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It’s simple: SMEs in the UK need accountants, here’s why

by Scott Brown | May 18, 2017
  • Starting and running your own business in the UK is one of the most exciting and challenging things a person can do with their career. Unfortunately, what lies before every new business owner is a minefield of regulation and administration that can quickly turn excitement to despair. It might sound a bit daunting, but there are accounting professionals who can help you make sense of this regulatory maze. Let’s talk about how to find the right accountant and why your SME needs one.
    a wooden sculpture of a man going up the stairs

    First things first, find the right accountant

    Nobody likes to talk about tax. Whether it’s Income, Capital Gains, Value Added or Company’s Tax, most SME founders are often intimidated by how complex tax legislation can get and in desperation they turn to the first recognisable accounting firm they find. However, not all accountants are created equal.

    Many firms are extremely opaque in the way they deal and communicate with their clients; this can be demoralising as well as inefficient if you are running a small business. However, there are smaller boutique firms that can help you make sense of your tax without having to take your attention away from the running and growing of your business.

    A lean UK-based accounting team will be able to advise you on the specifics of your country’s tax legislation. Country’s like the UK are infamous for their complex tax law. With the introduction of Tax Made Digital in 2018 a new level of tax complexity will be added. Hiring an accountant that not only understands the intricacies of the law, but is also able to explain it to you in terms you can understand, will be invaluable to your business.

    Accounting firms, depending on their expertise, can also help advise you on your payroll needs. In the UK, this is particularly important right now with the roll out of the auto enrolment mandatory pension programme now applicable to all new businesses being founded in the UK.

    Ideally, you’ll want to find an accounting service that can offer you a comprehensive service that ranges from company formation advice all the way down to payroll and completion and filing of the company’s statutory reports. In this way, you can focus on growing your business while your accountant ensures all your filing dates are met and that your books are all 100% above board at all times.

    Wait, what was that about mandatory pensions?

    As alluded to above, auto enrolment is a mandatory programme that all UK employers must abide by. It seeks to ensure that all workers over the age of 22 that earn more than £10,000 a year are provided for in their retirement.

    The scheme is complex and requires a close interaction between both payroll services and financial advisers. It is only in this way that adherence to National Pensions Regulator directives can be combined with optimum pension outcomes for employees.

    Find out more about auto enrolment.

    Reach out to us today for a bespoke SME accounting solution. Email us on or give us a call on +44 (0) 20 7759 7553.

    We are a professional services company that specialises in cross-border financial and immigration advice and solutions.

    Our teams in the UK, South Africa and Australia can ensure that when you decide to move overseas, invest offshore or expand your business internationally, you’ll do so with the backing of experienced local experts.

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