At Adiva Accountants we will do everything we can to support you and help you to grow your business. As our team, expertise and services we offer grew, we created these factsheets to pass our knowledge and help our clients even more. We believe these factsheets, will give you invaluable insights into everyday business issues. Simply click on the links below to access the relevant topics.
If you have a question which is not listed below, then please contact us on 020 8313 9117, or email at contact@adivaaccountants.co.uk and we will be happy to help.
Below you will find answers to questions that we are frequently asked.
Where can I find your offices?
We are located in Bromley High Street. Our office is above Natwest bank in the middle of Bromley High Street, opposite of Next store. The entrance to the office is between Natwest bank and Thomas Cook, please ring the bell for number 4.
Are you hiring?
We are not hiring for the moment, but please keep checking as we are continually growing and will be expanding our team in the near future.
What are your hours of operation?
We are open:
Monday to Friday from 9am to 7pm and Saturday from 10am to 5pm.
What are your most popular services?
The most popular services are company accounts, personal tax returns, CIS, payroll and VAT returns.
Which is your nearest train station?
Our office is in the middle of Bromley South and Bromley North train stations, they are about 5 minute’s walk away. There are direct trains from London Victoria, London Bridge and London Blackfriars to Bromley South station. Bromley South is connected by direct trains to major towns around London and in Kent such as St Albans, Orpington, Sevenoaks, Ashford, Gillingham and Ramsgate.
Which are the nearest bus routes?
Our office is in the middle of Bromley High Street and is served by 15 different bus routes. The bus routes serving Bromley High street are 61, 119, 138, 146, 208, 227, 246, 261, 269, 320,336, 352, 354, 358 and 367.
PERSONAL TAXATION
This group of factsheets covers concise information on a variety of topics relevant to an individual. It covers taxes on the disposal of capital assets and the inheritance taxes. It covers self employed, partnerships and CIS (Construction Industry scheme). Property investment and tax is covered too.
We highlight here the key VAT areas you need to consider when running your business. If you are starting or have started a business in Lewisham, Bromley, Kent and London areas we, at Adiva Accountants in Lewisham, can help you comply with the VAT regulations.
The VAT registered businesses act as unpaid tax collectors. They are required to account both accurately and promptly for all the tax revenue collected by them.
The VAT system is policed by HMRC with heavy penalties for breaches of the legislation. Ignorance is not an acceptable excuse for not complying with the rules.
Below we cover some of the areas that you need to consider.
However, it is important for you to seek professional advice appropriate to your circumstances.
APPENDIX: Table of sectors and rates in Flat Rate VAT Scheme
| Trade Sector | Appropriate % |
| Accountancy or book-keeping | 14.5 |
| Advertising | 11 |
| Agricultural services | 11 |
| Any other activity not listed elsewhere | 12 |
| Architect, civil and structural engineer or surveyor | 14.5 |
| Boarding or care of animals | 12 |
| Business services that are not listed elsewhere | 12 |
| Catering services including restaurants and takeaways | 12.5 |
| Computer and IT consultancy or data processing | 14.5 |
| Computer repair services | 10.5 |
| Dealing in waste or scrap | 10.5 |
| Entertainment or journalism | 12.5 |
| Estate agency or property management services | 12 |
| Farming or agriculture that is not listed elsewhere | 6.5 |
| Film, radio, television or video production | 13 |
| Financial services | 13.5 |
| Forestry or fishing | 10.5 |
| General building or construction services* | 9.5 |
| Hairdressing or other beauty treatment services | 13 |
| Hiring or renting goods | 9.5 |
| Hotel or accommodation | 10.5 |
| Investigation or security | 12 |
| Labour-only building or construction services* | 14.5 |
| Laundry or dry-cleaning services | 12 |
| Lawyer or legal services | 14.5 |
| Library, archive, museum or other cultural activity | 9.5 |
| Management consultancy | 14 |
| Manufacturing fabricated metal products | 10.5 |
| Manufacturing food | 9 |
| Manufacturing that is not listed elsewhere | 9.5 |
| Manufacturing yarn, textiles or clothing | 9 |
| Membership organisation | 8 |
| Mining or quarrying | 10 |
| Packaging | 9 |
| Photography | 11 |
| Post offices | 5 |
| Printing | 8.5 |
| Publishing | 11 |
| Pubs | 6.5 |
| Real estate activity not listed elsewhere | 14 |
| Repairing personal or household goods | 10 |
| Repairing vehicles | 8.5 |
| Retailing food, confectionary, tobacco, newspapers or children’s clothing | 4 |
| Retailing pharmaceuticals, medical goods, cosmetics or toiletries | 8 |
| Retailing that is not listed elsewhere | 7.5 |
| Retailing vehicles or fuel | 6.5 |
| Secretarial services | 13 |
| Social work | 11 |
| Sport or recreation | 8.5 |
| Transport or storage, including couriers, freight, removals and taxis | 10 |
| Travel agency | 10.5 |
| Veterinary medicine | 11 |
| Wholesaling agricultural products | 8 |
| Wholesaling food | 7.5 |
| Wholesaling that is not listed elsewhere | 8.5 |
The only way to establish whether your business will benefit from this scheme is to carry out a calculation and comparison of the normal rules and the flat rate rules.
If you are starting, or have started a business in Lewisham, Bromley, Kent and London areas we can advise as to whether the VAT flat rate scheme would be beneficial for your business and help you to operate the scheme. Please do not hesitate to contact us at Adiva Accountants in Lewisham.
In the flat rate scheme, you must keep a record of your flat rate calculation showing:
- your flat rate turnover
- the flat rate percentage you have used
- the tax calculated as due
You must still keep a VAT account. There will only be one entry for each period, if the only VAT to be accounted for is that calculated under the scheme.
The VAT due is calculated by applying a predetermined flat rate percentage to the business turnover of the VAT period. The turnover will include any exempt supplies, so it will not be beneficial to join the scheme where there are significant exempt supplies.
The percentage rates are determined according to the trade sector of your business and range from 4% up to 14.5%. In the first year of VAT registration, a further 1% reduction applies off the normal rates for businesses. If your business falls into more than one sector, you should use the percentage of the main business activity as measured by turnover. This can be advantageous if you have a large percentage rate secondary activity and a modest major percentage trade. You should review the position on each anniversary. If the main business activity changes or you expect it to change during the following year you should use the appropriate rate for that sector.
Despite that you pay VAT at the flat rate percentage under the scheme, you will still be required to prepare invoices to VAT registered customers showing the normal rate of VAT. This is so that they can reclaim input VAT at the appropriate VAT rate.
If you are starting or have started a business in Lewisham, Bromley, Kent and London areas we, at Adiva Accountants in Lewisham, can advise on whether the VAT Flat Rate scheme would be suitable for your business. Please do not hesitate to contact us at Adiva Accountants in Lewisham for further advice.
Capital assets treatment
Capital goods are excluded from the flat rate scheme. If you purchase capital assets costing more than £2,000 (including VAT), you can claim input VAT on such items on your VAT return in the normal way. You must then account for VAT on a subsequent sale of the asset at the normal rate, instead of the flat rate.
European Community transactions
Income from sales of goods is included in your turnover figure. Where there are acquisitions from EC member states you will still be required to record the VAT on your VAT return in the normal way. Even though you will not be able to reclaim the input VAT unless it is a capital item as outlined above.
The rules on services are complex. Please get in touch if this is an issue so that we can give you specific advice.
BUSINESS TAXATION
This group of factsheets covers the taxation issues you need to consider for both unincorporated and corporate businesses
We highlight here the key VAT areas you need to consider when running your business. If you are starting or have started a business in Lewisham, Bromley, Kent and London areas we, at Adiva Accountants in Lewisham, can help you comply with the VAT regulations. Below we cover some of the areas that you need to consider. APPENDIX: Table of sectors and rates in Flat Rate VAT Scheme The only way to establish whether your business will benefit from this scheme is to carry out a calculation and comparison of the normal rules and the flat rate rules. If you are starting, or have started a business in Lewisham, Bromley, Kent and London areas we can advise as to whether the VAT flat rate scheme would be beneficial for your business and help you to operate the scheme. Please do not hesitate to contact us at Adiva Accountants in Lewisham. In the flat rate scheme, you must keep a record of your flat rate calculation showing: You must still keep a VAT account. There will only be one entry for each period, if the only VAT to be accounted for is that calculated under the scheme. The VAT due is calculated by applying a predetermined flat rate percentage to the business turnover of the VAT period. The turnover will include any exempt supplies, so it will not be beneficial to join the scheme where there are significant exempt supplies. The percentage rates are determined according to the trade sector of your business and range from 4% up to 14.5%. In the first year of VAT registration, a further 1% reduction applies off the normal rates for businesses. If your business falls into more than one sector, you should use the percentage of the main business activity as measured by turnover. This can be advantageous if you have a large percentage rate secondary activity and a modest major percentage trade. You should review the position on each anniversary. If the main business activity changes or you expect it to change during the following year you should use the appropriate rate for that sector. Despite that you pay VAT at the flat rate percentage under the scheme, you will still be required to prepare invoices to VAT registered customers showing the normal rate of VAT. This is so that they can reclaim input VAT at the appropriate VAT rate. If you are starting or have started a business in Lewisham, Bromley, Kent and London areas we, at Adiva Accountants in Lewisham, can advise on whether the VAT Flat Rate scheme would be suitable for your business. Please do not hesitate to contact us at Adiva Accountants in Lewisham for further advice. Capital assets treatment Capital goods are excluded from the flat rate scheme. If you purchase capital assets costing more than £2,000 (including VAT), you can claim input VAT on such items on your VAT return in the normal way. You must then account for VAT on a subsequent sale of the asset at the normal rate, instead of the flat rate. European Community transactions Income from sales of goods is included in your turnover figure. Where there are acquisitions from EC member states you will still be required to record the VAT on your VAT return in the normal way. Even though you will not be able to reclaim the input VAT unless it is a capital item as outlined above. The rules on services are complex. Please get in touch if this is an issue so that we can give you specific advice.
The VAT registered businesses act as unpaid tax collectors. They are required to account both accurately and promptly for all the tax revenue collected by them.
The VAT system is policed by HMRC with heavy penalties for breaches of the legislation. Ignorance is not an acceptable excuse for not complying with the rules.
However, it is important for you to seek professional advice appropriate to your circumstances.
Trade Sector
Appropriate %
Accountancy or book-keeping
14.5
Advertising
11
Agricultural services
11
Any other activity not listed elsewhere
12
Architect, civil and structural engineer or surveyor
14.5
Boarding or care of animals
12
Business services that are not listed elsewhere
12
Catering services including restaurants and takeaways
12.5
Computer and IT consultancy or data processing
14.5
Computer repair services
10.5
Dealing in waste or scrap
10.5
Entertainment or journalism
12.5
Estate agency or property management services
12
Farming or agriculture that is not listed elsewhere
6.5
Film, radio, television or video production
13
Financial services
13.5
Forestry or fishing
10.5
General building or construction services*
9.5
Hairdressing or other beauty treatment services
13
Hiring or renting goods
9.5
Hotel or accommodation
10.5
Investigation or security
12
Labour-only building or construction services*
14.5
Laundry or dry-cleaning services
12
Lawyer or legal services
14.5
Library, archive, museum or other cultural activity
9.5
Management consultancy
14
Manufacturing fabricated metal products
10.5
Manufacturing food
9
Manufacturing that is not listed elsewhere
9.5
Manufacturing yarn, textiles or clothing
9
Membership organisation
8
Mining or quarrying
10
Packaging
9
Photography
11
Post offices
5
Printing
8.5
Publishing
11
Pubs
6.5
Real estate activity not listed elsewhere
14
Repairing personal or household goods
10
Repairing vehicles
8.5
Retailing food, confectionary, tobacco, newspapers or children’s clothing
4
Retailing pharmaceuticals, medical goods, cosmetics or toiletries
8
Retailing that is not listed elsewhere
7.5
Retailing vehicles or fuel
6.5
Secretarial services
13
Social work
11
Sport or recreation
8.5
Transport or storage, including couriers, freight, removals and taxis
10
Travel agency
10.5
Veterinary medicine
11
Wholesaling agricultural products
8
Wholesaling food
7.5
Wholesaling that is not listed elsewhere
8.5
BOOKKEEPING
This group of factsheets covers information on employment law related topics relevant to both employers and employees. It covers bookkeeping, payroll and company secretarial.
We highlight here the key VAT areas you need to consider when running your business. If you are starting or have started a business in Lewisham, Bromley, Kent and London areas we, at Adiva Accountants in Lewisham, can help you comply with the VAT regulations.
The VAT registered businesses act as unpaid tax collectors. They are required to account both accurately and promptly for all the tax revenue collected by them.
The VAT system is policed by HMRC with heavy penalties for breaches of the legislation. Ignorance is not an acceptable excuse for not complying with the rules.
Below we cover some of the areas that you need to consider.
However, it is important for you to seek professional advice appropriate to your circumstances.
APPENDIX: Table of sectors and rates in Flat Rate VAT Scheme
| Trade Sector | Appropriate % |
| Accountancy or book-keeping | 14.5 |
| Advertising | 11 |
| Agricultural services | 11 |
| Any other activity not listed elsewhere | 12 |
| Architect, civil and structural engineer or surveyor | 14.5 |
| Boarding or care of animals | 12 |
| Business services that are not listed elsewhere | 12 |
| Catering services including restaurants and takeaways | 12.5 |
| Computer and IT consultancy or data processing | 14.5 |
| Computer repair services | 10.5 |
| Dealing in waste or scrap | 10.5 |
| Entertainment or journalism | 12.5 |
| Estate agency or property management services | 12 |
| Farming or agriculture that is not listed elsewhere | 6.5 |
| Film, radio, television or video production | 13 |
| Financial services | 13.5 |
| Forestry or fishing | 10.5 |
| General building or construction services* | 9.5 |
| Hairdressing or other beauty treatment services | 13 |
| Hiring or renting goods | 9.5 |
| Hotel or accommodation | 10.5 |
| Investigation or security | 12 |
| Labour-only building or construction services* | 14.5 |
| Laundry or dry-cleaning services | 12 |
| Lawyer or legal services | 14.5 |
| Library, archive, museum or other cultural activity | 9.5 |
| Management consultancy | 14 |
| Manufacturing fabricated metal products | 10.5 |
| Manufacturing food | 9 |
| Manufacturing that is not listed elsewhere | 9.5 |
| Manufacturing yarn, textiles or clothing | 9 |
| Membership organisation | 8 |
| Mining or quarrying | 10 |
| Packaging | 9 |
| Photography | 11 |
| Post offices | 5 |
| Printing | 8.5 |
| Publishing | 11 |
| Pubs | 6.5 |
| Real estate activity not listed elsewhere | 14 |
| Repairing personal or household goods | 10 |
| Repairing vehicles | 8.5 |
| Retailing food, confectionary, tobacco, newspapers or children’s clothing | 4 |
| Retailing pharmaceuticals, medical goods, cosmetics or toiletries | 8 |
| Retailing that is not listed elsewhere | 7.5 |
| Retailing vehicles or fuel | 6.5 |
| Secretarial services | 13 |
| Social work | 11 |
| Sport or recreation | 8.5 |
| Transport or storage, including couriers, freight, removals and taxis | 10 |
| Travel agency | 10.5 |
| Veterinary medicine | 11 |
| Wholesaling agricultural products | 8 |
| Wholesaling food | 7.5 |
| Wholesaling that is not listed elsewhere | 8.5 |
The only way to establish whether your business will benefit from this scheme is to carry out a calculation and comparison of the normal rules and the flat rate rules.
If you are starting, or have started a business in Lewisham, Bromley, Kent and London areas we can advise as to whether the VAT flat rate scheme would be beneficial for your business and help you to operate the scheme. Please do not hesitate to contact us at Adiva Accountants in Lewisham.
In the flat rate scheme, you must keep a record of your flat rate calculation showing:
- your flat rate turnover
- the flat rate percentage you have used
- the tax calculated as due
You must still keep a VAT account. There will only be one entry for each period, if the only VAT to be accounted for is that calculated under the scheme.
The VAT due is calculated by applying a predetermined flat rate percentage to the business turnover of the VAT period. The turnover will include any exempt supplies, so it will not be beneficial to join the scheme where there are significant exempt supplies.
The percentage rates are determined according to the trade sector of your business and range from 4% up to 14.5%. In the first year of VAT registration, a further 1% reduction applies off the normal rates for businesses. If your business falls into more than one sector, you should use the percentage of the main business activity as measured by turnover. This can be advantageous if you have a large percentage rate secondary activity and a modest major percentage trade. You should review the position on each anniversary. If the main business activity changes or you expect it to change during the following year you should use the appropriate rate for that sector.
Despite that you pay VAT at the flat rate percentage under the scheme, you will still be required to prepare invoices to VAT registered customers showing the normal rate of VAT. This is so that they can reclaim input VAT at the appropriate VAT rate.
If you are starting or have started a business in Lewisham, Bromley, Kent and London areas we, at Adiva Accountants in Lewisham, can advise on whether the VAT Flat Rate scheme would be suitable for your business. Please do not hesitate to contact us at Adiva Accountants in Lewisham for further advice.
Capital assets treatment
Capital goods are excluded from the flat rate scheme. If you purchase capital assets costing more than £2,000 (including VAT), you can claim input VAT on such items on your VAT return in the normal way. You must then account for VAT on a subsequent sale of the asset at the normal rate, instead of the flat rate.
European Community transactions
Income from sales of goods is included in your turnover figure. Where there are acquisitions from EC member states you will still be required to record the VAT on your VAT return in the normal way. Even though you will not be able to reclaim the input VAT unless it is a capital item as outlined above.
The rules on services are complex. Please get in touch if this is an issue so that we can give you specific advice.
BUSINESS STARTUP
This group of factsheets covers the issues to consider when starting up in business. Management accounts and year end accounts are covered too.
We highlight here the key VAT areas you need to consider when running your business. If you are starting or have started a business in Lewisham, Bromley, Kent and London areas we, at Adiva Accountants in Lewisham, can help you comply with the VAT regulations.
The VAT registered businesses act as unpaid tax collectors. They are required to account both accurately and promptly for all the tax revenue collected by them.
The VAT system is policed by HMRC with heavy penalties for breaches of the legislation. Ignorance is not an acceptable excuse for not complying with the rules.
Below we cover some of the areas that you need to consider.
However, it is important for you to seek professional advice appropriate to your circumstances.
APPENDIX: Table of sectors and rates in Flat Rate VAT Scheme
| Trade Sector | Appropriate % |
| Accountancy or book-keeping | 14.5 |
| Advertising | 11 |
| Agricultural services | 11 |
| Any other activity not listed elsewhere | 12 |
| Architect, civil and structural engineer or surveyor | 14.5 |
| Boarding or care of animals | 12 |
| Business services that are not listed elsewhere | 12 |
| Catering services including restaurants and takeaways | 12.5 |
| Computer and IT consultancy or data processing | 14.5 |
| Computer repair services | 10.5 |
| Dealing in waste or scrap | 10.5 |
| Entertainment or journalism | 12.5 |
| Estate agency or property management services | 12 |
| Farming or agriculture that is not listed elsewhere | 6.5 |
| Film, radio, television or video production | 13 |
| Financial services | 13.5 |
| Forestry or fishing | 10.5 |
| General building or construction services* | 9.5 |
| Hairdressing or other beauty treatment services | 13 |
| Hiring or renting goods | 9.5 |
| Hotel or accommodation | 10.5 |
| Investigation or security | 12 |
| Labour-only building or construction services* | 14.5 |
| Laundry or dry-cleaning services | 12 |
| Lawyer or legal services | 14.5 |
| Library, archive, museum or other cultural activity | 9.5 |
| Management consultancy | 14 |
| Manufacturing fabricated metal products | 10.5 |
| Manufacturing food | 9 |
| Manufacturing that is not listed elsewhere | 9.5 |
| Manufacturing yarn, textiles or clothing | 9 |
| Membership organisation | 8 |
| Mining or quarrying | 10 |
| Packaging | 9 |
| Photography | 11 |
| Post offices | 5 |
| Printing | 8.5 |
| Publishing | 11 |
| Pubs | 6.5 |
| Real estate activity not listed elsewhere | 14 |
| Repairing personal or household goods | 10 |
| Repairing vehicles | 8.5 |
| Retailing food, confectionary, tobacco, newspapers or children’s clothing | 4 |
| Retailing pharmaceuticals, medical goods, cosmetics or toiletries | 8 |
| Retailing that is not listed elsewhere | 7.5 |
| Retailing vehicles or fuel | 6.5 |
| Secretarial services | 13 |
| Social work | 11 |
| Sport or recreation | 8.5 |
| Transport or storage, including couriers, freight, removals and taxis | 10 |
| Travel agency | 10.5 |
| Veterinary medicine | 11 |
| Wholesaling agricultural products | 8 |
| Wholesaling food | 7.5 |
| Wholesaling that is not listed elsewhere | 8.5 |
The only way to establish whether your business will benefit from this scheme is to carry out a calculation and comparison of the normal rules and the flat rate rules.
If you are starting, or have started a business in Lewisham, Bromley, Kent and London areas we can advise as to whether the VAT flat rate scheme would be beneficial for your business and help you to operate the scheme. Please do not hesitate to contact us at Adiva Accountants in Lewisham.
In the flat rate scheme, you must keep a record of your flat rate calculation showing:
- your flat rate turnover
- the flat rate percentage you have used
- the tax calculated as due
You must still keep a VAT account. There will only be one entry for each period, if the only VAT to be accounted for is that calculated under the scheme.
The VAT due is calculated by applying a predetermined flat rate percentage to the business turnover of the VAT period. The turnover will include any exempt supplies, so it will not be beneficial to join the scheme where there are significant exempt supplies.
The percentage rates are determined according to the trade sector of your business and range from 4% up to 14.5%. In the first year of VAT registration, a further 1% reduction applies off the normal rates for businesses. If your business falls into more than one sector, you should use the percentage of the main business activity as measured by turnover. This can be advantageous if you have a large percentage rate secondary activity and a modest major percentage trade. You should review the position on each anniversary. If the main business activity changes or you expect it to change during the following year you should use the appropriate rate for that sector.
Despite that you pay VAT at the flat rate percentage under the scheme, you will still be required to prepare invoices to VAT registered customers showing the normal rate of VAT. This is so that they can reclaim input VAT at the appropriate VAT rate.
If you are starting or have started a business in Lewisham, Bromley, Kent and London areas we, at Adiva Accountants in Lewisham, can advise on whether the VAT Flat Rate scheme would be suitable for your business. Please do not hesitate to contact us at Adiva Accountants in Lewisham for further advice.
Capital assets treatment
Capital goods are excluded from the flat rate scheme. If you purchase capital assets costing more than £2,000 (including VAT), you can claim input VAT on such items on your VAT return in the normal way. You must then account for VAT on a subsequent sale of the asset at the normal rate, instead of the flat rate.
European Community transactions
Income from sales of goods is included in your turnover figure. Where there are acquisitions from EC member states you will still be required to record the VAT on your VAT return in the normal way. Even though you will not be able to reclaim the input VAT unless it is a capital item as outlined above.
The rules on services are complex. Please get in touch if this is an issue so that we can give you specific advice.
