Director information hub: Accounting
Staying on top of finances is vital for small companies. A good accountant can help you do this and more.
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What are the benefits of having an accountant?
Saves time
An accountant can save you time to help you concentrate on the core business of your company.
Saves money
An accountant can help when it comes to paying income tax, National Insurance contributions, Corporation Tax and VAT, as well as filing annual accounts on time.
This can avoid expensive penalties and fines.
Uncomplicates the complicated
Tax can be complicated. A good accountant will work with you to understand the difficult aspects of taxation like IR35 and annual tax computations and deal with HMRC and Companies House on your behalf.
Grow your business
A good accountant can be a source of guidance and, in some circumstances, advice. If they are experienced, they could be a valuable asset for you as a director.
Help in difficult times
If you are experiencing financial difficulty or even if you are not, accountants can help you in a number of ways such as monitoring your cashflow and flagging up signs of distress early.
Finding an accountant
Before you employ the services of an accountant or tax agent, make sure they are qualified to do the work you want them to do.
You should read fully the terms of engagement an accountant will provide you with before they undertaking any work on your behalf.