Do I need an accountant?

There are many reasons why you might choose to hire an accountant or a bookkeeper for your business. 

Accountants can help you establish the legal structure of your business and assist you in fulfilling your legal obligations.  Remember that even though you hire an accountant, the responsibility still remains with you as the director or business owner to ensure that filings are made on time. 

Bookkeepers can help with day-to-day record keeping and many accountants offer this as an additional service.

Most accountants are regulated by the ICAEW or ACCA.  Many bookkeepers are members of the AAT or ICB.  Never worry about asking to see someone’s qualifications as a reputable professional will never hesitate to show you.  They should also have professional indemnity insurance. 

When should I hire an accountant?

Depending on the complexity of your business and your ambitions for it, you should consult an accountant to define its legal structure before you start trading.

If you’re unsure of whether to register as a sole trader or a limited company, have a chat with us and we can explain the difference and assist with the decision. 

Setting up as a sole trader is quite easy to do yourself by registering on the HMRC website. 

A limited company is recognised as a separate legal entity from yourself, so that your personal assets are not at risk should the business get into adverse trading conditions.  It’s set up requires some legal documents as well as directors and shareholders.  You can do this yourself on the companies house website or you can ask us to do this for you.

Limited companies must submit annual statutory accounts and tax returns. Preparing a set of accounts for a limited company and corporation tax return is a complex process that requires the work of professionals. It is important not to fall foul of compliance requirements, otherwise you could face fines, ignorance is not an acceptable defence. 

Employing an accountant to complete these filings can also save you money by helping you accurately classify tax deductible expenses.  For example did you know that buying a client a cup of coffee is not allowed for tax purposes? But there are also expenses which many business owners incur but it’s not until their accountant reminds them, that they realise they can claim for. 

Do I need an accountant as a sole trader?

Many sole traders choose to do their own bookkeeping but have an accountant look over the numbers before they’re submitted to HMRC.  This service is relatively low cost and great for peace of mind.

Do I just need an accountant at the end of the year?

A good accountant will not just be in touch once a year.  We work with our clients to ensure that you know the numbers in your business all year round.  Whether you do your own bookkeeping or we do it for you.  Ensuring that you understand your cashflow will put you in a much better position as a business owner. 

What else can you help me with?

If you need software for your business we can recommend packages to suit you and your business.

Accountants are also very helpful for tax planning so if your dreaming about a house purchase or a move abroad, this is something we can help with. We work to your vision. 

How do I work with you?

Get in touch here and we’ll send a personalised, no obligation quote.