1) You'll Save Money
One of the better reasons to do something in business, a company tax accountant can often help you save cash beyond the headline fees you pay.
The most obvious saving is that of tax itself. Andach can – and will – advise you on the most tax efficient way of making purchases. Laws change frequently, and purchasing an asset before or after the year end can result in being able to claim tax savings far earlier or later due to changes in the Annual Investment Allowance.
Andach is also happy to advise directors on personal tax matters, and to do personal tax returns. Frequently we find directors who aren’t aware of all the expenses they can legally claim – that’s just money down the drain!
Most people choose to take our bookkeeper service as well, which (among other things) involve us filing your purchase invoices. We’ve seen a lot of businesses, and if we see you’re able to save money, we’ll let you know. With an extensive range of business contacts, we’ll happily put you in touch with alternative suppliers or even negotiate directly on your behalf.
2) A Company Tax Accountant Saves You Time
When starting a new business, you need to focus on your actual workload. Whether you’re a local plumber, double-glazing fitter, or own a shop, let us do what we’re good at – so you can focus on what you’re good at.
According to a study by accountingtoday,
The majority of small business owners said they spend more than 41 hours on tax preparation each year. That breaks down to 40 percent of small business owners who said they spend over 80 hours a year, 18 percent spend 41 to 80 hours per year, 15 percent spend 21 to 40 hours a year, and 28 percent spend less than 21 hours per year.
That’s a week or two per year. Over a week you could be putting into your business, earning money. Don’t make the mistakes others do – give us a call and let us save you time.
3) Solve Compliance Issues Before they're Issues
As you grow, and your business processes become more complicated, you’ll need professional advise to ensure you’re compliant. As a small example, we’ve lost count of the number of times we’ve seen a business hire their fifth employee and not realise that this changes their health and safety requirements.
It doesn’t matter whether you take us on as health and safety consultants or not. We’ll proactively give you advise or warning on other areas as soon as we notice a compliance or other issue.
4) Manage your Growth
Overtrading can be a big problem for businesses that are growing, and it can happen very quickly. Having a company tax accountant can help you avoid this problem before it arises.
This is a trap that catches small business owners by surprise, and often happens when large contracts are newly won.
A larger company approaches a small company to give a short-term contract – often with the promises of more contracts in the future. You end up hiring staff and/or buying expensive equipment, and the future business doesn’t manifest.
While it sounds awful, it’s rarely malicious, and the worst thing is, you get left with a large bill for equipment at a time when you’re excited about more trade.
If you land a new large contract, we can help you negotiate with your customer. The vast majority of companies are understanding of trading with small businesses and are happy to help provide assurances. Don’t forget, they need their suppliers as much as customers!
5) We'll help you Measure Business Performance
We pride ourselves on being a full business support service, rather than just a company tax accountant.
We’ve worked with FTSE 100 companies on business analytics and automated reporting, and we know the value that proper reporting and analytics can bring. Over the years, we’ve:
- Identified products being sold at a net loss for years due to not taking into account labour costs.
- Helped a FTSE 100 business save over a million pounds annually through automating rebate calculation processes.
- Fully automated monthly financial reporting – turning it into a single daily dashboard