1. Isle of Man >
2. Starting a Business >
3. Accounting and Payroll

Accounting in the Isle of Man

It is recommended, and probably in your best interest, to employ an accountant on the Isle of Man. They'll nearly always save money, and more importantly, will make your business on the Isle of Man the most financially efficient it can be. Used wisely, accountants in the Isle of Man can make you more profitable than ever.

Accountants in the Isle of Man provide a range of services. They can look after everything financial, from fundamental book-keeping to more specific advice. You could hire accountants in the Isle of Man simply to prepare financial statements for your tax return, or you may require them for other added-value services such as auditing. Accounts must be audited each year, unless the company or region you are based in is exempt.

It is essential to choose an appropriate accountant for your circumstances. If you just want an accountant to take care of your book-keeping, then a small firm will probably suffice. However, if you require astute financial and planning advice, a larger, more reputable company might be needed. Check they're chartered / registered with a recognised accounting body. It is important to lay out exactly what you want them to do for you and what the charges will be.

Keeping a sound financial record is essential. Apply yourself. Have a good system in place and then the time that you do spend on accounts won't be so burdensome. Ensure you retain receipts for everything you buy. It is recommended that you keep a ledger or book with the details of what the receipt is for. Keep a record of all sent and received invoices too. These will keep you informed that you've been paid or have money owing, etc.

Ultimately, applied and diligent record-keeping will keep your accountancy costs low when setting up a business on the Isle of Man.

Click here to Ask an Expert about Accounting and Payroll in Isle of Man