Why you need an accountant in Leeds

A good accountant can save you thousands of pounds a year (if you’re a big company, then an accountant can save you millions of pounds every single year – very easily).
choosing an accountant in leeds
Often people overlook the time saving that an accountant can give them.

Rather than doing everything yourself, you should look to your potential accountant as someone who can save you a lot of time by processing tasks for you. Some accountants will do pretty much everything for you – particularly accountants in Leeds.

Finding an accountant is often a complex process for some people. Years ago people used to have to phone several different accountants to find out more about them. They would trawl through the Yellow Pages, looking at different icons and finding very little information about the accountant, apart from the logo and phone number.

Now the Internet has changed all of that. It’s very easy now to log onto the website and find out a lot more detail about the accountant than it was even several years ago.

Here are a few things that you can find out about an accountant from their website.

Design- does it look like it hasn’t been updated for years, or is it of the sleek and modern. Maybe this doesn’t matter to you, but having an accountant that up-to-date and looks up to date could be a good sign face down top things. However should be the be all end all, maybe the accountant is far too busy dealing with his current clients to worry about updating his website.
accountant files in leeds
The team- an accountant with a very large team doesn’t always mean quality, where it does mean is that there is more than one person do work. It’s a worry if you are relying solely on one person to work for you, who has 5400 or more different clients.

Skills- take a look around the site and see if there is a blog or any other information which gives you an insight into the type of serve IR. If it is important to you, maybe look and see if they do work the charity, or see if they have any clients which are similar to you. You don’t want to be your accountant only nuclear physicist, when his prime client runs a taxi business- He just wouldn’t understand your business and to be able to help you.

Take a look and see if they have different divisions and sniff that relates to your business. For example if you are registered for VAT, see if they have a VAT specialist. If you have a lot of employees, and see if they have an employment taxes specialist.

Audit-if your firm needs an audit, then you will need an accountant who is a registered auditor. This means they have all the necessary skills and training to ensure your books properly presented to any external parties that wish to view them.

Having a look at the accountant’s website, is no substitute for visiting the accountant, however it can be a very useful tool to shorten the amount of time you spend looking for your accountant.

Learn more about Leeds Accountants– read more

Working with Leeds Accountants

This is a quick article on some of one of the most misunderstood things about accountants, and other tips on things the Look out for and understand about choosing an accountant in Leeds. You’ll learn  about qualifications, specialisms and things to look out for.
tax advice in leeds
One of the most misunderstood things about accountants,  is that they are only good at adding up numbers.

This is often seen as having quite funny by accountants, as only a very small part of their role is actually adding up numbers. A lot of what they do relates to knowing the right rules, regulations and procedures in order to make sure your financial statements are correct. If the only skill wasn’t adding up, then it wouldn’t take so long for accountant to qualify to be able to advise.

If you are thinking about finding an accountant, they really doesn’t matter where they are situated, as cloud technology has made the ability to produce financial statements and provide tax advice remotely, significantly easier than before. I have met countless accountants in London, who advise clients from Scotland and vice versa. Accountants in Leeds will often advise client in Manchester, or even further afield.

In larger firms or specialist firms, you will often find accountants or tax advisors who advise clients from overseas they have never met, principally because it takes real specialist to know tax laws from residents or the regulations around special working rules.
numbers - used by leeds accountants
Accountants train for years and years in order to be able to advise, which is why they are highly paid profession. Depending on which form of exams or qualifications your account has, they may be able to advise on different matters.

Often people confuse accountants and tax advisers, and whilst most accountants will have a good understanding of tax, tax advice in itself is a very specialist field with lots of different rules and regulations and specialist subjects.

For example, you will often find in a tax department a number of general tax specialists, whilst there will be individuals who specialise in employee taxes, capital gains tax, income tax, inheritance tax-or even specialist forms of very specific taxes, such as tonnage tax.

There are a number of tax advisers and accountancy firms in Leeds, all of which provide excellent service and professional advice to a wide variety of clients.

Tax advisers themselves will go through various qualifications, in order to be able to advise and the Chartered Institute of Tax governs regulated tax advisors and has as a very high standard of professionalism. In the same way accountants which can be regulated by the ACA, CIMA, the ACCA -all of which are professional bodies which can advise you on the right accountant you need to choose.

Searching for an accountant can be a minefield, hopefully above provided some insight on some things you can understand about accountants and hopefully persuading you  that choosing the right accountant can provide significant value for you.

More on Leeds Accountants here

Gettting the most out of your Leeds Accountant

When people start a new business, they are often scared of the amount of advisers that are recommended to them. be presented with bankers, lawyers, tax advisers, real estate agents and a number of other professionals.

One of the biggest mistakes that people make when choosing an accountant, is not thinking about the sort of relationship they want to have with them. It’s often the case that an accountant can be a very valuable sounding board for business as they will have seen countless businesses formed, bought, sold then go bust (all boat hopefully that is new).
saving money with leeds accountants
If you approach a large firm, it’s very important to be able to ask the person you are dealing with join the sales process, who will actually reading the work and who will you be talking to day in and day out. I know of many people who have been wooed by large accountancy firms and very intelligent partners, who are then passed down to the most junior member team to be dealt with everyday. It’s not a nice experience, and therefore it’s very important to ask these questions. You may be working with the biggest firm in the world, but if you are dealing day-to-day with someone you don’t like, you can really change your relationship.

If you’re not sure where to look then perhaps you should ask some of your business friends where they think you should go to get an accountant. often it’s easier to you have a referral and rely on that, then it is to spend weeks and weeks scouring the Internet for resources.

If you have a lawyer already, you could ask them who they recommend, as often lawyers and accountants work together on projects (especially the complex ones).

It’s important you get on with the accountant and you like someone you meet them, otherwise paying their bill will start to become quite annoying.

Here are a few of the things that an accountant can do for you
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They can help you find the best structure for your business.

One of the first challenges they person has when starting a trading operation, is to decide whether to operate as a limited company, a sole trader, or a partnership. Choosing the right business structure at the beginning can save endless headaches further down the line, and can save many thousands of thousand pounds in tax.

Some accountants will be able to set up a complete bookkeeping system for you, which will make life easy for you, and he’s got them (which should favour a period of time, reduce your fees.

By working with the system your account knows and uses – you can ensure that you don’t have to pay for them to learn a new system, which could be the case if you choose a very elaborate software package to produce your accounts or your figures for the period.

In the last few years there have been a number of online accounting tools, which can link up with your bank accounts and other figures, and store the data in the cloud, so your accounting Access immediately.

This saves the problem accountants had years ago of having to analyse huge big bundles of files.

Choosing an accountant in Leeds can be hugely beneficial to your business. Make sure you take steps to know exactly what you need before you go looking.

Click here for Leeds Accountants info

Tips on finding a Leeds Accountant

The below article details a number of tips about finding an accountant in Leeds, and what to look out for when making an important decision.  It’s a decision that should not be taken lightly.  All of this is relevant to accountants in Leeds.

Finding an accountant is one of the biggest decisions a business owner can make.  An accountant will be with you from the time you start your business, hopefully to the time you sell.   That said,  often that clients who are growing fast, will outgrow their accountant. There is an old saying that you don’t want to be your accountants  biggest client!

Choosing an accountant can be significant, It can save you thousands, or cost you thousands – depending on the size of your company.

Here are a few of the usual tasks that an accountant can do for you:
Claim capital allowances (if you buy a property, you can claim certain expenditure over time – if you choose a good accountant, they will be proactive and advise on changes you can make to the way you develop a property to ensure your expenditure is as tax-efficient as possible.
accountants files in leeds

To give you an idea of what accountants think about, check out this video:

If you form a company, you will have to pay corporation tax – a good accountant in Leeds will work out the best way to minimise your corporation tax, such as:

  •  Ensuring you claim the right deductions
  •  Making sure you account for expenses properly
  •  Making sure you don’t claim too much
  •  Making sure you maximise your claims for employee deductions
  •  Ensuring you don’t claim too much for entertaining (where you could risk a fine)
  •  Maximising your take home pay (you may not know, but accountants have a great formula where they can work out the optimal way for you to pay yourself so you pay as little tax as legally possible.
  •  Advice on the right way to treat complex items such as leases
  • Make sure you file your tax return on time (to save money)
  • Make sure you account for vehicle expenses correctly (there are strict rules on these)
  • They will advise on the best way to sell or dispose of assets (for example, in certain circumstances, buying a product 1 day later, or selling a product one day later can significantly increase, or decrease your tax rate.
  • They will advise on the correct way to treat any donations to charity (the rules have changed significantly over the years and a good accountant will know these rule and apply them systemically to all of their clients).

choosing an accountant in leeds

A good accountant in Leeds will also look after your personal tax – ensuring you are paying the right amount of income tax – and also that your family are all paying the right amount of tax also.

If you are thinking of finding an accountant in Leeds – why not use the list above to ask them what they could do for you.  A proactive accountant will save you a lot more money, than a reactive accountant – but often a little nudge from you on what you think the issues are – will bring out the best in your accountant.

Here is more on Leeds Accountant and tax advisors

Finding an accountant in Leeds

Finding an accountant can be tough.

save money in leeds

You need to work out which type of accountant you need?

If you’re a start-up, you’ll be in a different position than someone who is running a FTSE 100 company (hint, they’d pay a lot more than you)

Here are the 5 things you need to think about when choosing one

Price – a good accountant should save you more than he charges.
It’s true – they can save you thousands of pounds each year if they do their job right.  Price will usually be related to the complexity of the work -ie if you are running a sandwich shop, then you’ll have simpler accounting needs than someone who imports goods and is part of a large group of companies.

Like ability
It’s not the be-all and end-all, but you should LIKE your accountant – at least a little.  There is nothing worse than having an advisor you don’t like (especially if they are sending you bills each month!)  You really do want someone you can pick up the phone to, and not dread talking to.

Accessibility
Agree with them upfront how often you can call them.
If you want to talk to them every week, then let them know.  But if your accountant in Leeds operates a no-phone policy and communicates by email only, then you might need to find someone else who can help you work on your numbers.

Team
What is their team like?
Are they small or large?
Are they all qualified?
Do they seem nice?
Often you’ll find you are wined and dined and schmoozed by the head of the firm, or the lead partner.  However, you might find out a month later that you rarely hear from the accountant you were sold-on, but instead hear from the junior who can’t even hold a calculator.  It’s important to clarify this before you engage with an accountant – as you might not be dealing with the person you thought you would.

Location
Visit their offices and take a look around.  Does it look like they are about to go bust (it does happen to accountants, believe it or not).  What about those accountants who are in floor-to ceiling glass skyscrapers?  You might want to stay away from those as that’s what you’ll be paying for when you engage them (although you shouldn’t find too many of those in Leeds).   Look and see if the office has a nice vibe to it? Is it full of glum people typing numbers into a computer, or do people seem friendly and happy?

north west accountant

Here’s a quick video on choosing an accountant.

Those are just 5 of the things you need to think about when choosing an accountant.  We highly recommend you think about the sort of person you want to work with, rather than just choosing the cheapest.  An accountant can work with you for many, many years and help you in more ways than you could ever imagine.

If you are thinking about choosing an accountant in Leeds – make sure they are a decent firm.

Leeds Accountants – more info