27/02/2020 by Pete Bird
Newsletter March 2020
Do you need an accountant for your small business?
If you run a small business or you're self-employed, having an accountant can bring some advantages. Having an accountant frees up your time so you can focus on your business. An accountant can handle key functions such as bookkeeping, and filing your accounts and tax returns on time.
An accountant can also save you money in many areas by increasing tax efficiency and improving cash flow. They can provide invaluable general support by offering general business advice, discussing your ideas and future growth plans. Above all, a good accountant provides you with the reliable financial information you need to make key decisions.
Is this accountant right for you?
Personality is key in any relationship, so it’s worth meeting your accountant in person before engaging their services. You’ll be working closely together, so a personal connection is important. Ask about their range of services to make sure they can meet all your needs. It’s also good practice to talk about qualifications and experience and are they qualified?
Accountants will offer different packages.
For example, you may want to pay an accountant monthly or agree a fixed fee for their services. This means that they deal with all your finances. You can choose the most suitable option depending on how heavily you want your accountant involved.
One-person band, small firm or larger firm
Is the size of your accounting firm right for your needs? Broadly speaking, you should match like with like. If you’re a contractor, sole trader or micro company, then a small firm might suit you best. But if you’re a fast-growing start-up with a big vision, you might be looking for a larger sized firm to match.
The location of your accountant
It does not matter too much where your accountant is based, as most work can be done remotely. But regular face-to-face meetings are valuable and can be much more productive. A face-to-face meeting allows you to discuss your business in broader terms and may spark creativity. So, it's an advantage to be within travelling distance to your accountant as you can visit in person.
If you want to use an accountant, choosing the right one is very important for your business.
Our free newsletter of December 2018 also gives advice to taxpayers who file their own tax returns.
Source: Companies House January 2020 roundup.
DATES TO REMEMBER:
1 March 2020 - Due date for Corporation tax for companies with an accounting period ended 31 May 2019.
7 March 2020 - Due date for filing and payment of VAT for the period ended 31 January 2020, unless you submit a paper return then the date is 29 February 2020.
19th of the Month:
Due date for postal payments of PAYE, NIC and CIS deductions and on-line filing deadline for CIS300 monthly return to HMRC.
22nd of the Month:
Due date for electronic payments of PAYE, NIC and CIS deductions to HMRC.