Why are accountants important to business?
A qualified accountant will help to keep your accounting records organised, ensure that your tax returns are completed accurately and on time, and provide you with business advice to help you grow your business. This means that you will meet your legal obligations with the tax authorities by the deadlines set out in law allowing you to relax knowing that this has been handled professionally. It takes years to qualify as an accountant which illustrates the complexity of accounting and tax regulations and why it is better to hire an accountant rather than try to do it yourself.
It will save you time
Being self employed means you have to handle everything in your business, your accounting, your marketing and other internal administration. In addition to this you also need to do some paid work! If you hire an accountant, you will be hiring someone who is expert in efficiently processing your accounting records, providing you with information about your business finances and preparing and submitting your tax returns in the correct format at the right time. This frees more of your time to work on your business or even just to relax!
Minimise your tax costs
We can look at your business and give advice on the most tax efficient way to run your business. For example, is it best to run your business as a sole trader/partnership or as a limited company? What is the best VAT scheme for you to use?
Avoiding fines from the tax authorities
When you are running your own business, what you want to do is focus on providing top class services to your own clients rather than worrying about tax deadlines and possible fines. We are already aware of the tax deadlines for your business and will plan to ensure that your tax returns are submitted ahead of time and prevent any penalties being issued.
Managing your business finances
We can keep your business records up to date and provide periodic snapshots of how your business is performing. This information can then inform future decisions about how you grow your business.