At the first stage of your enterprise you may want to save money on as many expenses as you can to keep the initial costs down. This strategy works out well when it comes to overheads which are not strictly necessary to the nature of your business, such as a company’s car or extra office space. Yet, you aren’t reccommended to save money on everything, especially when today’s saving can come to a higher price tomorrow.
A good example on this, is saving money on accountancy service. Some entrerpreneur may feel confident and skilled enough to do their accounts themselves in order to save some precious quid at the very beginning of their enterprise. This choice can cost the buddy-entrerpreneur a lot. This article will outline the main benefits of leaving your accounts in an expert accountant’s hands and give you a tangible example of how wrong things can go for small enterprises who choose not to use one.
An accountant can:
- tell you what to do so that you stay within the law, yet pay the least possible tax.
- tell you what is deductible and what is not – so all you need to do is provide them with a complete set of all your financial records
- Help you figure out exactly how much you need to pay as tax
- Help you set up sound financial practices that you can follow to make the most income and pay the least amount of tax using legal methods and ways
- Take care of the important financial deadlines
- help with planning for future expenses
- Offer advice about property and assets that you own
- Ensure that you’re within the law Help you become a better businessmanby teaching you how tax laws work and how you can stay within them, yet take home most of what you’ve earned that year
It is easy to come across companies that have been overcharged on tax and ended up spending more in a quarter than one year of professional accountancy’s fees. An example for this is Amo Londra LTD, one of our new clients who ended up paying more tax than they should in 3 months of trading, after being wrongly advised on VAT by a non-chartered accountant.