Accountants for Retailers

Normal accounting is focused on reporting profit or loss of the business and will be governed by GAAP. But Tax accounting is majorly focused on the impact of transactions on tax liability.

Tax accounting enables and empowers business to comply with tax law and prepare for any future tax liability. Tax Accounting is part of accounting which will be governed by the laws of taxes in that jurisdiction. Apart from tax compliance, tax accounting will help you generate cash flow in real terms. Any future tax liability will be added to cash flow of business in order to save money for future tax payments.

HMRC have published guidance to record income and expenditure on cash basis or accrual basis. They will accept any tax planning which is part of final accounts and is not tax avoidance.

No tax accountant is not more expensive then a normal accountant. We have specialist knowledge and experience to minimise your tax bills.

There is not much difference in the costs. Most of tax accountants will charge for advice and tax planning. Whereas accounting will be the same for every business. The difference is to include tax planning in accounts. 

Your accountant may have included some normal tax provisions. If not you may be able to make adjustments in your current financial year. If you are loosing any tax reliefs, you may need to amend accounts and resubmit to HMRC and companies house.

It is never enough to just ask clients about business health. Insufficient knowledge always leads to poor decisions. An accountant should explore a little deeper and inquire about clients business operations, including process flow, the employment process, procurement, customer base, ability to expand and resources available to invest in new equipment and emerging technologies. Only by researching more deeply into a business, an accountant truly is set forth to add value.

Business owners normally would not allow external accountants to engage themselves in business. But as the times have changed, finance directors find it more useful if accountants get involved in business planning and forecasting. Financial Management is highly dependent on the understanding of business operations in sales, marketing, production, operations, administration, human resources, and finance. Any accountant who has got this understanding can then demonstrate the financial implications of their decisions and actions to non-finance business owners and managers.

Businesses do not claim enough R&D tax credits. Too many business owners are unaware that they may qualify. Too many accountants miss opportunities due to a lack of understanding of their client’s businesses. By gaining better experience, an accountant can identify potential R&D tax credit claims. If you’d like to speak with an accountant who will take the time to get to know you and your business and work collaboratively with you to achieve better results, please contact us.

Modern-day accounting firms have become aware that without having business analysts and advisory services, options to increase client base is very limited. Business, on the other hand, do not want to hire a third party business advisory service to look at financial savings and improve profitability. It would work both ways. As Tax Accountants, our job is more extensive as every penny saved will save you more in tax.

Besides that, an accountant who is familiar with your business can help you save money on taxes. Suppose your accountant is not familiar with the day-to-day operations of your business, the nature of your work processes, procurement, billing, and cash collection. In that case, they will be unable to provide you with the support and advice you require. It is critical to understand the activities and relationships of all trading companies when you have more than one.