Despite all the various UK governments talk of ‘cutting the red tape’ and making it easier for SMEs to prosper and help the economy grow, all businesses face an ever increasing burden of bureaucracy and laws and regulations related to compliance. It doesn’t matter whether your business is incorporated (e.g. limited company) or unincorporated (e.g. sole trader or partnership), the laws and regulations requirements to comply with are extensive.
The areas of accounting and taxation in particular, are subject to a whole raft of laws and regulations. Increasingly compliance with these requires considerable knowledge and experience. Nearly all the requirements for compliance already require electronic online filing, or if not already will do so in the next few years. The penalties for noncompliance are already significant and by introducing electronic filing, the authorities are focusing their resources on those who do not comply, whether by being late or failing to meet the requirements. For those SMEs that get it wrong, the costs in terms of management time and professional costs in managing the investigating authorities can be extensive.
Unfortunately many SME owner\directors are more focused on making their business successful. They certainly don’t have the attention to detail, keeping up to date with legislation and ensuring their business is fully compliant with the law. It is often said that being compliant is a necessary evil and a fixed cost that an SME must pay but from which they gain no value or benefit.
At Prospero Accounting Ltd our objective is to make sure that we take away the worry and stress of ensuring that you comply with the law and regulations appertaining to the accountancy and tax requirements of your business. We view compliance services as a corner stone for more effective relationships with our clients, as part of an overall package of services to ensure that our clients are maximising the potential in their business.