According to The Longitudinal Small Business Survey (LSBS), 37 per cent of SMEs turn to accountants for information and advice on their finances, especially those operating in the transport and storage sector.

The survey highlighted that many of these companies were turning to accountants for advice on tax and national insurance law and payments.

This trend shows the growing complexity of running a business in today’s economic climate.

So, why are business owners relying on accountants?

Compliance

SMEs often find it challenging to keep up with the changing laws and regulations that their company and themselves need to comply with.

With accountant being trained in this area, they utilise their expertise to help businesses understand what regulations they need to follow to optimise their financial position and avoid penalties.

Tax planning

Tax planning can be extremely complex and your tax obligations and the reliefs available to you can vary depending on the size of your business, the industry you are in and other additional factors.

Accountants are trained to create strategic tax plans to benefit businesses and individuals. Including informing clients of deductions, credits and incentives they may be eligible for, reducing their tax burden effectively.

Investigations

With a high volume of tax investigations being launched every year, accountants can be a valuable support.

They can assist in responding to inquiries from tax authorities and advocate for the best possible outcomes.

If a business owner is unaware of investigation processes, accountants can alleviate the stress of these investigations.

If you would like accountancy support for your business, please get in touch