About us

Welcome to LOYALS Accountants & Business Consultants, your trusted partner for all business and accounting needs in the UK. Based near King's Cross, London, we specialise in providing comprehensive business consulting, tax registration, and tax management services.

Explore our wide range of services, including personal tax, corporation tax, bookkeeping, VAT registration and returns, payroll and PAYE, CIS and construction consulting, and more. Whether you are looking to register an LTD company in the UK, require a virtual office address, or need professional website design and logo design, LOYALS is here to support your business journey.

Book your call with an expert today, and let us help you navigate your business needs. Our dedicated team will contact you to discuss personalised solutions tailored to your requirements.

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FAQs

What is Self Assessment?

Self Assessment is a system used by HMRC to collect Income Tax from individuals and businesses with additional income not automatically taxed. This includes self-employed earnings, rental income, and investment income. Understanding Self Assessment is crucial for ensuring that all taxable income is reported and the correct amount of tax is paid. To learn more or to get personal advice, book a call with us here.

How to Register for Self Assessment?

Individuals need to register for Self Assessment if they have not done so previously. This registration is essential for self-employed individuals, partners in partnerships, and those with other untaxed income. The process involves obtaining a Unique Taxpayer Reference (UTR) number and setting up an online account with HMRC. Registering by the 5th October following the end of the tax year in which the business started is mandatory to avoid penalties. For more details, book a call with us here.

When is the Self Assessment Deadline?

The deadline for submitting a Self Assessment tax return is 31st January following the end of the tax year. Missing this deadline can result in penalties, so it is important to file on time. Paper returns must be submitted by 31st October. To ensure you meet these deadlines, book a call with us here.

How to Claim Mileage Allowance Relief?

If you use your vehicle for business purposes, you can claim mileage allowance relief on the approved mileage rate. This rate covers the cost of running your vehicle, including fuel and maintenance. Detailed records of your work journeys are essential for making accurate claims. For more assistance, book a call with us here.

What are the Tax Obligations for Companies?

Companies in the UK are subject to Corporation Tax on their profits. They must file a Corporation Tax return and pay any tax due within nine months and one day after the end of their accounting period. Additionally, companies may need to register for VAT if their taxable turnover exceeds the threshold. For more information on your company's tax obligations, book a call with us here.

How to Manage Payroll and PAYE?

Managing payroll involves calculating employee wages, deducting taxes and National Insurance contributions, and reporting to HMRC. Employers must also handle PAYE (Pay As You Earn) obligations. Ensuring accurate and timely payroll processing is crucial for compliance. For help with managing payroll and PAYE, book a call with us here.

How to Claim CIS Deductions Back?

Subcontractors who have had CIS deductions made can claim them back at the end of the tax year when they complete their Self Assessment tax return. The amount deducted will be offset against their tax and National Insurance bill. If the deductions exceed the amount owed, HMRC will issue a refund. To ensure you claim all eligible deductions, book a call with us here.

What are the Compliance Obligations for CIS?

Both contractors and subcontractors have specific compliance obligations under CIS. Contractors must verify subcontractors with HMRC, make deductions, submit monthly returns, and keep accurate records. Subcontractors need to ensure they are registered and report their income correctly on their tax returns. Non-compliance can lead to penalties and interest charges. For help with CIS compliance, book a call with us here.

What is the Construction Industry Scheme (CIS)?

The Construction Industry Scheme (CIS) is a set of special rules for handling payments made by contractors to subcontractors for construction work. Under CIS, contractors deduct money from a subcontractor’s payments and pass it to HMRC. These deductions count as advance payments towards the subcontractor’s tax and National Insurance.

The CIS applies mainly to contractors and subcontractors involved in construction, including builders, decorators, and various tradespeople. Both contractors and subcontractors must register for the scheme to avoid higher deduction rates. For more detailed information and personal advice, book a call with us here.

How to Start a Business in the UK?

Starting a business involves several steps, including choosing a business structure (sole trader, partnership, limited company), registering the business with HMRC, and understanding tax obligations. Each business structure has different registration processes and tax implications. For personalised advice on starting your business, book a call with us here.

What are the Legal Requirements for Starting a Business?

Legal requirements include registering with HMRC, obtaining necessary licenses, and complying with health and safety regulations. Additionally, businesses must adhere to employment laws if they hire staff. Understanding these requirements is essential to operate legally and avoid fines. For more information, book a call with us here.

How to Register a Company in the UK?

Registering a company involves choosing a unique company name, appointing directors and shareholders, and submitting the necessary documents to Companies House. The process includes providing a registered office address and preparing a memorandum and articles of association. For assistance with company registration, book a call with us here.

What Business Expenses Can I Deduct?

Understanding deductible business expenses is crucial for managing tax liabilities. Common deductible expenses include office supplies, travel expenses, and marketing costs. Keeping detailed records of these expenses is important for accurate tax reporting. For more guidance, book a call with us here.

What is a Limited Company?

A limited company is a business structure that offers limited liability protection to its shareholders. This means personal assets are protected in case of business debts. Limited companies must adhere to specific regulatory requirements and file annual accounts. For more information on forming a limited company, book a call with us here.

How to File Company Accounts?

Filing company accounts involves preparing and submitting annual financial statements to Companies House and HMRC. These accounts include the balance sheet, profit and loss account, and supporting notes. Understanding the filing deadlines and requirements is essential to avoid penalties. For assistance with filing your company accounts, book a call with us here.

How Do I Register for CIS as a Contractor or Subcontractor?

To register for CIS, contractors and subcontractors need to follow specific steps:

  • Contractors: Register as a contractor with HMRC if you pay subcontractors for construction work or if your business does not do construction work but has spent over £3 million on construction in the 12 months since you made your first payment.
  • Subcontractors: Register as a subcontractor to have a lower rate of deduction taken from your payments. Subcontractors can also register for gross payment status if they meet certain criteria, allowing them to receive payments without deductions.

The registration can be done online through the HMRC website. Ensuring you are properly registered can prevent issues with deductions and payments. For assistance with the registration process, book a call with us here.

How Do CIS Deductions Work?

Contractors deduct money from payments to subcontractors under the CIS scheme. These deductions are then paid to HMRC and count as advance payments towards the subcontractor’s tax and National Insurance liabilities. The standard deduction rate is 20% for registered subcontractors and 30% for those who are not registered. For detailed guidance on managing CIS deductions, book a call with us here.