27 Oct Do I Need An Accountant?
With the tax rules and regulations changing on a regular basis, it may be advisable to seek advice from an accountant to check you are paying the correct amount of tax; as either an individual or as a company. This can avoid any potential nasty surprises from the Inland Revenue.
When deciding if you need an accountant, think about your personal or business circumstances, have they changed in recent months or years? An accountant can give you advice on many subjects, such as;
- are you on the right tax code / have you been paying enough income tax?
- do you need to register for VAT?
- what type of business you should set up as i.e. Sole trader, Limited company etc?
- the records you need to keep on file for the business
- how much you should be setting aside for income tax and national insurance
- ways to simplify and streamline your business
- how to keep more of your profits instead of giving them all to the taxman!
The idea of having an accountant is not to COST you money, but to help SAVE you money.
A good accountant can also assist you when creating a business plan, and they will often also be able to introduce you to software which can help you stay on top of the business and your goals for the future. For example at Abacus we use an online book keeping system which allows us to monitor your accounts all year round and help you keep on top of invoices, receipts etc, and allows us to offer you much better tax planning advice.
If you have your own business or you are an individual and you feel you may be paying too much tax, speaking to an accountant can help you identify and fix any issues that may be present before HMRC get involved.
Furthermore, having an accountant can free up more of your time – meaning you can be focusing on your company, service and goals.
So, what should your accountant provide for you?
- Your accountant should be a trusted advisor
- All tax returns should be submitted on time
- They should be somebody you can talk to any time of the year with any queries
- They should provide guidance regarding your business and cash flow
- Your accountant should be a valued member of your business
- They should fully understand your business and its needs
- And most importantly save you time and money