As soon as you start to think about your business, an accountant can help you take the next steps. We can discuss your business’s organisation, tax purposes and operations, along with target pricing and profit margins.
Does your accountant return your calls? Do you feel comfortable asking them a question? Do you feel heard? With the right accountant, the answers should be a resounding “Yes!”
The cost of hiring an accountant will always vary from business to business. There are several ways to establish a rough price of how much an accountant will cost:
The cost of employing in-house staff to carry out your bookkeeping and accounting can be expensive, especially that there is often no requirement for full-time staff. Bookkeeping and accounting tasks can regularly prove a distraction for business owners and managers away from their daily operations.
An outsourced service can provide all your bookkeeping services and accounting requirements at great value. You will have the comfort of knowing that your records are up to date and comply with all regulations. You will receive reports on performance promptly and much time can be saved in the preparation of your annual accounts.
All businesses, no matter what size, require someone to manage their finances and highlight any issues as soon as they arise to ensure the company continues to be profitable. A bookkeeper will often be the first to spot signs that a company is heading into difficulties by flagging up late paying debtors and cash flow issues. The bookkeeper is a valuable asset, especially as one of the most common reasons for businesses failing in the first year is due to poorly managed finances.
Get some impartial advice from an accountant before you consult the bank. A bank will want to see a strong business plan and organised records. Let us help you get ready for your business’s next step!
It is important to distinguish between tax avoidance, which is legal, and tax evasion, which is illegal.
Tax avoidance is legal because it involves using legitimate tax rules and allowances to minimise the amount of tax that is due, thus maximize your profits. This could include investing in ISA, so that any interest received is tax free.
Tax evasion involves using illegal methods to escape paying the correct amount of tax. Examples would include entering false information in a tax return, or falling to notify HMRC about a taxable source of income on which tax has not been paid. Those who carry out tax evasion risk criminal prosecution.
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