Tax Consultants—Managing Tax Return with Ease

If you are running a small business or a quickly growing company, managing finances— especially taxes—can be downright confusing. It often makes sense to take on the services of tax consultants to ensure that you stay updated and compliant with all the tax and financial reporting laws that apply to your industry. A tax consultant can help you in many ways.

    ·         Meet the deadlines.

Keeping track of tax return deadlines can become impossible especially if you are an extremely busy business owner whose calendar is always packed. With tax consultants on retainer, you don’t have to worry about missing deadlines and facing the often-expensive consequences of filing late returns. Tax consultants can proactively manage your tax returns to prevent complications down the road.

    ·         Avoid penalties.

Taxes are a burden enough to pay—even worse, you might have to pay penalties if you miss a deadline or make errors in your submissions. If your tax returns are not accomplished on time and correctly HMRC (Her Majesty's Revenue and Customs) imposes fines that can quickly pile up and impact your cash flow. Don’t let this happen.  Hire a tax consultant.

    ·         Keep your records organised.

Small businesses need to keep and secure records of transactions, payroll, proof of rental, savings, expenses, records of benefits like insurances and maternity pay, and many more. The bigger your company becomes, the more tax and finance related documents you need to manage. It’s key to retain professional help if you are serious about growing your operations. Keeping your financial house organised is key to scaling up your business while staying compliant with all applicable tax laws.

Hiring a tax consultant is always a good idea if you run a small business. A certified expert will not only be able to help you with your taxes but also will assist you in managing cash flow, payroll, and other functions vital to growing a company. They can help you lower your taxes, provide financial advice on tax exemptions, and even provide tax deadline reminders, among many others.

3 Things to Help You Choose the Right Tax Advisors

Small business owners in the United Kingdom are required to pay taxes correctly and on time. The government makes everything sound so simple, but let’s face it—all the numbers, penalties and deadlines can be daunting. Are you confused and not sure how to proceed with your tax returns? Can’t find the time for accounting because you’re busy with day-to-day operations? The good news is that you can always hire people to help you fix and pay your taxes properly. They are called tax advisors, and they can certainly take the stress out of managing your tax returns and save you from steep HRMC penalties. Here are three things to keep in mind when choosing the right tax advisor:

    ·         Do your research.

In this age of social media, it is easier than ever to find out if a prospective accountant can be trusted with your finances or is a phony. Is he or she qualified and authorised? Check some customer reviews. Tax advisory firms are regulated by the ICAEQ, ICAS, ACCA, AAT, CIOT or other regulating institutions for accountants in the UK.

    ·         Match your need with their expertise.

Most accountants could also be tax advisors, and some lawyers could be tax advisors. But you will want someone who can provide exactly what you need. There is no need to overpay for a lawyer, for example, if you don’t need legal tax advice.

    ·         Lastly, ask for a quotation.

You will want a financial and tax advisor who can help you maximize your profits from your small business. Hire someone you can afford. Some firms offer instant quotations for their accounting services in their website.

There are thousands of small business owners in the UK who are just as baffled as you are. If you’re panicked at the thought of a fast-approaching tax filing deadline, call a tax advisor right away. Better yet, don’t wait until the last minute. Retain a tax advisor year-round to ensure that your business is always prepared.

If You’re in the Property Business, Then Read the Following

Whether you’re a property investor, a developer, a commercial property owner, a residential landlord, or a secondary property agent (such as an architect, real estate agent, or contractor), you need the services of a good accountant. The key is to find someone who can do more than just keep your books in order—but someone who can also serve as a risk analyst and financial advisor. The best accountants can give you the information and advice you need to maximise the potential of your property resources.

Choosing an accountant for your property business

Property markets have never been more volatile, and risks are extremely high. You therefore need an accountant or an accounting firm that is committed to optimising the use of your resources. The best firms can help you put together meticulous business plans to maximise your profit margins.

Some of the most respected property accountants in London offer a wide spectrum of tasks and are able to handle transactions of any scale. They serve clients involved in private residential properties as well as commercial land. You can count on them to provide you with the reports and analytics you need to focus on growing your property business. Below are just some of the many services you can expect from a property accountant:

·         VAT planning

·         Financing property transactions

·         Stamp duty / land tax

·         Capital Gains maximization

·         Allowance- reliefs, reviews and claims

·         Treatment of tax in relation to renewable projects

·         Treatment of tax on renting

·         Inheritance Tax planning

·         Cash flow management

·         Project planning

·         Payroll

·         Funding

The key is to work with an accounting firm with many years of experience in matters of property, land development, construction, and other related fields. This will enable them to recommend the most prudent solutions for your case—whether you need help with taxation or matters of transactions.

How a Charity Can Benefit from an Accountant

Your charity—like any other organisation—needs money to achieve its goals. But having money is not enough to ensure success; after all, poor financial management can cause even the well-funded charities to go under. Proper accounting allows you to save and spend all your funds wisely, according to your charity’s mission.

There are usually two options when it comes to handling books: you can choose to do everything in house or hire an accountant to take care of things for you. If you don’t have the time and the skills to keep track of your charity’s finances effectively, talk to an accountant today to explore your options.

Hiring an outside accountant who specialises in helping charities is essential for managing and monitoring your organisation’s financial aspects. Money management can be tricky; it goes beyond just collecting and spending donations because it also involves complicated functions such as tracking reconciling accounts, transferring financial information, drafting financial reports, preparing checks, analysing financial situations, calculating payroll, financial planning, doing taxes, etc. The bigger your charity, the more complicated its financial profile. For this reason, it’s prudent to hire an accountant with experience in helping charitable foundations.

A great accountant can do wonders for your charity, acting as your partner in growing your funds and your positive social impact. Your accountant can give you a complete picture of your organisation’s financial picture and assist you in preparing a meaningful budget. Your accountant can also ensure that your charity complies with current regulations and legislation.

Accountants also help charities raise more funding by showing potential donors that the organisation is prudent in handling its funds. Accounts can be presented in a clear and accurate manner for trustees and donors. More importantly, an accountant can set up processes and controls for managing all aspects of funding, including monitoring the usage of unrestricted and restricted funds, authorisation of purchases, and many more. By taking the burden of records keeping and financial management off your shoulders, an accountant can allow you and your staff to focus on fulfilling the goals of your charitable foundation.