Every year, 82% of small businesses close
their doors because they can’t manage their cash flow properly. Shockingly,
despite these figures, 70% of small businesses don't have an accountant.
Many people still believe accountants are
just for handling taxes, but this view is outdated. Here's why you should now
start thinking about working with small accountancy firms
in London to avoid being one of the majority that
struggle:
Stay compliant and avoid penalties.
According to recent studies, the total
amount of HMRC tax penalties has climbed significantly, up by 25% over the past
year. This increase has taken the penalties from £681 million in the 2021/22 financial
year to £851 million in 2022/23. HMRC is chasing around £37 billion of unpaid
tax, and it's safe to say that the tax penalties are seen as a ‘quick win’ for
the tax authority.
Of course, you want to avoid any
unnecessary penalties and fines. Small
accountancy firms in London can help your business with this. They have
the knowledge and expertise to keep you updated with any changes in financial
legislation so that you can avoid any penalties and stay compliant with the
latest regulations.
Personalised assistance
When you choose a small accounting firm
like Allenby Accountants, you get more personal attention compared to big
firms. With fewer clients to juggle, these smaller firms make it a priority to
really get to know your business. The team at Allenby Accountants spends time
truly understanding what you want to achieve, offering advice that's tailored
to help you hit your goals. This hands-on approach helps create a team feeling
and makes it easier for businesses to make smart financial decisions and reach
their targets.
Local knowledge and networks
London's lively business scene is all
about local know-how and connections. Small
accountancy firms in London understand the ins and outs of the local
market, regulations, and industry challenges. They're in tune with London’s
financial scene and can offer insights and advice beyond traditional
accounting. With their strong network, they can help connect businesses with
partners, investors, and growth opportunities.
Call us today to learn how Allenby
Accountants can help your business stay on top of its financial game.