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Why might you need an accountant or tax specialist?

Why might you need an accountant or tax specialist?

Article written by Mr. Selvaratnam Premkumar, Director of the accounting firm, McCurie Tax Accountants Ltd. 

 

Considering the ever-increasing taxation complexity as well as penalties for non-compliance, you will definitely need all the help you can get to support your business. From the day-to-day running of a business to planning for the future, tax accounting services will ensure that you not only understand your tax obligations, but you will also have a clearer picture of your options for the future. 

  • Accounting – an accountant will be responsible for the preparation as well as analysis of your company’s financial records, which includes data management, consultation and analysis, creation of financial statements as well as ensuring regulatory compliance in your accounting practices. An accountant will also prepare your tax returns, ensuring that your taxes are properly paid on time. 

 

  • Registration of start-ups with HMRC – whether you are a sole trader, a partnership or a limited company, you will need to let HMRC that you have started it, and subsequently provide them with detailed info of both your expenditure and income, so as to ensure that you will be paying the right amount of tax. Having said that, an accountant can register your business with HMRC   

 

  • Payroll management – are you looking to manage your employees’ financial records much more effectively?  An accountant will ensure that all the records – including employee salaries, bonuses, incentives, deductions and net pay – have been kept as dictated by the law. We understand that failing to comply with the income tax laws with regards to your employees’ records, can land into a lot of trouble.  An accountant will take care of your payroll compliances, which will allow you to focus on your business even more.  

 

Tax accounting 

 

Whatever the kind of business you are running, whether it’s a large corporation requiring limited

 company accounts, or is a partnership or a sole proprietorship, you have a responsibility for tax accounting that has to be met in an accurate and timely manner. Now, your tax accounting requirements need to meet strict statutory obligations, and you also need to have an accurate understanding of your business tax obligations. If you are running a partnership or a sole proprietorship annual tax accounting is essential, especially when you are coming up with profit & loss statements that will, in turn, form part of your personal self-assessment tax returns. With our tax accounting services, you can be sure that you will meet all the requirements and that there won’t be any nasty surprises. 

 

 

Tax advice 

Are you looking for valuable tax advice in both business and personal taxation issues? Did you know that both corporate and business tax do represent a significant cost to any profitable business? Well, they do! And not in terms of taxes alone, but also in terms of compliance with reporting obligations, penalties for non-compliance as well as investigations with tax authorities. You see, with the right tax advice, you will be able to minimize your corporation tax payments and also relieve you of the burden of tax legislation compliance. Also, if you are looking for tax advice as an individual, professional tax advice could prove invaluable. Whether it is a straightforward query or a complex investment portfolio, the advice will maximize your returns and minimize your tax liability. 

 

 

Tax planning 

Business tax planning is essential to ensuring that your business is always prepared for any changes in taxation legislation. Personal tax planning, on the other hand, gives your wealth a huge boost, as it ensures that you benefit from tax allowances available. You will also be able to mitigate against inheritance tax liabilities. 

 

 

Tax investigations, inquiries, and disclosures 

There is nothing that is as stressful and difficult as the handling of tax investigations and conflicts with HMRC (HM Revenue & Customs). However, we specialize in resolving any HMRC issues in the most cost-effective, efficient, and timely manner possible. 

 

 

Tax returns 

For businesses, we take care of the administration of tax compliance, which includes preparing and submitting your corporation or partnership tax assessment returns. For anyone who is facing the issue of tax returns for the first time, we understand that it can be quite daunting, even to plan for it. We will help you prepare your self-assessment, which will include all relevant income such as rental revenues and business profits. Since completing tax returns is not easy, given all the computations of capital gains and tax liabilities, it is very crucial that you find a professional who understands what they are doing. 

 

 

VAT returns

We offer VAT Returns Services, where we prepare and submit VAT returns to HMRC. For us to provide you with our VAT services, we will have to receive a formal authorization first, allowing us to act on your behalf. We will examine the VAT schemes you are eligible for, where we establish the one that’s best for your case. Some of the schemes lead to tax savings as well as a reduction in bookkeeping responsibilities. We act as your agent for VAT purposes, where we correspond with HMRC on your behalf. 

VAT issues such as late VAT registration, late VAT returns, errors, as well as late VAT payments are all super problematic and they all attract heavy penalties and in many cases, it attracts interest. So, you need to allow a professional VAT agent to take care of all your VAT affairs. This will not only give peace of mind, but will also ensure that you don’t waste your hard-earned resources on interests and penalties.    

 

 

About the author : Mr. Selvaratnam Premkumar is the Director of McCurie Tax Accountants Ltd, a firm of experienced and fully qualified accountants located at 32 Hunter Road, IG1 2NW Ilford, United Kingdom.

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