Lash-Ed Issue 3 October 2018 - Page 61

‘This is getting stricter as AAT Licences Accountants now have to complete DBS checks in order to maintain an accounting licence.’

2. Hiring an accountant often saves you more money than not using an accountant at all. When you think of your hourly rate

and calculate how many hours you could spend on bookkeeping, payroll, budgeting and cash forecasts the benefits are clear to see. Even the business start-up process can be a little tedious when you want to just get stuck in with your trade.

3. As the old saying goes ‘two heads are better than one’. If you find an accountant, your trusted confidant, you can share your ideas and draw upon their consultancy skills in business and management accounting to help turn these ideas into reality in the most cost effective way.

It doesn’t stop there, an accountant will also be able to analyse and report on the results of a project for you to let you know what is working, and what not so well.

4. Less is more. This is a great one to remember, the less time spent pouring over receipts and paperwork, the more time in the business. A good accountant will be able to ease the burden of paperwork and provide peace of mind.

less time spent pouring over ... paperwork, the more time in the business

5. Never miss a deadline again! A good accountant will work with you to ensure that you are aware of any upcoming deadlines, payment dates and reporting requirements. This is important as HMRC issue penalties for lateness and incorrect information. Accountants also liase with HMRC on your behalf and can be worth their weight in gold should HMRC wish to open an enquiry as they will have all the information in the appropriate format for HMRC providing they have acted for you previously.

HMRC issue penalties for lateness and incorrect information

6. To avoid paying too much tax. Whilst a lot of self-employed individuals complete their own accounts, not all individuals are claiming all the allowable deductions. A good accountant will research and ensure that you are aware of every possible tax relief that is available to you, subject to the information that they have received from you. If there is a possibility that you have missed an opportunity to claim a potential tax relief a good accountant will identify this and make the necessary adjustments to ensure that you get the relief that is available to you.

not all individuals are claiming all the allowable deductions

7. To grow your business. Accountants often specialise in a particular area, I am an income tax specialist by choice and my chosen sector is the beauty industry, but all accountants have covered the area of management accounting. This is useful as the technical skills of an accountant can help with strategic planning and decision making at management level.

I am an income tax specialist by choice and my chosen sector is the beauty industry

8. To benefit from the expert knowledge from an accountant as to the best way to organise accounts as required for your business. Some people often choose the same basis to account for car mileage (rather than petrol receipts), because a friend of a friend does it that way. This is not always the best route to take as each business has different requirements and an accountant will look at your business as a whole before advising. It is also important to be aware that what the next person is suggesting may not be correct or legal.

each business has different requirements and an accountant will look at your business as a whole before advising

9. To provide lenders with information in the correct format. This could be for anything from a business loan to a mortgage. In addition to this an accountant could offer advice as to whether a purchase or lease agreement is suitable for your business before you make any big purchases.

offer advice as to whether a purchase or lease agreement is suitable for your business

10. Because they are the accountant. As touched on in point 1 it takes years and years to qualify as an accountant, with ongoing CPD as well as observation by HMRC and other organisations.

A good accountant will be able to reduce pressure for you, identify opportunities or any areas that need attention and ensure that you remain compliant and within the law.

If you can think of any other benefits that have not been mentioned above then please do share your views or experiences with me using the tags below.

I would love to hear how your accountant makes your life easier and business grow. Or maybe your needs are not yet being met by your accountant and you aren’t sure which way to go. Please do get in touch I would love to hear from you.

Written by

Ria-Jaine Lincoln MAAT

Owner of Ria-Jaine Accounts and Tax Advice

www.riajaineaccounts.co.uk

www.facebook.com/riajaineaccounts

www.instagram.com/ria_jaine_accountingforbeauty

Mobile: 07585909305

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