If you own a small business or work as a contractor or freelancer, you may not think too much about prioritising your tax affairs. This is completely normal because you will understandably be focused on your work and growing your small enterprise or profession. But when you are working for yourself, you also know that every little penny will count, and you need to be completely aware of where your money is coming from and where it is going. It can be a real challenge to keep an eye on all your financial transactions and records, and this is where hiring an accountant can be one of the best decisions you make for your business or profession. Why else do you need an accountant? Here are the top three best reasons why you need an accountant for your business.
1. Save time
Time is precious, and if you make your earnings per hour, then every hour counts. But would you rather earn money for an hour’s work or spend an hour going through your financial accounts? Your priority should be to generate and produce business, but you can’t very well do this if you have to spend a lot of hours each week just writing down your transactions and balancing your accounts. If you employ the services of an accountant, you not only have someone who can do all your financial paperwork for you – you also have someone who is fully versed in the latest tax guidelines and laws and deadlines. Not only this – they know the exact format required by HMRC, which saves you from the trouble of going through the HMRC site yourself. With an accountant’s expertise, you can make more efficient use of your time and have better peace of mind knowing that all your financial records and accounts are done right.
2. Avoid paying fines and penalties
One of the foremost benefits of an accountant, such as the accountants in central London from Griffin, Stone, Moscrop & Co is that they can help you avoid paying fines and penalties. Some people are more than happy to deal with this aspect of their business or profession, but if you value your time and would like to be doubly sure that you are not committing errors or mistakes, you should rely on an accountant. With their expertise and complete knowledge, they will make sure you don’t end up paying fines and penalties – they will be aware of all the deadlines and make accurate reports of your finances. Fines can range from £150 per day for the late submission of yearly accounts up to £1500 for a delay of six months – so if you want to do away with this potential problem altogether, an accountant will be of the greatest help.
3. No more worries about taxes
There is no denying that tax can be quite complicated. Even the guide produced by HMRC is more than 100 pages, and realistically speaking, who has time to sort through all of that? If you need to remember to prepare and produce your year-end accounts, company accounts, personal tax return, VAT calculation, payroll, and so on, this can all add up and become a real burden. But if you rely on an accountant to do all of this, you need no longer worry about your taxes and leave it to the expert.
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