Do I really need an accountant?

It’s a question almost every small business owner in the Isle of Man has asked themselves at some point. When you’re just starting out, it may feel like spreadsheets, apps, or a bit of Googling can get the job done.

But as your business grows — and your time becomes more limited — it’s worth asking:

Is doing your own accounts really the best use of your time and energy?

This blog will help you recognise the 7 key signs that it’s time to bring in a qualified accountant — and what the benefits are when you do.

1. You’re Spending Too Much Time on Finances

If you find yourself regularly working late trying to make the numbers make sense — that’s a big red flag.

Your time is better spent doing what you’re great at: running and growing your business. An accountant saves you on average 6 hours every week.(Xero)

2. You’re Worried About Getting It Wrong

Tax returns. VAT. National Insurance. Payroll. Deadlines. Penalties.

It’s completely normal to feel anxious about compliance. One mistake can be costly — and repeated errors may trigger an enquiry. A professional gives you peace of mind and protects your business.

3. You’ve Missed (or Almost Missed) a Deadline

Whether it's forgetting to file your income tax return, or realising your VAT payment was due last week — late submissions can mean fines, stress, and cash flow issues.

Accountants don’t just remind you — they handle it.

4. You’re Not Sure If You’re Claiming Everything You Can

There are dozens of legitimate expenses and allowances you might be entitled to in the Isle of Man — but are you claiming them?

A good accountant will ensure you’re tax-efficient and not leaving money on the table.

5. You’re Planning to Grow or Take on Staff

Once you start scaling — or thinking about it — things get more complex:

• Which structure is best?

• How do you register for payroll?

• What about pensions?

• Can you claim capital allowances?

An accountant helps you grow sustainably and stay compliant as you scale.

6. You’re Earning More Than £20,000–£30,000

Once you’re generating consistent income, especially above £20k–£30k, the cost of doing your own accounts often outweighs the savings.

Accountants can save you more than they cost — especially with fixed-fee services that include tax-saving advice and bookkeeping.

7. You Want to Sleep Better at Night

This isn’t just about numbers — it’s about confidence, clarity, and peace of mind.

If the thought of tax deadlines or accounts keeps you up at night, it’s time to pass it on.

How Purple Accounts Helps Isle of Man Businesses

We offer friendly, fixed-fee, no-jargon support including:

• Income tax and corporate tax returns

• VAT registration and filing

• Payroll and pensions

• Bookkeeping with cloud software

• Year-round advice and support

  
  

We’ve helped hundreds of small business owners in the Isle of Man feel more in control and less stressed about finances.

Final Thought

If you’ve read this far, chances are you’re already feeling overwhelmed or out of your depth with finances.

That’s your sign. You are ready for an accountant — and we’re here to help.

Need a Great Accountant in the Isle of Man?

We’re Purple Accounts – family owned, Chartered Management Accountants based in the Isle of Man since 2007.

Let's chat! 01624 777018 or email: enquiries@purpleaccounts.com