What does an accountant do for your business?

Generally, an accountant helps your business to meet and comply with your financial obligations, and get all your tax returns done on time. An accountant takes the time to understand your business objectives for providing the proper financial support that helps you achieve your target. With the help of right accountant for your business will make sure you comply with updated accounting and tax rule and regulations.

Tax can be a complicated task, and most of the business owner aren’t always sure of the rules about tax returns and VAT returns. Some items are tax deductible in a business expense – many things aren’t. And there are penalties for filling your tax incorrectly, so getting it right is really important.

Whether or not you need an accountant also depends on whether you are working as a sole trader or a limited company. If you are a sole trader and not VAT registered, you only need to prepare and submit an annual self assessment tax return to HMRC. If you are working as a limited company owner, you need to submit accounts and a confirmation statement to Companies House annually as well as company tax return to HMRC.

Importance of an accountant for your startup business

The role of an accountant for your business is to verify the data, analyze it, and uses it to generate reports, perform audits, and prepare financial reporting records, like tax returns, capital gain tax, income statements, payroll and many more. An accountant can do the analysis and provide information for forecasts, business trends and opportunities for business growth.

While running a business there are different areas of business, so you need to hire professionals’ accountants to manage your finances and ensure everything is in order and running smoothly.

The truth is that accountants in Bournemouth offer wide range of accounting services; you need to be careful when hiring accountants for your services so you can get professional who can deliver the services to your expectations. Below are some of the services that a professional accountant should be in a position to offer your business.

• Accounting/Bookkeeping: It is the basic functions of accountants encompass the tasks like keeping records of financial transactions, preparing financial statements. It is necessary for businesses to maintain the records of financial transactions; because it helps in the daily running of the business ensuring finances are in good way.
• Preparation of Company Accounts: From legal requirements to what records to keep, accountants look at how to get your small business' accounts in order now ahead of your end of year accounts.
• Payroll Services: Your employees are the most important aspects in your business and they should get what they deserve. An accountant helps in keeping record of their wages, deductions and taxes.
• Submission to HMRC: At the end of year, as a business owner you need to file the tax return with HMRC and other services. You
• Tax Investigation: Confidential HMRC tax investigation advice and voluntary tax disclosure advice.
• VAT Return/Registration: VAT Registration means the process of listing with the Government as a company eligible for the return of VAT.

Hiring an accountant in Brighton for your business might be an extra expense, but an expense on accountant that will be well worth in the long run. The right accountant will be able to the financial support for your business that it needs to ensure the success, along with helping you avoid the risk of fines and other problems when filling tax returns and any financial records.