Why sole traders need to hire an accountant

When running your own business in Eastbourne, you may think that you can handle your finances yourself.

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When running your own business in Eastbourne, you may think that you can handle your finances yourself. It gets to tax time and you suddenly have forms that you’re not too certain about how to fill out. You could benefit greatly from hiring accountancy services in Eastbourne. Here are four reasons why.

More time for other parts of your business

As a sole trader, there is a lot to do yourself. Not only will you need to do the actual job, but you’ll need to manage your customer services, marketing your business, and filing your taxes. Where do you have the time to spend with your family?

The most productive and family-friendly businesses will outsource jobs to other people. This is especially the case when it comes to financial paperwork. Hire accountants in Eastbourne so you have more time to spend on other, more pressing parts of your business. Work on building your customer base so you have more profit to play with.

No need to research terms

You won’t understand everything about all aspects of business. Unless you have an accounting or finance background, this is especially the case with the financial terms and paperwork. There will be a lot of terms you need to understand and learn to file your taxes and make future business decisions.

Tax accountants in Eastbourne will already know about the terms. They’ll be able to file your taxes within minutes, rather than spending hours with Google looking through yet another complicated term. They will also be able to explain a few terms in a way that you understand to help you make future business decisions.

Less chance of mistakes in filing your taxes

All sole traders need to file their taxes. There is no way around this, and you have to do it by a set government deadlines or risk a £100+ fine. If you make a mistake on your taxes paperwork, there is a high risk that you may land in court and fined for those mistakes.

Hiring an accountant will help to avoid those mistakes. While you are still responsible, there is a lower risk that you will be the one prosecuted if HMRC believes there is fraud.

An allowance tax deduction

The costs of hiring an accountant in Eastbourne aren’t going to make you lose out on money. This is a business expense and you get to treat it that way on your tax paperwork. Your accountancy fees become a tax deduction, helping you reduce your business profit so you pay less tax.

You will need to make sure you hire a chartered accountant. Receipts for the work will also need to be kept, but your accountant should already know that.

If you run a sole trader business, it’s time to stop doing all the work yourself. Hiring accountants in Eastbourne will be one of the best decisions you make this year.