All is biased, but we do make it our mission to shout about the endless benefits of hiring a qualified accountant whenever we find an advantageous moment. We do try to keep our lips squashed at the social gathering on a weekend night because nobody wants to talk tax returns over a food and drink. However, we do feel it’s of utmost importance to spread the word, especially in such unpredictable political and economic times.
So, why in 2019, do we believe that hiring qualified accountant is more important than ever?
Tax codes can get confusing
Let’s be honest, tax codes have always been puzzling but as new rules and regulations come into play and requirements transform, it can be a real fight to keep up. Qualified accountants make it their dedicated responsibility to wrap their head around this kind of stuff and stay in the loop at all times – so you don’t have to.
Save yourself a few pounds
Substantially more than a few pounds as it happens. In the minefield of information and options as a self-employed worker or the business owner (or limited company), there’s a wealth of tax credits and deductions you could likely be taking benefit of. These saving graces could help you conserve a bit of a cash cushion to help nurture healthy cash flow in the aforesaid rocky economic climate.
This leads us nicely onto:
An ally in the battle of Brexit
Following the Brexit referendum way back in 2016, sterling plunged to a 30-year low against the dollar and the UK found itself with a credit score disparaged by two separate agencies.
Now, while the impact of Brexit and everything surrounding it is vague – and not necessarily all pessimist – the government is exhorting UK business owners to work up their eventuality planning.
66% of UK companies believe Brexit will impact them but only 21% of small businesses have started to adapt in preparation*
Part of this advised damage control is having a qualified accountant on board.
- International negotiations could be about to get way sensitive for those dealing overseas and exchange rates could have a substantial impact on international transactions.
- If the UK becomes a ‘third country’, it will lose it status as per the World Trade Organisation rules which govern importing and exporting in the EU. Custom duty payments are a predicted reverberation of this.
- Although national VAT is expected to stay as it is, VAT on trade imports and exports could be expected to be paid immediately which has the power to immobilise the small business or start-up.
As a result of these changes, admin demands will boost, and business owners will need to become much sterner with their expenditure and cash flow.
An accounting expert will help you understand all of this and keep your finances on the right path during the chaos. Plus, it’s always better to start preparing your business for a period of change at earliest, particularly with the possibility of a sudden exit simmering away in the background.