Perhaps you’re a new business owner or maybe you have been doing your own VAT but now feel like it could be time to find an accountant to take it over from you. The added expense of an accountant may concern you, but here are five good reasons why you should consider finding an accountant to help:
1. You’re just too busy – you promised yourself last quarter you would start getting your VAT return ready earlier but work life has got in the way. You could consider finding an accountant to help take care of your VAT on your behalf so you can get on with the work that you signed up for at the beginning. Don’t wear too many hats, they won’t all fit!
2. You’re worried you may not be claiming back all the VAT you are owed – this is a common concern and many business owners opt to find an accountant to deal with their VAT because of this. A good accountant will be capable of checking that all VAT has been claimed and offer general advice regarding VAT on an ongoing basis.
3. You’re not an accountant – you may be new to VAT and prefer to focus on running your business rather than learning the ins and outs of the VAT system. Finding an accountant who can get to know your business, manage your VAT obligations and take care of this frees up the administrative burden.
4. You have a specialised VAT scheme – there are many different VAT schemes which can benefit you in terms of reporting and cashflow. When you find an accountant to help with your VAT, they can make sure you are using the best VAT scheme for your business and make sure you are adhering to the rules of the scheme.
5. You’re records are kept in order – when you find an accountant to do your VAT they will organise your records in a sensible order every quarter and prepare the relevant VAT reconciliations. This simplifies your year end process and could even reduce the fees your accountants charge.