Your Finance Team

Tax Service

Tax Service  Edinburgh

The Tax Services from  Allsquare Accoutants can complete all your taxation and business requirements

Running a small or medium sized business often feels like more than a full-time job, with a never-ending list of things to take care of. When you’re giving your all, day to day, in order to see your business succeed, tax is often the last thing on your mind. For newcomers to business management, working to build a startup, company tax and self-assessments can often be a shock, compared to the hands-off ease of PAYE experienced by employees.

Fortunately, there are plenty of specialist service providers who can ease the burden of business tax. Choosing the right tax service provider can mean the difference between reducing your tax bill and potentially paying far more tax than you are required to. Read on to find out what to look for when trying to pick a tax service provider.

Accountant or tax advisor?

In actuality, most businesses require both an accountant and a tax advisor. To work out your requirements, consider whether you need assistance with your tax return and managing your books, or just some advice to help you ensure that you don’t pay any more tax than you need to.

Accountants will manage your books for you, assist with compliance work and sometimes offer tax planning services. Tax advisors, on the other hand, are much more heavily focussed on tax planning alone, perhaps being able to provide specialist legislative knowledge. Good accountants and tax advisors alike should stay abreast of regulatory changes and tax efficiency strategies, however.

A question of experience

The provider that you choose will be responsible for dealing with your money, so naturally you want to ensure that they have plenty of experience and a solid reputation. In a preliminary meeting, don’t be afraid to ask how long they’ve been in business and if they’ve worked at any other institutions. Of particular interest will be whether or not they’ve worked with many clients in the same sector of the economy as your business. A good tax service provider will have plenty to boast about, so make sure you give them the chance to do so.

It’s also worth remembering that in the UK, anyone can call themselves an accountant, whether they have professional qualifications and experience or not. Qualified tax advisors and accountants will have attained certain qualifications and are regulated by a professional organisation. That’s not to say that there aren’t plenty of non-qualified accountants who have plenty of the right experience than their qualified counterparts. These are the kinds of issues that you should broach in a preliminary meeting with your prospective tax service provider.

What is perhaps most important is that you find an accountancy firm, firstly, of a size appropriate for your business. For example, for small and medium sized businesses, smaller accountancy firms can offer a much-needed and helpful ‘personal touch’. Secondly, try to prioritise accountants that have worked with other clients that are similar to your own business. Basing your search around these two factors means that the service provider that you eventually choose will have a far greater understanding of the problems, issues, and concerns that you have. If you would like any further information or have any questions, please don’t hesitate to get in touch with Allsquare 0131 343 1510.