ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Top Five Reasons to Hire an Accountant in the UK

Updated on September 20, 2013

Accountants

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.

In Summary

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:

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)