When you make the leap to hire an accountant, the services that are offered go above and beyond just completing your tax returns. Your dedicated accountant will get to know your business, provide you with expert advice, support, and peace of mind while helping your small business grow. From company formation to payroll, find out below the services your accountant can offer to support your small business.

 

 

When working with an accountant, you will have a dedicated team who will be available to answer any questions or concerns that you may have as well as provide your small business with important financial advice. The longer you work with your accountant, the more familiar they are with your business, finances, and taxes and can provide a tailored approach. Accountants go through rigorous training to become a specialist, so you will always receive high-level, expert advice. Accountants will be able to advise you on what requirements your business needs to meet to stay compliant, review your accounts, advise on how to run your business more efficiently and put strategies in place. 

Right from the get-go, your accountant can be there to support your company formation or startup. The initial process involves many different aspects and can seem daunting to new business owners. An accountant will assist in the correct company registration and obtaining tax numbers, so you can start trading straight away.

Regardless of the size of your business, accurate and compliant accounting and bookkeeping is essential to running your business. Keeping on top of your accounts keeps you compliant with legal requirements set out by the government, as well as provides you with an accurate picture of your business performance. A good understanding is vital to the success of your business, as it can show whether you are meeting your goals, what changes you can make as well as inform any current or future business decisions. 

As your small business grows, so will its finances. A highly trained accountant will ensure all financial transactions are recorded compliantly via bookkeeping and reported and summarised accurately via accounting services.

Filing corporate tax returns is another intimidating requirement that can lead to complications and a lengthy process if not completed properly. Corporate tax returns need to be compliant and error-free, to avoid costly penalties. An accountant can assist in ensuring all the information within the tax returns (including profit and loss) are completed to a high standard and are submitted on time. 

Paying your employees is important in the running of your business. An accounting firm can completely manage your payroll, also known as P.A.Y.E., to ensure the employees in your small business are paid on time and the correct amount. 

 

VAT is a part of our day-to-day lives. Every item that we purchase has VAT added to it. But when you are starting your own small business, it can be unfamiliar territory. Accountants can help you to understand what services or goods your business must add VAT to, how to register for VAT and how to collect VAT. 

VAT is another complex process that can vary and affect your business in many different ways. For example, you may need to send extra funds to Her Majestys Revenue and Customs (HMRC), you may be able to claim the VAT back on business supplies or even increase your prices to include VAT.

Your accountant will be able to review your business and provide the necessary advice and services. 

If it ever comes to the unfortunate event of bankruptcy or liquidation, your accountant will be able to help you navigate the complexities of the legal requirements and processes so you have all the information to take the right path for your small business. 

The economy can be unpredictable, especially after COVID-19 which has significantly increased the number of insolvencies in the UK. Even with a good business plan and product or service in place, there are just some scenarios that cannot be avoided. An accountant will be able to advise on the steps you need to take.

 

If for any reason your small business is under investigation or selected by HMRC for tax enquiries, your accountant will be able to provide guidance and support you through the entire process, prepare you on what to expect and what the possible outcomes or consequences may be. 

It is not unusual for HMRC to run a check on your tax affairs to ensure you are compliant. HMRC typically looks into the taxes that you pay, your accounts and company tax returns, your self-assessment tax return, tax calculations, and PAYE records. 

As your accountant will more than likely be managing all of these financial components of your business, they will be able to equip you accordingly and ensure you comply with their terms, to avoid any fines.

Hiring an accountant can be a great way to outsource the complex financial components of your small business, and relieve the burden off your shoulders. The services your accountant provides can benefit your small business in a number of different ways including saving you time and reducing liabilities. 

 

When starting your own business, you will already have 101 different things to do and roles to play. Having to run your accounts and keep on top of tax requirements can be time-consuming and stressful. An accountant is equipped with specialist knowledge of finances and will be able to manage your finances completely, saving you more time and resources to put elsewhere in your business. 

There is also a lot to learn when it comes to the finances of a small business. An accountant can ensure you remain compliant to avoid paying large tax penalties as well as guide you on the most efficient ways to run your business.