Mike Purcell, Owner of Purcell & Co, Accountants & Business Advisors
Starting out in aesthetics is exciting, but the financial side of it can be daunting too.
In our latest guest blog, we asked experienced accountant, taxation and business advisor Mike Purcell to share his advice on the benefits of hiring an accountant, rather than trying to ‘do it yourself’.
Mike provides lots of useful advice and tips, based on his career in finance and experience of helping many companies.
Benefits of Hiring an Accountant
“Many freelancers starting out, often postpone hiring an accountant due to the cost, feeling they can manage their own tax affairs. However, by doing so they often set up the wrong business structure or pay too much tax, or incur fines from HMRC for missed deadlines.
“As well as being a trusted business adviser and somebody to provide advice on your tax affairs, a good accountant will also provide a host of other benefits, such as:
- Saving time: Many freelancers charge by the hour or bill clients based on the amount of time they have worked on a project. So every hour you spend poring over paperwork and tax returns is time that you are not earning. You need to spend time doing what you do best, and not get bogged down with accounting or taxation issues. By delegating to an accountant you can free up your time so you can concentrate on your business.
- Getting things right: Accountants are experts at dealing with tax , vat and business matters. They ensure that everything is filed correctly with HMRC. Errors can be costly in terms of time, penalties and interest. Tax regulations and allowances are always changing so unless you want to spend weeks each year keeping up to date it makes sense to appoint an accountant.
- Saving you tax: Correctly filling in your tax return isn’t just about completing the boxes correctly. A good accountant will know what to claim to help you reduce your tax liability which will often outweigh the cost of hiring an accountant.
- General business advice: Experienced accountants deal with all kinds of businesses, meaning they are best placed to give general advice and help you grow your business. As a freelancer, you will also benefit from personal financial advice, as your personal finances are so closely linked to your business income. An accountant can be a great sounding board and give you objective feedback and valuable advice.
How to Find a Good Accountant
So how do you choose an accountant suitable for your business?
It always helps to try and appoint an accountant who will understand your individual needs and unique circumstances. So find out if the accountants you are considering has any expertise in your industry and, crucially, if they are experienced at dealing with freelancers and small businesses.
You will also want to know exactly what you are getting for your money, for example, whether or not you will get regular telephone or email support or if you will be billed extra every time you get in touch with a query.
Make sure they are clear about what fees you will be charged. Choosing an accountant is a key decision as they will have direct access to your most detailed financial information and should play a key part in the development of your business. So it is important that you choose the right one from the start.
by Mike Purcell
About Purcell & Co
At Purcell & Co offer bespoke accountancy packages to meet the needs of businesses whether they are a sole trader, partnership or limited company. This can include Business Support Service whereby clients can telephone , email or call in for a meeting whenever they need help. From those just starting out to companies pushing hard to grow their business, the company aim to give valuable business and tax saving advice throughout the year. See client feedback for reviews.
For further information, please call Mike Purcell on 0161 432 1238. Or email email@example.com.
SkinViva Training Academy Manchester
SkinViva Training Ltd offer a range of professional training courses for cosmetic and medical skin treatments.
Their courses in cosmetic treatments directed at suitably qualified and registered medical professionals who wish to learn and build on their skills in delivering these procedures.
See our full list of forthcoming training course dates.
SkinViva Training Academy was established in 2013 by Dr Tim Pearce MBChB BSc (Hons) MRCGP – learn more about us. The SkinViva Training Academy team upholds high standards of clinical training providing a combination of fully-supervised practical experience together with essential theory.
For further information, to discuss which course is right for you, to enquire about availability or to book a training course please call 0161 850 2491, or email firstname.lastname@example.org.