If you run a business, you’ll know that there are all sorts of challenges to overcome. It is not easy to create a viable business – especially given that there are lots of regulatory and organisational hurdles to overcome. And it’s because of such problems that it’s wise to find an advisor who can help you overcome the difficulties and come out unscathed on the other side. This article will explain how to locate the right business advisor for many common scenarios.
Accountants
Accountants can provide a business with a whole host of invaluable assistance. The most basic job of an accountant, of course, is to help with your basic bookkeeping needs. That is useful for general overviews of the business’ performance and it’s also handy to have well-organised and properly authenticated profit and loss data to hand if you’re negotiating with suppliers or investors.
An accountant will also prepare and submit your corporation tax returns on time. If you’re self-employed and operating as a sole trader your accountant can help you with your self-assessment tax return. This is a useful service for any busy business leader who needs to spend more time running the firm and less time on administration!
Tax planning
However, accountants with a tax planning speciality can go much further than that. They can, for example, help you to structure your tax affairs in a cost-effective way. They may, for example, advise you on what allowable losses your business can claim in order to reduce your overall tax bill. Remember to always choose an advisor who is regulated by a body such as the Financial Conduct Authority, as that means they are duty-bound to provide above-board advice.
Stockbrokers
Businesses enter the world of stock and share trading for two distinct groups of reasons. The first one is for when they are planning to offer their own stock to the market: in this scenario, known as an initial public offering (IPO), hiring a specialist advisor with experience of stock market floats is vital.
Some firms, however, choose to buy shares of other companies in largely the same way as a speculative retail investor might. Doing this has to be right for your particular firm though. The stock market can often require a commitment of several years in order to raise the chances of profitability – so if your business has large cash reserves with no immediate plans to spend them, it may make sense. Broker comparison tables can help here, as can the services of a specialist advisor.
Working with an advisor is a great idea for a number of reasons. Not only can an advisor provide you with clarity when it comes to administering your affairs, they can also steer you on to the right course and give you the information you need to make an informed decision. So why not head over to one of the many broker or advisor comparison sites today?
