Millions of small business people and individuals have visited and will visit their accountants over the coming months.
And plenty of them will come out with a bemused look on their face that simply says: What was all that about?
A good accountant is a key part of a businessperson’s team – this is one thing you should outsource as quickly as you can afford to.
But simply handing over everything to your accountant and putting your blind trust in them is a potential road to ruin for a number of reasons.
Say your accountant misses a vital deduction that you could have claimed – you’ll be furious.
Say your accountant pushes too hard with a deduction you maybe shouldn’t get, and the Tax Man launches an audit – you’ll be furious.
Say your accountant stuffs up your financial reports and you believe you are going better or worse than you really are – you’ll be furious.
It’s crucial that you have a really good grasp of the numbers behind your business and the key rules and regulations that govern it. Don’t go blank when your accountant talks tax – work hard to understand as much as you can.
Get it done – today!
Andrew Sadauskas is a former journalist at SmartCompany and a former editor of TechCompany.
