When you start your own business, you’ll find that you’re suddenly responsible for your own tax expenses. Hiring an accountant might initially seem like just another expense, but it’s an investment that will pay for itself. Here are five reasons why you should consider getting an accountant.
1. Reduce Tax Liability
An accountant will know which ways of reducing tax liability are most suitable for your company They can advise about whether you could benefit from systems like the FRS scheme, how to pay yourself through dividends and what you can claim as company expenses.
2. Avoid Penalties and Fines
Doing your own taxes can seem a daunting task when single guides by HMRC run into the hundreds of pages. If you file something incorrectly or late, you could be facing a large fine. Filing your accounts just a day late will land you with a £150 fine, and longer delays quickly run into four figures. More fines could apply to incorrectly filed VAT, corporation tax or self-assessment tax returns. Hiring an accountant means you have someone who can keep on top of these deadlines so that you don’t have to.
3. Help Grow Your Business
It’s common for a firm to work with a single dedicated accountant who will handle all its affairs. You don’t have to look to London or other big cities to find financial help. When looking for accountants Swindon, Milton Keynes, Bournemouth and other towns are home to accounting firms that really understand your local market and can help you grow your business.
4. Save Time
When you start your own business, you want to focus on processing orders and generating income. Navigating mountains of tax-related paperwork is necessary but time-consuming. Employing an accountant who knows their way through the labyrinth of HMRC could save hours of your time. When it comes to accountants Swindon has ones that specialise in doing this paperwork so you don’t have to.
5. Remove Stress
When you’re running your own business, sometimes you’ll be incredibly busy and won’t want to spend time doing paperwork. Employing an accountant to do the paperwork for you means you’ve got one less thing to juggle and one less worry to bother you.
In sum, employing an accountant could save you time while letting you get on with the job you really want to do: running your own business.