When you first start a new business it is worth finding a good accountant straight away. There are a number of reasons why this can be beneficial. Firstly, if your accountant has been involved from the start they will have a greater knowledge of your business and will also be able to provide you with key advice on the best ways of getting it off the ground. It is also helpful having a knowledgeable financial person to go to for advice when owning your own business, especially in the start up phase where things can so easily go wrong. An accountant will also be able to advise you of the most tax efficient way of doing things which will save you money in the long run.
A number of self employed people assume that they can manage their own accounts and tax returns in the first few years of trading due to the fact there may not be much turnover so it will be ‘easy’. However, this is not always the case. If you operate in the most tax efficient way and get it right from the beginning, (for example, claiming for everything you are entitled to) then it can save a lot of hassle later on. You then won’t have the worry that you have previously paid too much or too little tax and you will know that all your accounts are up to date and correct.
If you have been doing your tax return yourself but your turnover is getting larger and things are becoming more difficult then it is definitely worth looking into hiring an accountant. Accounts and tax returns can be very time consuming, difficult and not really something you want to get wrong, so it is definitely worthwhile using an accountant if you are unsure or becoming overwhelmed.
If you would any further information or would like us to take over your tax affairs then please do not hesitate to phone or email us, or alternatively, you can simply use the live chat link available.
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About The Author
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.