I know some of you are scrabbling away at the computer right now, desperately trying to make sense of the slips of paper, receipts and crumpled up expenses forms. The clock is ticking, after all. You have until midnight to file that tax return.
But after you've pulled all your hair out and finally clicked the "send" button, praying you have crossed the "t's" and dotted the "i's", please make a promise to yourself. You are not going to put yourself through this again!
Why? Well, simply because you don't need to.
You are an entrepreneur, a businessman, a businesswoman, the boss, the expert in your field. You do not need to be a financial whizz to boot.
And with profits, losses, taxes and more to contend with, it really pays to bring in an expert to help you with the paperwork.
This is where the benefits of having an accountant come in.
An accountant is a qualified individual trained in bookkeeping and the analysis of finances. Part of their duties will usually include preparing annual financial reports, coordinating tax returns and aiding in future budgeting and financial planning.
How much, or little, your accountant does for you is often your decision. Some business owners will only speak with their accountant once a year during tax season, while others will engage regularly, using their accountant as a consultant.
Here at KBL Accounts, we provide scalable services to suit all requirements. We don't make you pay for what you don't need.
So, in what circumstances should you consider hiring an accountant?
1. You’re unsure about your taxes.
It's ok, you are not alone. Knowing your IR35 from your R40 (and the hundreds of other codes) is near enough impossible, unless you’re an expert. An accountant can deal with your taxes to make sure you avoid any late payment fines and make sure you don't pay too much.
2. You don't have time.
Running a full-time business is a full-time job so its completely understandable that you will struggle to find time to spare to fill in complicated forms. An accountant can help organise your finances to make this side of your business run more smoothly.
3. You want some financial planning advice.
An accountant can help you plan for the future by offering sound financial planning and budgeting advice and an analysis of your books. This is crucial if you want to grow your business, and can help you work out when to hire an employee, how much work you can manage, and whether to adjust your rates.
You might think that filling in an annual tax return is just an necessary evil. It isn't. So step away from the computer, take a deep breath and give us a call.