by Nick Robinson | Jul 18, 2014 | Business, Business Planning
A lot of businesses, especially small businesses and sole traders, see an accountant as somebody they go to yearly for a tax return. A tax return is a popular, important and valuable service that accountants can offer but it is far from being the full extent of their work. There are a huge range of other services that an accountant can offer, and some of the most useful are:
Accountancy firms can usually offer a very wide range of financial services, including serving as a payroll bureau. Payroll is a complicated process with a lot of necessary legislation to follow, and at the heart of it is both the business’ wellbeing and staff interests. In most cases, handling it in-house rather than outsourcing to a payroll bureau requires either hiring a specialist or spending a lot of man hours on having it handled and carefully checked by a non-specialist. Outsourcing it to your accountant’s payroll bureau service will not only free up this time and effort, but also make sure that the entire process is handled properly and is fully-compliant. As a result, trusting a payroll bureau is both cost effective and extremely useful for the majority of businesses that employ staff.
Limited Company Formation
If you are forming a new business, you will have to decide which legal structure to adopt. The two main options are sole trader or limited company. Limited companies provide better personal protection from business liability and, in some cases, can be more tax-efficient. You may also wish to form a limited company after functioning as a sole trader for some time if business growth has made it the more tax-efficient option. Setting up a limited company is a multi-stage process and significantly more complicated than registering as a sole trader. If you have trouble with this process or are concerned about making sure you carry it out properly, your accountant should be able to help you.
For many businesses, an accountant is a lot more than just a service provider. An accountant is often considered a trusted advisor, particularly a tax advisor. Tax is an important matter for any business, but it is also often a complex and intricate process. Operating in the most tax-efficient way and making sure that all allowances are claimed can have a huge, positive impact on a business’ outgoings. Making sure that everything is properly declared and tax is not underpaid can also save a lot of trouble later on. Making use of your accountant’s expertise as a tax advisor is a valuable asset in making sure your business runs efficiently. Seeking help from a professional, expert tax advisor will have a positive impact on your finances and ensure that all necessary tax processes are followed properly. Many small business owners feel that acting as a tax advisor is one of the most compelling reasons for using a professional accountant in the first place.