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This is a difficult question to answer, but most small business owners do recommend that an accountant is hired. Most accountants offer a different range of services. For example, some can do all your accounts for you, from book keeping through to tax return submissions. However, others will offer a service whereby you keep the books and file the tax return, but prior to submission, they will look over your accounts and advise you of any mistakes, or any areas where you have submitted a claim when you should not have etc.
The second type of service is the most economical and can take some of the sting away from dealing with the Inland Revenue. Your accountant will also advise you about receipt keeping and any 'grey areas' which you will undoubtedly come across when you operate your own business. In the first couple of years, an accountant may seem like a luxury, but the expenes can be claimed against tax, so it probably is worth the investment.
The second type of service is the most economical and can take some of the sting away from dealing with the Inland Revenue. Your accountant will also advise you about receipt keeping and any 'grey areas' which you will undoubtedly come across when you operate your own business. In the first couple of years, an accountant may seem like a luxury, but the expenes can be claimed against tax, so it probably is worth the investment.
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