15 Sep Starting out as a sole trader? What to look for in an accountant
Sole traders are a key part of the UK business landscape. As of 2019, figures from the UK Government found that there were 3.5 million businesses of this type in operation. This clearly shows how common and how vital sole traders are to the UK economy. If you have just started out trading in this manner, one of the first things to think about is finding a good accountant. Unless you have the time and financial acumen to handle your accounts personally (which many sole traders do not), it is a wise move.
But what should you be looking for in any accountant you hire?
Digital tax support
If you have just started out as a sole trader, you may have seen snippets in the news around tax going digital. This is a push by HMRC to have all companies submitting their tax returns online in the very near future. While this has not become a legal necessity for sole traders quite yet, it is worth hiring an accountant who is familiar with Cloud accounting anyway. This will leave them perfectly positioned to deal with your accounts and submit your tax returns digitally when the time comes.
Value for money
The very nature of being a sole trader means you will probably not be generating sky-high revenue per annum. If this were to happen, you would usually need to register for VAT as a Limited Company instead. But how does this affect your choice of accountant? In simple terms, you need to find one that provides the service you need but without paying over the odds for it. As the paperwork in terms of tax returns/accounts is pretty straightforward for sole trader accounting, you should not be paying an exorbitant amount in accountancy fees.
Friendly, welcoming approach
It goes without saying that any accountant you hire should possess the right qualifications, experience and credentials. But it is not all about this for sole traders. You should also take time to choose one that offers a more personal, caring service. You need an accountant that is approachable and takes time to talk you through any queries you have. As you may not be au fait with this side of business, it is crucial to use an accountancy firm who you feel comfortable approaching for help or advice.
Superior sole trader accounting in Manchester
If you are a sole trader looking for an approachable, professional and experienced accountants in Manchester, get in touch today on 0161 706 0444. We are Cloud accounting specialists and use the latest digital platforms to help keep your accounts in good order. Give us a call today for more details on our great value service.