| Once you have decided that you are going to set up a | | | | defence. Also, you cannot evade your responsibilities |
| small UK-based business, one of the most important | | | | on the grounds that you received bad advice from |
| things you should do as soon as possible is to find | | | | your accountant. |
| yourself a good accountant. His (or her) help and | | | | 3) Your accountant will charge you for his time. |
| guidance will be invaluable in the setting up stage of | | | | Accountants, like lawyers, usually bill by time spent on |
| your business. Here are the 4 key things that you | | | | your account so don't expect any free lunches. |
| should keep in mind while looking for the right small | | | | Remember that any contact with your accountant |
| business accountant for you. | | | | may cost you money so acquaint yourself thoroughly |
| 1) Be absolutely clear about what you want your | | | | with what you're going to be charged for and how |
| accountant to do. | | | | much you can expect to pay. A lot of your basic |
| Accounting is a very large field and good accountants | | | | questions can be answered with a little research on |
| tend to specialise in specific areas. You should | | | | the Internet and the less time your accountant spends |
| therefore be very specific in determining what you | | | | on you, the cheaper it is going to be. |
| want your accountant to do for you. | | | | You will find that some of the better small business |
| It is most likely that all you will require basic accounting | | | | accountants offer a free first consultation. Use this |
| services to help in filing tax and company returns. In this | | | | time well to ensure that there is a good match |
| case you should look for one person or a small | | | | between your needs and your accountant's services. |
| practice. Not only will this be the most cost-effective | | | | Some accountants offer fixed fees. You will know |
| solution but you are also likely to receive highly | | | | where you are at the outset, with this kind of |
| personalised attention. | | | | arrangement as long as you know what work the fee |
| However, if you are looking for more specialist support | | | | covers. |
| such as advice on the best way to start-up or grow | | | | 4) Look for value not cost saving. |
| your small business, look for a small business | | | | You can get basic services from a bookkeeper |
| accountant that has relevant experience and | | | | especially if your accounting requirements are limited to |
| specialisation in these areas. | | | | keeping your books of accounts. But for all |
| 2) Recognize your own responsibilities. | | | | complicated matters such as corporate or personal |
| Your accountant can provide advice and guidance but | | | | taxation, you would be taking a risk if you do not use |
| ultimately the law will hold you responsible for all | | | | the services of a proper small business accountant. |
| matters connected with your business. This includes | | | | Remember what happens if you pay peanuts: you get |
| any filing with tax or company law authorities. You | | | | monkeys. |
| must be aware that, under the law, ignorance is no | | | | |