Does a Small Business Need an Accountant in the UK?

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Whether you are just setting up or are already running a small business then you will have thought about hiring an accountant. An accountant can become the trustworthy member of the team that helps your business grow and their services can help you comply with laws, etc. Even with all that said you may still be undecided about whether an accountant is a right choice for your business. So, here is a short guide as to why accountants in the UK are essential.

Accountants in UK
1. Help with filing taxes – One of the most stressful things about running a business is taxes. You need to make sure that your company is paying the correct tax and that taxes are filed on time. An accountant can assist you with all of this. Whether it is self-assessment or VAT, an accountant can ensure that everything is completed on time. You can have peace of mind that this side of the business is taken care of.
2. Accountants can help with cash flow – An accountant doesn’t just help with taxes; they can also help you with other aspects such as cash flow. They can advise on potential investments, any expenses you have and they can ensure that you have all the information and funds that are available to you.
3. Assistance when dealing with an investigation – A tax investigation is unlikely but not impossible. Dealing with HMRC alone can be stressful so under these circumstances an accountant can be essential. Accountants in the UK can offer you advice on how to handle the investigation, make sure you are complying with the law, and they can offer tax investigation insurance which helps with fees, etc.
4. Accountants can help you reduce taxes – An accountant can not only help with the filing of taxes but they can also help you reduce them too. Accountants know how to reduce taxes legally and with clever financial planning you can save money in all different places.
5. An accounting service can help with the whole process – From registering your new business to if the day comes you want to sell, accountants can help with the whole process. As your business grows and changes, your accountant can guide you every step of the way. You will always have advice and you will know which step is the best to take next in your journey. You can take the stress out of the financial side and focus on the growth and daily tasks instead.
6. Reduction of your workload – By hiring an accountant you can save time. You won’t have to spend hours on taxes because they will do it for you. This frees up your workload so you can focus on other tasks.

As you can see hiring an accountant can be one of the best things you will do for your business. Accountants in the UK can guide you and help you to avoid costly mistakes. At BNA consulting we can help with everything from taxes to payroll. See how our accounting services can help your business today.