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Carrier Bag, Shoebox, or Accountant?

However efficient and businesslike you might be in your working life, there is a significant proportion of sole traders who still shove every receipt and piece of paperwork to do with their day to day work in a convenient carrier bag or shoebox to deal with later. Worse still, they might even be digging handfuls of crumpled receipts out of bags and pockets in mid-January in the hopes of putting together a coherent set of accounts and submitting a tax return.

For the ultra-small business where VAT isn’t a consideration, many business owners ignore the potential book keeping pitfalls that not using a firm of accountants could present them. It isn’t necessarily even a lack of organisation leading to incomplete paperwork; if it’s just you doing everything, you’ve probably forgotten what a relaxing evening or weekend is. If you’re registered as self-employed, even if you don’t employ anyone else, a good accountant is essential, even if you think you cannot afford them.

Your accountant will ensure not only that your company adheres to legal requirements for record keeping, they will also help you keep accurate accounts, and wean you off the shoebox full of receipts. They may even spot avenues you’re missing in terms of being tax efficient, and save you money.

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