Professional Advisors

Unless you are fully trained, several aspects of running a company require specialist advice, particularly accounting, legal, and intellectual property issues. Many of them you will only need from time to time. It is a good idea to build up a shortlist of lawyers and accountants you can call upon at short notice.

Depending on country and turnover, you may need to submit a formal set of audited accounts. These need to be signed off as correct by a qualified accountant who knows the regulations and mechanisms by which the annual audit must be completed. An accountant's role is to make sure you conform to the current financial legislation, to advise you on how to reduce your tax charge, and to avoid costly mistakes. One of their first tasks will be to advise you as to when your tax year should run from to give you the maximum tax advantage and reduce the amount of necessary paperwork. This is because in most countries your first tax year can be longer than a year. Subsequently, the start of your tax year can be changed in many countries.

There is no need to have a legal advisor (retain an attorney) unless there is a pressing legal issue.

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