Congratulations on setting up your new business in the United Kingdom, but you should be aware that 80% of the businesses go under in the first 18 months of trading and so any help you can get to make sure that you are one of the ones in the 20% should be taken advantage of. Poor financial management has been the key factor where businesses just didn’t keep an eye on their spending and their credit terms and before they knew it, they had run out of money and customers. Your job as the owner is to manage the business and generate profits.
This is why you need to source some local small business accountants in East London to keep an eye on the figures and make sure that you keep your head above water. An accountant can offer many services.
- You are entitled to certain business deductions that can go towards your final tax bill at the end of the year. Your accountant will advise you on these and make sure that you use them up.
- Nobody wants the tax man coming around to audit your business and it is your accountant’s job to make sure that doesn’t happen. Correct and timely tax payments will keep him away.
- Your accountant manages a number of business accounts and so he knows the market and how things are going. He can provide you with some much-needed business advice.
Having an accountant is not a waste of money and it will save you many thousands of pounds over the years.