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When do I need an accountant for my startup business?

by janeausten

You’re starting a business with a great idea. Business isn’t just ideas. You can’t be a successful businessman if you don’t make money. To maximise profits, you need an accountant.

Should I Hire an Accountant?

During the initial stages of planning, it is recommended to get the services of a qualified accountant. A number of entrepreneurs I’ve met were so engrossed in their project that they didn’t give it a second thought about the numbers. You may have an innovative idea, but you must also consider your finances.

Today’s accountant is more than just a bookkeeper; he can also serve as your company’s first financial advisor. When planning your business, they are aware of your financial viability project, etc.

A cash flow forecast is something that an accountant can put together for you and your company. It tells you how much money you’ll have after expenses. An accountant will prepare the forecast and explain what the numbers mean for your business. It also shows if you can pay your suppliers and run your business. The cashflow forecast’s estimates are prone to error. This is especially true for a startup business in the planning stage, as the estimation is based on prediction and there are no previous figures. A similar-business accountant can reduce this error risk.

Your accountant will be able to guide you through the process of choosing between operating your company as a limited company, a sole trader, or a partnership. Because the structure you select has an effect on the taxes you pay and the way you report to HMRC, it is important that you make an informed decision about which structure to adopt. Your business structure depends on your unique circumstances. Even in the same business, there’s no one answer. If you run your business as a sole trader and have personal assets, you may pay more tax than if you ran it as a limited company.

Hiring an accountant will ensure that you make the most of all of the tax deductions and credits available to you, allowing you to increase your profits while reducing the amount of tax you are responsible for paying.

When registering for VAT, you’ll need your accountant. They can help you file your VAT returns, self-assessment tax returns if you’re a sole trader, prepare and file your accounts, and do bookkeeping. You will be required to bear unnecessary additional costs if the returns are not filed on time and the taxes are not paid on time.

You can reach us at this number if you are looking for a startup accountant in Croydon or a startup accountant in London: 020 8127 0728.

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