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If you go down any high street, beauty salons, hairdressers and barbers are still an integral focal point of most towns and cities. In your capacity as beauticians and hairdressers, you spend a lot of time working hard to perfect your skill to find the best beauty regime or hairdo that is right for them. Compared to your everyday work, the mere thought of bookkeeping, dealing with tax liabilities and other tasks related to the accounts of your business, may seem intimidating and even a little boring.
If you are looking for a expert cosmetic industry accountants then get in touch today.
However, if you don’t take proper care to balance your books, monitor and keep a close watch on your cash flow and keep a comprehensive of up-to-date records, you could land yourself in trouble. Either financially or, in some ways, more seriously, legally with HMRC.
This is where the specialist accountants for beauticians at Tax Bite can make things easier and better for your beauty business.
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You may wonder, with there being so many different chartered accountants out there, all claiming to be the best of the best and most reliable, why you would need the help of qualified accountants for beauticians. The reason is that although no one understands your industry quite like you do, as a firm offering beauty industry accounting services, it’s in our best interest to stay abreast with all the important comings and goings in the sector.
We know how tough things have gotten due to the economic downturn, something that has had a huge impact on beauty businesses. Our team are available to call at any time and when you engage in our services, you will be assigned your dedicated accountant who is extremely professional.Hire An Accountant For your beauty business
In our capacity as accountants for beauticians and beauty businesses, the team here at Tax Bite offers a variety of forward-thinking accounting solutions. This includes:
At Tax Bite, we are proud to offer a very high-level accountancy service to each of our clients. Throughout the time you use our services you will be assigned one point of contact, an accountant that knows your business inside and out.
Our accountants are all qualified and accredited to work with Dext, FreeAgent, FreshBooks, GoCardless, QuickBooks, Sage, and Xero accounting software platforms.Speak To A Chartered Accountant
Our team of accountants here at Tax Bite are regulated and registered with the (ATT) Association of Taxation Technicians and the (ICAEW) Institute of Chartered Accountants in England and Wales. This gives you the real reassurance that your business accountancy needs will be managed by real professionals.
Tax Bite are proud to say that our accounting firm is renowned for its commitment to transparency. There is no need to worry about receiving a surprise bill from your dedicated accountant for our services. All our monthly fees are set at competitive rates for the basic package. If you want additional services, you can add them to the starter price on an as and when you need basis at no additional costs.
As a modern and progressive company, our approach to accounting for beauticians is driven by the latest technology and popular apps. We are skilled and experienced in the use of this technology to make your business more efficient through certain degrees of automation, improve your cash flow and streamline your processes.
As an accounting firm that has a professional obsession with improving our services and the value we offer to our clients, we are always looking for new developments and approaches. Our ultimate goal is to work with you continuously, improving your financials through a variety of additional services like contractor insurance, legal services and utilising cash flow forecasting software.
Tax returns can be intimidating. There’s no escaping that fact. Everyone dreads their tax bill. That is why we encourage our clients to act as early in the tax year as possible. With excellent advice and planning, provided by the best accountants, you can reduce that potentially high tax bill. We can discuss with you the expenses you can and cannot claim through HMRC.Contact Our Team
The most commonly claimed expenses that are likely to apply to you in your position as a beauty salon or hair salons business include:
You can claim back professional expenses like beauty industry professional body memberships like the British Beauty Council and the National Hairdressers Federation or registration with any other institute, as long as they have been fully recognised and approved by HMRC.
You can claim back for clothing expenses on aprons, gloves, uniforms and laundry costs for these items.
You can claim back travelling expenses that have been incurred when travelling for work, including any parking fees, tolls, public transport tickets, and fuel. You must supply sufficient proof to back up these expenses.
Yes, it may surprise you to learn that you can claim back accountant fees on your tax return at the end of the tax year as part of your business expenses.
You can claim back as business expenses the cost of any digital marketing you invested in such as social networking, email and search engine marketing and advertising. You can also claim back as business expenses any money you spent on offline forms of advertising like postcards in local shops, local directory ads, trade magazine ads and anything you spent towards promoting your business.
Other small business expenses you can claim back include things like admin and postage, stationery, insurance, training, equipment and materials. Again, this is only possible if you have substantial recorded evidence of purchases for these items and if they were only used in your salon.
Although it looks quite compr4ehnsive, this list is non-exhaustive. If you would like a more detailed list of business expenses you can claim or would like to query an expense you think you could claim back, please get in contact with our team here at Tax Bite. We have experience collaborating with accounants for contractors and self-employed sole traders within the beauty sector providing help and guidance in filing and payment deadlines, tax returns and claiming business expenses.Dedicated Accountants
We have tried to answer some of the most commonly asked questions we receive regularly from clients in the beauty sector, whether they are existing business owners or are looking to set up one soon.
One of the first things you need to think about when starting a new business is the costs involved. When it comes to opening a beauty business, a salon of some kind, whether it’s a beautician’s, hairstylist’s or something else, the cost will depend on location as well as business or rent rates, costs for hiring staff, buying equipment and products and marketing. The cost of opening a high street salon can be anything from £3,000 to £50,000.
As the list is wide-reaching and comprehensive, we have provided a short list of the expenses you can claim as a self-employed hairdresser further up this page. For more information, speak to one of the team here at Tax Bite. You can claim items like colours, dyes, mousse and shampoo, as well as the cost for consumables like brushes, gowns, towels, and business travel if you make home visits to any clients.
Although beauty salon services like treatments and sales include the standard VAT rate added to their prices, you do not need to pay VAT on tips customers give you or your staff.
As beauticians, hairdressers, barbers and similar service providers are seen as independent contractors, when it comes to tax, it is not necessary to have a special licence to act as an independent contractor. However, as you are considered self-employed, you will need to file your self-assessment tax returns and pay your tax bills to HMRC every year. If you are not sure about anything regarding self-assessment tax returns, tax bills or dealing with the HMRC as an independent contractor, please contact Tax Bite today.
You will find that there are two popular options for the process of chair renting in a hair salon. With the first, the salon owner and the hairdresser agree to a fixed monthly rental payment. It may be that this offers the hairdresser unlimited use of that chair or that there will be a daily allowance. With the second option, both the chair renters and the salon owners split the income from the business. It could be as simple as a 60/70 divide or something more complicated when maximum or minimum charges are involved. With these kinds of additions, each party involved in the agreement benefits from the right balance between reward and risk.
Accounting, bookkeeping and tax planning are just some of the things you don’t want to be wasting your time thinking about when you are trying to run a beautician’s. It doesn’t matter whether you are operating as a sole trader for the first time or have been a salon owner for several years, your main focus should always be on your business.No Obligation Quote
However, you must not disregard the importance of accounting. It is crucial for ensuring that you stay in the black and out of the red. Rather than trying to take it all on yourself, which can be tempting if it’s a new business and you are trying to reduce your expenses, we urge you to speak to a professional and qualified accountant, like one of our skilled team here at Tax Bite.
They have the expert knowledge that allows them to offer our high-end accounting services at competitive prices for beauty businesses. If you already have an accountant who manages your business finances, but you are not satisfied with their results, you can also contact Tax Bite for our help. We will analyse the efforts made by the previous accountant and make the necessary adjustments.
We are a client-focused and technology-driven accountancy service that specialises in the beauty sector.