As the capital city of Wales, Cardiff has an enviable reputation as a centre of business and commerce. Many established businesses thrive here, and many new businesses are attracted to the city thanks to its excellent location, infrastructure and potential for growth.
A number of Cardiff-based companies are involved in providing a range of services that benefit businesses, and few can be said to be as important or valuable as its chartered accountancy firms, whose expert advice can make the difference between financial success and failure in any new or established business enterprise.
As someone setting up a business in Cardiff, how should you go about choosing the best chartered accountant for your particular needs? First, you need to know who they are. That's not a problem as the Institute of Chartered Accountants of England and Wales (ICAEW) can supply you with a list of all fully licensed and registered chartered accountancy firms operating in Cardiff.
All chartered accountancy firms on the list are staffed by experts who are fully conversant with all aspects of finance, but there's another dimension that potential clients should also consider, and that is rapport. If you're going to have dealings with a chartered accountant, you want one that is not only an acknowledged expert but who also sees you as a person and not a bunch of figures and percentages, and who also understands your current situation as well as your business aspirations.
One well established and highly respected Cardiff-based firm, Linghams Chartered Accountants, places special attention on this often overlooked aspect of business. Their small team of accountants understand the value of establishing a personal relationship with their clients, and the clients are left in no doubt that the accountants have their best interests at heart. As a result, they feel confident discussing all aspects of their business with a trusted professional who is firmly on their side.
Any good accountancy firm such as Linghams won't just offer to prepare your accounts for your annual tax return. Of course, they can do that and use their expertise to reduce your tax your bill to the bare legal minimum, but they can also do far more than that. They can advise you on the structure of your business. For example, you may decide to set up as a sole trader as it's the simplest way to start a business. However, depending on your particular situation and aims, it may not be the best way to go, and if that's the case, your chartered accountant will explain in detail the reasons why you should avoid that particular route. They will also advise on how to raise finance through low-interest loans, how to prepare a business plan when applying for grants, suggest low-risk ways of expanding your business, advise on tax-deductible purchases, and recommend the best accountancy software that can do what your business requires without paying over the top for an overly expensive and needlessly complicated package that does far more than you need.
If you're considering setting up in business in or around Cardiff, whether as a limited company, a partnership or simply as a self employed 'sole trader', you should seriously consider engaging the services of a local chartered accountant such as Linghams Accountant in Cardiff . Let them expertly steer you through the legal financial minefields that come with all new business ventures.