Hiring an accountant could save your business

February 23, 2022
Download

Hiring an accountant could save your business

A lot of new businesses fail. A lot of old businesses fail. A lot of previously successful businesses fail. Why? Usually, it comes down to issues around finances.


If you're starting a new business, or if you've been in business for years and are trying to grow your team and scale your company, hiring an accountant can help. Here’s how.


3 reasons hiring an accountant could save your business

They help you become more tax-efficient

Tax isn’t easy. Legislation changes all the time and any delays or mistakes could be costly. With an accountant filing your taxes for you, you can have the peace of mind that it is all being done correctly and on time. Not only that, but it saves you a lot of time and resources (which you can use to get back to your business) AND it saves you money. Accountants can reduce your tax burden by identifying opportunities for deductions, and they can help you avoid any government fines.


They mitigate the risk of financial mistakes

Accountants know how to identify financial risks and avoid them before they become major problems. What this means for you is that you’ll never spend money you don’t have, you will save money in all the areas you can, and you’ll be more aware and better equipped to stick to a proper budget. Fewer to no financial mistakes means minimal losses and more profit!


They actively help you to grow your business

If you get an accountant on board in the early stages of your business, they will help you to develop a plan for growing your business in the right way. Not only that, but they will also ensure that your finances are handled correctly from the beginning so that it doesn't take over everything else in the future. As your business grows, they will start to provide advice in other areas such as budgeting and financing; payroll and recruitment, cashflow forecasting and investments, and business strategy. They will work with you to ensure you have the financial capabilities and processes needed to work towards your business goals.  


Survive and thrive

Most new businesses fail because of financial issues, so don’t make the same mistake. Hire an accountant as early as possible and get the guidance and expertise needed to take your business to the next level. They will not only help you save money, but they can help you make money as your business grows too.


Get in touch if you need help with your business.

By Price Mann June 10, 2026
Great British Summer Savings Scheme
By Price Mann June 3, 2026
Dividends on the 2025/26 Self-Assessment Tax Return 
By Price Mann May 27, 2026
Making Tax Digital for Income Tax is Now Live
By Price Mann May 20, 2026
Loans to Participators - Company Shareholders
By Price Mann May 13, 2026
Why Staying a Sole Trader in 2026 Is Costing You More Than You Think
By Price Mann May 6, 2026
Many business owners treat P60s as a simple box-ticking exercise. While meeting the deadline is important, stopping there means missing a valuable opportunity to identify payroll errors early, before they become more costly to resolve later in the year. With the 31 May deadline approaching, here is what you need to know and why it matters. P60 deadline: 31 May 2026 Every employee on your payroll as at 5 April 2026 must receive their P60 by 31 May 2026. There are no extensions. Missing the deadline may result in HMRC penalties, as well as issues for employees who require their P60 for mortgage applications, tax returns, or benefit claims. If you manage payroll in-house, ensure this is scheduled. If you outsource payroll, confirm with your provider that it is being handled. Key change for 2026/27: Plan 5 student loans From the 2026/27 tax year, Plan 5 student loans will enter repayment. The threshold is £25,000, which is lower than Plan 2, meaning more employees may be affected than expected. Now is the time to check which plan each employee is on. Errors in this area can lead to payroll corrections, HMRC queries, and additional administrative work. Accountant’s tip: Use the P60 process to review student loan plans and ensure the correct deductions are in place for the new tax year. Use P60s as a payroll review While reviewing P60s, carry out a sense check on Benefits in Kind ahead of the July P11D deadline. Common issues include company cars, private medical insurance, and interest-free loans being incorrectly classified or overlooked. Identifying any issues now allows time to correct them properly, rather than dealing with pressure and potential penalties closer to the deadline. What to review before 31 May Confirm all eligible employees will receive their P60 on time Review student loan plans, particularly where employees may fall under Plan 5 Cross-check Benefits in Kind against payroll records Ensure 2026/27 tax codes are correct from the start of the tax year  Need support? Please contact us
By Price Mann April 29, 2026
Start Using AI as a Tool for Real Income
By Price Mann April 22, 2026
WHAT IS CHANGING IN THE 2026/27 TAX YEAR?
By Price Mann April 15, 2026
Disincorporation: Does it Make Sense for You?
By Price Mann April 8, 2026
Mileage Rates