12 days of an accounting Christmas
The truth is that hiring our accountants is a good idea. So, as we head towards Christmas Day, read on for our 12 days of an accounting Christmas or in other words, or should I say how our accountants can help boost your business.
Go on Sing along if you know it!
- On the first day of Christmas my accountant said to me … accounting software,
In April 2019 The Government introduced ‘Making Tax Digital’ (MTD) initiative meaning that all VAT registered businesses will need to submit their returns online from April 2019.There are lots of cloud accounting options out there. Our accountants will advise you on the best cloud accounting software for your particular needs and can help ensure you’re utilising all of the benefits. Our two preferred accounting software providers are QuickBooks and Xero. We’re are QuickBooks certified pro advisors.
- On the second day of Christmas my accountant said to me … best legal structure,
If you’re in the early stages of your business journey, our accountants can advise you on the best legal structure for you and your business. Should you be a sole trader, limited company or operate through an umbrella company? If you’ve already set up as a sole trader for example, our accountants can advise if changing the business structure to a limited company would be more financially beneficial.
- On the third day of Christmas my accountant said to me … tax liability,
A good accountant will understand how to save you money and be able to give you good counsel on the most tax efficient way of running your business and potentially save you thousands in tax. Advice on paying yourself dividends and the benefits of using the flat rate VAT scheme are just some areas we can help you with. At ABS Accountancy we’ll explore the possibility of Research & Development Tax Credits for you and see if there are tax other opportunities specifically for your industry.
- On the fourth day of Christmas my accountant said to me … expenses,
I don’t think there’s no one who wouldn’t want to reduce their expenses (in general life and business). Our accountants can look at your business and see if there are areas of spending that can be trimmed. Perhaps cutting excessive stock levels, overheads or staffing costs? The less money that goes out, the more profit there is for you. Knowing what you can and can’t claim for is a minefield. Our accountants can talk you through it. Over the years we’ve seen it and heard it all!
- On the fifth day of Christmas my accountant said to me … fines,
When you start to work for yourself, you suddenly need to understand all manner of things, many of which won’t be in your area of expertise. Your accounts are one of the things that you can’t afford to get wrong. Fines from HMRC can range from £150 for a day late submission of annual accounts to £1,500 fine for a six-month delay. Let our accountant keep on top of the deadlines so you don’t have to.
- On the sixth day of Christmas my accountant said to me … legislation,
Auto enrolment, Flat Rate VAT Scheme and Making Tax Digital all have consequences for business owners in recent years. Continuing changes in legislation are often proceeded by months of lengthy and confusing paperwork. ABS Accountancy can pick through the paperwork and tell you what you need to do in order to comply.
- On the seventh day of Christmas my accountant said to me … save time.
Even if you enjoy accounting (yes really, some people do!) and everything that entails, having the time to do it on top of running a business is another matter. It can be easy to dismiss hiring our accountants as too expensive but think about how long it takes you and what your hourly rate is.Add to that the risk that you may have missed something really important and then it really does become a no brainer. Having ABS Accountancy looking after your finances, you can focus on bringing in more revenue and new clients.
- On the eight day of Christmas my accountant said to me … tax investigation,
We really hope this never happens but if you are to become the subject to an investigation by HMRC, having ABS Accountancy by your side is going to make all the difference. The tax man has the power to inspect all your business documents and assets at your premises, ask for documents and information, make unannounced inspections and go back up to six years to investigate matters.At ABS Accountancy we offer tax investigation insurance, so if the worst happens you have tax investigation experts and an accountant who really knows you and your business at your side ready to help.
- On the ninth day of Christmas my accountant said to me … growth,
Many people see an accountants’ role as filing the end of year accounts and preparing your tax return. The truth is that we really can do a lot more.Honest. When it’s time to take your business to the next level, our accountants can act as a sounding board to your ideas.We can suggest market opportunities you may be missing out on, can check if your prices are within market rate and help with staff incentivisation schemes. We want your business to be as successful as you do.
- On the tenth day of Christmas my accountant said to me … loans,
Accountants aren’t just there just to help manage the money you already have. We can also steer you in the right direction for additional finance, without putting your business at risk. Don’t just assume that your bank is the only place to go to borrow money. We can also help you sell shares in your business or crowdfund. At ABS Accountancy we work with an experienced Commercial Finance Broker to help clients find the best option.
- On the eleventh day of Christmas my accountant said to me … payroll,
If your staff aren’t paid on time or their pay is incorrect, it’s not going to make for happy Christmas bunnies. Employing our accountants to manage your payroll for you can be a wise move. Among other things, they can take care of your PAYE calculations, sort out electronic payslips and calculate sick pay, maternity/paternity pay and holiday entitlements.
- On the twelfth day of Christmas my accountant said to me … selling up,
You know what they say, ‘all good things come to an end’ (and don’t worry you’re almost at the end of this blog).If you’ve never employed the services of an accountant, it might be a good idea to consider hiring one.
Our accountants will put your company’s financial records in order, showcase your business in its best light tell you what it’s worth and talk to potential buyers.Our accountants can also help you structure your own financial affairs so that you sell your business in the most tax efficient way. For example, a lump sum might be less tax-efficient than taking monthly payments over a period of years.