Accountant - valuable asset or necessary evil?

Whether you are a hotel business or not, ask yourself these questions?

• Does your accountant get in touch during the year and ask about profitability and whether matters need to be considered before the year end?
• Has your accountant warned you about the income tax rate increases that might make income tax as high as 60%?
• Does your accountant have an in house Chartered Tax Adviser?
• Does your accountant explain your accounts and tax position to you at your premises?
• Does your accountant discuss ways of mitigating tax?

I am sure you can see where I am going on this.

If your accountant just gives you a basic compliance service then it can only be a necessary evil where little benefit is obtained.

Hotel businesses are complex and there is so much scope to have a proactive accountant involved. Yes, your costs will go up. However if you can get a trusted accountant who understands taxation, then they can become a sort of de facto director of the business. Put in this context then the price is relatively cheap.

If you would describe your accountant as a necessary evil, then seek out a tax accountant who will get to know your business and provide you with constructive advice.