Running a business or working for yourself generally requires recording financial information such as invoices, purchase orders, items for stock and expenses – this is often referred to as bookkeeping Such records can also make end of year tax returns much easier to deal with and in cases where computer software is involved, this benefit can be even greater.
For many businesses and individuals who do not feel comfortable dealing with their own finances and accounts or simply have no time for such matters, it is often necessary to employ the services of an accountant or chartered accountant who can assist. These services could include Income Tax, Corporation Tax, Payroll and even assistance with VAT returns and other related items.
Keeping on top of accounting whether it be for a self employed individual or business is important and should not be neglected. With correct records, dealing with income tax returns becomes a far more pleasurable procedure, not to mention your accountants job, should you use one, will be less time consuming – hence less costly in the longer term for the individual or business.