Why does a business need to submit a tax return?
Whatever type of business you have, be it a sole trader, partnership or limited company, a tax return must be completed to declare your income to HMRC and to let them know how much tax is due.
Unfortunately, not submitting your tax return on time can result in considerable penalties and interest being accrued by HMRC. This is why it’s so important to put arrangements in place early on to ensure everything is completed on time.
Another huge benefit to being organised with your tax affairs is that you will know how much tax is due in advance with a good amount of time to pay your balance to HMRC.
Completing your Tax Returns
Tax can be a very complex subject, so unless your tax affairs are very straight forward it is almost always better to seek advice from a professional than attempt to complete your own tax return.
Some of the benefits of using SEOptify to handle your tax affairs are:
- Peace of mind. By using professionals you know that your tax calculations will be correct and accurate.
- Investigations. You are less likely to be investigated by HMRC if you use an advisor, as HMRC have ways of knowing if figures submitted on a return are likely to be incorrect. This is a common trigger for a tax investigation.
- Save time. In most cases it will take you a lot longer to complete your own tax return than it would for an advisor. This time could be better spent running your business!
- Claiming everything you’re entitled to claim. It is a very rare occasion that we take on a new client and are not able to find areas to reduce the tax owed. This is usually in the form of under declared expenses. Most business owners are not aware of all the different types of expenditure that can be claimed and how best to claim them, which is where we come in!
What is the process?
When asking us to complete your tax return we are not just form filling for you, there is a great deal more to it than that. We start by ensuring that your accounts are complete and correct, as the information contained within your accounts is used to form the basis of the tax calculation.
Once we are happy that the accounts are correct we will take a holistic view of your tax situation (that is, we won’t just look at your business income) and make recommendations that we think could decrease the amount of tax you will have to pay to HMRC.
The tax return and recommendations are then passed over to another Senior Accountant for them to check and review the work that has been carried out. You will then be sent a copy of the tax return/tax calculation to have a look over before any submissions are made.
Once everyone is happy we will submit your return to HMRC. We can also help you with the payment of your tax as well, as there are many different methods and deadlines when making payments.
This comprehensive service ensures that the correct and minimum amount of tax is being paid and will mean that should HMRC ever decide to look into your tax affairs you have nothing to worry about!
How much does all this cost?
All of our competitively priced packages include your tax return(s) along with many extra services and benefits to help your businesses.
To see exactly what we include and to get an instant personalised quotation please use the link below. You won’t be disappointed!