How do I find the right accountant for my business?

How do I find a good local accountant?

Finding an accountant based near you is beneficial because it is easier to meet in person and stay in contact. It also means they have a good understanding of the local business environment from where you’re operating and can make useful introductions to other local businesses who might be useful to your company.

TaxAssist has offices in more than 400 locations across the UK which means you can enjoy these benefits.

To find the best accountant for your business, think about exactly why you need one in the first place and what specific services you are looking for. Speak to friends, family and other business owners for recommendations.   

You can also do some research online. Visit review websites to read about the real-life experiences of other business owners who are already working with an accountant. TaxAssist is rated excellent on Trustpilot and you can see all the reviews here. You can also find Google Reviews for individual TaxAssist offices by searching on Google for ‘TaxAssist’ and the location. When should you look for an accountant?

There are various stages and points in your business journey when an accountant can help.

File self-assessment tax returns

The first contact many business owners, sole traders and landlords have with an accountant is when they need to file a self-assessment tax return. The UK system is complex, so preparing even the most straightforward self-assessment tax return can be complicated.

There are various deadlines and legal responsibilities that taxpayers need to be aware of. Having an accountant on board to support you means you will minimise the risk of a HM Revenue and Customs (HMRC) enquiry into your tax affairs. It also helps to ensure you claim all the tax reliefs you are entitled to and avoid financial penalties for filing your tax return late.

Running a limited company

Operating as a limited company has many benefits, but also comes with some obligations. You will have to submit a Corporation Tax return and file your accounts with Companies House.

Choosing whether or not to opt for being a limited company in the first place is also not an easy decision as it depends on your particular circumstances. However, there might be a point when it will be beneficial for you to switch from being a sole trader to a limited company.

A professional accountant can discuss your individual requirements and undertake a review to ensure you choose the best way forward for your business.

If you decide to trade through a limited company, an accountant can provide an ongoing service to ensure you meet all your legal obligations and maximise the tax benefits . This will give you peace of mind and leave you to get on with doing what you do best; running your company.

Writing a business plan

If you are looking for funding, you need to present a convincing business plan.

A good accountant can work with you to ensure the required information is included and the plan is presented in the best possible way. This will give you a greater chance of success when applying for funding from a lender or pitching to investors.

Benefit from accounting software

Despite the latest digital technology, many business owners are still using more traditional methods to keep financial records. This makes it difficult to stay on top of cash flow and manage finances.

To make life easier, there are several accounting software solutions, including QuickBooks and Xero, that help you get organised and manage your finances from wherever you are.

An accountant can match you with the right accounting software to meet your specific needs. They can talk you through the digital solutions available to help you select the right package for you and your business.

Setting up a payroll

If your business expands and you start to employ people, it might feel daunting to run a payroll on top of everything you need to do. Meeting your legal obligations as an employer can be confusing and time-consuming, while responsibilities around auto enrolment pension contributions can add to the workload.

By working with an accountant, you can maintain your responsibilities as an employer and free yourself of the day-to-day concerns that payroll can bring.

Comply with Making Tax Digital

Launched in 2019, Making Tax Digital is the Government’s effort to bring the UK tax system into the 21st century. It aims to provide businesses with a modern, streamlined system to keep their tax records and provide information to HMRC.

The Government is gradually rolling out new Making Tax Digital requirements to different categories of businesses. It means they must keep digital records and submit information to HMRC via approved digital software.

An accountant can make sure you comply with the Making Tax Digital requirements when they begin to affect your business.

Renting a property

If you receive income as a landlord of a rental property, you have various tax obligations that you need to comply with. You may also have Capital Gains Tax to pay if you sell or give away a property. An accountant can help you deal with these responsibilities, claim all the tax relief you’re entitled to and avoid any financial penalties.

Do accountants offer free advice?

If you are looking for an accountant to support your business, you can find out how TaxAssist Accountants can help by booking a free initial video or face-to-face consultation. Call 0203 325 9825 or fill in the enquiry form here.

The TaxAssist website is jam-packed with free business advice. You can read the latest news on tax and finance issues as well as business advice articles covering popular topics such as:

• How small businesses can deal with late payment
• How to protect your business during challenging economic times
• Filing your first sole trader self-assessment tax return
• How to get a bank loan for your business
• How to find and apply for business grants
• Guide to corporation tax for limited companies
• What to do if you miss the tax return deadline

In the questions and answers section, TaxAssist experts answer common questions about tax and finance, including:

• How much corporation tax should I pay?
• Do I have to complete a self-assessment tax return?
• What is Employment Allowance?
• What is a UTR number?

For more detailed business advice, you can access downloadable guides.

To get up-to-date tax news in your inbox, sign up for the TaxAssist newsletter.

Visit the Knowledge Hubs for advice on specific topics, including:

• Start-ups
• Tax planning
• Cash flow management
• Bookkeeping
• Payroll

The Budget is the UK Government's annual financial statement and review of taxation. It also includes the Government's future financial strategy and economic forecast. You can stay up-to-date on the latest Budget announcements here.

How much does an accountant cost?

The cost of working with an accountant is dependent on the type of service you are looking for. It might be a one-off charge such as for filing your self-assessment tax return or an ongoing monthly fee for regular support and advice.

To find out about the cost of services provided by TaxAssist Accountants, book a free consultation.

Is hiring an accountant worth it?

Running a business can be tricky and as a founder, you need to wear many hats, particularly in the early days of operating a start-up. Having an accountant on board can help you manage your finances, monitor your cash flow, comply with your legal responsibilities and avoid late payment penalties.

As your business grows, the advice and support of an accountant can be crucial to ensuring you maximise opportunities and scale effectively.

How do you know if an accountant is good?

Having a good relationship with your accountant is key to making the most of the service they are providing.

They should regularly communicate with you and respond to your calls and emails within good time. You should also expect your accountant to be proactive and check in with you often to see how your business is doing and answer any questions you may have.

Your accountant should be able to explain complex topics in an easy-to-understand way. If things aren’t clear to you, they should always be willing to clarify and make sure you do understand.

What do I do next?

Once you have drawn up a shortlist of potential accountants, contact them to discuss their services. To find out how TaxAssist Accountants can help your business, book a free video or face-to-face consultation.

Date published 9 Mar 2023 | Last updated 10 Apr 2024

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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