5 Reasons Why you Need an Accountant
The world of tax can be very confusing if you don’t have any professional training. There are lots of strict rules and deadlines you must follow or you can face hefty fines. A lot of business owners still file their own taxes without the help of an accountant. This can cause a lot of issues within your business, such as having to allocate time to deal with your taxes which could be used elsewhere. Here are some great reasons why you need an accountant for your business.
Save Time & Money
A lot of business owners look to file their own taxes as they think doing it themselves will save them money. But actually a business owner’s time could be spent on better things instead such as looking for new leads and sales. By outsourcing your accountant you can save the cost of having an in house accountant which costs considerably more in both time and money. Outsourcing your accountant has proven to be better value and will also save your employees time. Accountancy firms offer a lot of different packages nowadays, depending on what you are looking for accountants can tailor make the service to suit your every need.
Helps you Save Money on Tax
H.M.R.C. are known for their long and confusing tax laws which can be complicated to newcomers and business owners. Trying to do this yourself can often be very time consuming and likely to end up with mistakes. Due to the complicated tax laws, there are some rules which you might not know about that can actually end up saving you tax. Professional certified accountants regularly receive training to make sure they are up to date on the latest tax laws. By having an accountant they will be able to advise you on the best solutions that could save you a lot of money.
Numbers aren’t your Thing
Maths is not the strongest point for everyone and some people truly despise it. If you’re not a big fan of numbers then you’re probably not going to enjoy doing your accounts. But don’t worry, accountants love numbers. So if you’re not the best at keeping count and don’t fancy spending hours adding up numbers, you should get an accountant to do it.
In case you’re audited by the HMRC
Once your business reaches a certain size or turnover you may need to be audited. An audit can be a stressful and time-consuming experience. If you haven’t already got an accountant then it’s definitely the time to get someone on board. They’ll give you advice on the whole auditing process and make sure you comply with tax compliance laws. Trying to do this yourself can be a tedious task and if it’s just you going through all the accounts it can take a very long time.
Avoid tax risks
When you don’t have a trained professional guiding you through the jungle of HMRC tax laws it can be risky business. Just a simple honest mistake can land you in a world of trouble. The whole experience could also end up costing you more time and money than hiring a professional would have in the first place.
As you can see, there are a lot of good reasons why you need an accountant for your business. Not only do they save you time and money but can also help you with understanding the complex HMRC tax laws. Accountants also stay up to date with tax law changes and can help you structure your business more efficiently. If you are looking to hire an accountant for your business then be sure to contact us to discuss a package personally tailored to you.