- Written by Jon Kilby
The world is full of businesses, and some businesses choose not to have an accountant, some choose to have a compliance based accountant and some choose to have a pro-active accountant. Here are our reasons as to why it is better to always choose a pro-active accountant.
- WE WANT TO SAVE YOU TAX- By forward planning and looking at figures on a monthly or quarterly basis (rather than receiving historical accounting information at the end of the year) we can predict your tax liability. This means we can suggest ways you can decrease your tax liability with suggestions of how to decrease the tax liability before the tax is due.
- WE CAN DISCUSS CHANGING YOUR COMPANY STRUCTURE- If you are earning profits of £25k or more, business structure is key to reducing your tax bill. We can advise you on changes you could make to your business structure which will ultimately save you tax. We do this by looking at your situation in its entirety and looking at factors applicable to you which will determine what is the most tax efficient business structure for you. This could be in the form of a sole trader, partnership, LLP or limited company. It is important to have the discussion.
- WE CAN ADVISE ON OTHER AREAS ALSO AND NOT JUST ACCOUNTS- There are so many rules and regulations for businesses, and with regulations changing constantly you need to ensure that your business keeps up with the up to date legislation to ensure you are not fined for non-compliance. Areas such as payroll and the ever changing personal allowance and national minimum wage requirements are areas which businesses need to adhere to. Pro-active accountants seek to advise businesses on changes as they happen, and not six months later.
- WE WANT TO CHALLENGE AND INSPIRE YOU – By looking at your figures we can suggest areas where improvements can be made, we can question expenses and encourage your minds to concentrate on the profit maximisation of your business or any other areas which are of key importance to the success of your goods or services.
- WE WANT YOU TO GO IN THE RIGHT DIRECTION- We want to see your business grow and we encourage promotion. We want your business to serve the purpose you want it to- whether that be succession planning for your family, or exit planning and selling your business. Planning is key to the various route which you believe is the right direction for your business.
Forward planning is a key instrument in succession. Pro-active accountancy thrives on forward planning as opposed to historical data. If you would like a free no obligation meeting to discuss your business requirements and ways we can forward plan for your business, please contact the team at Spirare.