If you are a small business owner in the UK, you
must already be aware of the importance of complying with HMRC. Failure to
oblige often results in heavy penalties. The rules and regulations are
frequently updated; unless you follow them closely, it is rather difficult to
prepare your records on time for tax season. Appointing an in-house bookkeeper
might cost you a fortune. There is hiring and training costs, office space,
computer installation and so on. If you are ready to spend so much on an
accountant, you can go ahead with it. Your accountant will take care of
everything (at the expense of a good chunk of your profits.)
At the same time if you are planning on managing it
all by yourself, well, good luck. Because, you’ll need it. It is not easy to
manage accounts, especially if you have to take care of it, besides all other
administrative tasks. Not a good idea. You will not have time to eat and sleep
well, let alone manage accounts. Plus, in an attempt to complete your records
faster, if you update books hastily, you are likely to make mistakes. At this
point, you cannot afford to make mistakes. That would mean redoing all your
accounts. That’s an even bigger nightmare.
So, we have ruled out DIY accounts and the option of
an in-house accountant. What other way is there?
You can approach accounting firms and hand over your
work to them. Rather like outsourcing, except these guys would be in your
vicinity and not far away in a different country. Qualified accountants from a
local accountancy firm would be
assisting you with accounts at affordable rates. If you are residing in the UK,
you can approach Tally Accountants. They are experienced accountants who extend
services such as bookkeeping, accounting, payroll, IR35 for contractors, CIS
returns, VAT returns and so on. They are easily accessible. Thus if you find
local firms such as Tally Accountants, they can help you comply with HMRC.
