There are so many things for small businesses to think about when it comes to their company structure and accounting. Do you operate as a limited company? Do you need an accountant to help you set up your business and keep on top of your finances, or can you handle them yourself?
If the answer is yes to any of these questions, this blog post is for you. There are lots of advantages to having a limited company accountant, but if you don’t have one, here are 10 reasons why that might not be such a great idea…
You get time to focus on your business
If you’re not an accountant or good with math, then bookkeeping can be time-consuming for you. You also know that you’ll not be able to do this task as efficiently as a professional can. When you hire a limited company accountant in Hounslow, he saves you a lot of time. You can use this time as an opportunity to focus on growing your business.
Manages tax efficiently
A limited company accountant in Hounslow has abundant knowledge about taxes. They can help you in minimizing the taxes using their knowledge. Thus, an accountant can also save you money by reducing taxes.
Assists in Business Planning
An accountant can access your business’s current situation and can advise you where you’re going wrong. You can involve him in your business matters because he knows your company’s financial situation better than anyone.
Filing Tax returns
Hiring an account to file tax returns can save you from the hassle as filing taxes can be arduous. Besides, accountants are aware of the current legislation, so there’s no chance of any mistakes in filing taxes.
Save you money
An accountant is aware of your company’s financial condition, so he can save you money by pointing out where your money is being wasted. He can also save you money by minimizing taxes. Sometimes, you end up saving more money than you invested in hiring an accountant.
Prevents Tax Investigations
If you file a late tax return or represent incorrect figures then HMRC can investigate your taxes. Every year HMRC conducts tax compliance on random companies but mainly because of incorrect information. Hiring an accountant can save you from tax investigations by making sure that returns are filed at the correct time.
Prevents Tax Penalties and fines
Similar to tax investigations, you can have tax penalties against you if you do not file returns at the same time or with the correct information. Consequently, your company can be struck off and can be fined. If you wanna save your money by managing your finances on your own, then you may end up spending a lot.
To avoid this to happen, you can hire an accountant. He will make sure that your company abides by the tax legislation.
Tips to select a good limited company accountant in Hounslow
It’s very important to find the right accountant for your business. You first need to see why you want to hire an accountant. Is it because of bookkeeping? Or do you want an accountant for tax management? When you figure it out, try to find an accountant that specializes in that particular area of your need. The second thing you should do is to ask the accountant about their method of working. What software do they use? You can also ask your family or friends for referrals. Ask your friends about their experience with that accountant and you’ll know what you can expect from that accountant.
If you own a limited company in Hounslow, then you need to consider hiring an accountant. A professional accountant offers a lot of benefits, he can save you more money than you spend on him. He is aware of the current tax legislation, so he may be the right person who can take care of taxes. A good limited company accountant in Hounslow can assess your business’s current situation and can advise you where to invest your money. Not to forget, that an accountant saves you a lot of time and you can spend this time focusing on your business. That’s why you shouldn’t miss hiring an accountant because a good accountant can help your business grow exponentially.