Pixel

Do I Need To Hire An Accountant?

Gary Green
Gary Green
August 1, 2020

The decision to hire an accountant is one that all business owners face. A good accountant can make or break your business.

It can be hard to know when to hire an accountant. If your business has just started, you can probably manage to do the books yourself.

But there will come a point where you need to bring in some outside help. In today's article, we'll talk through your options and what to consider.

Can I Do My Own Books?

There's nothing to say you have to hire an accountant. HMRC does not care what your qualifications are as long as you:

  • Keep your books in order
  • Pay your taxes on time
  • Stay up to date with reports

In fact, for very small businesses, you can probably do your own accounting. You should make sure you keep good records. And choose a good accounting software package. We recommend Xero to our clients.

If you decided to go it alone, make sure you give it your full attention! If you fall behind with payments or make improper declarations, you can get in trouble with HMRC.

How Can An Accountant Help?

You may want to bring in an accountant early on just to free up your time. If you find yourself wasting time trying to get your head round tax returns and VAT bands, an accountant can let you focus on your business.

As your business grows, an accountant may be necessary to take care of more complicated financial tasks. Payroll is a good example. With only one or two staff, you can probably do this by yourself.

But payroll very quickly gets complicated when you start to build a team. You have to worry about:

  • Taxes & NI
  • Pensions
  • Expenses
  • Allowances
  • Bonuses & commission
  • Sick & holiday pay
  • Redundancies, severance and notice periods

A good accountant can also save you money (even after his fees!). Lots of small businesses fail to take advantage of (completely legal) allowances and schemes that could reduce their tax. Even an initial chat with an accountant could save your business thousands of pounds.

Full-Time Or Outsourced Accountant?

So you've decided to bring in an accountant to your business. You now have to decide whether to hire a full time member of the team. Or use a remote/outsourced account. At Key Business Consultants, we offer both.

We are London-based chartered accountants who can meet face-to-face at your business or our Kilburn office.

We also offer an outsourced bookkeeper service. Our team have vast experience working remotely for clients across the UK and farther afield for accounts, tax returns, bookkeeping, VAT, payroll, furlough compliance, and systems advice helping our clients get online and sharing data in a safe way.

If you've decided it's time to hire an accountant for your business, please get in touch. Our accountants and tax experts have over a hundred years of experience working with small businesses just like yours.

We'll help you with your bookkeeping, payroll, reporting and compliance. Check out our case studies for some inspiring stories and happy customers!

Interested in our services?
Fill in your details and a member of our experienced team will be in touch shortly to discuss your needs.
Contact Form Demo (#1)
We adhere to strict GDPR rules and do not reveal or sell your data to any third-parties. For more, please read our Privacy Policy.
Latest Insights
October 23, 2023
PAYE Investigations

Dive into the world of PAYE investigations. Uncover the facts, implications, and insights in this informative blog

September 29, 2023
London-based accountancy business acquired by Key Business Consultants

Exciting Merger Alert: London's Reed Taylor Benedict & Benedict Leff Accountants Acquired by Key Business Consultants.

September 18, 2023
Tax Tribunals – An Overview

Dive into the realm of Tax Tribunals: A comprehensive overview shedding light on this crucial aspect of taxation.

September 2, 2023
What Is A COP8?

Learn about COP8, a tax-related Code of Practice issued by HMRC for suspected tax avoidance cases. Discover when COP8s are used and the penalties associated with them.

August 20, 2023
HMRC Compliance Checks

Navigate the complexities of HMRC compliance checks confidently. Our comprehensive guide covers everything you need to know about handling tax inspections and more.

August 6, 2023
Tax Evasion and Tax Fraud

Untangling the complexities of tax evasion and fraud. Delve into our comprehensive guide to understand the differences, consequences, and preventive measures.

June 18, 2023
Which Jobs In The UK Have The Best Salary Growth Potential?

Explore the top UK jobs with the highest salary growth potential. Uncover promising career paths and industries that offer substantial earning potential.

May 23, 2023
How To File Dormant Accounts Through Companies House

Learn the step-by-step process of filing dormant accounts through Companies House with our comprehensive guide.

May 19, 2023
Customs Declaration Service (CDS) and VAT

Discover how the Customs Declaration Service (CDS) and VAT intertwine in this insightful blog article.

View Our latest insights »
Get the latest UK tax & business news and guidance delivered straight to your inbox
Newsletter Form (#2)
We care about the protection of your data. No spam. Unsubscribe anytime.
Copyright © 2022 Key Business Consultants LLP. Reg: E&W OC389322
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram