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Should A Sole Trader Consider Hiring An Accountant?

A sole trader or small business may look for ways to reduce outgoings and maximise profits, but avoiding the use of an accountant may be costlier in the long run. An accountant can be immensely useful in identifying better ways of saving money, as well as providing a wealth of advice on the financial side of your business. Find out more at www.linghamscharteredaccountants.co.uk.

Some of the benefits of hiring an accountant are:

Peace of mind

When you use the services of an accountant, you're buying yourself peace of mind. You can be confident that your accountant will be on top of financial matters and ensure that all necessary paperwork is filed on time. This will allow you to focus on growing your business and serving your customers.

Focus on your business

Specialist tasks are often best delegated to those who know more about it, and accounting is no exception. By delegating this important aspect of your business, you are able to focus on dealing with your customers, finding new ones, and improving your product of service so that your business can thrive. The costs of hiring an accountant could be far less than the money you can earn for your business during the time you would otherwise spend trying to do the books.

Specialist knowledge

Even the most numerate individuals can find the mountain of financial paperwork involved in running a business to be daunting. However, it has to be done, and the best person to handle it is the person who's most qualified - an accountant. They have acquired all the appropriate knowledge and are up to date on financial regulations, so let them deal with the money side of your business while you handle the customers. Qualifying as an accountant requires a good deal of studying, and updating your knowledge of financial issues, all of which is knowledge that the layman can't possibly pick up.

Timesaving

Few people really enjoy the number crunching required when you run a business, and often waste a lot of time trying to deal with something that they're just not enthused about. Instead of tearing your hair out trying to make the numbers add up, hand over the responsibility to an accountant. They relish dealing with the paperwork and figures involved - and you can focus on dealing with the other aspects of your business that you are more suited to.

Avoids problems

If you hit a busy period in your business, it's all too easy for the tax deadlines to slip your mind - and that could lead to hefty fines for failing to file your tax return. Accountants, on the other hand, are well aware of when small businesses and individuals need to send in their tax returns, and will ensure you don't miss a single deadline.

Taxation is complex

Every business has to file tax returns, even if they haven't made a profit. However, doing this yourself could be a false economy, even if you think you understand your obligations. Taxation is a complex issue, and unqualified people can find themselves very lost if they try to deal with their own tax issues. Your accountant, on the other hand, will know all about business taxation, what you can claim as tax relief, and be fully aware of any changes in legislation.

It's not always expensive

The cost of using an accountant varies hugely, but if your financial affairs are relatively simple you could find that their services are very affordable. Besides, you should ask yourself this question: can you afford not to use an accountant? Trying to save the cost of accountancy services could lead to a massive bill if you fail to understand your financial obligations or miss sending in your tax returns before the deadline.

Loans For First Home Buyers

Buying that first home is one of the most exciting moments in a persons life. After all, this can be an investment that you can treasure for a lifetime. Of course, unless you have a lot of money in the bank, you normally wont be able to afford buying off a house without a loan. This is why for first home buyers, finding the right loan package is just as important as finding the right home for your needs.

Here are some tips that will help you determine if getting a loan is necessary and what kind of home loan is best for your needs.

1. Understand yourself as a buyer- Before you even start looking for a loan, you have to understand first how you stand as a first-time home buyer. First, you have to evaluate your own funds. Do you have a stable source of finances? How much is your daily cost of living? How much can you afford to pay if you shall avail a loan? Do you have other expenses and/or loans to pay for? All these things will play a factor in determining your fitness for getting a home loan and what plan is best for your needs.

2. Understand how loans work - One thing you must know as a potential home buyer is to understand how loans work. After all, why will you even bother getting a loan if you dont even know how it works? That can potentially get you to a lot of trouble. Make sure to understand the basics of loans such as interest and features. Also, knowing your different loan options (ex.: basic home loan, variable rate loan) will help you determine which option is best for your specific purchase. When you understand how loans work, it makes your life much easier.

3. Get the right broker While some may insist on doing things on their own, getting the help of a professional loan broker service can prove very helpful for first-time buyers. A broker will help you get the right loan for your needs. They will help you find the loan best suited for the kind of purchase you are about to make, your available budget, and number of financial commitments you already have. A proper broker will not just help you get a loan, they will help you find the right loan for both your short and long term needs. Contact us at Mango Financial Services to learn more about loans for first home buyers.