Although the exact origin of the saying, “The thing certain in life is death and taxes,” is debatable, its accuracy is not. The statistics are in and one out of one people – die, 100%. The same statistic can be used to answer how many people pay taxes. Everyone pays taxes. The only question is, how much of a headache is it going to be?
This is where chartered accountants like FDA come in. They’re based in Wirral and specialize in helping small to medium-sized businesses navigate the confusing waters of the UK’s tax laws and regulations.
A chartered accountant (CA) is an internationally recognized designation given to professional accountants. This designation is recognized around the world. In the United States, the equivalent would be a CPA firm, a Certified Public Accountant. The CA designation gives you the first step on your journey to financial peace of mind by assuring you that you’re working with a certified firm that meets the strictest standards of integrity, professionalism, and knowledge.
The accountants at FD Analytical are more than just number crunchers though.
They offer services in three broad categories; compliance, pro-active advice, and added value. Compliance services of course are legal requirements, the ones mandated by law. These are the ones most people think of when they want an accountant.
Compliance
The UK tax system, while it is one of the most sophisticated in the world in adding credibility to businesses operating in the UK, is also one of the most complex. Complying with those laws consumes more time than most companies can afford to lose. The accountancy and tax services at FD Analytical are designed to free you from that burden so you can concentrate on growing your business and taking care of your customers but all chartered accountants should do the same thing.
They should prepare and explain everything to you in all the following areas:
- Preparation of company financial statements
- Development of business accounts
- Development of tax returns for your firm and/or your family
- Payroll and booking
- VAT preparation and submission
- Requirements for HMRC investigations
The fee for their services should be agreed to in advance so there aren’t any surprises when the process is complete. They should also guarantee that everything will be done on time so you’re not faced with any fines or penalties. Everything done on your behalf needs to be compliant with all the latest rules and regulations, and finally, all of your documents need to be approved and signed by a chartered accountant (CA). This means it will be accepted by all third parties such as banks and financial companies.
Advice
Chartered accountants should give you more than just tax savings advice – as important as that is, and they do offer it – it should be advice that is specific to you and your field of business. Financial advice to a trucking company will be different than advice to a factory. Make sure your accountant knows the field your business is in, then you’ll be able to rely on their advice. This brings up another issue.
Trust
Managing your money by yourself isn’t easy so you need help, especially in today’s world of complex regulations. You need to be able to trust the people who are helping you. You need to enlist expert help from honest brokers. Don’t fall for telephone scams from people who claim they can solve all your financial problems if you just give them your credit card number. Also be aware of scammers who claim to be from the government and say you’re behind on your obligations and have to pay right now to avoid fines and penalties.
Social Media
In addition to getting a trustworthy accountant, you can add growth to your company by using social media for marketing and name recognition. Start using it and watch your accountant’s eye light up when they see your latest figures.
Amazon sells everything. Often all you have to do is list your product on their site, agree to drop ship it to the customer, and you’re good to go. Instagram and Facebook can be the cheapest advertising in your arsenal, and their reach is literally worldwide. Post your product on them, include a link to Amazon so the customer and buy it then watch what happens.
Know the Law
Last but not least, know the law. Your taxes are ultimately your responsibility. Accountants and other experts can help, but knowledge is your best defense.