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Tax Accountants

As a business owner, you may feel filing your own taxes is well within your capabilities. However, there are several factors you may not account for and tax accountants will do much more than simply submit your tax returns. Read our blog for advice on how tax accountants help your business.
Roger Hatherall & Co provide a wide range of accountancy services. We work as tax accountants for businesses in Bath and throughout the surrounding areas.

Personal & Business Tax

First of all, tax accountants can manage the taxes of all individuals and businesses. This ensures, as a business owner, you can turn to tax accountants to manage all company, personal and staff taxes without any error. Outside of your business needs, tax accountants can assist with many personal tax requirements, including:

  • Family Tax Planning
  • Landlord Taxes
  • Personal Tax Investigations
  • Personal Tax Returns For All Income

In addition to corporate tax services for companies, this means all taxes are managed effectively and you should have no problems submitting tax returns accurately and on time. Whether you run a company as a sole trader, partnership or limited company, it is important your tax returns are accurate to avoid any fines. With tax accountants, all tax can be managed by the same person, whilst reducing your stress in your role.

Collecting & Recording Tax Information

Perhaps the most important role of your tax accountants is collecting and recording all tax information. This can help your business in many ways, other than simply having the right figures for your final tax returns when it comes to making your submission to the HMRC.

By recording all your taxes, this ensures your financial performance is managed carefully and that all transactions have been accounted for. If tax has been paid incorrectly or no tax has been paid when it should have been, this will immediately be accounted for. By collecting all tax information as soon as it comes in, this means any errors are spotted early and adjusted for before a problem occurs for your business. This is something you may miss when failing to regularly manage your taxes.

Tax Advice & Reducing Payments

A big bonus of having your own personal tax accountant is that you could actually be paying more tax than you need to without realising. Tax accountants should offer regular tax advice, which will help you limit your spend when it comes to tax, as well as giving you a better understanding of different tax laws which could mean you save more of your money.

Tax accountants should always have great knowledge of all tax laws, finding certain areas and transactions where tax deductions are possible. This should lower your spend so even if you are hiring a tax accountant, it is saving you money.

Along with tax advice, tax reports will also be available to give you a detailed insight into your tax returns and where spend can be lowered. Tax reports can be created regularly for end of year accounts or for tax information before deadlines with business stakeholders or submitting your taxes.

Dealing With Tax Authorities

One of the more boring and strenuous roles of managing your own tax can be dealing with the tax authorities. Whether this is simply submitting your tax returns or having to deal with tax investigations and queries you are facing due to incorrect tax returns or unexplained errors, tax accountants can support you in this situation and help you resolve the situation.

Tax accountants will deal with all tax authorities on behalf of their clients, ensuring you never have to waste time dealing with any problems. This should also mean the problem is resolved much sooner as tax accountants will have a good understanding of what amendments need to be made and what the issue actually is.