Do I need to hire special qualified accountant for my export company?

Question

Just started a few months go. Looking for accountant.
Should I look for special qualified accountant?
Thanks

Answer

Hi there,

Don’t think you need to, no.

So long as you keep adequate records/evidence and charge VAT correctly then you only really have the job of filing the accounts/VAT returns with HMRC.

You may choose to get an accountant to help with this part of the process but it just depends how comfortable you are doing it yourself I guess.

Kind regards,

Simon

Answer

You need someone to confirm or guide you that your invoicing, records keeping etc are adequate. This can be anyone who knows what to do. However an accountant is useful as he is qualified to advise on you on lot of things such as structure, compliance, record keeping payroll, tax advice etc etc so that your entity is compliant and tax efficient.

Non compliance or incorrect or late filings can lead to penalties and interest. You do not an Accountant for each and every task but it is helpful to have one. After all you only pay for services rendered and not for retention.

If you need to know more than you can let me know.

with kind regards

Answer

Are you asking whether you need an accountant who is experienced with exporting? I think it’s a smart thing to do. It should not cost you more and it means you’ll get advice you can trust from someone who has dealt with similar issues already. Exporting has particular implications for VAT as others have already mentioned, so you should check your accountant can handle overseas VAT. Foreign currency is another issue they’ll need to understand. You may also be thinking longer-term of growing your international business. If so you want an accountant that grows with you, in terms of helping to setup overseas accounts etc. This is harder to find but I can recommend some if you are interested.

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