You Should Consider Hiring Tax Advisors
If you are planning to set up a new
business or if you already have a running business, you will need to take care
of paying your taxes in time. All companies and limited liability partnerships
in the UK are required to submit their accounts to Companies House within ten
months of the accounting reference date.
Tax Advisors can assist in deciding the
best accounting reference date. Tax Advisors
can help choose an advantageous accounting reference date from the
perspective of tax. If you have just set up your business, your first
accounting period begins on the day of incorporation. The end of the accounting
period is the last day of the month when the incorporation completes a year.
This date or the end date of the accounting period is called the accounting
reference date of the company.
Should a business owner want, he or she can
change the accounting reference date. However, there is a limit to how much the
date can be extended, and the number of times that a company can extend this
date within a five year period. The business owner will also need to make a
notice to the Registrar for changing the accounting reference date which may
itself prove to be quite a cumbersome process for someone who is not aware of
all the tax rules. Tax Advisors takes
care of filing of the forms with the Companies House for you.
Any business will have to pay a number of
taxes. The main business taxes include income tax, corporation tax, and VAT.
The legal status of the business, its annual turnover, and its taxable profits
will determine which taxes the business owner will have to actually pay and
when. These are the factors which will also determine which payment processes
you will need to use. Tax Advisors take the pain out of this process for you so
that you can continue with the running of the business.
Tax Advisors can advise you on the tax
implications. For example, if you work only within the UK, you may have to pay
VAT. If you are importing or exporting goods from outside the European Union,
there will be different VAT rules that will need to be considered.
Similarly, if you fall under the category
of self-employed or are a partner in a business partnership, you may just need
to calculate a self-assessment tax application. For those who operate in the
construction industry, the construction industry scheme will need to be chosen
and for limited companies, a corporation tax is the right payment process. Talk
to Tax Advisors for the necessary advice.
Call Tax
Advisors to set up an immediate meeting for any aspect of tax relating to
your personal or company tax. There are also organisations such as clubs or
friendly societies. These will also need to find out which taxes they need to
pay. However, the likelihood is that they will also need to pay corporation
taxes.
If the company is a limited company, a
profit and loss account, balance sheet and any additional information should be
made in compliance of the provisions of Schedule 4. If there is a good reason
to include the accounts in a form that does not comply with the provisions of
the said Schedule 4, the company will also have to specify a reason for doing
the same. Tax Advisors London can assist here too.
As anyone can see there are lots of things
that need to be considered while paying taxes for your business and the above
mentioned factors are only a few of them. For example, you may qualify for a
total audit exemption if your annual turnover and balance sheet is lower than a
certain amount and you qualify as a small company. Let London Tax Advisors establish these criteria
for your business.
Tax Advisors can take over these compliance
issues so that you may run your business free of compliance burden.
