Whether you’re thinking about starting up a business doing something you love, own a small side business to supplement your current income or you’ve been self-employed for a while and need some help managing your finances, a tax accountant can help.
Taking the hassle of tax management off your shoulders means you can focus less on money management and more on growing your business.
Running your own business is hard work. Taking care of stock, staff costs, customers, orders, marketing and growing your profits takes a significant amount of time and effort to do properly. After all that, the idea of a managing VAT, PAYE, and finances can seem like a nightmare. A tax accountant can take the hassle of managing your money off your to-do list, giving you the ability to focus on running and growing your business instead of trawling through invoices and receipts.
When filling out a tax return, it’s easy to get caught out by recent changes to the law. Each year, something will have changed that can take you by surprise if you’re not aware of it. The result can be a significant increase in tax owed, fines, and other legal situations arising unnecessarily. Tax accountants keep up-to-date with these laws, meaning you don’t have to.
Your tax accountant can streamline your outgoings, saving you money (and paying for themselves!) in the long run. Accountants will identify the expenses you’re entitled to, spot any unnecessary outgoings and chase up missing payments, which will significantly increase the amount of money coming into your business in a very short amount of time.
If your sole trader business has grown significantly (earning around £50,000 a year), it might be more financially efficient to switch to a limited company status. A tax accountant can show you how to do this in a way that benefits your business most without incurring significant costs.
If your business is already a limited company, tax accountants can find opportunities from outside investors, reduce your tax outgoings and manage the financial headaches that most businesses have to deal with.
Sign up for your free tax consultation today and we’ll help you keep on top of your finances.
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TaxSail offers expert tax advice for clients who are self-employed or sole traders and need to submit a tax return. Our tax advisor, Hannah Smith, can also offer help with tax compliance and corresponding with HMRC.