When it comes to your company accounts, we understand that this could be a daunting task for any small business to undertake. A good accountant is like a good mechanic: you likely will need one at some point in your life, it could save you a sizable chunk of money, and many people have no clue where to start when it comes to finding one.
It’s important to note that whether you need an accountant or not can vary from situation to situation. If you are confident in your ability to deal with finances, then it is possible for you to file your accounts yourself, however, there are lots of nuances and tasks to consider. It’s important to realise that looking through your accounts and the income and outgoings will be a long process, which means you have less time to concentrate on growing your business.
Adams Watkins & Co has been specialising in accountancy and taxation services throughout the UK since 2003. We are a firm of accountants based in Dartford, Kent but also service clients nationwide. If you’re unsure about whether you need an accountant, get in contact with the experts today and let’s have a chat about the best approach.
I’m recently self-employed, do I need an accountant?
Sole Trader’s bookkeeping requirements are usually relatively simple. You need to keep a record of all income and outgoings that are related to the business. You will also need to make sure you tell HMRC that you’re trading, pay tax and National Insurance (NI) on time, as well as carrying out an annual tax self-assessment. If you feel confident to carry this out yourself, you can do.
I’m a limited company, do I need an accountant?
All limited companies need to ensure they have filed accounts at Companies House and the tax office. This includes profit and loss accounts as well as a balance sheet. If you’re unsure about this last statement, then it may be time to get support from an experienced accountant.
I’m feeling fairly confident using accounting software, do I still need an accountant?
There are definitely positives in utilising accounting software such as Sage. Many offer packages that help you to submit VAT returns, accounts, purchasing, as well as relationships with customers. However, there are some drawbacks when it comes to using systems such as these:
- You could be unaware that you’re making constant mistakes
- You could be missing opportunities to reduce tax liability
- You could be missing opportunities to take advantage of tax allowances
This is where having an accountant is an advantage as they are able to pick out discrepancies as well as see these opportunities.
You don’t necessarily need to hire an accountant in-house. That’s where companies like us can help! Adams Watkins offers a range of services to help you with your taxes and accounts. So, whether you’re looking for Tax Management, year-end accounting or VAT Returns, get in contact with our experienced team now and see how we can help give you back the time to grow your business.