Hiring a qualified accountant is one of the smartest financial decisions you can make. With complex tax laws and reporting requirements constantly changing, having an expert to guide you through the maze provides tremendous value.
Whether you’re optimising your tax position as an individual or a business owner managing your company’s financial obligations, here’s why you should have a qualified accountant in your corner.
The value of a qualified accountant
A qualified accountant can use their expertise to demystify tax laws and provide actionable and understandable advice. In other words, they don’t just look good on paper; they can actually add value.
This knowledge and experience can make the difference between an efficient tax strategy and missing out on significant tax savings. What’s more, an unqualified accountant may be more likely to make a mistake, so hiring an expert can make it easier to stay on the right side of HMRC and Companies House.
So, a qualified accountant is an indispensable asset whether you need to understand the nuances of tax reliefs, stay ahead of regulatory changes, or draw up a strategic financial plan.
Here’s what we can bring to the table:
- Professional tools and resources: Accountants can utilise advanced software and tools for detailed and accurate financial reporting. While less experienced professionals have access to the same software, they may lack the expertise to get the most out of it.
- Current industry knowledge: It’s vital to stay updated with the latest tax laws and financial regulations. Our team of fully qualified accountants invest in continuous learning so we can provide the most current advice.
- Ensuring compliance: From tax filings to financial disclosures, qualified accountants know the tax system and accounting standards like the back of their hands. We’ll use that expertise to ensure that everything is in order, minimising the risk of penalties.
- Strategic financial planning: Beyond taxes, qualified accountants can offer strategic advice on financial planning. This can range from identifying tax-saving opportunities to advising on business growth strategies.
- Customised financial solutions: Every individual and business has unique financial needs. Experts can use their in-depth accounting knowledge to provide tailored solutions that align with your financial goals.
- Peace of mind: Knowing your finances are in the hands of experts can give you greater peace of mind. Qualified accountants will handle your finances with accuracy and care, taking the stress out of financial management tasks and allowing you to focus on what matters most.
Qualified accountant services
Income tax
A qualified accountant can optimise your income tax position, advising on deductions, allowances, and personal tax planning strategies.
From ensuring compliance with HMRC deadlines to managing income tax liabilities, our expertise minimises tax burdens and maximises savings, providing peace of mind and financial security for individuals and businesses alike.
Capital gains tax (CGT)
If you sell or dispose of an asset that has increased in value, you may face a capital gains tax (CGT) charge. Depending on the nature of your asset and your income tax band, you could pay anywhere from 10% to 28% on the gain.
CGT is more complex for businesses, particularly when it comes to applying reliefs such as entrepreneurs’ relief.
A qualified accountant’s in-depth knowledge is crucial in making informed, strategic decisions regarding asset disposals and minimising tax burdens. In some cases, your accountant could help you defer payments, making it easier to manage your cashflow.
Understanding inheritance tax
Inheritance tax is charged at 40% on estates above the £325,000 threshold. There are a few actions you can take to help minimise the inheritance tax due on an estate, but this requires careful planning.
Qualified accountants can use their expertise to provide valuable guidance on these strategies, ensuring they align with legal requirements and personal objectives.
For example, techniques like gifting assets during one’s lifetime or utilising trusts reduce tax bills and ensure your estate is managed and distributed according to your wishes.
Business taxes
For businesses, understanding and managing VAT and corporation tax is vital. Navigating VAT often involves understanding various schemes like the flat rate or cash accounting schemes, each with specific benefits and requirements. VAT-registered businesses must also know how to comply with Making Tax Digital rules.
Corporation tax presents its challenges as well. The small profits rate is currently 19% for companies with profits up to £50,000, while the main rate for profits above £250,000 is 25%. If your company profits are in the middle of these two figures, you’ll need to apply marginal relief to work out your business’s tax rate, making it harder to estimate your liabilities.
A qualified accountant can help you manage your business obligations, from claiming expenses and reliefs on your tax return to filing annual accounts with Companies House.
Qualified accountants who care
Qualified accountants can better guide your personal or business strategy, help you navigate tax compliance, optimise your positions, and ultimately save money and drive growth for you or your business.
At Blue Shore, our accounting team is fully qualified. That means you can always rely on us to provide expert advice and comprehensive accounting services that leave no stone unturned.
Our precision, expertise, and commitment to accounting excellence can help guide you to better financial outcomes.
Contact Blue Shore to speak to a fully-qualified accountant today.
