If you are a small business owner, you have plenty of things to think about each and every day. Running your business operations alone can take up a lot of your time, not to mention dealing with other concerns such as employee salaries, benefits, expansion, supplier concerns, and so much more. So it is hardly surprising, therefore, when you find out that you are behind on your financial records and your tax affairs are not properly sorted out. This is precisely the time when the expertise of an accountant can come in very handy indeed.
Why hire an accountant for your small enterprise? Let’s find out:
The benefits brought by an accountant can be immense, especially for your small enterprise. Just because you have a small business does not mean that you do not have any big financial tasks and responsibilities – far from it. So by enlisting the services of an accountant, you can make use of a variety of benefits.
The first and foremost benefit of hiring an accountant is that it saves you precious time. As a small business owner, your priority is undoubtedly to generate a good income and acquire more customers. But the time you spend focusing on this will be greatly reduced if you have to take care of your financial affairs at the same time. The paperwork involved in your business finances is particularly time-consuming. But with an accountant, you can save time (and effort) and leave the business of handling the finances entirely up to them. In addition, the accountant will know about those all-too-important updates on tax rules and regulations, as well as deadlines, and will also have a thorough understanding of the HM Revenue and Customs formats.
Help you avoid tax fines and penalties
If you are too busy with your business, you will hardly have time to keep on top of your paperwork – and this could result in late penalties and fines. When you have your own accountant or accountancy services, you need no longer worry about looming due dates and can instead focus on running your business properly.
Furthermore, if you are abreast of all your submissions on taxes, you will automatically have a better balance in your bank, as these penalties and fines can range from £150 (for a submission late by one day) to £1,500 (for a delay of submission by six months).
Reduce your liability to taxes
With help from an accountant, you will also be able to get some premium advice on how to save more money and run your business in a more tax-efficient way. Many accountants today, such as accountants in central London like GSM & Co., are more than willing to provide you with expert and relevant advice on saving money and becoming more tax-efficient. In addition, these accountants in central London offer a timely service that goes above and beyond what you need. A good accountant will help you understand (and take advantage of) dividends, company expense claims, and flat-rate VAT schemes, among others.
Banish your tax and financial concerns once and for all
Without a doubt, the HMRC’s tax guide is a truly complex affair running to more than a hundred pages. Even just reading through this is likely to give you a massive headache. But if you have your own accountant, you do not have to worry any longer about your taxes, as your accountant will be the one preparing your accounts at the end of the year, your tax returns, your VAT calculations, and even your payroll.