Setting up your own business was a huge step and you are rightly very proud of having taken the leap to do it! The next steps are to focus on building up that business, getting new clients, and delivering on your promises to them. Hard work, no doubt, but fairly straightforward in theory. More and more people are doing it, with a record number of new business start-ups registered last year.
While you are rightly focusing on developing your new business, one thing that is easily overlooked are the business accounts. You may have an accounting whiz in your new team, but the chances are that you don’t and that while you may be great at what you do, when it comes to accounting your knowledge and experience are no match to the professionals. There are lots of reasons why you should talk to an accountant early on in the process:
They are experts and can advise on the right way to set up the business from the outset. This will save you a lot of trouble down the line if you decide to change things. An accountant will take the time to understand your business, what your projections are, and how you expect the business to grow. Using their experience with similar businesses and their knowledge of tax and accounting systems they will advise you on what to do from Day 1 and how you can deal with any bumps along the way.
They will make sure you don’t receive any tax penalties or fines. By keeping an eye on the accounts while you run the business, they will make sure the paperwork is done on time: e.g. year-end accounts are prepared and filed on time, calculate VAT and corporation tax, do your personal tax return, manage payroll, and liaise with HM Revenue and Customs and Companies House on your behalf.
They will reduce your tax liabilities. Good accountants understand how to run your business in the most tax efficient way, saving you money. They will also advise on the pros and cons of how to set up your business in the first instance – e.g. limited company, or self-employed – as well as whether the flat rate VAT scheme is appropriate for your business.
They will help you grow your business by focusing on the accounts while you focus on the clients. They know what direction you want to take the business in and they will help you do that by making sure any paperwork is filed on time and that your tax liabilities are taken care of. They can also let you know of any problems should they crop up and help you find ways to manage them before they become serious.
Statistics show that four in ten small businesses don’t make it beyond the first five years. By making the decision early on to invest in setting it up well and using the right team of experts to guide you, you are putting your business in a much better position to succeed for a while to come.
Whether you are a start-up or a well-established business Bells Inc. Hamilton Stewart will work with you to help your business succeed. For an informal discussion or for more information get in touch with our team today on 020 8763 1711 or by email on . We’re here to help!
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