Most businesses benefit from the advice, experience, and wisdom of having an accountant to look after their financial affairs. At the very least if it is just to ensure they operate legally and to help minimize any tax liabilities they may have. Certainly, having an accountant with whom you have a good working relationship should help in the success of your business.
Working with you, your accountant will provide advice and support on the business idea, structure, funding, and on-going bookkeeping, as well as assistance with the preparation of your year-end accounts and your personal and business Tax Returns. Your accountant will be on hand to provide on-going business and tax advice, so you can rest assured that you can concentrate on your business rather than worrying about any legislation changes or looming deadlines.
When people refer to an “accountant”, they generally mean a Chartered Accountant, operating in practice and looking after peoples’ businesses. However, the term is not protected so anyone can set themselves up as an accountant without being qualified as such and this is where the difficulties can lie. Non- qualified accountants can advertise online, and the unsuspecting client will never know. As the individual does not need to be qualified, they can undercut the qualified accountant who has to be regulated by a professional body, undertake many hours of obligatory annual training to remain up to date, and carry expensive professional insurance which the non-qualified does not.
We are not claiming that all qualified accountants are excellent and all non-qualifieds are not; nothing is ever that straight-forward. However, it is our opinion that you are, in almost all cases, going to be better off with a professional that is qualified and up to date than one who is not; the former may need to charge more but in the long run the tax savings you will enjoy should outweigh the difference in price.