Why you need accountants for your tax issues
Businesses are required to comply with some tax codes. Moreover, their annual accounts need to be audited to verify the financial statement. Chartered certified accountants are trained to provide the best solution to the various financial and taxation issues of business. They function as tax advisors. They also help in self-assessment of returns. There is hardly a revenue or bookkeeping related issue that cannot be handled by experienced accountants.
Services of Chartered Certified Accountants Tax advisors
Businesses are required to pay different types of taxes. Self-employed people must maintain a record of their business income that enables them to file flawless annual self-assessment tax return. When the business turnover is above the VAT threshold, entrepreneurs are required to register for VAT and pay the necessary taxes. Moreover, it is the duty of the employer to manage the payroll system and deduct PAYE from the employee’s pay. Businesses involved in international trade are also required to pay relevant tariffs.
As tax advisors, chartered certified accountants help clients to avoid irregularities and prevent errors while filing tax returns. The main duty of a tax advisor is to ensure that the taxation action of the clients complies with the tax code of the country. Although filing the tax returns is the duty of the taxpayer, while assisting the taxpayer in preparing the return the tax advisor must advise his/her clients to disclose relevant taxation-related facts to the taxation authorities. In addition to guiding the clients about the manner of making disclosures, an experienced tax adviser also advises the client about the consequences of concealing facts when a client refuses to make certain disclosures to the revenue authorities. When mistakes are made by the tax authorities, the tax adviser helps clients to take necessary steps to rectify the matter.
Self-assessment tax return
Completing a tax return each year is called self-assessment tax return. While completing the tax return, the taxpayer is required to disclose his/her income and profits and claim relief and deductions. Company directors, self-employed individuals, trustees, and people who receive foreign income are required to complete self-assessment tax return. The process of completing a tax return is a highly complex task. Without sufficient knowledge of the taxation rules of the country, you may end up making inadvertent errors.
For concealing facts and making wrong statements deliberately, the taxpayer is required to pay almost 100 percent of the tax due as a penalty. To avoid penalties by filing a faulty tax return, individuals who are required to complete self-assessment returns seek the assistance of chartered certified accountants. Experienced accountants will help you in filing both paper tax returns and online tax returns.