Running a business has never been simple, but the landscape feels more unpredictable than ever. From HMRC’s ongoing upheaval to the upcoming second Budget from the Labour government on 26th November, the pace of change is relentless.
It’s not only the major headline reforms that matter. Sometimes, it’s the more subtle changes, like the recent announcements regarding Inheritance Tax (IHT), that are significant.
These changes have made pensions taxable for the first time, which can significantly impact your planning. Often, you may not realise these implications until it’s too late.
This is precisely why having a trusted accountant by your side is so valuable.
More Than Numbers on a Page
A good accountant isn’t just there to tick boxes on VAT returns or process your payroll. That’s the minimum. A great accountant is a strategic partner: someone who takes the time to understand where you’ve come from, where you are now, and most importantly where you want to go.
At Myers Clark, we refer to this as the Path to Achievement. You can find out more here.
Your goals aren’t just about profit and loss. Behind every business is an individual, or often several, each with unique ambitions: building security for your family, creating opportunities for your children, or ensuring that one day your business works for you not the other way around.
A great accountant recognises this. They see beyond the spreadsheets and into the heart of your aspirations. We are serious about you and your ambitions.
Why Trust Matters More Than Ever
Trust is central to your relationship with your accountant. After all, you’re sharing the intricate details of your finances, the kind of information you wouldn’t reveal to just anyone. You need to feel confident that your accountant will always act with integrity and put your best interests at the centre of every decision.
When that trust is in place, your accountant becomes more than a business adviser. They become your confidant, your motivator, your partner. Someone you can confide in not only about the day-to-day running of your business but also about your bigger picture worries and long-term plans.
The Challenge of Keeping Up with Change
The truth is that staying on top of tax changes, reporting requirements, and government policies is becoming increasingly difficult for busy business owners.
Take Making Tax Digital (MTD). On the surface, it appears to be a digital reporting requirement. In practice, it has reshaped the way businesses manage their records, forcing changes to systems and processes that reach far beyond “just compliance.” Of course, this is a positive thing, but nonetheless, it will take time and energy.
Or look at the recent IHT developments. For years, the main concern for most families was whether their property or investments might expose them to inheritance tax liability. Pensions that were previously considered outside the IHT net are now relevant. This changes everything about how families need to plan.
And with another Budget just weeks away, subtle tweaks to reliefs, allowances, or thresholds could make an even bigger difference.
These are not things you can afford to overlook. Yet, as a business owner, you’re already juggling the demands of your company, your team, and your personal life. Trying to decipher every HMRC update or Budget announcement on top of that isn’t realistic.
That’s where your accountant comes in. For us, it’s our job. We spend the time, energy, and training to stay ahead of the curve so that you don’t have to.
Closing the “Tax Gap” – What It Means for You
On top of these changes, the government has made it clear that it believes it can close the so-called “tax gap”. This is the difference between the tax HMRC thinks should be collected and what is actually collected. Here’s how they see the problem:
- Tax avoidance leads to around 4% of the gap.
- Tax evasion accounts for about 19%.
- Taxpayers failing to take proper care make up the largest share at 30%. Hence MTD.
It’s this last number that’s the most concerning, because it means everyday mistakes and misunderstandings are contributing more to lost tax than deliberate evasion or avoidance.
To tackle this, HMRC is hiring 5,000 additional compliance staff and 1,800 debt officers to conduct more investigations. However, training these new recruits will take time, which could mean longer delays and more drawn-out inquiries.
The reality is that HMRC investigations can cost thousands of pounds in professional fees to defend. That’s why it’s vital to ensure every figure you submit is verifiable, every tax claim is in line with the rules as they stand (on that day), and you have proper protection in place.
One of the most practical safeguards is fee protection insurance, which covers the costs of your accountant handling an HMRC investigation on your behalf. But here’s the catch: if you don’t have an accountant, you won’t have access to this cover. That means if you are selected for review, you could be left facing not only the stress of the investigation but also the full cost of hiring professional help.
Planning for Today and Tomorrow
Working with an accountant is about more than avoiding penalties or filing accurate returns. It’s about having a plan in place for the future.
For example, with the new IHT rules, planning may involve asking questions like:
- How much inheritance tax might my beneficiaries face?
- How will they pay it?
- Are there steps I can take now to reduce the burden later?
These are deeply personal questions, but also profoundly practical ones. And without the insights of a professional who lives and breathes this world, it’s easy to miss opportunities or make costly mistakes.
Your accountant can help you map out strategies for business growth, succession planning, tax efficiency, and even lifestyle goals, giving you peace of mind that solid, practical steps support your ambitions.
Final Thoughts
In a world where everything is changing so quickly, you need a reliable source to fall back on. Someone who can translate government policy into practical action, who can spot risks before they become problems, and who will work alongside you to achieve your ambitions.
With another Budget just around the corner and new tax rules already reshaping the landscape, now is the perfect time to strengthen your relationship with your accountant.
At Myers Clark, we’re committed to walking the Path to Achievement with you as your confidant, motivator, and partner. Because your goals are our goals. And together, we can build a future where your business truly works for you.
Get in touch with, email us at enquiries@myersclark.co.uk