A small business owner will typically be an expert in their chosen field, but will rarely have expertise in bookkeeping, payroll or accounting. A large company often relies on an in-house team of accountants, but a small business will seldom be able to afford this type of investment. A small business accountant has the required knowledge to maximise your resources and produce financial reports which can help improve the long term prospects of the company.
A small business accountant has specialised knowledge of relevant tax law, which will ensure that you remain compliant with HMRC. This includes the introduction, withdrawal and updating of relevant tax reliefs and allowances that your business may be eligible for. Outsourcing to an accountant which specialises in small businesses will ensure that your records are up to date and orderly, so that you are less likely to be subjected to an investigation by HMRC.
As a small business owner, every hour spent dealing with tax administration is an hour of lost earnings. Although outsourcing may seem like an added investment, it will leave you free to deal with new and existing clients, increasing revenues. As a small business accountant has the required knowledge to deal with your tax returns and accounts efficiently and in a timely manner, your accounting bill will be relatively less than if you had spent time working on them yourself.
Reducing your tax bill
An accountant with knowledge of small businesses will know how to reduce a tax bill in a legitimate manner, with tax reliefs, allowances and expenses claims. The savings made will easily compensate for the initial outlay. A reputable accountant will advise tax planning for the next year, so that you minimise your tax bill.
Small business advice
An accountant will often provide advice to their SME clients, as they often have experience in various industries. Your accountant may offer general advice about the business in addition to financial advice.
Get it right the first time
Completing forms can be a complex task, especially when it comes to the self assessment tax return and documentation connected to Real Time Information. Your business may be charged a penalty if errors result in an incorrect amount of tax being paid. An accountant has the necessary knowledge to complete and submit the forms correctly and within the legal deadlines. Rather than spend valuable resources struggling with your tax affairs, save money by outsourcing to a small business accountant.
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About The Author
We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!