If you run an Isle of Man business then you will benefit from appointing an Isle of Man accountant.
Of course, this will cost your business some fees but good accountants worth their weight in gold (of course we would say that !) – read on to see why.
Questions to ask your Isle of Man accountant.
Below are some questions to ask before appointing your Isle of Man accountant.
Do you recommend we use Cloud accounting software ?
We think that using cloud accounting software is a must for our clients as it enables our clients to access their financial information as well as us as their Isle of Man accountant. Most of our clients use Xero or Quickbooks. We are authorised resellers for both
Can you help with my bookkeeping ?
A good Isle of Man accountant should always be prepared to help their clients with bookkeeping. Sometimes the client prefers to maintain their own bookeeping information but as long as its on a cloud system, the accountant can check its being entered correctly.
In other cases – and most commonly for us – the client prefers to ask us to enter all their transactions for them. This not only gives them peace of mind that all the transactions are correctly recorded but also allows them more time to focus on developing their business and (hopefully) making more money.
Will you help me with preparing my VAT returns ?
VAT is complex – errors compound over time leading to unexpected VAT payments and potentially serious penalties so your accountant should always be happy to help with your vat returns. At Katz & Co, we invariably prepare and submit the monthly or quarterly VAT returns for our clients.
This means we have the opportunity to talk to our clients regularly – which is important to us – and it also means we verify that the bookkeeping is fully up to date and balances regularly.
Will you prepare my monthly payroll ?
Like the VAT Payroll calculation is complex so your accountant should be happy to check that it’s being done correctly. Failures can be very expensive eg late T37 submissions carry a £50 per day fine.
We offer all of our clients a comprehensive payroll service so they don’t have to worry about it. Whether they need a simple monthly fixed pay calculation or have zero hours staff on differing hourly rates we are happy to help our clients.
What else will you help with me ?
It sounds like an open ended question and it is.
Your accountant is in a unique position to assist you with other aspects of your business and they should be doing this for you. From our point of view, we regularly help our clients with strategy questions, HR issues, financing matters, bank accounts, payment gateways, company formations and more.
Nothing is off limits – and if we can’t help our clients directly ourselves then we will invariably be able to refer them to someone who can.
We are fortunate to have some excellent accountants in the Isle of Man. If you have an Isle of Man accountant – hopefully they are already helping you with the matters listed above. If not, then please feel free to contact us as we would be happy to discuss how we might assist you.
Contact Harrison Katz by email or WhatsApp +44 1624 777900 for a complimentary, confidential chat about how we can help.