If you are reading this blog, then the chances are that you already know the benefit of using an experienced bookkeeper who you can trust to keep your company books up to date and everything filed on time and accurately with the authorities.
We also recommend the use of a qualified accountant and there are many types of accounting qualifications out there. One such qualification is with the ICAEW as the industry benchmark standard.
Chartered accountants will be able to give you more ideas about how to structure your business as a sole trade or company or other ideas about how to pass income through multiple taxpayers or entity types and to reduce your overall tax positions.
As your business grows then the tax issues will likely become larger and move on from VAT and payroll compliance concerns to include how you take money out of your business and plan sensibly for buying your first house or planning for retirement and kids’ education needs. There may also be other ways to reduce corporation tax through research and development credits or effective capital gains tax or personal tax planning.
Since everything is now becoming digital you should also consider finding an accountant who is commercially and digitally minded and can help or advise on digital marketing and web development so that they automate your bookkeeping package of choice, like Xero or Quickbooks, and also ways to automate your processes into your bookkeeping system so you reduce time and costs ongoing.
HMRC systems continually update and are becoming more secure and therefore more complicated in terms of technology. Your accountant needs to keep up with those changes in order to advise you and keep you compliant.