Running a business is stressful enough without having to worry about your tax returns. Outsourcing personal and business tax returns to a tax accountant could significantly benefit your business. But what will an accountant offer you and is outsourcing the right option?
At SCS Financial Management, we offer a personal approach to accounting, working closely with all our clients. As a tax accountant, we manage your taxes easily and give you complete peace of mind.
When completing your own tax returns, it is common to have some sort of accountancy and tax software. However, it is likely that when outsourcing to a tax accountant, they will have much better software available. This makes tax returns much more efficient, reducing the time spent on tax as well as making tax records more accurate.
Not only does this help during the planning stages of your tax records, but the best software will also make the submission of tax returns much easier, even for online submissions. Whether this is for personal tax returns or company tax records, the right software will always help.
Seeking Tax Advice
Although you may think the best option is to find the right software, without the right support you could still struggle to utilise this software to its full potential. Outsourcing to a tax accountant will give you the best of both worlds, ensuring advice is available whenever you require it and you can reassure yourself regarding more complicated issues.
Although programs will keep tax returns accurate and up to date, it can be difficult to make real savings in your tax returns without the expert advice of tax accountants. Accountants should be able to make suggestions to save money that software will not be able to anticipate. Software should be used, however, without a tax accountant, you could be spending much more than necessary.
Tax Planning & Management
Outsourcing to a tax accountant is much more than simply getting someone else to submit your taxes. Tax accountants offer a comprehensive service during the tax planning process. Your taxes are prepared well in advance, therefore finding opportunities where you can save money and ensuring taxes are completely accurate, well before the tax deadline.
Tax planning is a vital part of an accountant’s role, allowing them to manage taxes more effectively. Planning will also involve developing a strategy around the way your company is run and your current financial situation. This will mean you pay as little tax as possible. Again, this will help you save money and identify openings that only tax specialists can assist with.
Law Changes & Avoiding Fines
You can receive fines for several different tax issues, although this can usually be resolved by cooperating with the HMRC if it is a genuine mistake. However, in the rare cases that you are unsure of the error, it is important to have full preparation well in advance.
Tax accountants will not only hold all tax records to understand where an error has occurred, but they also keep up to date with any tax law changes that may affect you. This makes you much less prone to errors. Even if this does happen, it can be resolved quickly, as long as it is a genuine error. To avoid any fines, tax accountants can also deal with the HMRC directly. Hence, reducing any stress during this process and saving you a lot of time.
For more information on why you need a tax accountant or to seek tax advice, contact SCS Financial Management today. You will receive a fast response from our team and we can discuss any worries you have regarding tax. Call us on 01737 373707 or fill in our contact form to make an enquiry.