1. Registering with HMRC
2. Tax return basics
4. Claiming business expenditure
Starting out in business and completing your first tax return can be pretty daunting. As you can see, from registration with HMRC through to completing your tax return can be a lengthy and complex area.
A tax advisor or accountant could deal with all of this process for you, and although you do not need to be either of these to deal with your own affairs, there can be real benefits in using a professional.
Firstly, a professional should ensure that you comply with legislation and HMRC guidance. Cutting corners can save you money in the short-term, but if you were to be subject to an HMRC inquiry in the future, any errors discovered may cost you in underpaid tax, interest and penalties.
Furthermore, a good advisor should be able to save you tax. They should review your affairs, and identify areas in which changes can be made in order for your affairs to become more tax efficient, such as the type of entity the business is operating through or the ownership of the vehicles.
They should also ensure than everything is submitted and paid on time, so that your hard-earned cash is not wasted on interest and penalties.
Ultimately, they should identify your needs in order to advise you and take the headache away from you, so that you can carry on doing what you do best and running your business.
Jo Nockels is training and communications manager at TaxAssist Accountants, the UK’s largest network providing tax and accountancy advice and services specifically for small businesses, including help with completing a tax return.
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayers' circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
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