Call us biased, but we do make it our mission to shout about the endless benefits of hiring a qualified accountant whenever we find an opportune moment.
We do try to keep our lips buttoned at the pub on a Friday night because nobody wants to talk tax returns over a gin and tonic.
However, we do feel it’s of paramount importance to spread the word, especially in such uncertain political and economic times.
So, why in 2019, do we believe hiring an accountant is more important than ever?
Tax codes can get pretty confusing
Let’s be honest, tax codes have always been baffling but as new rules and regulations come into play and requirements evolve, it can be a real struggle to keep up.
Qualified finance professionals make it their dedicated responsibility to wrap their head around this kind of stuff and stay in the loop at all times – so you don’t have to.
Save yourself a few quid
…substantially more than a few quid as it happens!
In the minefield of information and options as a self-employed worker or the owner of a business (or limited company), there’s a wealth of tax credits and deductions you could potentially be taking advantage of.
These saving graces could help you conserve a bit of a cash cushion to help nurture healthy cash flow in the aforementioned rocky economic climate.
This leads us nicely onto:
An ally in the battle of Brexit
Following the Brexit referendum way back in 2016, sterling plummeted to a 30-year low against the dollar and the UK found itself with a credit score downgraded by two separate agencies.
Now, while the impact of Brexit and everything surrounding it is unclear – and not necessarily all negative – the government is encouraging UK business owners to ramp up their contingency planning.
66% of UK companies believe Brexit will impact them but only 21% of small businesses have started to adapt in preparation*
Part of this advised damage control is onboarding a qualified accountant.
International negotiations could be about to get way trickier for those dealing overseas and exchange rates could have a dramatic impact on international transactions.
If the UK becomes a ‘third country’, it will fall back to the World Trade Organisation rules which govern importing and exporting in the EU. Custom duty payments are a predicted repercussion of this.
Although domestic VAT is expected to stay as it is, VAT on business imports and exports could be expected to be paid immediately which has the power to cripple a small business or start-up.
As a result of these changes, admin demands will increase and business owners will need to become much stricter with their expenditure and cash flow.
An accounting expert will help you understand all of this and keep your finances on the straight and narrow amidst the chaos.
Plus, it’s always better to start preparing your business for a period of change sooner rather than later, particularly with the possibility of a sudden exit bubbling away in the background.
(*Statistics from a body of research recently carried out by Sage in partnership with YouGov)
If you’d like to speak to our team of qualified accounts about our professional and affordable services, get in touch by calling 020 3355 4047
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!