Don’t ignore the use by date on any accountancy issue Hire an accountant to revolutionise your tax returns and your financial planning
Starting a brand new company is both exciting and daunting. With the increased opportunities brought about by the rapid development of technology, running a business has never been easier in one sense. Nowadays the world is your market and with various easy ways to transfer funds across the globe you have access to everyone who might be in need of your brand, product or service.
However, there are some things that don’t change much and filling out HMRC documents come around with unswerving regularity and the whole subject of tax and tax returns can strike fear into the heart of the ‘most savvy’ entrepreneur. Why? For a number of reasons:
• They are legal documents which require a signature to say what you have declared is 100% accurate
• Getting them wrong can cause all kinds of ramifications
• Filling them in late can incur penalties
• Being ill advised can mean you pay more than you need
• They aren’t the sexiest piece of paperwork on the block
Business people feel that because they run a business they should take a tax return in their stride but that isn’t necessarily the case as each business has its own needs. Therefore outsourcing the completion of tax returns to an accountancy expert who is comfortable, knowledgeable and familiar with all aspects of accountancy and up to date with all legislative changes is a very smart move.
8 million people in the UK receive a self-assessment form so do not think you are alone’ If you engage the services of a reputable accounting practice then you will definitely not be alone with your tax return.
Everyone’s situation however, is slightly different and you may well find that your tax affairs are complicated for all kinds of reasons so it would make sense to find an accountant and make it snappy because like all good things, tax returns have a sell by date and if you fail to adhere to the small print penalties can be added to your business outgoings and they are completely avoidable with an accounting expert in tow. Remember 31st October in any given year for paper returns and 3st January for online submissions. New stricter penalties meant that last year a vast number of people paid penalties of around £1,200 which is ridiculous when you consider it is totally avoidable; even one day late will attract a fine of £100 and it just isn’t worth it.
So if you feel you are not up to the task and you will join many people who feel the same then it really is worth using money, that you may well end up paying in penalties, to possibly more than cover your accountancy fees if you are a small business. It is a sound financial move, will mean you have excellent financial records, can avoid fines, reduce worry and then use these accounts to plan and scheme world domination for your business. It makes sense now, doesn’t it?