Why You Need to Hire a Tax Accountant for Your Small Business
Unlike large corporations, small businesses don’t have the luxury of having internal accountant manage their tax affairs. However, that doesn’t rule out the need of having a professional who can help the small and medium-sized businesses with understanding the UK taxing system. At WeAccountax, we take pride in being the best online accountants in London, Leeds, Manchester, Bristol, Birmingham, Glasgow, and Belfast among other cities in the UK. Our services relieve you the burden of having to hire an in-house tax accountant.
Our tax professionals are conversant with the country’s tax laws which change regularly. The professionals use this knowledge to help you with preparation and filing of tax returns for your business. In this case, you can receive help
Before tax preparation– in which case the accountant can offer you advice on tax planning throughout the year. Through proper tax planning strategies, you are able to legitimately minimize the amount of tax you pay. For desirable results, you should use tax advisor’s service on a quarterly basis per year.
In preparing your tax returns– in addition to offering you advice on tax matters, out tax professionals will help you in time and accurate tax returns for your business and personal tax returns. Handling both business and personal tax returns help the accountant maximally coordinate your tax savings.
After tax preparation– once the accountant has helped prepare your returns, he will take the responsibility of ensuring you have been audited. Timely filing and auditing get rid of any issues that may arise with the HMRC.Our tax advisors comprise of chartered accountants, tax attorneys, and certified public accountants, all of whom are qualified to present your tax information to the HRMC. Hiring our tax advisors comes with several benefits including;
- Ensuring your business is always compliant with the latest tax legislation effective in the UK and overseas
- Ensuring your business tax returns are prepared are filed in time to avoid unnecessary fines
- Helping you create effective tax planning strategies that minimize your taxes
- Offering business and personal tax consultant services
- Offer you guidance on matters such as indirect taxation including VAT, environmental taxes, and custom planning
- Help you in calculating the tax liability of your business and other detailed calculations
- Offer you addition accounting services including payroll preparation, VAT, and bookkeeping.
The number of services you receive from our tax advisors depends on the size of your business. Fortunately for you, WeAccountax give you the opportunity to have a customized package depending on your needs.
When to Hire the Services of Online Accountants?
Venturing and running a business is a demanding task that requires a lot of patience and persistence. Before your business stabilizes, you need to put all your focus on it as one slight mistake might result in a downfall even before you get on your feet. For this reason, you need to hire a professional accountant to make sure all the numbers add up.
Hiring an in-house accountant is expensive and will not be a wise thing to with your start-up. Fortunately, Weaccountax is a leading, London based online accountants and we will be more than happy to help you with all your accounting needs. Hiring our online accounting services offers you some major benefits. Unlike an in-house accountant, our charges are relatively low as we charge you depending on the services you want handles, in this case, we are going to provide you with packages you can choose from. You also have the option of having a personally customized package depending on the needs of your start-up.
Benefits of hiring the services of freelance accountants
The accounting industry is faced with stiff competition which means as a business owner, you have the benefit of choosing whichever accounting firm you wish to work with. However, there are certain factors that you need to consider before signing a contract with an accounting firm. For instance, you need to first determine the needs of your business compared to the services the accountant is offering you. You should also consider the accountant’s level of experience.
At Weaccountax, we have over 30 years working in the industry and we will present you with benefits worth the package you choose. You can contact us if you need;
- Help with writing your business plan– when starting a business, we can help you in making useful financial projections and reports on your business plan to make it look more professional and realistic.
- Advice on which legal structure perfectly suits your business– when starting a business, you need to decide which legal structure perfectly suits you. Either a sole proprietorship, a Limited Liability Company, a partnership or corporation. Each of these structures has its own benefits and different tax requirements. We are going to help you understand all the requirements, benefits, and risks that come with each structure.
- Help with managing your cash flow– managing money in and money out can seem like a simple task but in the real sense, poor cash flow managing is one of the leading causes of failure in start-ups. At WeAccountax, we are going to help you come up with an effective investment strategy, maintaining a corporate budget, making the right choice on investment assets, and coming up with strict debt collection strategies.
- Guidance in growing your business– once you start a business, you will need professional advice on when to make important business decisions such as renting a bigger office, hire new employees or purchase new equipment. Our professional accountants are not limited to bookkeeping services alone, we also possess business skills that we can share with you with the aim of helping you make informed business decisions.
Why You Should Hire a Management Accountant for Your Small Business
When you start a small business, it easy to want to do most things for yourself with the hope of cutting cost. While this is understandable considering your start-up might drain you financially, it is important to hire professional help to handle financial matters. In this case, a management accountant comes in handy. And since these professionals are expensive to hire, you can always go for the alternative of hiring a freelance accounting firm like WeAccountax Accountants. The firm offers accounting services through London and other cities within the UK including Northampton, Birmingham and Belfast, Sheffield, Edinburg, York, and Derby.
Among the many accounting services offered by the firm is management accounting, which every business, small or medium requires. Having professionals handling your bookkeeping helps avoid situations, where you’re your accounts, are handled poorly resulting in hurting your business financially. These accountants can help you in various stages of your business development including;
An accountant is very useful during the start-up process as his services can help create a strong foundation for your business. By hiring an accountant at this stage gives you the opportunity to get;
- Insight on the most appropriate business structure to run either a sole proprietorship or a partnership
- Get detailed financial analysis of your business plan
- Insight on the best accounting software suitable for your business
- Advice on ensuring all your accounting procedures are in line with government laws and regulations
- Help in opening bank accounts for your business
- Help keep a track record of all your daily business expenses
- Helping you separate your personal expenses from those of the business
Daily business operations
Running the daily business operations can be overwhelming but with the support of an informed accounting professional, it will be easy to maintain your initial accounting system. In this case, the accountant will assist you in;
- Categorizing your employees differently from your independent contractors to avoid complications when preparing tax returns
- Elaborating your financial statement to ensure you clearly understand your business in details
- Help with preparation of your company’s payroll and payment process
- Preparation of annual financial reports
Helping in the growth of your business
Once your start-up has gained a firm foundation, it is time to start planning for new growth strategies. In this case, you will need an accountant to offer you advice on;
- Best areas of grown by providing you with detailed insight into your business’ cash flow patterns, business financing, inventory, and pricing
- Property and equipment leasing and purchase
- Preparation of a budget that suits your business
The best thing about contracting online accountants is that you will only request their services when you need them. Unlike in hiring a full-time accounting, freelance accountants are affordable.
Benefits of Hiring Online Chartered Accountants
If you have already made up your mind to venture into the business world, then you already know that working with a qualified accountant is a necessity. What you probably don’t know is that working with a chartered accountant is way better than working a random accountant. The former have additional skills and knowledge that are an asset to your business.
Working with WeAccountax chartered accountants further gives you the benefit of experience. Having been in the industry for over 30 years, they have gained a wide breadth of skills which they use to help clients with their accounting needs. Also, the years in the field has exposed them to various has exposed them to different industries hence helping them understand the specific needs of the clients. Most importantly, WeAccountax offers online accounting services which have multiple benefits including
Accurate assessment of financial records– analyzing financial statements requires the accountant to be very keen to avoid making mistakes that will misguide the business in making decisions. Hiring an in-house accountant means having him for overtime hours and sometimes taking work with him at home to ensure everything is done in a timely manner. As a result, he becomes fatigued which can easily result in errors. However, you can avoid such mistakes by hiring an online firm that is staffed with professional chartered accountants. These professionals will share the duties ensuring none of them is fatigued and hence produce error-free results.
Quality tax consultancy services– when preparing the tax returns for your business, you need an accountant who will not only do it in a timely manner but will also find legitimate ways that you can minimize your taxes by weaccountax accountants in north, east, south, and west London.
weaccountax accountants will offer you professional advice that will help you avoid any unforeseen tax bills at the end of every financial year.
Creation of a working business model– working with chartered accountants ensures that you have an effective business model that matches the trending models in your industry. Whether you have a small or medium-sized business, these professionals will help you fix any snares that might be present in your business documents.
Cost friendly– working with online accountants help in minimizing cost since you only pay for the services requested. In addition, you also get the job done thoroughly and within the expected time frame. Online accountants understand that the quality of their work is what will determine whether you are going to rehire them or not. For this reason, they provide high-quality and competitive services than you would get from an in-house accountant.
Benefits of Hiring a Forensic Accountant
As exciting as running business sounds, it is faced with a lot of challenges that will require you to work hand in hand with various professionals. One of the most dreaded challenges is going through the financial crisis that involves being conned, robbed or being hurt financially by the actions of another entity. Such an occurrence can result in a lawsuit as you try to reclaim what you have unjustly lost. However, for the lawsuit to succeed, you need to have the exact measure of the financial loss you have an encountered.
Services offered by forensic accountants
Although an attorney can assist you with making claims, it is always advisable to use a forensic accountant in investigating and analyzing the financial loss. These accountants possess accounting, investigative, and financial analysis skills to help you recover your dues. Through their assistance, your attorney will have a credible analysis that the court will use in helping you recover your losses. At WeAccountax, we work with attorneys, individuals, insurers, creditors, and businesses that are involved in the calculation of financial damages.
When to reach us for forensic accounting services
If you are looking for an accountant in London, Leeds, Edinburgh, Leicester, Sheffield, Northampton, Cardiff, York, and Derby, we are your go to an online accounting firm. You can contact us for this service if you need assistance in any of the following situations;
- Investigating fraud within your company– if you suspect that there has been fraud in your company, there is no need to beat yourself up wondering where to start. Our forensic experts will help you in investigating the involved parties and especially the suspects. From the investigations, your attorney will be provided with adequate and compelling reports to present before the court. Having been in the industry for over thirty years has exposed our forensic professionals to useful skills and knowledge that are useful in helping you with your case.
- Prevention of fraud– it is said prevention is better than cure and this adage applies in preventing fraud within your business. By hiring our services, we will help you in determining areas of your business that are vulnerable to fraud and put deterrence measures in place. Through our services, we can help you stop any fraud activities that have been happening and hence ensure the financial safety of your business.
- Commercial damage– in case you are involved in complex business-related litigation matters such as wrongful competition, breach of contract, intellectual property infringement, construction claims, and product liability among others, we can help you by providing our expert opinion on lost profits.
- Disputes between shareholders and partners– if you are running a partnership business, there are likely to arise disputes once in a while. Through our forensic accounting experts, we can assist your business by providing a detailed analysis of the accounting records to help quantify the benefits, compensation, and distributions for each partner or shareholder.
- Business insurance claims– in case your business is faced with business interruptions, employee dishonesty or property loss and you require compensation from your insurer, we can help you in calculating the losses. In this case, we carry out a detailed investigation that helps determine the financial situation of the insured and then come up with reliable loss assessment. This information is used in determining how much the insurer is supposed to compensate the insured. When it comes to offering this service, we can work either with the insurance company or the insured business.