Start-ups urged to use accountants

Date: 26th August 2008

People setting up small businesses should get help from accountants, a report has suggested.

The Times cited Federation of Small Business figures that show that small firms in the country typically spend over seven hours a week dealing with red tape.

As a result, the paper suggested that the regulatory burden of taxation rules was putting many entrepreneurs off starting companies.

"Advice from good accountants and lawyers was vital in negotiating these thickets of legislation," the paper added.

One small business owner, Rhodri Ferrier, explained that it was sensible to spend a "decent [amount of] time upfront to determine which legislation affects" a new business.

"If you can afford it, get yourself some strong advisers who have been through these issues before and make the red tape somebody’s responsibility," the small business owner told the paper.

"It is all too easy for it to fall through the gaps if you don't."

Recently, HM Revenue & Customs revealed that it was launching a series of events to help small businesses in Northern Ireland with their tax planning.