Many business people will attempt to do their own accounts, assuming that they don’t need an accountant. However, doing this means you will most likely end up paying more tax than necessary, possibly being given a penalty charge and in some cases, having your papers inspected by HMRC. Therefore, it is a great idea to look for an accountant that will do what’s best for your business, financially, so that you can worry about actually running your business.
Hiring a good accountant is like investing, you pay for their services and in turn they save you money on tax, causing you to generate a profit. HMRC do not reveal all the information regarding allowable deductions so that people end up paying more tax than they have to. However, a good accountant knows exactly what can and can’t be deducted from your income and so they are able to deduct as much as legally possible. This then lowers your taxable income and means you pay less tax. Therefore, the money you make from not paying tax is greater than that which you pay for an accountant, causing the profit.
HMRC may give you a penalty charge if you; pay tax late, pay the wrong amount of tax, or give incorrectly filled out forms. A good accountant knows exactly when you need to pay your tax, and so will be there to remind you, they know exactly how much tax you should be paying and they do all the paperwork for you, so there is no chance of it being incorrect. This saves you the stress of getting things wrong and money as you will not be charged.
Business is all about growth and that is exactly what you want for yours. A good accountant will be there to help you with any of your financial queries and business needs. They will give the best advice for your business advising you on what steps to take. This will cause your business to grow and in turn, make more money.
Having a good accountant means you don’t have to deal with HMRC. As your authorised agent, your accountant will be able to speak to HMRC on your behalf and they will know how to deal with them properly. They will be in contact with HMRC most of the time saving you the stress of trying to contact them yourself.
By Aiden Woodley at Tax Affinity Accountants.
Tax Affinity Accountants are experts in Tax and Accountancy. Based in Kingston upon Thames with branches in Surbiton and Worcester Park they provide a bespoke service to client’s right across the UK and are considered to have one the highest customer satisfaction ratings in the Industry.
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