Isle of Man Accountants – FAQ
February 3, 2021
Do I need an Isle of Man Accountant ?
Yes – if you are an Isle of Man based business, appointing an Isle of Man accountant can make your life a lot easier. A good one will take away a lot of the headaches away from the administrative side of your business by organising your bookkeeping, dealing with your VAT returns, calculating payroll for your clients, preparing your annual financial statements and dealing with your local tax returns.
Isle of Man accountants can help you set up your Isle of Man business and get you ready for business. See our 6 step guide on setting up an Isle of Man company and getting ready for business.
Aren’t Accountants Expensive ?
A good accountant will save you money.
This is because common mistakes like late VAT returns, missed corporate returns and incorrect or missed monthly employment returns all attract substantial financial penalties. A good Isle of Man accountant will take care of all of this for you.
Also your accountant will keep on top of your monthly bookkeeping, so you can see exactly how your business is performing financially – in real time. This will help you make better business decisions and leave you with more time to deal with your existing clients and marketing to attract new ones.
Finally, a good accountant will be a constant source of invaluable advice and guidance on all aspects of your business journey.
How much does an Isle of Man Accountant cost ?
Small businesses like sole traders should budget around £100+vat per month for their bookkeeping / accounting. Monthly fees for larger businesses with employees are likely to range from £175+vat to £500+vat depending on the number of employees and the complexity of the business. This compares very favourably with the cost of part time internal bookkeepers.