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Although many people do their own accounts, it is recommended that you hire a professional to do them for you. Accountants have the expertise and experience to ensure that your accounts and subsequent tax calculation is accurate. In addition, their knowledge of the industry enables them to minimise your tax liability and make sure that you do not hand over any money to the tax man unnecessarily.

Another benefit of having an accountant do your accounts, as opposed to doing them yourself, is that HMRC is less likely to conduct an investigation into the profitability of your business because it reassures the revenue that the tax calculation is more likely to be accurate. However, it should be noted that having an accountant does not guarantee that you will not be investigated, as it is not uncommon for HMRC to choose individuals to investigate at random, but if this does happen your accountant can assist you in the investigation and deal with HMRC on your behalf.

Many people are deterred from having an accountant by the cost; however it should be kept in mind that accountancy fees are tax deductible, and you could actually end up saving money if they can claim additional expenses you have overlooked and reduce your tax bill.  Nevertheless, it is definitely worthwhile to shop around for an accountant and compare prices as accountancy fees can vary greatly and you could end up paying a lot more than necessary.

Here at The Accountancy Partnership, we offer a full service for low fixed monthly fees meaning you always know what your accountancy bill is and there are no nasty surprises at the end of the year.

If you would like further information or a quotation please do not hesitate to phone or email us, or alternatively, you can simply use the live chat link available.

About The Author

Lee Murphy

MAAT and ICPA accountant, with a passion for making accountancy and bookkeeping accessible. Other interests include cloud-based software development for web and mobile access, keeping fit, reading, and entrepreneurship.

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