Let’s face it, in the current economic climate we are all looking for ways to cut back on our expenditure and save money. This is true whether you are spending as an individual or on behalf of a small company. One of the things that might be top of the list for cutting back on might be professional services such as accountancy fees, but is scrimping on accountants a false economy?
Tax Returns
The main reason that individuals use an accountancy firm is to get help with completing a tax return. Completing the return is a legal requirement, and can also be time consuming if you have not done it before. The cost of your time should be balanced against the cost of getting an accountant to do it for you. Also, individuals and small business owners cannot be expected to keep up to date with the intricate and ever changing tax legislation, whereas it is an accountant’s job to do so. They will know what allowances and rebates you can claim, so using an accountant is money well spent, especially when your tax affairs are more complex than the norm.
Wages and Tax
Small businesses often contract their payroll out to accountants as it is perceived as difficult to do and time consuming. Much will depend on the size of the business and what sort of salary and benefits packages the employees are earning, but again using a professional accountancy firm to run your payroll can make things simpler for your employees and keep you on the right side of HMRC when it comes to paying your contributions. Accountants can also give advice on financial planning for individuals and businesses, ensuring you are making the most of your money and that it is being used in the most efficient and profitable way possible.
Auditing
Very few businesses are victims of fraud, but this is another area when an accountant who is professionally trained can spot irregularities that a business owner may miss. There is no shortage of firms which will supply accountants; Gatwick, the Home Counties and all other areas of the UK are home to firms which specialise in different areas. Depending on the size of your business and your turnover, you may be required by law to have your accounts audited or checked over on an annual basis, and this is something you will have no choice but to pay a professional to do for you.
This helpful sponsored business information was provided by Alex Sebuliba, the Marketing Co-ordinator for Carpenter Box. Carpenter Box are Accountants in Brighton who specialise in delivering those individual specifications to each of the clients. Their expertise and flexible support process have gained them there prestigious reputable status.
