Kirk and Co. Management Accountants

There are a number of benefits to having a good accountant. It’s not just about keeping your financial accounts up to date, your accountant should actually help save you money and ensure your business remains profitable.

Benefits include:

A.      Prevent getting you into legal trouble

It is the law for a business to provide records of their accounts informatively and consistently to meet tax deadlines throughout the financial year. If one of these deadlines are missed this will result in a penalty. An error or a single delay can result in businesses having to pay interest on top of late fees.

B.      Make profitable business decisions

Accuracy in accounting is not just a legal requirement, it is an essential component to the operations of your business.

In order to make a good business decision you will need to know the financials of your business such as financial history, current state and future forecast. Without knowledge of your finances your business could end up losing more than it could ever make. An accountant will help you become more profitable by predicting the most profitable path to make, that can determine the success of your business.

C.      Reduce your taxes

Accountants will find legitimate ways to keep your tax rates as low as possible, this could be through certain government schemes and initiatives, flat rate schemes or expense claims that many businesses don’t know about.

It is not a legal requirement for a small company to have an accountant, so hiring one is not a necessity. However, providing detailed and accurate records of your business is a necessity.

It is only a legal requirement to have an accountant if the company is big enough to require an audit.

You can do you own accounting however it is recommended that you know what you are doing, there are many rules and standards that financial documents require, there are also deadlines that need to be met throughout the calendar year.

So, although you own accounting is possible it can be costlier and time consuming to do your accounts yourself rather than hire an expert.

With lots to take into consideration, especially regarding the legal requirements, starting a new business can be scary and a little overwhelming. We’ll advise on the best trading structure and help define the legal responsibilities to help you set off on the best possible start.

We can help many tasks from creating business plans to calculating business expenditure and registering for VAT. We will work with you to help in these financial areas are set up smoothly and efficiently.

We work as business advisors to help you decide the best trading structure, register with the appropriate government departments when setting up your company.

We recommend that the earlier you can get an accountant involved in your start-up business the better. An accountant will be able to offer you help and support from day one, whether helping you to register with HMRC or assist you the best way to record your finances.

An accountant can also will help with your payroll, ensuring that all employees’ tax codes and payments are recorded correctly.

Finances are one of the most important aspects for a business especially during the start-up phase. With the popular phrase being ‘Cash is King’.

A business start-up accountant will keep your accounts up to date whilst you use your time to manage the rest of your start-up. With up to date accounts you will be able to make more informed decisions avoiding costly mistakes.

A good accountant will look at the profitability of you business, ensure you are on track for suitable growth and advise accordingly. We’ll help with your current business goals and help you create the most achievable goals,  reflecting a realistic time-scale and successful outcome for growth.

Choosing the best system and software for your business can be difficult with so many to choose from, however we can advise you on the best accountancy software program for your business.

Your business type, size and its needs, are all factors that will impact which software we recommend.

We’ll guide you through the process of planning for your business growth, including the potential re-structuring of your business plan and preparing a detailed forecast.

Yes, we can set up your PAYE scheme and manage your payroll or advise on the best software and methods.

You may receive correspondence from HMRC whether it is unexpected or about an issue that you may be already aware of, we will be able to liase with them on your behalf if you wish to take the stress off you.

We will be able to help clients who are behind on self-assessment, to advising on informing HMRC on undeclared income. From investigations to routine VAT inspections an accountant will be able to help you deal with all these enquires.

As an experienced tax planner, we will be able to help you identify tax saving opportunities, therefore saving you money that you can re-invest back into the business.

VAT (Value Added Tax) is a tax that’s charged on most goods and services that VAT-registered businesses provide in the UK.

Corporation Tax is a tax that is payable from all taxable profits of any company that is based in the UK, no matter where in the world the profit was generated. Corporation Tax is calculated and paid annually based on your ‘Corporation Tax accounting period’, which is usually the same as your company’s financial year.