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.
