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Top Five Reasons to Hire an Accountant in the UK
An accountant is a person who is skilled working with numbers and is hired by companies or individuals to deal with accounting tasks. The type of tasks an accountant will handle will vary depending on the business, but usually tasks include keeping financial records, staying on top of taxes, and also issuing regular financial reports.
If you have a business you should definitely hire an accountant because he will be your ally. An accountant will help you grow your business, and assist you in making plans for your business and client base to expand. Find one in your area; do a brief online search; i.e. if you are in Bexley, Kent, type in something like “Bexley accountants” or “accountants in Bexley” and you will find what you are looking for.
Five Ways an Accountant Helps
1. Manage Your Taxes
One of the main reasons a business or individual will hire an accountant, is to help them manage their taxes. Although you can of course do your taxes by yourself, you probably are not aware of all the various perks that you might be qualified to receive.
An accountant can show your ways on how you can slash your tax bill. If you have been doing home repairs or you regularly donate to charities you may be entitled to some tax deductions that you do not know about.
2. Improve Your Credit Score
A qualified accountant will know how you can improve your credit score. There are a number of clever ways to do this that most individuals are not knowledgeable about, as they are not entirely obvious. Credit ratings are very important for a number of reasons, such as if you need to borrow money, or wish to rent premises; so having a good credit score is very beneficial.
3. Make Good Investments
An accountant will go over your investment portfolio and analyse all aspects of it. He will tell you what you are doing right, and if you are thinking about purchasing a property he can advise you on how much you should spend, as well as the type of mortgage you should go for. If an accountant thinks the investment is a bad idea he will tell you, and potentially save you a lot of money and hassle.
4. Provide a Confidant
In many cases it is difficult to confide in friends and family about our finances or any money worries that we may have. If you tell a friend you have £5,000 debt on credit cards and you are concerned about it, chances are your friend will reply "Oh, that is nothing - I owe £10,000 on mine."
An accountant will not give you such a flip answer, but rather will advise you on paying off the debt as quickly as possible and show your ways where you can cut your expenses in other areas in order to achieve this.
5. Save You Money
At the end of the day, an accountant can save you money. When he has been working with you for a short time he will know just about everything there is to know about you and your finances, as well is your business dealings. A skilled professional will help you learn the ins and outs of the UK tax system and help you make educated choices about spending your money. Although you will have to pay an accountant for his services, like most people you will almost certainly find a return on investment is well worth the cost.
Although you can find software that can help you with keeping your books and accounting, there are some areas where human skill is optimal. You do not have to hire an accountant all year round if you feel you cannot afford it, but rather just pay an accountant to deal with certain aspects of your business, such as paying your taxes or maintaining your books.
The ACCA (Association of Chartered Certified Accountants) UK provide this video on becoming an ACCA registered Accountant: