When you are first getting established in business, its so important to consider your tax affairs from the start. Selecting the right Accountant to help you with this is a vital decision as they will work alongside you, fulfilling an important role in supporting your business.
When you run your own business, each and every penny counts, keeping an eye on income and expenditure becomes a job in itself. It's easy to see an accountant as just another expense, but there are many good reasons why spending a little extra to get a good accountant can actually help grow your business.
Saving you Time
When you start out, your priority is to create business, build your brand and fulfill the work you have won. Add to this the paperwork and bookkeeping needed, it can often be more cost effective to employ the services of an accountancy firm to keep your books in order. Having an Accountant to keep abreast of the latest tax laws, rules and regulations and deadlines can save you hours, leaving you to use your time more efficiently.
Reduce your tax liability
A good accountant will have a good knowledge of how to save you money and be able to give you good counsel on the most tax efficient way of setting up and running your business. They will consider paying yourself through dividends, understanding what you can claim through company expenses and the benefits of using the flat rate VAT scheme.
Prevent you receiving tax penalties and fines
One of the key points when it comes to your finances is keeping on top of the paperwork to avoid the risk of a late penalty fine. For some, having an accountant makes sense so they don’t need to worry about looming dates, be familiar with the latest legislation and ensures that they never miss a tax deadline. Keeping up to date with your tax submissions will help avoid fines which can range between £150 for a day late submission of annual accounts to a massive £1,500 fine for a six month delay.
Help you to grow your business
A good Accountant is a great resource for your business, a great source of advice and wisdom as they will have indepth knowledge of working with other businesses and can help you avoid many mistakes.
Remove your tax worries
Tax planning can be really complex, if you take a look, even HMRC’s own guide to expenses is over 100 pages long so it can be a lot to get your head around!
Having to consider year-end accounts,company accounts, your personal tax return, corporation tax computations, VAT and payroll is not for the faint hearted.
Your accountant will prepare everything you need, saving you money and bringing you peace of mind, while allowing you to get on with running your business.