6 reasons your business needs an accountant

We have compiled a list of the times it is best to use the services of a chartered accountant to keep your business running smoothly.

I imagine that it will come as no surprise that we highly recommend the use of a chartered accountant early on in the life of your business. This is because we have seen some of the pitfalls that can slip you up when you are new to managing the finances of your business.

We know that when you are starting out, your focus needs to be on the day to day running of your company. All too often the accounts are overlooked, but this can result in a mess and a time-consuming process to get everything compliant and up to date.

We have listed some of the reasons you may want to consider hiring an accountant below.

Quarterly Tax Returns

If you are registered for VAT then you will need to complete and submit a quarterly tax return. You can do this yourself but it may be worthwhile to enlist the services of a chartered accountant to help to manage and submit your quarterly tax return for you. This will help you to avoid any penalties for late or incorrect submissions.

Annual Tax Returns

As a VAT registered business, you will also be required to submit an annual tax return. This must be HMRC Compliant and as with the Quarterly Tax Return, it must be correct and on time to avoid any penalties.

Payroll Services (Monthly & Weekly)

It is possible to do the payroll yourself if you are running a small business, but as your business changes and grows, the payroll can become increasingly time-consuming & complex. Enlisting the help of an accountant can help you to ensure you are correctly managing your payroll with any deductions & requirements.

Credit Control

It can be difficult to manage the day to day running of your business when you are continually chasing credit. Working together, we can establish a plan to help to control your cash flow effectively. We have years of experience helping clients with this time-consuming issue.

Pensions

The laws and regulations regarding pensions go through regular changes & updates. As an employer, you are required to register your employees for a workplace pension if they earn over a certain amount. Then can then choose whether to opt-in or out pf this pension. As experts in this field, we can keep you up to date and compliant with the latest legislation.

Bookkeeping

Bookkeeping is a fundamental part of managing your business accounts. Not only does this show you any profit or loss within your company so that you can make improvements, it is also necessary should you face an HMRC Inspection. We provide a number of cost-effective solutions to keep your business running smoothly.

Why choose GMP?

We are a full-service firm of chartered accountants. When you choose to work with us, you will be working directly with one of our partners. Each fully trained but specialising in different areas of business, our partners have the training, management and skills to effectively manage your accountancy requirements.

We work with businesses of all sizes and from all backgrounds including sole traders and professional & family partnerships. We can make sure your business is compliant with all current legislation and laws that may affect you.

We value each and every one of our customers and we work to nurture a close, proactive relationship based on mutual respect & trust. Secure the future of your business today and book a free consultation with one of our partners in Bexhill, Rye or Tenterden.

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Gibbons Mannington & Phipps LLP, 20 Eversley Road, Bexhill-on-Sea, East Sussex TN40 1HE
Gibbons Mannington & Phipps LLP, 24 Landgate, Rye, East Sussex TN31 7LJ
Gibbons Mannington & Phipps LLP, 82 High Street, Tenterden, Kent TN30 6JG

GMP Audit Limited, 20 Eversley Road, Bexhill-on-Sea, East Sussex, TN40 1HE

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