Why New Companies in the UK Need Accountants Soon After Starting

If you’re a new company that is just starting up, you will need an accountant to help you navigate the complicated start up process. An accountant will be able to offer you advice in regards to your business plan, legal issues and tax issues that come with the registration of a new business. Whether you are a large company, a small business or a sole trader, hiring the services of an accountant is a smart way of managing your finances. Accountants have a considerable amount of experience and valuable knowledge which they can pass on to you to help make your company succeed.

Why You Should Hire a UK Accountant Early in the Business

Accounting ServicesA UK accountant will help you save lots of time completing the complicated forms and help you avoid any penalties. When you are starting up a business, it is very important to ensure that you are filling all the required forms correctly and on time. If you do not, the HMRC can impose some serious penalties on you. Hiring a UK accountant can help you avoid all these.

The current UK legislation requires every company to file end of year accounts with the HMRC and Companies’ House; which has to support all the calculations that are included in your company’s corporation tax bill. Hiring the services of a UK accountant will ensure they are all completed correctly, and on time, thus eliminating the risks of you incurring costly penalty fees.

An accountant will help you monitor your new company’s progress during the first financial year and then will highlight any problems that require addressing. An accountant will also keep a keen eye on your business’ outgoings and overheads during those extremely challenging and crucial 1st months when keeping a tight leash on expenditure is rather crucial for your survival.

Since the HMRC now requires all businesses to supply payroll information on a monthly basis so as to improve the PAYE system, hiring an accountant is a wise idea as they will be able to guide you through the entire RTI process.

Conclusion

Basically, a UK accountant will relieve you of your administrative burden, and make sure your startup company complies with all the current relevant rules in regards to accounting and tax. A good accountant will also save you time, offer you proactive advice and even identify any business risks and business opportunities available, thus helping you start up business succeed and become more profitable. Hiring an accountant at the early stage means you will get the benefit of obtaining their financial knowledge and expert advice right from the start. This will not only save you time, but it will also save you lots of money as compared to hiring one later.