Accountant

One of the most frequently asked questions by a new business is:

Do I need an accountant?

The question really should be:

Can I complete all my filing duties on time?

Now if your reply to that is that you do not know what your filing duties are, do not understand the forms etc then you have answered the question:

Yes you do need an accountant.

There is a lot to running a business and your time could be better spent securing new customers and sales, negotiating with suppliers, managing staff etc.

Expert help in this area can save time and money.

For example

making sure that you claim all allowable expenses
ensuring all the forms and accounts are filed on time - late filing can result in huge penalties and fines
ensuring that correct accounting records are kept which is a statutory duty

Often we hear that new businesses cannot afford an accountant.

Again we ask:

Can you afford not to have an accountant?

With fines starting at Ł100 and up to Ł1500 it could be money well spent.

Our advice would be that as a sole trader you could do your accounts and tax returns yourself - if you have the time and experience. If you don't then get an accountant.

However for a limited we think an accountant is essential.