If you run a small company or are otherwise independent freelance worker, then using an accounting firm can offer many benefits. At the most fundamental stage, your accountant can free up more of your time by managing key functions such as book-keeping and income tax returns. As your small business expands, your accountant’s feedback will become increasingly more important, covering vital areas like financial accounts, compliance, salary payments, tax efficiency, business planning and more.
Above all, a good tax accountant offers you with the trustworthy financial guidelines you need to make key decisions, helping your small business to grow quicker while saving you funds.
Do I require a tax accountant for my organization?
Unless your small business continues to be very small, its accounting needs will very easily become too much for you to deal with alone. Additionally, if you are not a skilled accountant, this can be expensive both in time and money, as you will take much longer and may make damaging errors. Generally speaking, if you come across you are investing more than four hours a week on the accounts, or have plans for improvement, then it is time to engage a professional person.
What can easily a tax accountant do for my small business?
Having an accountant releases your schedule so you can concentrate on what you do best. It also reduces the exposure to your business by limiting the chance of oversights in tax, financial reporting and compliance. An accountant can also definitely save you cash in many aspects by improving tax efficiency, boosting cash flows and finding funding. At the same time, he or she can offer priceless general help by offering general business advice, talking about your strategies and stress-evaluating business plans.Here are some of the services your accountant can provide.
- Self Employment registration
- Company Incorporation
- VAT registration
- Bookkeeping and Accounting
- Self Assessment Tax Return
- Corporation Tax Return
- Payroll Compliance
Finding a tax accountant
The first way is to use google search. It will give you the accountants near to your location. If you are looking for a specialist accountant you should search with the key words. The second way is to search accountants with specialist expertise. You can search accountants specializing in appeals or tax investigations.
Look at their range of services to confirm that they can satisfy all your requirements. This is also a good time to discuss about their certifications and knowledge. It is not a legal prerequisite for an accountant to hold any certification, but you should make sure that yours is qualified through one of the known UK bodies, e.g. ICAEW, ICAS, CIMA, IFA or ACCA. Also verify if they are a chartered accountant – chartered status is an internationally accepted level of professional person standing.
Most accounting firms will display their certificates in their workplaces. You can also double-check by getting in touch with the relevant organization.
You should also talk about your accountant’s charges. An accountant’s task is to help save you money in general (while safeguarding you from specific problems), so ask them to describe the techniques in which their services will bring value. How much you pay your accountant will be dependent on the scope of the work they deliver. Your method of compensating may also differ. Some services (such as annual accounts and bookkeeping) will include a regular monthly fee, while others (such as tax planning assistance) may be billed by the hour. The size of your company is also an element, with more size able organizations having to pay more.
Find out more about the prices of accountancy services.
One-person band, small company or larger service provider?
Choose cautiously if the size of your accountancy firm is appropriate for your purposes. In general, you should correspond to like with like. Therefore, if you are a professional or sole trader then a small firm will most likely benefit you best, but if you are a fast-growing startup company with a big perspective, you will be searching for a medium-sized service provider to coordinate with.
Ratings, feedback and profile
Look for testimonials by people of a matching size to yours – if the customer is much bigger or small, their evaluation may not be very useful. An accountants should also have feedback from their clients that they are happy to share with you.
Does the place of your accountant matter?
Theoretically it does not make a difference where your accountant is situated, since most of their work can be carried out remotely. Nevertheless, scheduled face-to-face appointments are still important, and can be much more effective in terms of receiving added value from your accounting firm. In a face-to-face business meeting it is better to talk about your business in much wider terms and gain from general business tips and advice. For that reason, if you want more than basic accountancy solutions, it’s good to be within easily commuting mileage so your accountant can visit in person.