How do I find an Accountant?
Choosing the right accountant for your business or personal tax return is important with the right accountant giving you peace of mind, valuable advice and convenience.
A local accountant might be something you prefer or you can search further afield which can bring you more options and often more value.
Finding an accountant is all about what is best for your business financially and the time you can save personally dealing with your accounts, bookkeeping or payroll.
Should I use an Accountant?
Using an accountant is a choice usually based on the benefits you get financially and the time saved in not having to do what an accountant will do for you.
If you use an accountant your business should run better and you will gain peace of mind that your accounts are being kept correctly and tax deadlines are being met.
In an increasingly digital world using an accountant that is up to speed with making tax digital is recommended to ensure that your taxes are compliant with HMRC’s MTD regulations.
Making tax digital is already in place for some areas of tax like VAT and will become more relevant for more businesses and individuals in the future.
Sole Trader Accountant
A sole trader accountant can provide significant support to individuals who are self employed and trying to do everything themselves.
Having an accountant manage your sole trader accounts reduces what you have to do letting you focus on the day to day running of your business.
Your sole trader accountant will help keep you compliant with HMRC legislation, tax deadlines and up to date with any changes brough in by HMRC’s making tax digital.
Limited Company Accountant
Running your business as a limited company can sometimes be more tax efficient but it does bring with it additional regulations that need you to be aware of.
A limited company accountant can let you know about limited company benefits like limited liability and tax savings but importantly the additional tax and legal obligations you will have.
It’s vital you are comfortable with what running a limited company means for you and not just look at the potential increase in profitability. This is where using a limited company accountant can really be worth it because they can give you the information needed so you can make informed decisions.
In addition to your company accounts as a company director you will need to complete a personal self assessment tax return which is something your limited company accountant can take care of as well.
Partnership Accountant
Running a partnership means you need to complete a partnership tax return and a personal tax return.
A partnership accountant can help you decide which type of partnership is best for your business and complete your partnership tax return.
After your partnership tax return is completed your accountant is there to assist with your personal tax return which will need to report your partnership figures and any other taxable income.
Your accountant will share the partnership income with each partner informing you of what you personally need to declare to HMRC and the deadlines that HMRC expect you to meet for reporting and paying any tax owed.
Payroll Accountant
A payroll accountant is responsible for processing employees pay on time correctly using HMRC compliant payroll software.
Payroll includes a number of different elements with deductions like income tax, pensions, national insurance and student loans.
It is very important to use up to date rates and percentages and be aware of any changes to things like the minimum wage.
Using a payroll accountant makes sure your employees are paid when expected with compliant pay and deduction figures.
Your accountant will also manage the payment of tax you owe to HMRC and report to HMRC your employees pay and deductions on or before each payday.
VAT Return Accountant
VAT registered businesses have to submit regular submissions to HMRC usually on a quarterly basis.
A VAT accountant will complete your VAT return and submit it to HMRC under the making tax digital requirements.
Using the right accountant reduces the risk of missing your VAT payment and submission deadlines.
There are strict VAT return submission deadlines with penalties under MTD for late submission and payment of any VAT due.
Your VAT accountant will arrange for any VAT due to be paid to HMRC or for any VAT refund to be repaid to you.
Self Assessment Tax Return Accountant
A self assessment tax return has to be completed by individuals for multiple different reasons (other than self employment) with some of the most common being:
- Earning over £100,000 as an employee under PAYE.
- Being a limited company director.
- Being a landlord.
Employing an accountant to assist you with the completion and submission of your tax return is a popular way to complete your tax return as efficiently and accurately as possible.
Your tax return accountant can reduce your tax bill by including tax reliefs that you were unaware of and ensure tax deadlines are met to avoid late filing and payment penalties.
Tax Planning and Advice
Tax planning and personal tax advice is definitely worth considering if you want be as tax efficient as possible and HMRC compliant.
Personal tax advice is specific to your circumstances which means you can get tailored recommendations based on your needs.
Your tax advisor can reduce your tax bill now and in the future in a way that meets HMRC requirements avoiding costly errors and potential penalties.
Employing a tax advisor is a practical option to anyone that would like an experts view on their current and future tax affairs.
