On the Zooconomics blog, we’ve spent a lot of time giving you details about ‘Why Making Tax Digital is a bad idea’ or ‘What expenses are tax deductible’. This is all well and good, and we’re certainly hoping they’re useful to you, but we want to go back and cover the basics.
The primary and original purpose of an accountant was to help businesses with their taxes, no matter how big or small. This ethos hasn’t changed, but has simply become more of a necessity.
Filing your tax returns has never been a simple task, but the job of recording all your income and expenses while also understanding what can be claimed back is becoming increasingly more difficult.
We’re not going to say ‘This is why you should get an online accountant’; we’re saying get an online accountant. Here’s why:
- You want to save money. Online accountants are, funnily enough, experts at accounting. They have an extensive knowledge over what you can claim back as an expense, including some of the lesser known expenses. Obviously it helps if you have a good idea of what you should be claiming, but it’s good to know you’ve got some backup.
This is one of the easiest ways to save money on your taxes. The money you get back from your expenses can make a phenomenal difference, and every penny saved can be reinvested into you and your business.
- You can focus on your business. Ask anyone who has done their own accounts before, regardless of whether they’re running a limited company or their own freelance business, and they’ll tell you the same thing: Working on your accounts takes a lot of time and effort.
No one does their taxes out of enjoyment, but because there is a legal requirement to do them.This means you’re taking a lot of time and energy away from your business, and it can make a difference to the income your business produces. It’s so much easier and efficient to pass it off to a trained professional who can knock out a tax return as naturally as breathing.
- Did I mention they save you money? I definitely did, but it feels like it’s worth mentioning again. Many of you have probably thought ‘But doesn’t an accountant cost money? How does that help me save?’. Believe me, if you want someone to do your accounts for free then you’re going to get exactly what you didn’t pay for.
Online accountants aren’t expensive and won’t burn a hole in your pocket. A decent online accountant, like the ones found at Zooconomics, will only charge you for what your business needs. This means that the amount you save from having an accountant look through your taxes and expenses will easily cover the cost of paying for the accountant in the first place.
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