40% of SMEs admit to underusing their tax accountant

Although trust in accountants has increased considerably in recent years, four-in-ten small business owners admit to not using their dedicated accountant to full effect, according to the latest Pulse survey from Sage UK.
 
Research of more than 500 UK-based business owners found that accountants have replaced banks, the internet and family and friends as the nation’s most trusted small business advisors, but many small firms are missing out on the value the professionals can bring to important decision making.
 
More than half (52 per cent) of SME owners now turn to accountants first, compared with the internet (20 per cent), family and friends (five per cent) and banks (two per cent).
 
The report indicated that firms who had a strong working relationship with their dedicated accountant were far more optimistic about their prospects for growth towards the end of the year.
 
Almost half of these business owners (49 per cent) viewed their relationship with their accountant as a consultant or client, while more than a third (35 per cent) viewed it as a business partnership.
 
Paul Tooth, managing director of Sage Accountants Division, said: "The UK accountancy profession is now ideally positioned to be an integral partner to UK small businesses, but it is surprising that so few are taking advantage of the full extent of services available beyond basic book keeping.
 
"There is no one better placed to provide advice and guidance on your business and with optimism returning to many parts of the economy it has never been more important to keep your accountant close."
 
At TaxAssist Accountants we enjoy meeting business owners and self-employed people who are looking to get the most out of their accountant, and we are certainly well placed to advise you of the best possible tax position to be in.
 
If you would like a free no obligation meeting with your local TaxAssist accountant to discuss your requirements and provide a fixed-fee quote, then why not give us a call today on 0800 0523 555 or make an enquiry online.

Date published 29 Nov 2013 | Last updated 29 Nov 2013