We Want To Hear From you

Have a comment or question? Send us a message.

Email Us

Click this box if you wish to email us.

Call Us

Click this box if you wish to call us.

APPOINTMENT

Click this box if you wish to book your appointment.

Get In Touch With Us Today

If you have got questions, we have the answers. Just send us a message and one of our accountants will be in contact with you within 48hrs – even on weekends and holidays.

    Your Message

    Stop By Anytime

    We are open: Monday to Friday from 9am to 7pm and Saturday from 10am to 5pm

    18 - 20 East Street
    Bromley, BR1 1QU

    (020) 8313-9117
    contact@adivaaccountants.co.uk
    www.adivaaccountants.co.uk

    At Adiva Accountants all initial consultations are free of charge, so contact us today.
    For quality, competitive, and friendly accountancy services, please contact

    Adiva Accountants

    on 020 8313 9117 or via email at contact@adivaaccountants.co.uk.

    At Adiva Accountants we have the knowledge and the experience to provide you with the kind of accounting and tax services that you are looking for. At Adiva Accountants we look forward to discuss with you, without obligation, ways in which we may be able to help your personal or business needs.

    Alternatively, you can complete the contact form here and we will respond as soon as possible.

    Directors of Adiva Accountants have over 10 years’ experience of providing accountancy services. They have completed Bachelor and Masters degrees in Accountancy, Taxation and Business Management. Additionally, they have completed various accountancy qualifications such as ACCA, AAT, etc. So, they hold various accountancy degrees and qualifications up to chartered certified accountant.

    They can advise you on many other things, such as how to get the best price when you come to sell your business. Or on how to satisfy the banks conditions when you need help with finance. Or on how to keep creditors, insurers and suppliers happy, etc. Their expertise covers income tax, capital gains tax, corporation tax, VAT, payroll and many more.

    They can help with dealing with Inland Revenue investigations also.

    Parking

    There are parking bays right in front of the office, please be careful not to park in loading bays. Parking costs £1.90 per hour (maximum stay 2 hours). Alternatively, you can park in Sainsbury’s car park, which is just 1 minute walk away from the office. Parking there is completely free for 30 minutes and would be free for up to 2 hours provided you spend £10 in Sainsbury’s. Our office is at 18-20 East Street, Bromley BR1 1QU, which is opposite of O’Neill’s pub and TruGym.

    Alternatively, there is a big car park (1,500 spaces) in the INTU Bromley Shopping Centre (formerly The Glades). Parking costs £1.10 per hour for every day of the week. The shopping centre car park address is: The Glades, High Street, Bromley, BR1 3EF.

    By car

    If you drive to our office in Bromley, please enter this address in your Satnav 18-20 East Street, Bromley, BR1 1QU. From Orpington, you can take A232, then A21. From Beckenham, you can take A222. From Eltham, you can take A208, B226, A2212, then A21. From Lewisham and Catford, you can take A21. From Croydon, you can take A232, A233, then A21. From Kent, you can take A21. From North and East London, you can take the Blackwell tunnel southbound, A2, A2213, A20, South Circular Road, A2212, then A21. From West London, you can take South Circular Road to Catford, then A21.

    Public transport

    We are situated in Bromley East Street, which is served by Bromley South and Bromley North train stations, they are about 5-10 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.

    The main bus routes serving Bromley High street are 61, 119, 138, 146, 208, 227, 246, 261, 269, 320, 336, 352, 354, 358, and 367.

    Chartered Certified Accountants       Call us: 020 8313 9117 contact@adivaaccountants.co.uk
    We're currently open.
    FAQs

    What are the accruals and cash basis rules for self employed?

    • Admin
    A

    What are the accruals and cash basis rules for self employed?

    We will cover below the unincorporated businesses. We will focus at the optional rules which allow small unincorporated businesses to use the cash basis rather than the accruals basis to calculate their profits for tax purposes. If your business is in Sidcup, Bromley, Kent, London or nationwide we at Adiva Accountants in Sidcup can help by looking at whether this is an appropriate option for your business.

    Accruals basis and cash basis

    When using the accruals basis, the credit sales are included in the accounts income. This is regardless if the customer has paid or not for the goods or services by the end of the accounting period. But, when using the cash basis, the business income includes only the cash receipts received during the accounting period. So, under the cash basis credit sales are accounted for and taxed not when raised, but in the year in which they are paid for by the customer.

    Eligibility

    The main entry criteria to use the cash basis are that your business is unincorporated (sole trader or a partnership). And that your receipts in the accounting period are less than the VAT registration threshold in force at the end of the relevant tax year. The current VAT registration threshold is £83,000 (from 1 April 2016, previously £82,000). The threshold is set at twice the VAT registration threshold for those individuals who intend to make a Universal Credit claim.

    Limited Liability Partnerships, Lloyd’s underwriters and those eligible individuals who wish to continue to claim averaging of profits, like farmers are excluded from using the cash basis.

    Unless the business grows too large, or there is another ‘change of circumstances’ the individual once elected to use the scheme will generally have to remain in the scheme.

    Important tax points

    Cash receipts

    Cash receipts include all cash receipts that the business receives during the accounting period. Apart from the trading income, this will also include the proceeds from the sale of any plant and machinery. Any amount still unpaid from the customers by the accounting year end, will not be taxable until it is actually received by the business.

    If your business is in Sidcup, Bromley, Kent, London or nationwide we can help and advice on the best option for your business. Please do contact us at Adiva Accountants in Sidcup if you would like further help or advice.

    Categories: Personal taxation, Sole trader tax return – in Croydon
    Share
    Back To Top