Shahzad Gohar

Each year tax and compliance laws changes let it be minor or major, leaving businesses confused and faced with many financial decisions, including cash flow management and minimising tax liability. Accounting firms are committed to keeping up with date all tax laws. Many offer financial advice, help individuals and small businesses set financial goals, and develop budgets. Many small business owners believe that their accountants are their most valuable advisers. A good accountant will also help you keep your accounts in order, assist with tax planning, and ensure that all tax deadlines are met. While some business owners think they can do everything on their own, this is not the best way. Instead, most companies are stable because they hire an accounting firm at www.naseems.co.uk. Once you hire an accounting firm, you can rest assured that your accounting needs, including tax and accountancy, will be taken care of professionally. An accountant will already know what you are looking for and help you understand the tax law and accounting issues that exist in your business market. Many start-ups opt to form a private limited company. This is done to lower personal financial risk. For example, if you are a sole proprietor and your business goes bankrupt, you will be personally responsible for all debts. However, if you own a private limited business (entirely independent entity), you will not be personally accountable for any debts. HERE ARE SOME TIPS TO HELP YOU CHOOSE THE BEST ACCOUNTING FIRM FOR YOUR LIMITED COMPANY 1. PICKING AN EXPERT OR SPECIALIST While most accountants are qualified to offer a service, many firms specialise in providing contractors, freelancers, and businesses. Specialised accountancy firms offer fixed monthly packages that include accounting preparation, tax return, payroll, and more. You can compare different packages and choose the one that best suits your needs based on your business. Cloud-based accounting solutions are now available by reputable accounting firms. They use independent accounting software like Xero. Choosing one of these platforms is important as they will provide better services and help you save money over the long term than traditional spreadsheet-based accounting firms. 2. MAKE SURE YOUR ACCOUNTING FIRM IS QUALIFIED You should ensure that any potential accounting firm should have the proper qualifications. Many firms are members of an accounting body like ICAEW, ACCA, or ICAS. Many accounting firms are managed by chartered certified accountants who specialise in their field and have professional qualifications. This may provide some comfort, and it would be foolish to do business with a poorly qualified firm. 3. CHOOSE SPECIALIST BASED ON YOUR COMPANY SIZE You will always see the service style in the numbers of any accounting firm. However, it is important to consider whether you would prefer an institution-type service from larger firms or a more personal service that a smaller firm might offer. Your accountant should have experience dealing with small or larger businesses in your industry. For example, suppose you are a contractor, freelancer, or another business owner. In that case, it is better to speak to a specialist as there are specific tax laws you need to know, such as Personal Allowance, capital gains taxes, and corporate income taxes, etc. 4. COST OF SPECIALIST When comparing prices, it is important to know exactly what is included. While the most expensive packages may seem fully inclusive, they will still be more expensive than those advertised as cheaper. However, you need to be extra careful. Ask your accountant about the fees they will charge. Are they monthly or annual? Is there an exit or entry fee? What are the additional fees for work which fall outside of what was agreed to be done for your business? If you move from an accountant before the end of the year, will they charge cope up fees? 5. CHECK OUT WHAT SERVICES THEY ARE FACILITATING YOU WITH All accountants must perform a few core tasks, such as setting up payroll, completing annual accounts for your limited company, accounting for VAT, and dealing with HMRC. They will also be able to complete your self-assessment return. However, Best Accountants in Birmingham at www.naseems.co.uk will assist you with all your accounting and tax needs (Self-Assessment Tax Returns, VAT Return Services, and Payroll Services), as well as offering free Xero Accounting Software for new clients. Although accountants may not be able to cater to all your needs in some cases, they should be capable of introducing you to someone more familiar with the industry. A trustworthy accountant will have at least one trusted partner. 6. EXPERIENCE MATTERS An important factor is the years of experience that an accountant has with clients in your industry. Each industry has its methods and ways of recording, assessment, taxation, and so on. Therefore, it is important to work with an accounting firm that has dealt with clients like yours. They will be familiar with the laws that apply to your business and will adhere to them. Naseem's Accountants have been serving their clients for more than forty years in the field of taxation and accounting. Providing professional tax consulting and accountancy services for individuals and businesses in the United Kingdom. 7. ACCOUNTANTS REPUTATION AND RECOMMENDATIONS The best accountants are those who grow their businesses by word of mouth. Asking friends and colleagues for recommendations is a great way to start. If possible, it is a good idea to ask a colleague or a business next door for a recommendation. Talk to other contractors. Soon you will be able to identify the worst and best accountants. CONCLUSION Your financial data is not all that your accountants should be able to handle. Your accountants should be more than just financial advisors. They should also be available to answer all your questions. An accountant is your most trusted companion. They should be open to your questions, give honest opinions, show you how to reduce your taxes, and warn you about the legal consequences of your business actions. As important as figuring out your numbers is being responsive and able to solve problems in financial emergencies, so too is problem-solving. You want an accountant who is willing to assist you. Even though we live in the digital age, word of mouth is still a powerful tool. You might meet the accountant that you have heard about through your family or friends. They might be a reliable service provider.