Running a small business in the UK can be exciting—but let’s be honest, it also comes with its fair share of stress. From dealing with taxes to trying to grow your business without losing your mind (or your cash flow), it can feel like a never-ending list of challenges.
The good news? You don’t have to tackle it all alone. A good accountant can do more than just help with your tax return—they can actually help your business thrive. Here’s a breakdown of the most common problems small businesses face and how having an accountant in your corner can make life a whole lot easier.
Dealing with Complex Tax Rules
Taxes can be a headache. Whether you’re a sole trader or running a limited company, the tax rules seem to change all the time—and keeping up is tough. Between VAT, Corporation Tax, and National Insurance, just knowing what you need to pay (and when) is stressful enough.
An accountant helps by taking this off your plate. They’ll make sure everything is submitted on time and that you’re not overpaying. They also know where you might be able to claim deductions or tax relief—saving you money in the long run. Plus, they can advise on how to structure your business in the most tax-friendly way.
Managing Cash Flow
Cash flow is one of the biggest worries for any small business. You might have lots of sales on paper, but if money isn’t coming in fast enough to cover your bills, it’s a problem.
This is where an accountant can be a game changer. They can help you put together a cash flow forecast so you’re not caught off guard. Whether it’s planning for slow months or making sure you’ve got enough to pay suppliers, they’ll help you stay on top of your finances and avoid nasty surprises.
Keeping Up with Paperwork and Compliance
There’s always something that needs submitting—annual accounts, tax returns, payroll reports… and if you miss a deadline or make a mistake, you could get fined.
Your accountant can handle all of this for you. They’ll make sure everything’s filed correctly and on time, so you can breathe a little easier. Plus, they keep up with all the latest rule changes, so you don’t have to worry about falling behind on regulations.
Lack of Long-Term Planning
It’s easy to get caught up in the day-to-day running of your business and forget to plan ahead. Many small businesses struggle with setting goals or knowing how to grow in a sustainable way.
A good accountant brings clarity to the table. They’ll help you understand your financial position and use that data to support your next move—whether that’s hiring, investing in equipment, or launching a new service. With their advice, you can build a proper plan for growth and make smarter decisions.
Trouble Getting Funding
Applying for loans or investment can be intimidating, especially if you’re unsure how to present your business finances.
An accountant can put together the financial documents lenders or investors want to see—like balance sheets and forecasts. They’ll make sure everything looks professional and accurate, helping you build a stronger case when you’re trying to raise funds.
Not Enough Time in the Day
Most small business owners wear a lot of hats. You’re doing sales, marketing, customer service, admin—and finances usually end up last on the list.
By outsourcing your bookkeeping, payroll, and tax returns to an accountant, you free up valuable time. This means you can focus more on growing your business and less on number crunching. It also gives you peace of mind knowing your finances are in good hands.
Struggling with Digital Tools and Software
With Making Tax Digital now in place, businesses are expected to use digital accounting systems—but not everyone is tech-savvy, and getting started can be overwhelming.
An accountant can help you choose the right software, get it set up, and even show you how to use it. They’ll make sure it ticks all the boxes for compliance and that you’re not wasting money on tools that don’t fit your business.
Dealing with Brexit Fallout
Brexit has changed the game for businesses that import or export, especially when it comes to dealing with the EU. There are new customs rules, VAT charges, and more red tape to figure out.
If you’re not sure what applies to you, an accountant can help you make sense of it all. They’ll guide you through the new rules and help you avoid unexpected costs or delays. It’s all about staying compliant while protecting your bottom line.
Rising Costs and Inflation
From supplier price hikes to higher utility bills, small businesses are feeling the pinch. When costs rise, profit margins shrink—and that can be tough to manage.
An accountant can help you review your spending, suggest ways to cut back, and advise on whether it’s time to tweak your pricing. They can also help you plan for the future, so you’re not caught off guard by further cost increases.
No Exit Strategy
You might not be thinking about stepping away from your business right now—but it’s smart to plan ahead. Whether you want to sell the business someday or pass it on to someone else, it’s important to have a strategy.
Your accountant can help you figure out what your business is worth, structure a handover or sale, and make sure you don’t pay more tax than you need to. It’s all about setting yourself up for the best possible outcome when the time comes.
Keeping Up with New Rules and Regulations
The business world never stands still. Tax laws, employment rules, and industry standards are always changing—and it’s hard to keep up while running a business.
That’s another area where an accountant can help. They stay on top of the latest changes so you don’t have to. If a new rule comes in that affects your business, they’ll help you adjust quickly and stay compliant.
Why Every Small Business Needs an Accountant
At the end of the day, running a small business comes with a lot of moving parts—and trying to handle everything yourself can hold you back. Having an accountant isn’t just about ticking boxes for HMRC. It’s about having someone in your corner who understands your business, keeps things running smoothly, and helps you make smart decisions.
Want to Talk About Your Business Challenges?
If you’re a small business owner who’s feeling the pressure, get in touch with us. We’ll help you take control of your finances, stay compliant, and grow with confidence. Don’t forget to follow us on LinkedIn and Instagram for daily business news and advice!
