Why do I need an accountant?

We speak to so many businesses who have spent years doing their own accounts and trying to navigate their way through the complex rules and regulations of HMRC. Most believing that not only will it save them time, but they won’t be able to afford the costs of an accountant. However, when they do finally admit that they need help, they wonder why they didn’t do it years ago. It’s a story we hear time and time again.

A good accountant will be able to highlight any areas where you can save money, so they can reduce the amount of tax you pay, saving you hundreds, if not thousands of pounds and more than covering the cost of their fees.  Plus, all the while knowing that everything submitted is legally correct and accountable. And it’s not just a financial save, but a good accountant can also save you time dealing with the paperwork while you concentrate on running the business.

We know, your time is better spent working on your business and doing what you do best, while we ensure all the necessary documents are filed on time. We will also tell you exactly how much tax you need to pay and when.  There are a number of deadlines to meet, with VAT, corporation tax, year-end accounts, self-assessment, PAYE all incurring penalties if not filed on time, or correctly.

We can take the hassle out of maintaining your financial records and offer business support and advice. A good accountant can help you prepare financial forecasts and plans. Before even setting up your business we can advise on the best structure for it and help set it up for you. Along with advising suitable software to use.

We work with many clients, using a variety of different software packages, the likes of Xero, QuickBooks and Sage being some of the more popular examples.

Who should employ an accountant?

It’s not just limited companies that benefit from having an accountant, if you are self-employed and running a small business, or an individual with a rental property or income from sources outside of PAYE, you will need to complete a tax return every year. We can correctly prepare this for you and advise on ways to minimise the income tax you have to pay; tax rules are often changing, and we have to keep up to date with these developments. There are many additional things to consider when completing a tax return, do you work from home, do you use your car for business purposes, are you using home broadband, or your personal mobile for business calls? All of this can be included in your calculations.

It may sound overwhelming, but don’t worry, a good accountant can remove all of the stress and usually for a lot less outlay than you think.

When people refer to an accountant, they generally mean a “chartered accountant” operating in practice, however this is not always the case. There are many services available, from general book keeping – which anyone can do, without being qualified, and advertise their services online, to a fully qualified accountant that is able to submit approved financial records to HMRC for you.

Qualified accountants have to be regulated by a professional body, and will have gone through rigorous training and keep up to date with the latest developments along with carrying professional insurance which the non-qualified do not.  Therefore, we always advise to take care when choosing your accountant, and make sure they can provide you with the exact service that is right for you.

Why work with JOI

Here at JOI accountancy, we have over 40 years combined experience, and are comfortable working with one-man bands to medium and larger size businesses. We are extremely flexible in the way we work, and believe in a personal and reliable service with no hidden fees or an extortionate outlay.

For more information on our services, please do get in touch for a no obligation chat.