You may already be fully aware of certain benefits you can acquire from hiring an accountant – one of which is the chance to save yourself a lot of time, not to mention effort. But apart from this, an accountant can also give you the chance to save money, reduce your business’ tax liability, and more. Keeping your financial records accurate is a time-consuming task in itself, but if you still have to deal with payroll, taxes, deadlines, and HMRC compliance and regulations, then this can definitely be a big drain on your business and its growth. So what should you really expect from an accountant’s services, and what are the most important benefits they can give you? Let’s find out.
- Decrease your business’ liability on taxes
As already mentioned, an accountant can help decrease your business’ liability on taxes, and they can do this in several ways. First of all, they will have a better idea of how you can save money for your business, and they can also give you pertinent advice on how your business can become more tax efficient. Not everyone is knowledgeable about taxes, and tax rules can change. With a good accountant, you will know the latest guidelines and you can be sure that your tax returns will be filed on time – with no errors, at that. Your accountant can also guide you on how you can best operate, whether you operate as a limited company or are self-employed, for example. An expert accountant will also let you know what you can claim and what you cannot claim on your taxes, thereby saving you more money as well.
- Help you avoid incurring fines and penalties
One big nightmare for businesses is the fines and penalties they can incur if they are late with their form submissions or have errors on their forms. And these penalties can be hefty indeed – if you are late by a day in submitting your annual accounts, you can already incur a fine of £150. But if you are late by six months, your fine can reach up to £1500.
There are also fines for incorrectly filled forms for your self-assessment tax return, as the accountants in central London from https://www.gsmaccountants.co.uk will confirm, and there are other fines as well for incorrectly filled corporation tax returns and VAT returns. If you are now working as a contractor or you are thinking of being a contractor, you also need to familiarise yourself with various tax implications, and your accountant can help you with all of this, too.
- Say goodbye to tax concerns and worries
Tax can be quite complex in the UK, and even the guide produced by HMRC for expenses is more than 100 pages in length. A lot of small business entrepreneurs spend time worrying about their taxes, and understandably so. For instance, you have to remember to create and prepare your business’ year-end accounts, your company accounts (whenever appropriate), your personal tax return, your corporation tax return, and more. You also have to liaise with HMRC and contend with Companies House – all of these matters, in addition to your business’ payroll, can well take up all your time. But in the end, your chosen accountant can prepare all the things you require and save you money as well as give you peace of mind.