Your accountant can give you the best up-to-date advice that will save you money and reduce your tax bill. They will be able to give you good counsel on the most tax efficient way of running your business. It is an accountant’s job to know all of the latest tax legislation and legal loopholes. The aim is tax avoidance. Tax avoidance is legal and it is very different from tax evasion which is not. An accountant will also know what is tax deductible and what isn’t. You can end up paying less tax whilst feeling secure knowing that your tax is in the hands of a professional.
If you have an accountant then you can spend more time focusing on your business and making it grow. Reading up on tax and dealing with the taxman is time-consuming and stressful. Running a business requires you to make smart decisions and hiring an accountant makes sure no mistakes are made while freeing up your time for focusing on your business. Keeping up to date with the latest tax laws, rules and regulations and deadlines is a headache. If you think about the fact that HMRC’s guide to expenses is over 100 pages long it makes sense to have this done by a professional.
Your accountant will make sure you never miss an important tax deadline and ensure that you avoid fines. This is very important as fines can run into thousands of pounds and cause a lot of stress. An annual account submission to Companies House that is just one day late will set you back £150; on top of this, there are fines for being late or for submitting your forms incorrectly for your self-assessment tax return, corporation tax and VAT return.
Your accountant will prepare everything you need, saving you money and bringing you peace of mind, while allowing you to get on with running your business.