Tax

Whatever type of business you have, be it a sole trader, partnership or limited company (corporation tax), a tax return must be completed to declare your income to HMRC and to let them know how much tax is due.

Unfortunately, not submitting your tax return on time can result in considerable penalties and interest being accrued by HMRC. This is why it’s so important to put arrangements in place early on to ensure everything is completed on time. Another huge benefit to being organised with your tax affairs is that you will know how much tax is due in advance with a good amount of time to pay your balance to HMRC, sometimes also resulting in a income tax refund.

Tax can be a very complex subject, so unless your tax affairs are very straight forward it is almost always better to seek advice from a professional than attempt to complete your own tax return. So why choose Bizzebooks?

• Peace of mind. By using professionals you know that your tax calculations will be correct and accurate.
• Investigations. You are less likely to be investigated by HMRC if you use an advisor, as HMRC have ways of knowing if figures submitted on a return are likely to be incorrect. This is a common trigger for a tax investigation.
• Save time. In most cases it will take you a lot longer to complete your own tax return than it would for an advisor. This time could be better spent running your business!
• Claiming everything you’re entitled to claim. It is a very rare occasion that we take on a new client and are not able to find areas to reduce the tax owed. This is usually in the form of under declared expenses. Most business owners are not aware of all the different types of expenditure that can be claimed and how best to claim them, which is where we come in!