UK Small Businesess Threatened From Big Fines Due To The New Tax Legislation Coming Out In April
This Is Why A Rising Number of Small Businesses Are Not Making It.
Advertorial by By Ruki Saiyd - Consumer Editor
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Entrepreneurship News
Being unable or poorly managing your accounting can lead to large fines or be fatal to your business…  (Image: Getty)
It’s not your fault. And you’re not alone. When you start your own small business, you don’t put debits and credits at the top of your priorities. After all, keeping your records organized is not your passion or your strong suit.
Nonetheless, ignoring management reporting leads to accounting problems that take you away from that passion, away from doing what matters most to you.

Many Small business owners in the UK don’t have accountants. Instead, they take the risk of covering that area themselves or pay to for private accountants that can be very expensive, plus many of the individual accountatns are not prepared for the upcoming changes in the legislation next April. 

Managing your cashflow profitably, being prepared for unforeseen expenses and disasters, keeping on top of your expenses and knowing how to manage your taxes properly are all things that every small business must do. However, many of them don’t. 
Many SME's don't have proper accounting due to lack of time or budget 
(Image: Getty)
Being unable or poorly managing your accounting can lead to large fines or be fatal to your business… 

In the wake of various small business accounting problems, many of entrepreneurs have said, “If I had only known how many accounting and government responsibilities there were, I may not have started a business after all.”

And even despite knowing the existing issues, many small business owners don’t address them. Why?

“I don’t have the time.”

“I don’t know how.”

“There are too many other fires to put out.”

“A professional is too expensive.”

“I planned to hire someone to take care of it, but I just haven’t gotten around to it yet.”
Select the size of your business below to check if you are eligible for a fixed monthly fee accounting service:
The conclusions is that all boils down to money and time. But what then?

Well, the most logical step would be to revise your budget and allocate some time on hiring an accountant, but that’s a tricky job. 

Many of the individual accountants charge based on the type of service you need, not the hours of job done, which can get a bit pricey. Especially for small businesses that are usually on a very tight budget.

Moreover, most accountants are not ready for the new legislation process that requires from them to submit tax returns digitally and many of them are not trained in using Xero ( the software needed to perform the task)
All this might sound a bit daunting, but we have good news for you!
In the support of starting entrepreneurs and considering the new legislations that will be rolled out in April 2019, we've gone on our feet and did some research, during which we stumbled upon a service called: Complete Accountant  

It was crucial for us to find an online accounting company that knows the procedure that the new Taxation law will require and can execute it properly, savings you guys tons of money in potential fines!

And that is one of the areas that Complete Accountant is focusing in!

They can offer to any small to medium business:

Monthly Bookkeeping - Know where your business is, what VAT and corporation tax you owe on a monthly basis

Monthly management review - don’t know what you're looking at on Xero? Your accountant will look through your accounts together with you on a  monthly basis and advise you on how to save on your taxes.

Unlimited accountancy service - you can contact them as much as you like and without affecting the fixed monthly subscription tax.

Ease of Xero software - they can automatically pull your transactions from your bank account and after setting up rules, with the information from the the first months of bookkeeping, Xero will recognize what to do with 80% of the transactions, which is very cost saving! 
The best part is that they work with a fixed monthly subscription! In that way, you won't be worrying about your accountant's bill at the end of each month + you will get your job done.
If you run a business you can compare accountancy quotes here. Quotes are provided by Complete Accountants.
The service offers unlimited accountancy services and monthly bookkeeping over the phone. To get an instant quote select where your business is located below:
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