Whilst running your own business can be extremely rewarding, at times it can also be all consuming and stressful, especially when it comes to keeping on top of all the paperwork involved. Unsurprisingly, many small businesses and freelancers decide to appoint an accountant to help them handle their financial affairs and remove some of the hassle from the process. Here are four of the key benefits of using an accountant:

1. Avoid fines and penalties

Using an accountant means that you can have peace of mind that you will meet all the necessary tax deadlines, avoiding late submission penalties. You can also be sure that your annual accounts or self-assessment form will have been completed correctly meaning no fines for improper returns.

2. Save time

Taking care of your accounts can be extremely time consuming, particularly when you may not be familiar with the systems that need to be used. Time spent on accounting tasks could be better used in other ways such as winning work or carrying out the day-to-day running of your business.

3. Receive guidance

Accountants are familiar with the different ways businesses can operate and can advise on which way could be the most tax efficient for your individual situation. They will also be able to help you with matters such as what are allowable expenses and how to pay yourself through dividends.

4. Take away the burden

Tax can be an extremely complicated and stressful thing to deal with. Having someone to take care of this aspect of your business means you do not have to worry about paying the correct amount, missing deadlines or not correctly preparing your accounts. This leaves you time to concentrate on the other aspects of running your business.

Lima Accountancy provide accountancy support services to businesses across the UK including accounts preparation, payroll management and business-start up advice. If you believe your business would benefit from the use of a professional accountant please call us in 0113 844 0402 to discuss your needs in further detail.