Do you need an accountant? Here’s what you need to know

An accountant is more than someone who submits your tax return. Accountants can also be business advisers, tax planners, bookkeeping support and payroll preparers. 

Here we dispel any misconceptions and delve into what an accountant does, why and when you should use an accountant and the benefits of having an accountant. 

Is my business big enough to need an accountant? 

Regardless of the size of your business, you may still face challenges. If you’re just starting up and require advice about business structure and funding your growth let your accountant know.  

Choosing the right structure for your business may not be an easy decision. A professional accountant can discuss your individual requirements and undertake a review to ensure you choose the best way forward for your business. 

If your business expands and you start to employ people, even if this is just you as the sole director, it may feel daunting to do the payroll. Meeting your legal obligations as an employer can be confusing and time-consuming. An accountancy practice with a payroll team can help complete all payroll tasks. 

Businesses of all sizes may struggle with cashflow at some time. Your accountant can help you learn how to manage your cashflow, and prepare forecasts and reports to help you make informed decisions. 

Do I only have to worry about accounting when it’s time to pay tax? 

Accountants aren’t just for January, we can work with you and your business all year round. Accountants have an extensive range of services in the finance world. They keep your books tidy, make sure you’re tax-compliant, and are armed with strategies to keep your business financially healthy.  

From daily bookkeeping to tax planning and tax saving opportunities, they’ve got your back. Your accountant can help you navigate the maze of tax laws and business regulations. 

Having a good relationship with your accountant is key to getting the most of the service they are providing. Working closely with an accountant will build a trusted relationship. Your accountant can work as a business adviser throughout the year as well as be the people who file your tax return and accounts. 

As well as accounts and tax preparation, accountants can: 

• Drill down into the detail for deep insights into what is and isn’t working 
• Know how to create a plan to secure business funding 
• Make changes to the way your business is structured to boost tax efficiency and boost market strength 
• Track key performance indicators (KPIs) to push your business forward 
• Help you and your business to grow and scale 

Why do I need help from an expert? 

With lots of tax legislation in the UK, it can hard for a business owner to manage this alongside running an successful business. Accountants know the legislation so you don’t have to.  

Accountants can save you stress, time and money and also give you peace of mind that your accounts, tax returns and any other forms are correct. 

By helping you identify allowable expenses and tax reliefs accountants ensure your tax liabilities are correct. While being experts in tax and accounting, accountants can explain complex topics in an easy-to-understand way. 

With changes in the tax scene, an accountant will keep on top of changes and the effect on your business. For example, an accountant can make sure you comply with the Making Tax Digital requirements when they begin to affect your business. 

With all the software now available, why can’t i do it all myself? 

You may feel that digital technology means that you can do it all yourself. Unfortunately, as great as these software solutions are, the information is only as good as the user. The apps and software packages can’t help you know what expenses you can claim on your tax return, but an accountant can. 

Accountants are highly experienced in using digital technology, we can train and assist you in using the technology and to use it effectively by combining it with our advice.  

Aren’t accountants expensive for the services they provide? 

Your accountant can be as involved in your business as and when you require them. Our services can be tailored to your needs. Using an accountant does not have to be expensive; fees will be based on your needs and requirements.  

The services your accountant can provide will save you precious time to run your business. Using an accountant is a sensible investment in your business and gives you the best opportunity to thrive, grow and succeed. Spending on expert advice can save you in the long run by avoiding costly mistakes and helping you manage your business’ finances smartly. 

Why, what and when 

Accountants aren’t just about looking after the numbers, they can guide you through tax headaches, handle complex paperwork, and even help plot out your business’s financial future. 

Services accountants offer: 

Business 

• Corporation Tax and Tax planning 
• Accounts 
• Bookkeeping and VAT returns 
• Payroll 

Personal 

• Self assessment tax returns 
• Capital Gains Tax 
• Tax planning 
• Inheritance tax 

How TaxAssist Accountants can help 

If you're starting out, scaling up, or finding the tax landscape a bit too tricky to navigate on your own, it's probably time to bring in a professional. An accountant can save you, leaving you free to focus on what you do best – running your business. 

For a free consultation on how we can help you call us on 0203 397 1542 or use our online contact form. 

Date published 1 May 2024 | Last updated 8 Aug 2024

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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