As much as running a small business is a labour of love and pride, it is also akin to manual labour. Lots of it! Whether your small business is service-based, product-oriented or some combination of both, the fact is that you, as a business owner, have input lots of your time, effort, energy and hard work into bringing that business to life.
Maybe your small business is the manifestation of a lifelong dream. Perhaps it was an opportunity that you couldn’t pass up when it presented itself. Regardless of its roots, the growing entity that is your small business needs to be taken care of properly for it to continue to grow healthy and strong. Doing your taxes well is an essential part of that process.
If I Can Do My Taxes Myself, Why Should I Hire an Accountant?
Part of the entrepreneurial spirit is a bias towards action and the willingness to take charge of the situation. If that can be applied to the marketplace, surely it could be applied to doing your taxes, right? While it is true you can file your own taxes, it may be prudent to hire an accountant to do your small business taxes. Why?
5 Reasons an Accountant is a Good Choice for Your Small Business
- Avoid the stress of tax time.
You have enough stress on your plate as a business owner without adding taxes to the mix. With an accountant taking care of your taxes, there is no additional stress added to your already stressful workload.
- As an expert in taxes, your accountant will save you money.
Would you be surprised to find out that businesses in the UK are losing millions of pounds by not claiming all of their legitimate business expenses? Only 26% of businesses polled by YouGov said they reclaim all of their business expenses. An accountant will allow you to lower your tax burden by claiming all of your legitimate business expenses, saving you money.
- Your time is better spent running your business, not doing your taxes.
Your business is best run by you. Every hour you spend doing your taxes (and this can be a lot for someone who doesn’t have experience filing their business taxes) is an hour that is not spent building your business and growing your customer base. Hiring an accountant allows you to focus on the important parts of your business.
- An expert accountant will help you avoid audits by remaining compliant with tax laws.
HMRC is well known for changing its regulations and rules around tax compliance. Hiring an expert will help you avoid an audit by ensuring your compliance with all relevant tax laws that affect your business.
- Accountants can help you plan for the future growth of your company by giving financial and growth-related advice.
Too much growth can be as much of a problem as too little growth. A professional accountant can give you advice on how to plan for the growth of your business in the years to come, maximising your profits and preventing losses through careful planning.
Your Business Taxes Deserve an Accountant
Your small business deserves an accountant. You, as a business owner, deserve to have an accountant do your taxes as well. Take the hassle out of your taxes by hiring an accountant today. Contact AccountingPreneur for more information