A business accountant can offer much more to your SME in the way of benefits than filing your tax return and keeping the taxman happy. An accountant wears many hats and can help your SME to grow, as well as ease the burden and worry associated with running the financial side of your business.
This article explores some of the benefits you’ll get when you hire an accountant to handle your business tax affairs.
Expertise in tax law
Tax law can be a bit of a minefield. Small businesses, for instance, need to get to grips with a number of different taxes. There’s income tax, which you’ll need to pay on your employment earnings. If you have a limited company, you’ll also need to pay corporation tax. There’s also VAT to consider if you sell products or services and your turnover is above £85K.
Then there’s Employers’ PAYE, which you’ll need to pay if you’re an employer — not forgetting National Insurance (NI) contributions. These tax requirements each have different deadlines and rules. A business accountant knows all these tax areas inside out and can help you understand your tax obligations.
Tax laws can sometimes change. If you’re not constantly checking to see if there are any new tax rules you need to comply with, you may end up making mistakes. Hiring a financial professional to look after your accounts can alleviate this worry because it’s their job to be up-to-date with tax law changes.
SME business advice
The right accountant can work with your business to help it grow, acting as a financial business partner that understands your business as well as you do.