Getting the best tax advice for your small business

Running a small business isn't all plain sailing, but it can be hugely rewarding and satisfying, especially when you work with the right people.

Making sure that you get the right tax advice for your company also plays a crucial role as you grow your business.

Outsourcing your accounts can not only result in you paying less tax and keeping on top of financial planning, but it can also benefit you in other ways.

If you're feeling stressed and overwhelmed with all the things that running a business can demand, it can affect both home and work life. But, from my own personal experience, I know that when I delegate to a professional that I trust, it can be like a weight has been lifted.

Having a great team around you, where you all support each other, not only boosts productivity, it makes for a great working environment.

Delegate to help achieve a better work-life balance

I believe that by delegating aspects of our business, it can help to create a better balance in our lives.

And I believe that approach applies to professional services, including your accounts.

By outsourcing your financial affairs it means that you can focus on running your business and doing what you do best and stop worrying about taxes and financial issues. Instead you can feel reassured that they are being managed by an expert.

Choosing the right accountant

Choosing the right accountant who comes with the right expertise and experience and who will make your success a priority is essential.

What you are looking for is a partner to work alongside you and who understands your business from the start. Asking the following questions should help you to make the right decision:

Are they qualified for the job?

Opting for a chartered accountant means that you will benefit from their professionalism, experience, education and hands-on training, as well as benefiting from the skills within their wider team if they have one. It's this level of experience that will provide you with the best financial advice for your business.

It's also worth researching if they have direct experience working within your industry and understand the rules and issues you may face, as well as capitalising on any allowances to ensure your tax bill is kept to a minimum.

Keeping up to date with the latest technology & developments

As small businesses and contractors are squeezed by additional taxation and changing systems, it's more important than ever that people ensure their accounts are automated. As 2021 draws to a close, we are helping an increasing number of clients move to streamlined systems, saving them time and money in the longer-term.

Accounting software packages offer on-premises apps, as well as cloud-based versions that accept business payments, manage and pay bills and payroll functions.

Ensuring your business finances are keeping up to date is important. Your accountant should advise you about major changes that will impact your business well in advance - such as the switch to 'Making Tax Digital' (MTD). This involves modernising the UK's tax system for the UK's estimated 4.3 million self-employed and small businesses, which will see the end of the traditional tax return.

The pandemic seems to have accelerated adoption of new technology for many of our clients – if you haven't yet switched, talk to us about the benefits and how we can help you move to a more efficient way of doing business.

Support when you most need it

Lastly, if things don't go to plan or you fall foul of HMRC, your life will be a lot less stressful if you have an expert on your team to help to manage the situation.

It's also less likely that you will have the stress and expense of an investigation by HMRC in the first place, if your tax returns and accountants are professionally managed.

About us

Giltinan and Kennedy works in partnership with many businesses, charities and individuals across Horsham, West Sussex and beyond. Please feel free to get in contact with us for an informal chat about your business finances on 01403 337490 or learn more at https://www.giltinan-kennedy.co.uk/services/tax-advisers