Every company must deal with taxation for their business. However, ensuring your payments made to the HMRC are completely accurate can often be difficult and if an error is made, this could be costly for your company. So why is taxation so important and how can you get it right?
Roger Hatherall & Co can help with all tax planning and guarantee that your business is making the correct payments before tax deadlines. If you are struggling to keep on top of your tax payments, we can always help.
Most people want to avoid any possibility of a penalty from the HMRC. The best way to do this is to make sure your tax payments are correct first-time round and there is no risk of an error. This is much easier said than done and considering all the payments and transactions over the past tax year can make it difficult to get an exact figure but it must be done.
Simple and honest errors will often go unpunished with a warning perhaps the extent of the penalty on the first occasion. However, if you fail to send your corrected tax return and miss the submission deadline, a higher penalty may occur. If your tax returns are up to 3 months late, you will receive an immediate 100 fine and any later will result in a higher payment.
By submitting the correct tax returns on time, your business will not have to worry about penalties. If you do receive a penalty, appeals can be made for a reasonable excuse. Roger Hatherall & Co can take you through your entire tax return process.
Ensuring tax returns are absolutely perfect can be made a lot easier if you record keep. All the transactions that occur within your business, whether they are incomings or outgoing, must be recorded. Small and corporate businesses must do this to keep a record of how much tax they owe at the end of the year.
Your record keeping will have to include the tax you charge on sales income and the tax deducted from staff payment. This will make filling in your tax forms a whole lot simpler, as you do not have to remember so many figures just from memory! If you do end up estimating your tax returns at the end of the year, this increases the likelihood of an error that can cost your business time and money.
Planning For Your Taxes
Nobody enjoys paying or planning for their tax payments, but it is integral for every business. When your tax deadlines are approaching, planning for the loss of taxes is something you must do to prepare your business. If you are starting to make large purchases and you have not planned for tax payments to go out, you could be left with little spending money available.
Failure to plan for your taxes each year can cause your company to spend too much money elsewhere, leaving you in a bad condition. With the help of Roger Hatherall & Co, taxes can be planned for on the correct systems and cashflow can be monitored to keep your business in check.