Accountant for Small Business: Expert Accountancy Services
There are many compelling reasons to hire an accountant for small business at various phases of your company’s development. An accountant can help you with everything from a business plan to company creation, loan applications to tax audits. But do you need to hire an accountant for small business for new business when you are just getting started?
We Are Affordable Accountants For Small Business
You may believe, like many new business owners wanting to save money, that you can’t afford an accountant for small business just yet. However, consider how long it would take you to complete some financial must dos (such as taxes) and consider whether this is a good use of your time.
Let’s imagine you take 10 hours to complete your taxes and your time is worth £100 per hour. Doing your taxes yourself will set you back £1000. There’s also the possibility that you’ve made mistakes – especially if you’re multitasking like most new business owners.
From handling taxes and bookkeeping to ensuring full compliance with HMRC regulations, our team takes care of the financial details so you can focus on what you do best – growing your business. With our services, you can avoid costly mistakes, save valuable time, and gain peace of mind knowing your financial operations are managed by experts.
Choose Pearl Lemon Accountants to streamline your small business finances and let us be your trusted partner in success. Get in touch with us today to learn more!
Expert Accounting Support for Crafting Your Business Strategy
If you hire an accountant for small business to help you write your company plan, they’ll be able to incorporate financial estimates and other data that you might not quite understand just yet. This will assist you in developing a realistic, professional, and more likely to succeed business strategy.
Hiring an accountant for new business at this stage will allow you to benefit from their financial expertise and advise straight away. When opposed to employing one later, this could save you time and money. And again (yes we’ll keep mentioning this but it’s that important) stay on the right side of HMRC.
Getting Your New Company Structure Right
Different sorts of enterprises have different legal structures, which are determined by a variety of circumstances. Some are known as limited liability partnerships, corporations, or limited liability partnerships, while others are known as sole traders or owners.
Before determining which type is best for you, you should think about each one thoroughly. You may, for example, work as a sole trader or sole proprietor, working for yourself and invoicing under your own name. If this is the case, you may be entitled to claim a tax deduction for some of your living expenditures.
However, this means that any business-related responsibilities may be held against you personally. If your company fails to pay a vendor, defaults on a debt, or loses a case, the creditor may be able to legally seize your home or other assets.
It’s not the same with an LLC. The liability of the business is restricted to the assets owned by the business, not you personally, as the name implies (though there may be exceptions in some circumstances).
An accountant for new business can explain the various legal business structures and assist you in selecting the one that best matches your needs.
Day to Day Accounting
If you try to do your own accounting for your new business, it can rapidly get very complicated. If you’re worried about who owes you money and how much they owe you, an accountant for small business can help you get back on track. A new business needs every paid invoice it can get, and so this help can prove invaluable.
Dealing with HMRC
Ah. Them again. Did you know that the UK has the largest tax code in the world? It’s also one of the most changeable, especially since the pandemic hit.
You may think that, as a new, small business, that HMRC would have far too many bigger fish to fry to worry too much about any mistakes you might make on your first business tax return, or whether you accidentally pay someone as a freelancer when they are really an employee. Or if you don’t quite get your VAT sums right when you first begin charging it. They will overlook a few rookie mistakes, right?
Unfortunately, the answer is no. Ignorance is no excuse under the law, or in taxes. Working with an accountant right from the start will ensure that you don’t make mistakes – or omissions – that the tax authorities punish you for.
All of this is just a small sampling of what an accountant for new business can do for you. As you grow, when you work with pearl Lemon Accountants for small business you’ll be working with people who do accounting for businesses of all sizes, so they will be able to help you every step of the way as your business gets bigger and your finances get more complex.
Frequently Asked Questions
The price for accounting services varies based on the services included in the package and the accounting firm. However, on average, for basic accounting services, the cost can fall anywhere from £25 – £35 per hour.
Now, if you are looking for more specialised accounting services like tax or business planning, the price range is between £125 – £150 per hour.
If you would like more information, feel free to book a call with our experts!
An accountant can provide in-depth analyses and comprehensive advice. They will also ensure that you meet the filing deadlines and requirements established by the HMRC and Companies House.
Absolutely. You can definitely do your own accounting for your small business. However, if you do choose to do your own accounting, you’re also in charge of doing everything that accounting entails. This includes creating the necessary statements, keeping your finances in order, and storing your records.
Having an accountant on hand can help to facilitate this entire process and ensure government guidelines are being followed. This will also allow you to have more time to focus on other parts of your business.
Let’s Talk Accountancy.
Ready to learn more? Contact us today and let’s get that conversation started.
