There may be many accountancy services now that are based overseas, and these services may offer great help for those who need their finances properly updated and sorted out. Outsourcing your accounting needs may be on your mind as well, and you may also be thinking that getting an accountant based in another country may be cheaper compared to hiring one in the UK. But there are certain difficulties with this; if your accountant is not in the same country as you, it could be a challenge for them to keep up with UK rules and legislation, and they may not be aware of the various intricacies involved in the UK financial and tax system. But why else should you seriously consider hiring an accountant based in the UK? Here are the top reasons why it’s best to get an accountant who is UK-based.
The Correct – And On-Time – Filling In Of Forms
UK legislation is constantly evolving, and this means that your accountant would have to be regularly updated with the changing legislative and legal requirements in the country. If your accountant doesn’t complete a form or document properly, the best thing that can happen is that HMRC will simply give it back to you so you can re-submit it. But if you have to re-submit it due to mistakes or inconsistencies, then you may end up submitting it after the deadline – which results in penalties. Your fine and penalty for a late tax return payment, for example, would be a percentage of your total taxes due.
The worst-case scenario could be that your tax filings are submitted to a tax inspector for review, and this could result in an investigation into your finances. If you use the expertise of locally-based accountants central London companies use regularly like Griffin, Stone, Moscrop & Co, then you have peace of mind in knowing that the forms will be correctly filled and filed and submitted at the right time and in the proper manner as well.
Help Your Business Develop And Grow
It is more than likely that your main aim for your business is to have it develop and grow, and with the proper UK-based accountant, you can focus on establishing your business and not have to worry about whether you are doing the right thing for your finances or making the right financial decisions. An accountant based in the UK would know more about UK business than someone who is based overseas, and they may even be able to introduce you to various contacts who can help with your business as well. Apart from this, an accountant in the country or even in your local area will understand exactly what challenges you are facing as a UK business, and they can give you knowledge-based and experience-based advice and recommendations, especially in terms of financial planning.
More Time For You
Locally-based accountants have another edge over ones who are based overseas – if you need to meet with them and discuss a particular concern of yours, you can easily do so. You have the benefit of face-to-face meetings when necessary, and your local accountant can even accompany you during key meetings and discussions and serve as your representative and consultant.