Why A Good Professional Advisor Can Save You Serious Money

A good professional adviser can save you thousands in tax. What should you look for?

Getting The Right Advice

A good professional adviser can save you thousands in tax, help you avoid costly mistakes and support your business as it grows. We explain what to look for.

Why A Good Professional Advisor Can Save You Serious Money

Most business owners think of accountants as purely filing tax returns, submitting VAT and keeping HMRC happy. And while that’s part of the job, a good professional advisor should do much more. The right advice can save you thousands in tax, help you avoid costly mistakes and support your business as it grows.

In my last post, I covered how to avoid expensive VAT errors. Here, I’ll outline the benefits of a dedicated professional advisor who gets to know your business inside out.

Real insights to help you grow your business

Accountants shouldn’t just be around at year-end. The right advisor helps you make good decisions, all year round. That includes:

• Getting your pricing right: Making sure you’re both reasonably-priced while still making money.
• Spotting issues early: From leaks in your margins to growth opportunities.
• Planning for growth: If you’re taking on more people or offices, or buying new equipment, they’ll go through the numbers with you.

If your accountant isn’t giving you regular insights throughout the year, you’re not getting the full picture.

Managing cash flow

A business can look profitable on paper yet still run out of cash. That’s where businesses often get caught out. A good accountant can help you:

• Keep track of margins and stock: Are you actually making money on each sale?
• Plan for VAT bills: No nasty surprises as you’ll have planned for these bills.
• Access finance: Need a loan, asset finance or trade funding? They’ll point you in the right direction.

Cash is the lifeblood of any business. Without proper planning, things can unravel quickly.

Paying the right amount of tax

This might sound obvious, however, you might be paying more tax than you need to. Many businesses are, often because no one’s taking a proper look. A proactive accountant will:

• Structure your business tax-efficiently: Whether you’re a limited company, partnership or group can make a big difference – my next post will discuss this in more depth.
• Get your VAT right: Using margin schemes correctly, applying VAT reliefs and avoiding common traps – see my recent blog: Common VAT mistakes and how to avoid them.
• Maximise reliefs: Like capital allowances, allowable expenses and R&D credits, where applicable.

You’d be surprised how often these things are missed.

Staying compliant

HMRC doesn’t miss much but a solid accountant will keep you one step ahead. They’ll help you avoid:

• VAT mistakes that raise red flags.
• Dodgy-looking entries in your books because of mistakes in your files.
• Late submissions and avoidable penalties.

It’s not just about ticking boxes but also about avoiding unwanted attention from HMRC which may trigger an investigation into your tax affairs.

How to tell if your accountant’s doing enough

If you’re not sure whether you’re getting real value, ask yourself:

• Do they really understand my business?
• Do they help me plan ahead, not just react?
• Have they actively saved me money?
• Do they explain things in plain English, not accountancy speak?

If the answer to any of these is no, it might be time for a second opinion.

Real advice yielding big results

If you’d like to avoid other common financial pitfalls and keep more of your hard-earned cash, download our free guide:

Look out for my next post highlighting the pros and cons of business structures and how to determine which is right for you.

To find out how we can help your business, please get in touch on 01603 812131 or email enquire@swintonaccountants.co.uk