Types of Services Accountants Offer
At Osome, we can handle all your tax obligations, whether you’re looking for personal, business, income tax or VAT assistance.
A tax accountant handles your personal accounting needs and ensures your affairs comply with tax laws.
An online business tax accountant can guide you through decisions that trigger taxation, file your taxes and help you save money.
Income Tax & VAT
Income tax and VAT are complex. A business accountant knows how these taxes work, how to calculate them and where you can save.
Why Are Business Tax Accountants Important?
Business tax accountants are important for anyone who wants to grow their business, keep their finances in order and not run into any compliance issues.
For Effective Accounting
Our business tax accountants give you the professional guidance you need to focus on growth. We take over the paperwork and financial admin. We handle all your bookkeeping services, tax calculations and compliance, including HMRC submissions. We’re also on hand with expert business advice and support.
They Help With Your Tax Issues
Technology makes our accounting services smarter, but we’re still big believers in having someone to talk to for guidance or business insights. With Osome, you’ll get business tax accountants who’ll communicate with you about deadlines, suggest tax exemptions, flag issues, and always be available to take your call.
They Eliminate Nasty Surprises
Got a tax bill that you weren’t expecting? Forgot to notify the HMRC of a change? Running a business means juggling a lot of balls. Here’s one less to drop. Hand over your accounting to us and enjoy the feeling of no longer worrying about late payment fines or delayed submissions.
Software, handy apps and AI can make your accounting hum. But only if they’re getting the right inputs. We offer you a human business accountant who knows how to use software to its full effect and supply you with the guidance you need to run your business as efficiently as possible.
The Role of the Accountant at Different Stages of the Business
No matter what stage you’re at, you can benefit from the expertise of accountants for business. From receiving guidance when you need to register a business to selling your company, we’ll be there.
Writing a Business Plan
If you’re writing a business plan, you need a business accountant who can advise you on current market conditions, put together a budget and business model, and help you assess the financial viability of your idea.
Applying for a Business Loan or Overdraft
To apply for a business loan or overdraft, you need to show financial statements and an ability to make repayments. A business accountant can prepare the right documents and act as a sounding board on the conditions of any loan agreement.
Buying a Business
Avoid making the mistake of buying a bad business. We can review the financials and prepare an accurate evaluation for you. By analysing key areas like assets, liabilities and cash flow, we can warn you of any possible risks.
Taking On a Franchise
The franchise model has certain risks that an accountant with industry knowledge can evaluate for you. We can advise on royalty and marketing fees, market conditions, hidden clauses, unexpected costs and common challenges that franchises face.
Legal Structure of the Company Formation
A business tax accountant will guide you through establishing a company, including things like creating a shareholder agreement and share capital allocation. We can also support you with ongoing tax compliance and company board minutes.
Dealing With Government Paperwork
We’ll ensure you comply with government regulations and coordinate with HMRC on your behalf. We can ensure you’re paying the right amount of income tax and submit a tax refund claim for you.
Control of Income and Expenses
We accurately record and report your income and expenses, helping you improve cash flow management and identify areas to reduce costs. We can identify legal ways to reduce your tax bill through offsets, incentives and other strategies.
Audit of Your Company
With the services of expert accountants for business you’ll have financial statements that are accurate, up-to-date and adhere to regulations, making the auditing process of your company seamless. We’re also available with unbiased and independent advice.
Selling a Business
Maximise the value of a potential sale by preparing a detailed business exit plan and the necessary financials and information that a prospective buyer will ask for. A business tax accountant can also help you structure the deal to reduce possible tax implications.
Who Needs Accounting Services?
Every business, no matter the size, needs accounting services. Whether a sole trader or a large company, you can benefit from better financial management and tax savings.
Sole traders often have access to limited resources and can benefit from the services of a business accountant.
- Calculate income tax correctly
- Keep personal and business expenses separate
- Improve invoicing and collections
- Improve cash flow
- Manage project costs accurately
- Get insights into business performance
Limited companies are subject to more rigid compliance regulations. They need accounting services for:
- Filing annual financial statements with Company House
- VAT registration services, calculations and payments
- Filing tax returns with HMRC
- Tax planning
- Budgeting, forecasts and cash flow planning
- Shareholder reporting
- Audit requirements
Ecommerce sellers face unique financial challenges that a business accountant can help with.
- Advice on the accounting apps that integrate with ecommerce
- Reconcile sales across multiple channels
- Inventory management
- Payment processing fees
- VAT registration, calculations and payments
- Cross border transactions
- Cash flow management
What does an accountant do?
Under Company Law in the United Kingdom, an accountant has several responsibilities. Although their specific duties vary according to the business model, industry, and contract of engagement, an accountant generally does the following:
- Managing and maintaining accurate financial records in company accounting systems. This service is crucial as even a slight discrepancy can considerably impact your business's financial status and reputation.
- Gathering and reviewing all financial data for your business, reviewing and evaluating the profitability, including SWOT analysis, to create company financial reports for management teams and shareholders
- In-house liaison with your external auditors to supervise the audit process and share the relevant accounting documentation
- Monthly reports and year-end reviews of the financial budgets and performance
How do I find an accountant for my business?
Every company or corporation in the UK must appoint an accountant within the first few months of incorporation. When hiring an accountant, you must ensure that the accountant is:
- A resident of the United Kingdom
- Permitted to work in the United Kingdom
- Qualified and holds the relevant academic qualifications and certifications
- Not appointed as the only director of the corporation
Typically, businesses use the services of a professional accounting firm for their accounting and financial reporting services. With Osome, a team of accountants are assigned to your company based on the specific business needs.
How much does an accountant charge for a small business?
The cost of hiring an accountant for a small business depends on the nature of your business and the scope of services you require. We've outlined some of the most common charges below.
If you are a small business seeking simple tax returns, you can expect to pay anywhere between £75 to £350, plus VAT. These charges vary based on the quality of service and the number of employees your business has. However, most small businesses can expect to pay about £500 for a year — this charge is for a standard team of accountants and inclusive of document submission to Companies House.
The costs are much higher for companies looking for specialist services such as tax planning. Small businesses can expect to spend anywhere between £125 to £150 per hour. However, a basic accounting service managing your bookkeeping and account reconciliations ranges between £25 to £90 per hour.
Why do I need an accountant?
The accountant is responsible for examining and analysing the company's financial statements. It is the job of the accountant to ensure that all financial records are prepared and updated with accuracy and that they remain compliant with the country’s financial laws and regulations. Additionally, accountants handle tax-related tasks for the director/s of a corporation.
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