There are in fact a myriad of benefits to using an accountant to support your business activities, but here are 5 very important ones, as copied from the Boox website:
Saving You Time
`As a business owner, your number one priority is to generate business and fulfill the work you win. Anything else takes away from the task at hand.
If you are spending hours on your accounts, that is valuable time that could be used to make more income. Every hour you spend doing the books, is costing you your hourly rate or eating into your downtime.
Engaging an accountant gives you back that time to do what you do best, while knowing that your financial and tax affairs are in good hands.
Saving You Money
A good accountant can save your business money in a number of ways. They will be able to guide you on the most tax efficient way to operate, including how you take money out of your company, based on your individual circumstances and situation.
Your accountant will be able to explain how and when to pay yourself dividends, what can and can’t be claimed as allowable business expenses, and registering for VAT.
Filling in forms incorrectly, missing deadlines or failing to understand new legislation could lead to penalties which put an unwelcome dent in your profits.
Companies House and HMRC fines can range from £150 for a day late submission of annual accounts to an eye-watering £1,500 for a six-month delay.
Your accountant will help you keep on top of deadlines, assist you with preparing your annual company accounts and corporation tax returns. They will also be able to assist with VAT returns and your self-assessment tax return with regards to your personal tax.
Helping Your Business Grow
Aside from the number-crunching and paperwork, your accountant is a source of advice and support as you grow your business.
The right accountant will be invested in seeing your business go from strength to strength. Success requires sound financial decisions and an accountant’s objective advice and input can be worth its weight in gold, as they will be able to suggest solutions based on their experience.
Taking Away Worry
Tax and finances can be daunting and complex. The list is pretty exhaustive – preparing your company year-end accounts, preparing abbreviated accounts where appropriate, doing your personal tax return and dealing with corporation tax and VAT. Throw in liaising with HMRC and Companies House and it’s a sizeable burden if you choose to go it alone.`
So hiring an accountant should never be seen as an expense that you can probably do without, we can check and analyse your finances to ensure that you are not wasting or spending money that you have no need to and we also ensure you keep on the right side of the HMRC, which is of course essential. If YOU need an experienced and professional accountant to help you with your business give WHR Accountants a call on 028 3752 2909.