Are taxes about to rise due to COVID?

Are taxes about to rise due to COVID?

Without getting into the political arguments about what will or won’t happen, we would simply suggest to have some sort of plan in place in case tax does rise considerably to pay for the current COVID grants and support available to people. So what adjustments and planning can you implement if we assume that business taxes will increase?

Will Corporation Tax Rise?

It is believed by some that cooperation tax, for one example will rise from the 19% it is currently to as high as 24%. This of course is a considerable increase. One thing to keep in mind is that, usually, any increase in cooperation tax isn’t likely to take place until its announcement, which we estimate would be around Autumn time. That would mean it is unlikely to be implemented until the 1st April 2021 or after.

Will Income Tax Rise?

An increase in Income Tax is a fair amount less likely. However if there are any changes to income tax implemented it is unlikely that there will be any great change. Rather, we expect that you may need to accept small changes to tax allowances and National Insurance contributions. Please remember and bear in mind also that the rates and changes will be made based on which region of the country your business is in so there may be a slight variation throughout the UK.

Have a Plan

We would strongly suggest that whilst having a plan in place in case of these increases is a good idea, we would stress that now is not the time to implement your plans, unless you have good reason to already do so. We would also suggest that you don’t spend too much time away from the main running of your business to concentrate on planning for something that may not happen.

We Can Help 

Rest assured that we will do our utmost to help you through these uncertain times and make sure that we try our best to keep your business an unaffected as possible.

If you’d like further advice about this subject then please don’t hesitate to get in touch where we will be able to discuss this with you based on your individual business needs.

Making sure you get the right accountant for your business

Making sure you get the right accountant for your business

Have you made the decision that hiring an accountant is the right thing for you and your business? If the answer is yes then the next stage would be to ensure you choose the right accountant for your business. Choosing an accountant to join you is as important as if you were choosing a new business partner. You would want your business partner to be someone you could trust as well as depend on and you would want advice from them about how they may better your business. The same things apply when choosing an accountant. Making sure to choose the right accountant can have tremendous effects for you in the long run.

Make Your Finances a Priority

Your finances are one of the most important things about any business; you may consider it the top priority. This is another reason why making sure you choose the right accountant is important. You will want to make sure that your accountant is experienced and has a good track record of competency and professionalism. After all, the main reasons to hire an accountant in the first place are to save you time and, more importantly, to save you money in the long run. Therefore, you want to make sure that the accountant you hire is aligned with your business goals and is confident they can achieve them.

Remote or Local

Now days, with the beauty of the internet, you can hire an accountant from anywhere. You should ask yourself is it important that you meet with your accountant in person from time-to-time? If the answer is yes then you may want to find an accountant fairly local to you. Some people work better in person rather than via the internet and telephone. If you can work either way, then you are less restricted with your choice of accountant.

The Best for Your Business

The entire decision really is based on what you think is best for your business and what accountant would suit the role for you and your business. However, depending on where in the world you’re looking for an accountant, you will want to make sure that they are a certified or chartered accountant, examples of these are; a certified public accountant, a chartered accountant, a member of the association of international accountants or a member of the institute of financial accountants.

A knowledgeable, competent and experienced accountant can truly add value to your business from the moment they join you. If you’d like any further advice about this topic then please don’t hesitate to get in touch with us and we will see what we can do to help you.

Why use an accountant?

Why use an accountant?

As a business owner you will know the importance of your accounts and how important it is to ensure they are correct as they will be a reflection of your company if your accounts are requested by external companies such as; HM Revenue & Customs or your bank. Contrary to many people’s assumptions of what an accountant does, accountancy when done properly and professionally isn’t just bookkeeping. A competent accountant will also help you with other areas of your business such as; PAYE, Self-assessment and VAT.

A Good Accountant Saves You Money

You may be more than happy to look after your own books however please remember that an accountant has the skills and expertise due to the full qualification they undertook. This should mean that they may be able to improve your accounts in ways that you may not know about resulting in the possibility of you paying less tax than you are currently. As well as the possibility of paying less tax, having your own accountant can also help save money in other areas by helping you with things such as budgeting and forecasting.

Saving You Time

As well as the above benefits, another huge benefit we find our clients enjoy is how much time can be saved. Depending on the nature and profitability of your business, looking after the accountancy side can consume hours and hours of your time when you could be using that time to focus on other aspects of your business such as; your clients, your products and so on… The tagline for our business is, ‘You build your business whilst we build your wealth’. It truly is as simple as that, if you decide to hire an accountant then you will find that the time-saving reason alone is more than enough of a reason.

Helping You Towards Financial Success

We sincerely want the best financial success for any client we work with and do our utmost to save you money, make sure you are following the important laws and legislations as well as make sure your accounts are accurate. The accuracy of your accounts is one of the most important things as far as we are concerned, not only will it help give an accurate account of your business’ financial performance which will allow you to make improvements you may not have known needed to happen, it will also ensure that you don’t incur any hefty fines or penalties for providing incorrect information to the external parties requesting it. Is it worth the risk when there are so many other benefits to using an accountant for your business and profitability?

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