“You’ve Got an Accountant… So Why Are You Still Overpaying Tax?”
It’s something I hear more often than you’d expect, and of course no one wants to be Overpaying Tax.
“I’ve got an accountant… but I didn’t realise I could claim that.”
I recently spoke to a room full of established business owners. Not start-ups. Not beginners.
Yet many of them didn’t know they could claim things like:
- Trivial benefits
- Sponsorship
- Relevant life cover
- Even basic business purchases made through personal accounts
Even more surprising?
Every single one of them already had an accountant.
So what’s going on?
It’s not a lack of support. It’s a lack of clarity.
Most accountants are very good at compliance:
- Filing accounts
- Submitting tax returns
- Keeping HMRC happy
That’s not the same as helping you:
- understand what you can claim
- plan ahead
- and make better financial decisions
And that’s where the gap is.
The real risk isn’t doing something wrong
It’s this:
Not knowing what you don’t know
Because that’s where:
- money gets missed
- tax gets overpaid
- and decisions get made without the full picture
So what should you expect?
At a minimum, you should:
- understand what you can claim
- have visibility over your numbers
- know your tax position before year end
If you don’t?
You’re probably leaving money on the table.
Final thought
Having an accountant is one thing.
Understanding your finances is another.
And it’s not always the accountant’s fault.
In many cases, the support is there… but it only works if the client engages with it.
For example, we offer a complimentary pre year-end tax review to all of our clients. It’s an opportunity to:
- review the numbers
- plan ahead
- and make sure everything is as tax-efficient as possible
But it only works if clients take the time to attend and engage in the process.
Good financial management isn’t something that happens to you.
It’s something you have to be part of.