29/05/2019 by Jenny Vadasz 0 Comments
How to Hire a Great Accountant
Have you just opened a new business or thinking of opening one?
Do you need some help on the business set up?
Do you know all the tax requirements?
Here to Help You!
When you’re self-employed- finding your perfect accountant
can feel like a maze of confusion. Wandering through the hedges of jargon,
finances and tax rules can leave you feeling like there’s no way out- but we
promise there is. Simply follow our top tips below to find your perfect
Make hiring your accountant a priority as soon as you start your business, their
knowledge and expertise will make the transition a whole lot easier for you.
Ø Trust your accountant. Find one who you can rely on, who will speak your language
without the accountancy jargon. For us, the best part of a client meeting is
when we know our clients leave understanding exactly what was said and with any
key points which need following up. We’re the jargon busters, the no nonsense
Ø Be honest.
A good accountant will talk through everything with you to help
you identify if anything else applies to your circumstances. For example: Fixed
Assets - do you have a laptop/PC, a car/van, anything that is going to last
normally more than 3 years ... that’s a fixed asset. We don’t expect you to
learn all the accountancy terminology, that’s what we’re here for.
Ø Consider all your options.
If you’re setting up a limited company then is it cost
effective for you in the long run? Answer: Yes!
It does cost a little more to begin with but the risk reduction for you and
your business is huge. As a sole trader,
there is no legal difference between you and your business, but as a Limited
Company there is. This means you can setup payroll and take advantage of
company dividends (again saving you precious tax money)
Ø Keep it separate.
That’s your personal and business life. Our best tip is to open
a business bank account as soon as you have your business name, and if you’re
going Ltd then as soon as you have your registration number. This streamlines
your finances, keeping it more efficient as you see the separation of costs and
With the introduction of ‘Making Tax Digital’ (MTD), your cloud based software is a
key part of your business platform. Bags of crumpled receipts are a thing of
the past, especially now you can take a quick snap of that petrol receipt and
chuck it away. Most of our clients now have apps on their phone to take a photo
as and when they get a receipt, this then analyses and moves into the folder
enabling us to check and keep track of. 10 seconds- job done!
Ø Follow up.
Once you have billed your customer for a job, be sure to follow
up with them, are they happy with your work and has your invoice been paid on
time? Don’t forget to ask for reviews and feedback- a happy customer can make
all the difference in finding your next one.
Ø Stick to deadlines.
By ensuring everything is available to your accountant way
ahead of deadlines means they’ve got plenty of time to ensure everything is in
perfect order for you, and there’s no nasty tax surprises coming your way. Sole
Trader tax returns run from April to March and there’s a 9 month deadline to
file. For a Ltd company- the tax year runs from the day you registered for the
next 12 months, with a 9 month deadline.
Is your accountant there when you need them? We offer monthly meetings and catch
ups (either face to face or via video calls). This regular contact means we
have a great relationship with you, we’re ALWAYS on top of requirements and we
never ever miss a deadline.
For more info or to arrange a free consultation, get in touch on 07747 139742 or email email@example.com