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By valero
- In Uncategorized
If you’ve read our collection of articles on starting and running a business in the UK, you’ll know that these are straightforward processes. But when it comes to keeping up to date with paperwork and taxes, things can get complicated. That’s why in this new article we give you 5 reasons to have a tax advisor for your business in the UK.
Maybe if you set up and run a small business it’s easier for you to keep everything under control. Or maybe not. So, whatever the size of your company, don’t miss this article that can save you from more than one annoyance!
5 reasons to have a tax advisor for your business in the UK: Britain's tax system is not as simple as it seems
When the word ‘tax’ is mentioned, everyone shudders, even the bravest. Because, although setting up a company in the UK is a simple process, keeping up to date with tax payments is always a tricky one.
You must consider aspects such as the dates for filing the Corporation Tax and the Confirmation Statement. You also need to be aware of all the issues involved in submitting invoices and VAT payments.
A tax advisor will help you to avoid mistakes and possible penalties, as well as the associated unpleasantness. And, as in Spain, it is not enough to get it roughly right, as the His Majesty’s Revenue & Customs does not understand mistakes and oversights.
An adviser can help you pay less in your business in the UK
This is one of the biggest benefits of having a tax adviser. He or she will do this by knowing how to optimise your tax bill. They will be able to apply deductions you are not aware of, organise different expenses and even advise you on how to better structure your business for tax purposes.
With good planning, you can save a lot of money each year without doing anything outside the law. What’s more, getting it right gives you peace of mind.
Forget about tedious tasks with a tax advisor
We’re talking about keeping Excel documents up to date, sorting and classifying receipts and invoices, etc. Many advisors work with online accounting software, which makes everything much more agile and transparent.
A tax advisor is not only there to guide you on tax matters, but also to directly manage your accounting, your books of records and file your tax returns. In the meantime, you can focus on growing your business.
Save time and reduce stress
Delegating taxation saves you time and headaches. It’s time you can spend boosting your business, getting clients or simply getting home and disconnecting from work.
Protect yourself legally
A tax advisor makes sure that your company complies with current regulations and has all documents up to date. In this regard, they file tax returns and keep all information up to date at Companies House.
The accounting books will always be up to date in case you are audited by the authorities. And we won’t forget the management of all the documentation relating to the employees you may have in your company.
Fees for tax advisers in the UK
In general, they will depend on the type of business and services you need. Rates for tax advisors in the UK range of £30-50 per month for a basic, sole trader service.
If your business is larger or has a higher volume of work, then the fees increase to a range of £100-200.
Either way, you need to ask yourself whether this is an expense or an investment so that your business does not suffer any setbacks.
5 reasons to have a tax advisor for your business in the UK: In short
It is advisable to have a tax advisor in the UK. It will help you to avoid penalties and mistakes, benefit from tax exemptions, get rid of a lot of hard work and give you extra peace of mind.
We hope that these 5 reasons to have a tax advisor for your business in the UK have helped convince you that, even though you get to everything, it is always better to have the help of a professional, and even more so in tax matters.