Hiring An Accountant To Manage Your Business Tax
Ensuring tax is submitted correctly at the end of each tax year is important for every business. Without hiring an accountant, it can be easy to make simple mistakes, which will cost you more money. So, why could hiring an accountant be the best option for your business?
Roger Hatherall & Co can provide you with all the support you need managing your finances and will always keep your tax returns under control.
Keeping Updated With Tax Laws
Tax laws are changed regularly. Whether this is the submission date of your returns or actual changes to how much you should pay, changes may occur without you knowing. Having professional accountants available means you will never run the risk of changed tax laws without knowing.
We will keep up to date with every tax change, adjusting your finances if any changes need to be made. Based on how much money you or your business makes, you will often be charged different amounts of money in your tax. With every change, we will inform you and ensure your tax returns or monitored well in advance to pay the correct amount.
Avoiding Penalties & Fines
Penalties and fines from the HMRC can be easy to receive if you constantly fail to submit tax returns on time or correctly. Depending on how late you submit your tax returns and how much you owed, you will be fined different amounts. Penalties can be given out for several reasons and often if this is your first error, you will be given the opportunity to amend forms so they are submitted correctly by a new deadline.
If you take reasonable care but make a mistake, no penalty will be charged first time round. However even non-deliberate mistakes in your tax returns could result in a penalty up to 30% of your potential lost revenue. If your tax return is sent in 3 months later, you or your business will receive a 100 fine or more depending on when it is sent in after the deadline.
Having your own accountant means that taxes will always be prepared before the deadline. Once we have gathered all your financial information over the last tax year, we will ensure tax forms are filled out correctly and the right amount of money is given to the HMRC. This ensures there are no unwanted costs through fines due to mistakes and you also do not send too much due to carelessness or lack of knowledge.