It has been a habit in the UK to treat accounting for businesses as an historic exercise. In cases of sole proprietors (as opposed to limited companies) accounts have only been drawn up for the purposes of settling taxation liabilities with the revenue.
This function has often been left to an accountant and therefore the business has been conducted on a day to day basis without considering taxation to any great extent.
Contact A1 Business Forums for more information.
Who’s the best accountant for you?
There are many challenges to face when being a small business, including being able to manage your finances.
An accountant can help you get back on track to sort your finances, including managing your payroll and invoices.
Rather than feeling overworked, take some of the load off by hiring an accountant in your local area. If you are based in London, A1 Business Forums recommends Most Money (Graham Chartered Accountants) for all your accountancy needs.
Graham Chartered Accountants is an ACCA accredited accountancy practice with a qualified team that deliver quality services in and around London. Find out more about them.
What can an accountant do?
- Book-keeping
- Tax advisor
- Internal audit
- Payroll services
The businessman awaits after the year end the judgement of the accountant as to the amount of tax due.
People are now realising that with computer-based accounting systems and forecasting systems available at quite low costs for both hardware and software there is no longer any excuse for treating accounting as such an historic exercise.
However, in bringing the accounting records and forecasting on to a regular monthly basis it would be wrong to ignore the taxation aspects.
An accountant will also be able to recommend the best business insurance. Find out more.
Although an understanding of all tax regulations may be difficult to acquire it should be possible for any businessman to acquire sufficient knowledge to understand the major tax aspects of his own business.
The tax laws can change and some aspect of the business might involve tax implications which had not previously applied to that business, therefore it would be prudent for the businessman always to have the tax aspects reviewed by a tax advisor.
In this website we have focused on major decisions which you have to face in setting-up and running a business. We have then tried to explain the relevant tax implications of those decisions.