When you’re in business you want to keep your costs down and that is especially true when you first start out in business. Accountants come at a cost so you should wait as long as possible until you hire one, right? After all you can do the basic bookkeeping yourself can’t you, so when should I hire an accountant? When you start out in business there are many things to consider, such as:

  • What is the right structure for my business: limited company; partnership, limited liability partnership or sole trader?
  • Do I have to register for VAT?
  • Should I register for VAT voluntarily? If so, what VAT scheme is right for me?
  • What costs can I claim against my sales to reduce my tax bill and what records do I need to keep to substantiate this?
  • What deductions against profit can I get for capital expenditure?
  • How does the timing of income and expenditure affect my tax liability?
  • How should I pay myself?

Getting these things wrong will cost you money. At Elver Consultancy we offer all new clients an initial free consultation at which point many of the above issues can be addressed. What’s more if you engage us to look after your tax affairs, or to complete year end accounts you are also buying in to year round support and advice. There are no charges for answering queries throughout the year. So, whether you wait until you need your year end accounts and tax compliance completing or whether you come to us right at the beginning of your business venture the cost is the same. So, you have nothing to loose, and everything to gain by engaging us now. What are you waiting for? View Our VAT Accountant Services for more details.