Tax expert John Shewan recommends businesses of all sizes seek professional advice. Small businesses shouldn’t count themselves out of large professional service networks just because of their scale. Many large accounting companies offer in-depth services to small- and medium-sized businesses.
“It’s a little bit of a fallacy that the big accounting firms only look after big clients, that’s not the case,” Shewan says.
There are lots of benefits to working with advisors, particularly when it comes to tax, compliance and Inland Revenue.
But working with a professional advisor is a two-way road. You need to prep and put in work to make sure you’re getting the most from your advisors.
“You do that by asking them the right questions, by making sure you’re prepared and willing to be absolutely open to them,” Shewan says.
“My advice to people is spend a lot of time preparing before you go and consult with a lawyer or an accountant. Get maximum value out of the time. Make sure you put the pressure on them to deliver value to you.”