Why your accountant is interesting
Accountants tend to get their leg pulled about their image. They’re often portrayed as being to business what Steve ‘interesting’Davisis perhaps to snooker. Then there was that legendary Monty Python sketch. Well, we asked an accountant WiRE member to give 5 Reasons Why You Should Find Your Accountant Interesting…
1 We can make you money
Your accountant can advise you on the legitimate expenses you can claim and how to minimise your tax bill. Is a sole trader, partnership or limited company the right trading entity for you? Your accountant will tell you the pros and cons and should be able to illustrate the tax you can save by choosing the right business structure. She/he can also advise you on how take best advantage of new legislation, like the new pension rules, for example
No, this isn’t some new form of grant. It stands for Relief From Anxiety and is possibly the best product an accountant can sell you. You won’t have to worry about all the compliance requirements Her Majesty’s Revenue and Customs place on you. With the compliance burden removed from your shoulders, you can concentrate on what you do best – generating sales for your profitable business.
3 Help you expand
Did you know that more businesses go bust when the economy comes out of a recession than when it goes into one? This is because expansion can be a huge drain on cash. If you are considering a step change in your business, your accountant can help you to draw up business plans that will forecast the profitability and cash requirements during the period of growth.
4 Maximise the value of your business
Are you thinking of selling your business or taking on a partner? Your accountant can tell you the sort of value you should expect for all or part of your business. Also, with careful planning before a sale, you can demonstrate the sorts of things a buyer will be looking for, such as stable earnings growth. This can help make sure you get the best possible price.
5 And then there’s the little things!
You might not have bought a van before so you may not have considered hire purchase or invoice discounting but a good accountant will have seen it many times over and can be an invaluable source of advice and help. For example, if you’re looking to purchase a vehicle for your business, you’d be surprised how much you can save if you purchase that vehicle in the right way. And my team recently reduced a client’s tax bill by over £30,000, simply by changing their year end!
Gillian Duffy runs her chartered accountancy business from Stokesley in North Yorkshire.
A WiRE member, Gillian provided expert advice at the WiRE conference, in Harrogate.
5 Reasons Why You Should Find Your Accountant Interesting
Please note that this article is not written by WiRE but by a third party company. Whilst WiRE have made every effort to ensure that the information and details are accurate, we are unable to guarantee that they completely and WiRE are therefore unable to accept liability for any loss you may suffer as a result of omission or inaccuracy,