It’s the one time of year that everyone dreads: having to fill out their tax returns. If you have an accountant, however, you can minimise the stress and worry that comes of filling in that dreaded form. If you don’t have a business then it can be a real benefit having an accountant to fill it out for you but if you are a business owner then the benefits become even greater.
Many people just starting out starting a new business say that they have no money available to cover the fees of an accountant but the costs of not having one can be far worse, especially as filling out the tax return is only a small part of what an accountant can do for your business. Time and money can both be saved just by using the services of an accountant and, if that wasn’t enough, they can also help you to grow your business.
If you do your accounts yourself you run the risk of filling them in wrong or getting them back late which can result in rather hefty fines from HMRC. If you send them in wrong then, at best, HMRC will send them back for you to redo but they could actually send a tax inspector along with the forms to pore over every aspect of your business. Having an accountant will mean that all of the forms are filled in correctly and returned to the correct place before the deadline.
Even if you’re sure you know how to fill in the forms correctly and are confident that you can get everything right, it is still worth employing the services of an accountant as they know all of the laws and legal ways that will help pay the least tax possible. Accountants also keep up to date with all of the latest laws and regulations that mean your tax bill we always be the lowest they can be.
Growing your business
If saving you time and money aren’t good enough reasons to hire an accountant then how about an accountants ability to help to grow your business? They are on hand to give you advice in those early days when you need it most and can help you to avoid those decisions that could end up costing you your business venture. A good accountant can act as a sounding board as they will know your business as well as you do and will probably understand the financial side a great deal better. Getting advice that is totally objective can be invaluable, especially as they don’t have emotional attachments that you do.
In a way, the advice that they can provide is actually more valuable than the returning of the tax forms.
Many people think that they can’t afford an accountant when what they should be saying is, ‘can I afford not to have one?’
If you’re in need of an accountant, get in contact with Phipps Henson McAlister today and see how they will be able to help grow your business.