Why every new business needs accounting support
The last 12 months have proven extremely difficult for a lot of businesses, but industries have adapted and many entrepreneurs have found new ways of working. As such, the volume of business start-ups and company formations during the last year has been much higher than expected.
Whilst we know how exciting it is to launch a new business, we also understand how daunting it can be, and you need a lot more than passion and enthusiasm to drive your business in the right direction. Because most of the important decisions your new business makes will be based on finances, it is so important to have a great accounting team to support and advise you. From ensuring your company is compliant with HMRC regulations, to limiting your business tax liability, here are some other ways accounting services can help a new business.
Bookkeeping, VAT returns & payroll
Bookkeeping can take up a lot of time for a business owner, even if they know what they are doing. This time could be spent developing and shaping the business. It is also a lot more complex than many people first imagine.
VAT returns are not the simplest things to complete, and errors can lead to penalties if not corrected before submission. Payroll done incorrectly can also lead to backdated tax bills, disgruntled employees, and fines. Bearing all this in mind, it's often best to outsource your bookkeeping requirements to a professional.
Auto-enrolment & workplace pensions
This is an area that can be both overwhelming and very complex for businesses. Working with a good accountancy practice ensures this is set up correctly and you understand your obligations as an employer. Any possible breaches of compliance, which can lead to penalties and fines, can also be avoided.
Tax investigation & tax tribunal support
Any kind of investigation by the HMRC will be daunting, especially for a new business. Accountants offer help and advice to those who may find themselves in this position. At Taxcare Accountancy, we use our experience and knowledge of HMRC investigation processes to negotiate a compliant solution that satisfies both parties.
Establishing the correct financial support from the start will help your business as it grows. If you need help or advice, please contact one of our team members today.
