So you have just started up your own business. Things are going well. Do you really need an accountant, you ask? You may believe that the business isn’t established enough to need one. But unless you are an expert in tax and accounts, you may soon find a steep learning curve awaits.
Appointing an accountant can provide you with some essential business advice and ongoing support that will steer your new venture through that tough first year and into the future.
How? A good accountant will help you set up a bookkeeping system to keep track of your expenses and income. This could involve advising which software package suits your needs. They can help you register for VAT and PAYE should the need arise. They can also help with plenty of advice, as, let’s face it, whatever the situation they probably have a client who has been in exactly the same position as you!
An accountant can help with advising on your business structure, be it sole trader, partnership or Limited company. They can make you aware of the benefits and tax implications of each, while also seeing what is right for your personal circumstances.
Appointing an accountant may sometimes feel a little premature. However, during the fledgling months, you may find the advice and help you get from one invaluable.
If you have just started your own business or would like to know more, please get in touch with the team at Green & Co.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.
Image courtesy of Ambro at FreeDigitalPhotos.net