What Your Accountant Should Be Doing (But Probably Isn’t)
- David Parker
- Apr 17
- 4 min read
Updated: 5 days ago
Why Settling for “Fine” Could Be Costing You More: A Guide for Isle of Man Business Owners
For many business owners in the Isle of Man, their relationship with their accountant is... fine. Accounts get filed. Tax returns go in (usually) on time. Nothing seems broken.
But here’s the problem: “fine” isn’t good enough.
At Purple Accounts Isle of Man, we see too many business owners settling for passive, hands-off service—and it’s costing them money, time, and peace of mind. You might not even realize what you’re missing out on.
Here’s what your accountant should be doing—and what to do if they aren’t.
🔍 1. They Should Be Proactive, Not Reactive
A great accountant doesn't just file your returns—they actively seek ways to:
Save you tax
Improve your cash flow
Help you grow
Ensure compliance year-round
If your accountant only pops up once a year with a set of accounts, that’s not support—it’s just data processing.
💬 At Purple Accounts, we check in with you throughout the year. We flag issues early, highlight opportunities, and provide clear, jargon-free advice when it matters—not when it’s too late.
📞 2. They Should Deal with the Tax Authorities—So You Don’t Have To
One of the biggest frustrations we hear from new clients is:
“My old accountant made me deal with the tax office myself—even about things they submitted.”
Calling the tax authorities takes time and patience. Most business owners don’t have the time (or the knowledge) to answer technical queries.
🛡️ At Purple Accounts, we handle communications with the tax office on your behalf. Whether it's questions about a return, an unexpected letter, or a compliance check—we cover it for you. You shouldn’t have to chase answers for something we filed.
💡 3. They Should Save You More Than They Cost
If your accountant isn’t providing proper tax planning, you could be overpaying thousands in unnecessary tax each year.
Ask yourself:
Are they reviewing your salary/dividend structure annually?
Have they advised you on how to optimize your company structure?
Are you claiming all allowances and reliefs available in the Isle of Man?
Have they guided you on VAT, capital allowances, or staff incentives?
📉 At Purple Accounts, we help you keep more of what you earn—through smart, legal tax planning tailored to Isle of Man legislation.
📊 4. They Should Give You Clarity with Your Numbers
Do you truly understand what’s happening in your business finances?
Many small business owners receive their annual accounts without context or guidance, leaving them in confusion. That's not helpful—and it certainly doesn’t support your growth.
📈 At Purple Accounts, we provide easy-to-understand reports and regular management accounts, explaining what everything means for your business—so you can make confident, informed decisions.
🚩 5. They Shouldn’t Leave You Chasing Them
If this sounds familiar, you're not alone:
“They don’t answer the phone. “Still waiting on an email reply from weeks ago.” “I had no idea my VAT return was overdue.”
Poor communication isn’t just frustrating—it can cost you money, trigger fines, or damage your credibility with suppliers or the tax office.
📬 At Purple Accounts, we are responsive, reliable, and local. No unanswered calls, no disappearing acts—just straightforward support when you need it.
💬 What Makes Purple Accounts Isle of Man Different?
We’re not your typical number crunchers. We provide stress-free accounting and bookkeeping designed specifically for small businesses in the Isle of Man.
Our Services Include:
✅ Full support dealing with Isle of Man tax authorities
✅ Tax planning to help you save and stress less
✅ Bookkeeping, payroll, VAT, and management accounts
✅ Xero and digital bookkeeping expertise
✅ Fixed-fee packages with no hidden extras
✅ Friendly, approachable local team
🟣 Real Clients, Real Results
“I didn’t realize how much better it could be until I switched to Purple Accounts. Everything is clearer now, and I never have to worry about missing a tax deadline—they take care of everything and explain what’s going on.” — Local business owner, Isle of Man
📣 Is Your Accountant Doing Enough?
If you’re chasing them...
If you’re unsure where your money’s going...
If you dread dealing with the tax office…
It’s time for a change.
📞 Switch to Purple Accounts Isle of Man Today
✅ Less stress
✅ Better advice
✅ More clarity
✅ Real support
📞 Call us on: 01624 777018
📧 Email: enquiries@purpleaccounts.com
🌐 Visit: www.purpleaccounts.im
Isn’t it time your accountant did more than just tick boxes?
🌍 The Value of Active Accounting Support
Having an active and engaged accountant can significantly impact your business. Think about your long-term goals and how your financial partner can help you achieve them. With proper guidance, you won’t just survive—you will thrive.
💼 Invest in Your Future
In conclusion, if your accountant is merely “fine,” consider the potential consequences. A lack of engagement could cost you more than you realize. Don't hesitate; invest in an accountant who is proactive, communicative, and dedicated to your success.
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