Professional Accountant | Accountant in UK

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Why does your business needs a professional accountant?

A small business owner in UK always needs a good accountant. Professional accountants can be one of the best business advisors when it comes to small business set ups. A new business venture or profitable opportunity needs great care and attention for its success. If you design UK based web sites then those are the only things that you should be concentrating on. If you clean office carpets and upholstery in UK, you should concentrate on doing the best job you can for your customers. The time you spend doing your account books is much better spent on building your customer base. Doing more jobs and as a result earning more money and not worrying about tallying up the figures will ultimately mess up things for you.

Some small business owners in UK may think they can handle their own financial business. This is a huge mistake for any small business and will only cost you more money in the long run. You may know all your own accounts figures however it’s highly unlikely that you can do nearly as good as a professional UK based accountant can do for you, especially when it comes to the end of the fiscal year. You need to know how to minimise your tax liabilities and know what benefits to take advantage of. To do this you need to have detailed knowledge of UK tax legislation system. Here are a few tax saving tips that your hired accountant will be able to advise you on:

1. Employing a spouse in your company – if you are self employed and your spouse helps out with general administration, or any other role, it is quite legitimate to pay your spouse a salary.

2. Providing you are not a director, it may be possible for an organization in UK to lend an employee up to £5,000 with no tax complications.

3. If you claim tax relief for the use of a house room as an office, you can avoid any possibility of paying Capital Gains Tax on a sale of your home. All you have to do is to make sure that the room is not used exclusively for business.

A good accountant in UK can also point out the leaks in your business. For example, you might be spending too much money each month on business advertising. A professional accountant can advise you on ways to grow your business e.g. when is the best time to invest in more equipment, when is the time to employ staff, how to increase your profits and more importantly how to pay less tax . A professional accountant will have detailed knowledge of changing tax legislation in UK so they can provide advice on all aspects of taxation and accountancy issues in order to create the best tax strategies and assist you in planning your financial future.