At Coopers&Co, we understand the complexities small businesses face. Based on extensive analysis of search engine results and data on common concerns, we’ve identified the top 10 questions to ask your accountant as a small business owner. These questions provide insights into areas where business owners often seek professional advice and how our services can help you find the right answers.
1. What are my tax obligations?
Understanding your tax obligations is crucial for compliance and financial health. This can include Self-assessment tax, Corporation Tax, VAT, and PAYE. At Coopers&Co, our tax advisors ensure you’re aware of all your responsibilities, helping you stay compliant with HMRC regulations.
2. How can I minimise my tax liability legally?
Tax planning and optimisation are key for small business owners. Our tax planning services provide strategic advice to ensure you pay the right amount of tax, so that you retain more of your income.
3. What are the implications of different business structures on tax?
Choosing the right business structure (sole trader, partnership, limited company, LLP) can have significant tax implications. We offer business advice which can guide you through the pros and cons of each structure, ensuring you make informed decisions that benefit your business in the long run.
4. How can I improve my cash flow?
Managing cash flow is a constant challenge for small businesses. Our financial planning services include detailed cash flow analysis and tailored strategies to keep your business liquid and ready to seize opportunities. It’s one of the top 10 questions to ask your accountant to ensure your business thrives.
5. What financial records should I keep, and for how long?
Compliance with record-keeping regulations is essential. Coopers&Co’s accounting services ensure your financial records are meticulously maintained and stored according to legal requirements, saving you time and potential penalties.
6. How can I prepare financial forecasts and budgets?
Financial planning is vital for business growth and stability. Our business advisors assist in creating robust financial forecasts and budgets, providing a clear roadmap for your business’s future.
7. How can I finance business growth?
Access to finance is often a hurdle for small businesses. At Coopers&Co, we offer business growth advice and connect you with the right financial institutions to secure the funding needed for expansion.
8. What are the financial implications of hiring employees?
Understanding the costs associated with employment is crucial. Our payroll services cover everything from PAYE to pensions, ensuring compliance and helping you manage employee-related expenses efficiently.
9. How can I prepare for business sale or exit?
Succession planning and exit strategies are often overlooked. Our business strategy experts help you develop a comprehensive plan to ensure a smooth transition and maximise the value of your business when the time comes to sell or exit.
10. What are the latest tax changes and how will they affect my business?
Staying updated on tax legislation is crucial for compliance. Coopers&Co’s tax advisors continuously monitor changes in tax laws and provide proactive advice to keep your business compliant and optimised for new regulations.
At Coopers&Co, our mission is to provide top-notch accounting services that empower our clients to achieve financial clarity and success. Whether you’re seeking advice on the top 10 questions to ask your accountant, financial management, business growth, or general accounting queries, our experienced team is here to support you. Contact us at info@coopersandco.co.uk today to find out how we can help your business thrive.
Isobel Forber is Coopers&Co’s Client Manager and small business specialist. With years of experience running her own successful accounting practice, Isobel joined our team to take on the challenge of working with a larger firm, enabling her to offer an even broader range of services to clients and drive their businesses forward.
At Coopers&Co, Isobel expertly manages statutory and annual accounts, corporation tax, and self-assessments for many of our clients. She also plays a key role in supporting our “Your FD” service, delivering hands-on financial direction tailored to small business needs.