Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

Like any professional, an accountant is useful due to the level of expertise they can provide. Whilst it is not uncommon for self employed individuals to complete their own accounts and submit their own tax return, it is unusual for them to claim all the possible expenses and/ or pay minimal tax.

It is important to consider why there is a need for people to go through accountancy training and work hard over a number of years to obtain qualifications, if it is possible for anybody to accurately compile a set of accounts.

Accountants have a vast knowledge of allowances and can use this knowledge to pinpoint expenses to the business that may have been overlooked. In addition, an accountant can evaluate which methods of claiming expenditure would be most tax efficient for your individual business. For example, your self employed friend may claim mileage as an expense; however this does not mean you should. It might be more beneficial for you to claim car expenses and an accountant would be able to weigh this up for you.

In addition, accountants don’t just complete your accounts and tax return. They can evaluate the transactions occurring within your business, spot where it might be faltering and advise you on how it could become more profitable. They can also provide lenders with evidence of your profit if you decide to apply for a loan or mortgage and offer advice on decisions you may need to make, such as whether you should lease or purchase a vehicle.

From our own experience at The Accountancy Partnership, it is extremely rare for us to not save a client money on tax if they had previously been doing their own accounts and returns.

For more information 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.

More posts by this author
guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

Umbrella Companies for Self-Employed Contractors

When you set up in business as a contractor you might either work as a sole trader or as a limited company….

Read More

Get Ready for Small Business Saturday UK 2022

Small Business Saturday started in the US in 2010, on the first Saturday following Thanksgiving. It aims to encourage shoppers to consider…

Read More

Architects and Tax

Architecture is a highly diverse sector when it comes to tax. It’s partly down to the type of businesses that carry out…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.