Your Budget-Friendly Option
Affordable Accounting Services for Electricians in London
We know every penny matters to your business. Whether you’re a solo electrician or managing a small team, Faal’s affordable accounting services ensure you get expert support without the hefty price tag.
Specialized in Upto Date Softwares
Who We Help with Affordable Accounting
Limited Companies
- For electrical businesses with teams or apprentices. – We handle your accounts, taxes, and payroll, so you can focus on projects, not paperwork.
Sole Traders / Individuals
- Perfect for solo electricians handling service calls and installations. – We handle your income, expenses, and tax returns, simplifying the process while you focus on the work.
Partnerships
- For electrical partnerships. – We manage shared accounts, tax filings, and financial records, so you and your partner can focus on your business goals.
Partnerships
- For electrical partnerships. – We manage shared accounts, tax filings, and financial records, so you and your partner can focus on your business goals.
Contractors / Freelancers
- For electrical contractors and freelancers, big or small: – We handle taxes, invoices, and expenses, giving you more time to focus on your next job.
Limited Liability Partnerships (LLPs)
- For electrical LLPs: – We manage VAT, payroll, and financial records to ensure taxes are filed on time, keeping your business financially secure.
Our Accounting Packages
Tailored to Fit Your Needs and Budget
Bookkeeping & Record Management
From £40 £29.99per month
- Tracking daily financial records
- Reconciling your bank transactions
- Managing incoming and outgoing bills
- Organizing your spending
- Following up on overdue invoices
Tax Preparation & Filing
From £100 £70 per month
- Filing income tax returns
- Preparing VAT returns
- Maximising tax deductions
- Ensuring tax compliance
- Organizing tax documents.
Payroll Management Services
From £50 £40 per month
- Calculating employee wages
- Managing employee benefits
- Handling tax deductions
- Ensuring timely payments
- Generating payslips for employees
Financial Planning & Budgeting
From £150 £100per month
- Forecasting income and expenses
- Setting annual budgets
- Tracking business cash flow
- Analysing financial goals
- Reviewing monthly financialsiency.
Business Structure Advice
From £120 £100 per month
- Advising on business structure options
- Assessing tax benefits
- Minimizing personal liability
- Guidance on ownership
- Helping with structure registration.
Cash Flow Management
From £50 £40 per month
- Monitoring incoming payments
- Managing outgoing expenses
- Forecasting cash flow needs
- Tracking overdue invoices
- Ensuring bills and payroll are paid.
Get the Best Accounting Services, Without the High Price Tag
Hear From Our Satisfied Clients
Your £30 Solution
Accounting Services Under £30 for Electricians
- Tracking Job-Specific Expenses.
- Reconciliation of Bank Statements.
- Managing Accounts Payable/Receivable.
- Managing Subcontractor Costs
- Organising Expenses for Tax Deductions
- Supplier Payment Management
- Mileage & Job-Related Travel Expenses.
- Payroll Management for Crew
From small jobs to big projects, electricians trust us to handle the finances so they can keep their businesses running efficiently.
Start Freelancing Right: 4 Things to Keep in Mind
- Choosing Your Business Setup: Whether you're a sole trader, in a partnership, or running a limited company, your choice impacts taxes, liability, and admin requirements.
- Licenses and Certifications: Ensure you have the necessary qualifications, industry certifications, and licenses to operate legally and comply with health and safety standards.
- Estimate your Startup Costs: Consider initial expenses like tools, insurance, vehicle costs, and marketing to ensure your budget is prepared for the first few months.
- Reliable Accounting System: Implementing a solid bookkeeping system early helps manage income, track expenses, and file taxes efficiently, keeping your business financially organised.
- Taking care of everything by yourself can be stressful. Our accountants, always updated on the latest rules, are here to simplify company formation and tax filing, giving you a trusted partner to rely on.
FAQs
Electricians in London can deduct expenses like tools, vehicle costs, uniforms, training, and business-related utilities. Make sure to keep detailed records to claim these deductions
If your turnover exceeds £90,000 annually, you must register for VAT. Register online through HMRC, and ensure your invoicing and bookkeeping systems reflect this.
Track your income and expenses regularly, use invoicing software, set aside tax payments, and avoid unnecessary purchases. Consider creating a buffer to cover quiet periods.
IR35 affects contract electricians working through intermediaries. If deemed inside IR35, you're taxed as an employee. Consult an accountant to ensure compliance and avoid penalties.
Factor in labour, tools, insurance, transport, and overheads when pricing. Use a competitive yet sustainable rate to ensure your business covers all operational costs and generates profit.
You can claim depreciation on equipment like tools and vehicles, reducing taxable profits. Spread the depreciation over several years to lower your annual tax liabilities.
Most startups must submit tax returns by January 31 for the previous financial year. Ensure you know your company’s deadlines to avoid penalties.