Why hire an accountant? As a small business or owner of a recent start-up, you might be enthused by the chance to do everything yourself.

We know that you can’t afford to take your eye off the ball. And understand how attention to detail is vital, especially with emerging start-ups. A small business owner needs to know every aspect of their business in depth – right?

It is for this reason that we find a lot of start-ups doing everything themselves, including the books. But is this a mistake?

What Are Your Priorities?

One of the hardest aspects for any new business is the ability of the business owner to concentrate on what needs to be done first. If you’re not careful, things can snowball, and you can find yourself run ragged trying to do everything all at once.

And we know how easy it can be to leave paperwork – and crucially the tax – to the bottom of the list.

Unfortunately, tax management is notorious for taking longer than it should do! Things that you thought would only take an hour of your time, can suddenly evolve into days of work.

This is because tax management is complicated and fiddly. And, crucially, very important to get right! The chances are, whatever your area of expertise, as a start-up, it is unlikely to be in tax!

Then, there is also the time aspect.

Consider Your Time

Say you charge £100 an hour for your services, suddenly only a few hours work on your tax return can spiral into a considerable sum.

And what if it takes longer? If you find your tax planning taking up more than a few hours, you could be facing a catastrophic loss of revenue.

This is when the need for a professional online tax accountant becomes obvious.

Most professional tax accounts will not charge as much per hour as you are capable of earning. And for the price, you also get peace of mind – knowing the job is done by a professional.

Mistakes in your tax affairs can be costly and stressful to sort out – ask yourself, do you really need the hassle?

Consider The Saving

Far from being an outlay you cannot afford; a good tax accountancy firm is something you cannot afford to be without. The amount you could save often justifies the accountants’ fee in itself.

A tax and accountancy professional will work with you to get the best outcome possible – and advise you on the right way forward for your business.

And There’s More They Can Do!

Once you have hired an accountant to do your taxes, they can also assist in other areas of your business too. For example, when creating a business plan.

If you hire an accountant to help with your business taxes, they can use their accountancy software to create realistic financial projections, which can help when it comes to making a business plan.

By using a professional, you can be sure that all the numbers in your projection are accurate, and therefore more likely to persuade your bank or lender to your cause!

They can also advise whether it is best to become a limited company or a sole trader, and what legal status your fledgling business should take.

So, you see, hiring a tax professional can help with a lot more than just balancing the books!