Introduction (5): The Advantages and Disadvantages of Using an Accountant
A preliminary point is there is no obligation to use an accountant (or any other professional advisor) to establish or carry out any of these self-employed activities.
So, if you want, you can do these activities yourself.
What are the advantages and disadvantages of using an accountant?
Subject to choosing the right accountant (see next article), the advantages of using an accountant easily outweigh the one apparent disadvantage.
The advantages include:
•Convenience. You are the client, and so at a time and place of your convenience, your accountant can assist you with completing and filing all the necessary administrative documents.
•Time-saving and local expertise. You do not need to make research into these fiscal issues yourself. Your accountant can keep you informed about what local administrative practice allows and keep you updated with local developments.
The only apparent disadvantage is the cost of using your accountant. But this is not really a disadvantage as such a cost is a tax deductible business expense. Also if you choose your accountant correctly, the amount paid should be a tiny percentage of your gross professional income.
Next article: (6) Advice on choosing an accountant
Last updated: 19 August 2006