For you, an essential summer accessory may be a new pair of shades or a beach towel. But what your business really wants for summer is an accountant!
I know what you’re thinking. An accountant is just another expense—and one your business could manage without. But an accountant can save you money, not to mention time and stress.
They can complete your tax returns correctly
You may spend hours frowning at your tax return forms and searching the internet for help, but an accountant won’t. This is part of their job! They are tax experts!
They’ll ensure all the necessary information is recorded—exactly how, when and where it should be. That means you don’t need to worry about getting a fine from HMRC for incorrect submissions. The stress and time you save—time you can spend on building your business? Priceless.
They can ensure your tax returns are submitted on time
Late tax returns can incur fines too and many small business owners, despite their best intentions, find themselves scrambling around for relevant paperwork and inputting figures just hours or even minutes before the tax return deadline—or even worse, after.
Don’t take the risk and don’t put yourself under that kind of stress. Leave it in the hands of your accountant. They’ll make sure your tax return is submitted on time, leaving you stress-free and fine-free.
They can deal with HMRC on your behalf
Dealing with HMRC can be intimidating. However, once you have an accountant, they are legally allowed to deal with HMRC for you, so you can stop dreading difficult calls and questions you don’t know how to answer. Accountants understand all the legal, financial aspects of running a small business and know all the jargon. Whether it’s just a query or a full HMRC investigation, they can represent you and do all the talking (allowing you to sit in the corner with a cuppa and a sigh of relief).
They know all the expenses and grants you can claim
Of course, accountants aren’t free. Like you, they need to earn a living. But you may be surprised when you shop around for accountancy services: chances are that they’re cheaper than you think. Beyond that, though, an accountant will save you money. They understand how different registrations and statuses affect the way your business is taxed and can recommend the most efficient way for you to run your business in that regard. They know all the expenses you can claim and the correct way to claim them, plus any grants, subsidies or tax reliefs your business may qualify for.