Should you hire a chartered accountant?

Benefit of using a chartered accountant.

Anyone can open an accounting practise in the United Kingdom, regardless of their level of expertise, technical proficiency, educational background, or professional indemnity insurance.
In contrast to other occupations the term “accountant” is not protected. So, starting a business tomorrow and marketing it as a top accounting and tax advising practise is possible for someone with little to no accounting or tax skills.

Choosing a professional you can trust is undoubtedly essential when seeking out specialised advice and services linked to issues like these in company.
You, the taxpayer, or director, will be liable for any errors or fines that result from inaccurate filing if a mistake is made.

By choosing a chartered accountant, you can at least be confident that they will have had extensive training, continue to be held accountable for their professional development, and, most importantly, be covered by insurance in the event that something does go wrong.

How long does it take to become a chartered accountant?

Usually, it takes three to five years to qualify. For instance, you must have completed the required work and have three years of post-qualification relevant work experience to become a chartered accountant through Association of Chartered Certified Accountants (ACCA). Typically, it takes three to four years to complete the entire qualification process. But this vastly depends on the individual circumstances such as family and work commitments.

How much does it cost of an accountant to do your books?

For a variety of reasons, it is quite challenging to respond to this question. It first relies on the accountant’s location because charges in London are significantly higher. It also relies on the market sector a company intends to target. In general, many accountancy practises are moving towards monthly subscriptions where you may pick the level and kind of services you need. It goes without saying that the price will be more if you need continuing accounting and management accounts than if you merely need end-of-year accounts submissions. For illustration, we requested quotes from four randomly selected London-area firms for year-end accounting, a corporation tax return, VAT, payroll for two directors, and tax returns for a business with a revenue of more than £100,000. We were given rates ranging from £1,600 to £3,350, which is £133 – £279 per month.

Six main reasons of using a chartered accountant for your business.

It will save you time

Time is money, as the old adage goes, and this is especially true for company owners. The most valuable commodity, especially if you are a one-man band, is time. By hiring professional help you can maximise the time doing what you do best…business.
Reduce tax liability

Self-employed persons sometimes try to save money on accountants by handling their own taxes. What people don’t realise is that when you engage a competent chartered accountant, the amount they save you in taxes generally outweighs their costs, and you may even have some money left over.
Penalties and fines

There are several penalties and fees for late files and payments. A qualified accountant will remind you of filing and payment dates. You will no longer receive HMRC correspondence with fines and warnings.
Business growth

A skilled accountant will be a wealth of knowledge and advice in assisting you to establish and expand your firm.
Peace of mind

You probably started your business because you had a wonderful concept or spotted a market opportunity that no one had previously explored. You have not started your business because you were interested in the financial statements and compliance. You may sleep soundly at night knowing that the financial and regulatory aspects are being handled by a skilled accountant. They will be covered by professional indemnity insurance and will deal directly with HMRC on your behalf. So your primary concern should be growing your business.
How can finanche help you?
We are fully qualified chartered accountants that are trained to help you with compliance. But we also go the extra mile by looking at your numbers and giving suggestions that can help your business prosper.