23 Jun Why you should hire a Chartered Accountant?
The word “chartered accountant” gives off a certain vibe that often makes people think of pricey services that they could never afford. In reality, however, the costs of hiring a chartered accountant are trivial compared to how much money you can save. The prospect of Brexit also underscores the importance of hiring chartered accountants in preparation for the mess that may lie ahead. The following are a few reasons why you should work with a chartered accountant:
1. Keep your books and taxes in order
Chartered accountants know how UK’s tax laws work. Consequently, they can handle your finances and taxes properly under these laws. These professionals can help you identify and calculate your taxable income as well as those that are exempt from taxation. Taxes are a lot of effort which you can’t do for yourself accurately, especially if you have no more time in your hands. Save on taxes and avoid penalties with the help of these professionals. The peace of mind that they give you is worth every pound sterling you pay them.
2. Grow your business the tax-compliant way
Chartered accountants’ knowledge of tax laws does not only help you during your annual tax payments with the HMRC but also in times of growth. They can use their knowledge to help you expand by taking advantage of loopholes in the law. That way, you get to enhance your business without turning a blind eye to any tax policies. If you also plan to invest in some enterprise or endeavour, they can advise you about the endeavour’s profitability as far as taxation is concerned. In the process, you get to choose the best enterprises with the least taxes where you can put your money. They can also assist you in setting up offshore accounts in places such as Bermuda and Nauru where you can grow your profits without tax authorities breathing behind your neck.
3. Improve your spending and your investor prospects
You can also cut down on expenses with the help of a chartered accountant. They will help you find the most cost-effective manner of spending your capital as you operate your businesses. They will gather your financial data into a report that will inform you of the state of your business. You can use that report to make crucial decisions related to your business. At the same time, they can make a financial report to entice prospective investors to partner with your company.
4. Get assistance for payroll services
Another task that a chartered accountant can help you with is organizing your employees’ payroll. They will ensure that the taxes that needed to be taken out from your employees’ would be remitted to the HMRC accordingly. At the same time, they will ensure that your company would also give its share of the taxes as provided for under UK law.
Save money while bringing home more money
Hit two birds with one stone by hiring a chartered accountant. You can save money on taxes and penalties. You can also bring in money by letting someone do a financial report on your business that you will use to attract potential investors. Chartered accountants can help you make critical business decisions. Above all, nothing beats the peace of mind that they can give you so that you can focus on growing your business.
Accotax specializes in accounting for small businesses, get in touch today to see how we can help.