In 2017, many new tax reforms are being applied which have implications for Small Businesses. That is why it is imperative that small business owners invest in the services of an accountant. They will ensure that you are kept up-to-date with all the new changes as they occur and provide you will key advice to create business growth.
Expert Tax Advice
- Never miss a tax deadline again
- No more fines due to late filing
- Advise you as to which expenses can be claimed
- Assured that less tax will be paid
- Tax schedule and forecast implemented at the start of a tax year
- Ample time to save money for future tax bills
HMRC’s ‘Making Tax Digital’ Plan
The HMRC (Her Majesty’s Revenue & Customs) will begin implementing their new ‘Making tax digital’ plan from 2018. An accountant will keep you up-to-date with these changes in due time. They will advise you as to the implications which could include:
- Compliance with these changes
- Change in the way tax will be calculated and paid
- Use of software to keep track of tax and submit assessments
View our Guide to HMRC’s ‘Making Tax Digital’
Online Accountant Software
A professional accountant will recommend an online accounting software system. All online software can normally be set up on any device from any location. The best online software packages are Xero, QuickBooks and FreeAgent.
These of some of the benefits of online software packages:
- Real-time dashboard giving an overview of business health
- Create and send professional invoices
- Set up automated late-payment reminders
- Monitor business cash flow
- Track mileage for travel
- Easily upload and store expense receipts
An accountant can help you grow your core business by focusing on business strategies based on real-time data. They will also help you implement an accounts system that will help you manage your cash flow more effectively. This will in turn help you free up extra cash and increase your profits.
The best means to track your profitability is to use measurable KPIs (Key Performance Indicators). All KPIs should be set for a certain time and should be linked to a specific business goal. The measurability of KPIs will allow you to gain data that should be used to inform your business decisions.
Choose an Accountant
Fusion Accountants have a dedicated team of expert accountants that will provide you with dedicated advice. Please contact us for a free consultation.