With many new tax reforms being implemented from 2017, it is advisable that small business owners invest in the services of an accountant. Consider the following to ensure that you grow and stay up-to-date with ‘all things accounting’ for your small business in 2017.
HMRC’s ‘Making Tax Digital’ Plan
The HMRC (Her Majesty’s Revenue & Customs) will begin implementing their new ‘Making tax digital’ plan from 2018. An accountant will advise you as to what you will have to do to comply with these changes. This in turn means that the way tax will be calculated and paid is changing. Every small business will have to use software to keep track of their tax and submit assessments. An accountant will keep you up-to-date with these changes in due time and will advise you.
Proactive Tax Planning
The use of an accountant will ensure that you do not miss any tax deadlines which might result in fines. Valid expenses that can be claimed will be thoroughly explored as well to ensure that you do not pay more tax than you should. Note that late filing or payment of taxes will also be avoided as your accountant will advise you in advance.
They will also set up a tax planning system especially if you consult them at the beginning of the new tax year i.e. from April onwards. This will allow you to budget in advance for your future tax bill and help you plan how to keep more money in your business before tax filing occurs.
Online Accountant Software
A professional accountant will automate your bookkeeping by using an online software system. The following features can be setup on any device from any location.
- Get paid twice as fast with email invoices and mobile payments
- Easily pay your employees with payroll management
- Manage and pay your bills
- Access for up to five users
- Daily automatic backups, so you’ll never lose any information
- See profit and loss, balance sheets, and other reports
Boost your profitability
A business needs to grow its core business and focus on growth strategies. An accountant can aid you by taking on all accountants hence freeing up time for you to deal with your business growth. They can also provide you with real time data that can be utilized to make proactive business decisions. They will also arrange a system for your cash flow and help you negate unnecessary costs to boost profits.
Track growth with measurable KPIs (Key Performance Indicators) to track your revenue and profit. These KPIs will give you key information as to whether a goal is being met or not and will help you decide on implementing key business decisions and improvements.
Investing in the services of a professional accountant is a sound business decision that will yield returns in the long run. At Pearl Accountants, our team of dedicated accountants will provide you with expert advice. Please contact us to arrange a free consultation.
Shoaib Aslam is the co-founder of Pearl Chartered Accountants, a UK-based chartered accountancy firm that has multiple locations across London. They are experts in helping startups and established businesses with all aspects of growth, strategy, scaling up, accounting and tax planning.