There is little doubt that the worst part of running a business is paperwork and accounting. This is especially true for busy businesses who creates tons of paperwork on an almost daily basis. It can be even more true for those in the UK on a Tier 1 Entrepreneur Visa. This is where the use of accountants comes into play. While many companies are keen to try and keep their accounting in-house, smart business people understand that the time taken up accounting may be better used elsewhere in their business. Also most business people have not had the training required in order to do the sort of accounting that is required for UK based businesses. In this article we are going to look at the benefits of using the right accountant and how to locate the right one for you.
There’s no doubt that tax is a headache. not only are there the financial implications of paying it, if you’re a business that uses is affected by VAT, you will also have to make provisions for collecting it. For most businesses this is a time consuming headache. It is easily understandable as to why many businesses choose to outsource their tax affairs to accountants. Qualified accountants are not only experts at dealing with tax, quite often they are good at finding ways to reduce your tax burden through legal means.
Outsourcing your tax burden to an accountant can free your staff up to do more important jobs in your company and it also helps to ensure that everything is accounted for correctly and most importantly paid on time. The UK has strict rules with regards to taxation, and the use of a qualified accountant can help to significantly reduce the burden on your business.
Another issue for many businesses is compliance. The UK has so many rules around accounting and tax that most business people simply do not have the time and experience required to deal with this level of compliance. For those businesses, accountants are very useful indeed. They can reduce staffing costs and even reduce your tax bill by legitimate means as they understand the rules intrinsically.
The penalties for lack of compliance with accounting rules and taxation are stiff in the UK. This makes the usage of accountants almost a no-brainer. When you consider how much it would cost you to have a full-time finance team in house, the cost of an accountant will seem relatively small.
End of year accounts
Accountants can help to produce your end of year accounts. These are required annually and need to be filed with Companies House. By using an accountant, you can ensure that your accounts have been completed correctly and in line with UK law, and that it will be filed in a timely fashion in order to avoid any potential negative effects. In many situations, accountants help to ensure that you’re always operating inside the boundaries of the law and that you are very unlikely to run into trouble. With Britain’s accounting rules being as complicated as they are, running foul of the law is very easy to do. So we believe it’s best not to take a risk and use the knowledge and experience of an accountant.
It is vital that at all times you ensure that you comply completely with the laws as they stand in the UK. Ignorance is simply not a defence in law, and if you decide to take on your own accounts, you will still be punished whether or not you knew a specific law existed. When considering the fact that your visa relies on your business, the decision to outsource these crucial business elements is one that makes complete sense from a business and visa perspective.
If you’re currently on the UK on a Tier 1 Entrepreneur Visa then you would appreciate that documentation makes up a big part of the application process. When it comes to extending your visa after your initial period of 40 months, you will need to satisfy the requirements of the extension. One of the main focuses of the extension is the success of your business so far. When using an accountant with Tier 1 Entrepreneur Visa experience, you can ensure that all of your reports are created in a way that displays your business clearly to any Border Force agent who will need to see them in the future.
For those who wish to stay in the UK long term, the use of an accountant is helpful in helping them to produce financial reports, pay their taxes and ensure compliance to ensure that the day-to-day business is compliant with all necessary UK laws.
How to find the right accountant
Finding the right accountant can be tricky. There’s a huge variety of choice and levels of ability in the field. But there are several ways of finding a good accountant. One way is a quick Google search, the downside of this is that you will need to rely on your judgement to determine competence levels. You may also consider referrals and reviews from customers who have used them before.
If you are still struggling to find the right accountant, get in touch with our immigration solicitors. We have worked with numerous accountants over the years who specialise in helping those with Tier 1 Entrepreneur Visas. We can put you in touch with some of these experts so that you can be sure of their knowledge in the field.
Where can I get more help?
If you need help with your accounting, or indeed any other immigration query, please get in touch. We can put you in touch with highly qualified accountants who are specialists in helping those with Tier 1 Entrepreneur Visas ensure compliance and produce the documents required to ensure your extended stay in the UK. So if you have any queries at all, get in touch today; call us on 020 3744 2797 or send us an email on [email protected] and we’ll be happy to help.