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Business Banking - Professional Advice
by Joseph Kenny
Published on this site: June 12th, 2006 - See more
articles from this month
At the beginning, you will be offered plenty of advice and support to
set up your business - enterprise schemes often run seminars and give
out free software to help you manage your accounting, for example. Local
mentoring schemes can provide a useful way to make contacts with other
people who have set up in business and excellent chances to network.
When it comes to tax and accounting, however, you may want to enlist the
help of specialists. Particularly if your business has a large turnover
or complicated finances, using an accountant can make a world of difference.
While some people are put off by the thought of paying fees to accountants,
the costs involved can actually be relatively low, and often your tax
bill can be significantly reduced. Taking on an accountant may save you
money as well as a lot of hard work! Some offer additional services, such
as advice and auditing that could help to make your business more profitable.
If you run a business you are legally required to keep records of certain
things. For example, if you employ staff you will need to keep Paye records,
and VAT records if you are VAT registered. All businesses must submit
a tax return every year - you can now do this online. If you have an annual
turnover of over £5.6 million you are legally required to have an
annual audit, which must be carried out by a qualified and registered
auditor.
Choosing an accountant is a matter of knowing what you want from your
relationship, and finding someone whom you trust to do the best job. While
personal recommendations from family and friends are a frequent reason
for choosing an accountant, you may also want to consider whether they
have particular experience in your sector, how much the practice charges,
and what additional services they may be able to offer you.
Qualified accountants must be registered with one of the professional
bodies that regulate them:
Tax is an immensely complicated subject, but the Inland Revenue do attempt
to make it as easy as possible to understand the basics. They offer a
starter pack for new businesses, and a helpline for the newly self-employed.
Check www.hmrc.gov.uk
for full details.
Joseph Kenny writes for the loan information and comaprison
sites http://www.selectloans.co.uk
and also http://www.ukpersonalloanstore.co.uk
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