Why Hire an Accountant?
Small business owners often believe that they can’t afford their own accountant or that an accountant is simply someone who fills out forms to keep the tax man at bay. An accountant is so much more than that.
Grow Your Business
Finding the right accountant is an endeavour which will not only save you time and money; it will also help you identify opportunities for business growth. It’s always better if you’re able to spend more of your precious time focusing on what you’re good at and what makes you happy; an accountant can make the process easier for you.
Save Money and Time
Even if the running of your business doesn’t take up too much time, you still need to be confident that you are able to complete the forms correctly and get them submitted in time. Missing a critical deadline for important documents, including submitting annual company accounts to HMRC, will see you facing some pretty heavy fines, and that’s something you could probably do without.
If a document is completed incorrectly or with information missing, your best hope is that it will be returned to you with an opportunity to complete it again. If not, your form may find its way into the hands of an inspector who wishes to complete a full business audit. An accountant will be able to complete all the necessary forms on your behalf and return them to the relevant authority in plenty of time. If you free yourself from the burden of doing this yourself, you can concentrate on building your business.
Whether you are experienced at accounting or you have a computer programme to help you, you could still benefit from working with a fully qualified and experienced accountant who can make sure that you are not under or over-paying tax. A competent accountant will be able to study every element of tax law and identify every legal method of reducing your personal and company tax bill.
Assist with Tax Returns
If the prospect of filling in your own tax return fills you with terror, you are not alone. Many people find the process both complicated and time consuming, which makes it unsurprising that almost one million people a year receive fines for failing to return their self-assessment to H M Revenue & Customs. An accountant will be able to deal with your company’s tax return, including income, pensions, expenses and benefits, capital gains tax, investments and all necessary schedules. They will calculate your tax position and provide you with a full copy before filing it online with H M Revenue & Customs.
Comply with the Law
Companies have been legally obliged to start offering a Qualifying Workplace Pension Scheme (QWPS) to all staff members since 2012 when the process of auto-enrolment began. An accountant can make sure that you are able to cope with the duties associated with auto enrolment, including making contributions on a worker’s behalf, registering your QWPS with the Pensions Regulator and communicating information about the changes to your workforce.
Assist with Payroll
Payroll accounting refers to the upkeep of a company’s records of their employees’ compensation which includes gross wages, salaries, bonuses, commissions and so forth, all of which have been earned by the employees. The process includes withholding payroll taxes such as National Insurance and Income Tax alongside retaining the employee’s contribution to health insurance premiums, savings plans and fringe benefits including paid holidays, sick days, pensions and more. An accountant will be able to help you correctly record your company’s activities and pay the right amount of tax, saving you the effort and money in the long term.
The Digital Age for Tax
During the autumn statement of 2015, it was announced that, by 2020, most businesses, self-employed people and landlords will be required to track their tax affairs online and update HM Revenue and Customs (HMRC) via their secure digital tax accounts. The aim is to eliminate the annual tax return and simplify tax for businesses.
P S Book Keeping & Accountancy are here to assist businesses with all aspects of accounting, including the switch to digital tax. We can simplify the process of both recording your activities and paying tax and insurance by taking the burden from your shoulders, ensuring that you are paying the right amount of tax and giving you the time to focus on growing your business. Call us to discuss your requirements today.