Your business is something you worked hard to start, develop, and maintain. You dreamed about it before, and now you devote much of your time to making it successful. If you want to keep this business running smoothly and without any legal hiccups, then it is important to know your tax liabilities. While your expertise in a chosen industry is extensive, your understanding of taxation might be limited.
In this case, it is essential to hire a London tax accountant for your London-based company. Whether your firm is large or small, VAT accounting is incredibly important. Failure to report, or inadequate reporting, can leave you open to audits. In fact, some companies are routinely audited, and it pays to have all of your ducks in a row when the time comes.
To maintain orderly accounts, have your London tax accountant look after the books on a regular basis, at least once per month (at payroll time). She will keep you up-to-date with any anomalies or concerns, as well as reporting to you in a timely manner. Sometimes it is even possible to reduce VAT payments with a few legal tricks from your accountant.
Streamline your accounts. Consolidate debt. Not everyone would think of doing such things, but this is an accountant’s skill and his job is to save you money.
Large businesses need tax accountants to get involved when they conduct mergers and acquisitions. They are helpful at times of growth, and to plan future tax expectation as a company becomes larger. For small companies, a tax accountant plays an especially important role.
Over time, an experienced business person might pick up some knowledge that helps him or her to make wise decisions. When a business is just getting started, this learning process has not happened yet (unless this is a second or third business).
Now is the time to learn about tax reporting, bookkeeping, and why it is critical to keep orderly records. Hire a firm of tax accountants to come in and ensure that you are getting off to the right start. Even if you only use their services for a little while, until you know what you are doing, their help is invaluable.
Often, however, even small companies recognize the value of having a skilled numbers person on their side.
The cost of hiring this individual is easily repaid in the money saved by not falling foul of the government, and of knowing how to stay in the black, especially during the tenuous beginnings of a new endeavor.