There is no legal requirement to appoint an accountant to manage your personal or business affairs, even if you’re a limited company (if your company requires a statutory audit then a registered auditor will have to complete this, see do I need an audit?. However, by appointing an accountant you will benefit from the peace of mind of knowing that all the correct allowances available have been claimed and that all your tax returns have been completed correctly. Accountants can also advise on whether or not you should be completing a tax return at all!
Accountants also offer a lot more than just assistance with tax returns. Qualified accountants can offer advice on all aspects of your business and personal affairs. Using broad experience they can provide advice regarding:
Business start up finance & planning
Advice can be sought on how to fund asset purchases and the financing of the business, be it through loans, leases or bank overdrafts. It is key for any new business to know how the business will survive the first periods of trading.
The best ways to structure your business
Even before your business commences, it is important to know the pros and cons of the different business structures available, be they trading as a sole trader or limited company. Getting the structure right in the beginning could save money in the long run.
Efficient ways to manage and run your business
Having an independent, impartial view of your business can be of enormous benefit for any business. An accountant can provide this and also offer possible suggestions for improvement and to maximise the potential of your business. Accountants can provide management data throughout the year and not just at year end enabling prompt decisions to be made.
Free up key management time
The last thing some businesses want is to have key management figures tied up dealing with accounts work such as management accounts, VAT returns, Tax returns and annual accounts. By enlisting the services of an accountant, these tasks can be outsourced allowing the management figures to concentrate on further developing the business.
Accountants can advise on the best way to further your business, be it through acquisitions of other business or mergers with competitors. When undertaking complex tasks such as this, it is beneficial if the correct professional advice is sought to ensure that the transaction is completed in the most efficient manner.
Once your business has developed, accountants can also offer advice with regards to exit routes for the owners. Selling a business can result in large tax liabilities and with the help of an accountant these can be minimized to ensure the owners feel the maximum benefit from any sale.
Personal tax issues
Although it is the individual’s responsibility to complete and submit tax returns to HM Revenue & Customs, accountants can provide vital assistance and advice with regards to personal tax issues. The consequences of any transactions can be explained prior to making any final decisions and suggestions can be made to minimise the tax liability. Accountants can also handle correspondence form HM Revenue & Customs by drawing on past experiences and knowledge to ensure any enquiries run smoothly.
If you feel that you would benefit from having an accountant or if you would like further information as to the services we offer then please feel free to contact us, for a free initial consultation.