Accountants have always been essential for many large enterprises, but even if you have a small business or are self-employed, an accountant can do a lot for you as well. In fact, you may need their expertise and services even more as you grapple with such things as tax returns, finding funding, seeking proper business advice for major decisions, and more. In addition, your accountant can be your best partner for projecting the future of your business and finding out about your business' outlook because they will have the best idea of your financial standing. But precisely what kind of support and services can your accountant provide? Here are the answers to your main questions and a list of specifically what they can do.

The essential services

Whilst accountants can provide a host of additional services such as payroll; there are some essential services most all accountants can and should offer. These include statutory year-end accounts, VAT returns, and corporation tax returns.

If you are an LLP or Limited Company, you are responsible for filing statutory accounting to Companies House every year. Your accountant can do this for you. They should be able to prepare year-end accounts for various businesses in different industries and sectors using the proper software, be it Xero, Sage, or Quickbooks and any equivalent. You have to file your statutory accounts nine months after the end of the year.

For VAT-registered businesses, it's essential to file the company's returns with HMRC, and you can do this per quarter. Fixing and filing corporation tax returns is another service your accountant can help you with, and you must file this tax return, otherwise known as the CT600 return, with HMRC. A good firm, such as GSM Accountants in central London, can ensure that you receive whatever allowances or tax reliefs your business is entitled to so you can become more tax-efficient. They will also make sure that the CT600 is filed twelve months after the end of the year with HMRC.

The extras

Your accountant can also offer extra services, such as payroll and bookkeeping. Payroll can be an enormous burden for any business owner. Even if you employ payroll staff, you can still face the risk of making errors, particularly with calculating national insurance contributions or taxes for each employee. Some payroll staff also have difficulties with RTI submissions, so if you need extra help with payroll from an accountant, you can ask for their assistance. Your accountant or accountancy firm can help you manage your payments and provide you with reports, handle statutory returns, and more.

Another invaluable service an accountant can provide is with bookkeeping and financial management reporting. For example, if you find that you do not have enough time to keep daily records of your financial transactions or take note of your purchases and sales, an accountancy service can offer bookkeeping services with the aid of a qualified and trained bookkeeper so you can adequately meet your bookkeeping requirements as well as the making of financial reports.

Your accountant isn't just there to deal with your financial documents and reports. However – they can serve as your consultant and a sounding board for your business ideas, and they can give you the advice you need if you are thinking of expansion or making a substantial investment.

By Mildred Austria

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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