If you are managing your own organisation you have the responsibility of finishing your tax returns, often a new organisation owner will decide to keep costs low by doing his/her own taxes. Whilst it can be agreeable to do taxes yourself without shelling out for a chartered accountant a company has to be be attentive of the all manner of downfalls and dangers that skulk in tax returns. This is principally true if a organisation has a lot of tax deductions, as what was a legitimate tax deduction last year may not necessarily be the case this year.
The visible answer is to appoint a proffesional accountant to look after your company's accounts. A chartered accountant will be up to date with the modifications and amendments to the tax code leaving you to focus on managing your day to day business. Perhaps the most reassuring thing about working with a proffesional accountant is the knowledge that you won't be alone should the tax office spring an audit on you. More importantly it is human nature to be mindful when submitting tax returns but being too cautious means you're paying too much in tax and leaving money on the table. A professional accountant will guide you through the process, sailing close to the lines at all times making sure that they get as much back for your company as they possibly can within the boundries, in fact it is often said that a goo tax accountant will save you more than you pay them in fees.
If you decided to complete your tax return yourself and wrongly complete a form then, at best, it'll be sent back to you to do again, at worst, it will be sent back to you in the hands of a tax man who wants to pore over every single piece of paper you have.
If you're employed and don't run a side business, you obviously have less to discuss than a small business owner. Still, getting expert input on the tax impact of major purchases, retirement planning, stock trades and other important decisions is invaluable.
So why should you use an accountant? Whether your business has been established for a long time, or you are just starting up, you need to ensure you look after every aspect of it. Using an accountant allows you to care for the financial aspects, and therefore concentrating on other aspects, by:
Ensuring you are maximising the tax benefits available to you and your business
Taking the hassle and time out of doing it yourself, freeing up your time to concentrate on core activities within your business
Giving you piece of mind, using a professional accountant ensures the job is done correctly
Satisfying Inland Revenue requirements, a professional accountant will know exactly what is required
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