Here is a list that we believe are all excellent reasons why you should use a Dublin accountant for all of your business accounting needs:
1. An experienced and qualified accountant knows what he/she is doing and understands the accounting framework, concepts and principles which are essential to preparing your annual business accounts.
2. An accountant will have a good knowledge of tax and will be best placed to advise you on what business expenses and tax allowances can be used to reduce your business tax bill.
3. This good tax knowledge can also be used to advise you on the most tax efficient way to pay yourself from your business whilst minimising your personal income tax and national insurance bill.
4. An accountant knows when returns are due to be made to Companies House and to HMRC and will notify you when tax or VAT payments are due. This will help you avoid paying fines to Companies House or HMRC.
5. An accountant will know what VAT payment schemes can be used by small businesses and can advise you on how these schemes can be used to your advantage and save you money. The ” Flat Rate Scheme for Small Businesses ” is a particular example of a VAT payment scheme that can save you money.
6. An accountant can take care of the administrative work for your business, such as maintaining a PAYE system and calculating income tax and national insurance due on monthly salaries and wages. This will free your time to focus on your key business activities after all, this is why you entered into business.
7. An accountant can ensure your financial records are reliable and free from errors or omissions, resulting in correct and accurate tax calculations and accurate year-end accounts.
8. An accountant can work with you should you face a tax investigation. An accountant is always best placed to correspond with the tax inspector and explain the accounting treatment of transactions within your accounts and tax returns.
9. An accountant can advise you of the best way to structure your business, whether this is the sole trader model or setting you up as a limited company, and in the worst case scenario prevent you from losing your house in the event of business failure (insolvency).
10. An accountant can ensure that you keep proper accounting records and advise you on how long to keep these records for. This can will ensure that you avoid paying fines and penalties.
For all your accounting, taxation and Accounts Payable needs, feel free to visit this site www.kilcoyneacccountants.ie, either via email, over the phone or in person. Whether its business or personal taxes, accounting services―it is what we do! We will more than be dedicated in helping you and in growing your business by offering real-time financial information utilising the most updated technologies. We are here for you all year round!