As you're looking for local accountants in Walsall, it's important to understand the range of services actually on offer. You may have one particular task in mind that they need to help you with, maybe your annual company accounts or some VAT advice, and not realise the other range of services on offer. Some of these you won’t need now of course, maybe later on, although some you may need to be thinking about and acting upon now.
One of the best ways to practically understand this is to have a consultation with an accountant (ideally free of charge) , and use the opportunity to explain the bigger picture in your and your business’ accounts to then narrow down what the accounting issues are. We’ve come up with a few areas of expertise to get you thinking about what to check with an accountant:
In short, this is keeping a record of what your income and expenditure is, which can then be used for whatever accounting services. It’s a task that can be straight forward to do yourself, although an accountant can first help to explain what the correct and most efficient procedure is for doing this, and secondly actually help carry out as it can be time consuming.
2. Preparing Accounts
What you mostly expect from an accountant, an official set of often yearly accounts for maybe statutory purposes, and maybe say year-ends for companies, and can include the two popular formats of profit-and-loss and balance-sheets.
3. Submitting & Filing Accounts
Once the set of accounts are completed these may need actually submitting to authorities such as HMRC and Companies House. This could be something you want to do yourself as it can be easier now with online accounts, however also something worth passing over to the accountant as a lot of the preparation is actually online as well (e.g. tax returns).
4. Tax Returns
Preparing your annual tax return, and then processing any payments or credits and changes. Even if you prepare the actual returns yourself, an accountant can help with the strategy and what costs/income can and can’t be included.
5. Financial Advice
This can simply be general advice on how to more effectively operate your accounts and business the most profitable way, including different legal entities to trade as, and whatever allowances can be included.
Processing the salaries and other costs/expenses of staff and employees.
7. VAT Returns
If you’re VAT registered than you will need to prepare quarterly VAT returns of income and output VAT and process appropriate payment/credits, and deal with any queries resulting from.
8. CIS Subcontractors
Dealing with any accounts and tax implications for any applicable sub-contractors.
If you have any overseas income and investments that need accounting for correctly, particularly for any tax implications.
10. Capital Gains Tax
Aspecific type of tax that can have large implications longer term, particularly when you look at what Capital Allowances are permitted.
This isn’t an exhaustive list, but can help get you thinking of the possibilities.