expert who will track your earnings and expenses and make sense of all the numbers can help you grow your restaurant. But the question is, how do you find the right restaurant accountant in London? 

1. Go with an accounting firm. 

It’s easier to find restaurant accountants from reliable accounting firms. You can be sure that the accountant you are hiring is indeed professional, certified, and is vetted by the company. When choosing an accounting firm, look at their reputation and types of accounting services that they offer. Ask about their sectors of specialisation. The ideal firm will have experienced accountants that are focused on helping restaurant owners in particular, offering services that are tailored to meet the unique demands of the industry. 

2. Find out more about their professional affiliations.

This is the general rule for hiring any accountant for any accounting job. Keep in mind that anyone can call themselves an accountant in the UK, even without qualifications, training, and work experience, so you have to be careful. Hire someone chartered or certified. This means that the person has passed the stringent qualifications of a trusted professional body like the Institute of Chartered Accountants in England and Wales (ICAEW).

3. Ask about the services they can offer.

The right  can do more than just the typical accounting services. They can also give you valuable advice on financial planning, how to trim costs without cutting quality, and growing your business. The accountant can provide insights on the current trends and provide comprehensive reports on your restaurant’s performance. 

If you are a landlord, a contractor, a developer, or running a business related to real estate, you need the help of a property accountant. This professional can handle the financial management matters of your company and help make your business more efficient in various ways. 

VAT and property tax

Staying compliant with tax laws is among the most important things that property owners have to do. This is more complicated than it sounds because property tax laws do change. Having a specialist in property accounting is vital if you want to keep updated and informed about the recent amendments in tax laws and regulations so that your business can stay legal. Of course, aside from this, a property accountant can also provide other essential services like tax preparation, dispute resolution and maximising tax recovery.

Tax mitigation

A property accountant can also be of great help if you want to invest in a new property, lease out or sell one. This specialist can provide in-depth insights and expert advice on the tax implications of your plan and evaluate its pros and cons comprehensively. This way, you can make a more informed choice and the wisest decision for your business.

Structure operations and investments 

Your property accountant can prepare financial reports and collect all real estate transactions, including rentals, sales, and leases. To structure your property assets and investments and help you determine the right course of action that makes financial sense, the specialist takes into account all necessary information like the operational costs, development expenses, lease abstract, revenue cycles, and more. 

Protect your investment 

Working with a professional who keeps abreast with the current trends and news in the market can help you prepare for the worst-case scenarios, like a sudden market shock. The accountant can give you the best advice so you can make decisions that ultimately protect your investment. 

Business owners can indeed do their bookkeeping, but some accounting tasks are better left to professionals. This is why hiring small business accountants in London  is the most prudent thing to do. If you are currently looking for one, here are a few tips to keep in mind.

1. Choose a chartered accountant.

Anyone can claim to be an accountant in the UK, but you surely want to work with a professional—someone with relevant education and work experience. Ask  about their qualifications. The best ones are chartered or regulated by a professional body like the Institute of Chartered Accountants in England and Wales (ICAEW). The "chartered" title is an internationally recognised professional designation given to members who have advanced above degree-level study and work experience. By opting for an accountant regulated by a professional body, you can ensure that your business will be compensated if it experiences losses due to bad advice, as all chartered accountants carry professional indemnity insurance.

2. Ask for the firm's registration. 

If you are hiring from an accounting firm, then you must also check their registrations to make sure that they are legally operating. You want to hire professionals that value transparency and accountability. If the firm is refusing to provide their registration number and VAT number, that's a red flag. Don't hire them.

3. Get recommendations and second opinions. 

Being a   is such a tough and demanding job. That's why, ideally, you want someone who has years of experience working with clients who run businesses similar to yours. It's a good idea to speak to other business owners in your sector to get recommendations or second opinions about the reputation of a potential accountant. 

4. Find an accountant that can help grow your business. 

The best accountants are business partners. They will not only look after your annual accounts and tax compliance—they can also help you with business planning, insurance, and anything related to the financial aspects of your business.

Paying taxes on rental income, minimising your costs, and keeping your business healthy—these are some of the most crucial tasks an accountant does for a landlord. If you are planning to hire one to manage the day-to-day finances and taxes of your rental properties, then it’s important to look at several factors. Here’s what to check while evaluating a potential property accounting firm or accountant for landlord: 

Affiliations 

Any person can claim to be an accountant even without proper education, training, and work experience. You surely don't want to hire just anyone to work for you. What you are looking for in an accountant as a landlord is someone with in-depth knowledge and expertise in the field of real estate and rental businesses. You can't go wrong with someone who is affiliated with distinguished professional bodies like the ICAEW. Member firms have chartered accountants who have completed above-level studies and have years of relevant accounting experience in the real estate sector. 

Professional Indemnity Insurance

An accountant for a landlord that is regulated by a professional body is required to carry professional indemnity insurance, among other requirements. Nevertheless, it pays to double-check and ask how much you may claim should there be a problem. Professional indemnity insurance is important because this will protect your business or cover any losses it may experience due to bad advice, negligence, or mistakes.

Previous clients 

Look at their list of current and previous clients. This is a good way to determine if a potential accountant for landlord has direct experience in real estate. Choose a property accountant who has handled many clients in the same business, such as developers, land investment firms, commercial property owners, private homeowners, contractors, etc. Take the time to speak with their references and ask about their experience with the accountant.