Do start up businesses need an accountant?
15th February 2016
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Are accountants a luxury, or do you think they are there to fill out those forms to keep the taxman happy. A good accountant will offer so much more, as your allies, they will provide; proactive advice and guidance to ensure your new business grows and develops.

Getting an accountant on board brings so many advantages.

  1. Time savings – An accountant and bookkeeper on board frees up your time, this allows you to concentrate on your business – winning new customers and expanding your business.
  2. Keep up to date – Keep abreast of changing legislation, a good accountant will advise you how to be tax efficient.
  3. Objective – With an accountant on your side knowing your business, you have an advisor with out the emotional attachment and able to provide that objective input to your business.
  4. Costs management – Those few months and years are challenging, an accountant will keep an eye on overheads and outgoings. Expenditure control is vital for your survival.
  5. Help to grow – Strategic advice from your accountant is vital to ensure you make smart decisions from the start.

Accountancy services

  1. Business incorporation – Important service that allows for discussion over your individual aims, finances and circumstances, your accountant can recommend the most profitable structure for your business. From becoming a sole trader, limited company or partnership.
  2. Company accounts – Legislation requires each business to file yearly accounts to HMRC and Companies House. Enlisting the help of an accountant can ensure they’re completed correctly and on time, thereby eliminating the risk of you being hit with a costly penalty.
  3. Management accounts – Interim accounts will help you to monitor your progress during the financial year – essential to ensure you keep on track with business plans and address any issues.
  4. Taxes – An accountant provides expert advice on potential tax deductions and capital allowances that can be claimed. Plus advise on VAT registration and completion of both personal and corporation tax returns.
  5. Salary – Navigate this potential minefield with your accountant, once you start paying yourself a salary, you need to register for PAYE. Then the business must deduct tax and NIC.
  6. RTI – HMRC requires PAYE businesses to supply payroll information on a monthly basis. This helps understand taxpayers in real time and eliminate the need for costly adjustments at the end of the year.

A56c1934627a7ad0d3100038cccountants start by reducing your administrative load, and ensure you comply with the rules around tax and accounting. But a good accountant does so much more, saves you time, proactive advice, reviewing your opportunities and risks, and helping you to become more profitable. 

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