Welcome to my blog! My name is Katrina, and a few years ago, I opened my own business. Unfortunately, due to really innocent errors on my part, I ended up with a huge tax bill – it was so unwieldy I had to shutter my business. However, I learned a lot from that experience. I took classes and read as many books as I could find on accounting and finances, and I spent a lot of time reading info from the taxation office's website. As a result of that diligence, I was able to open another business, and I take care of the accounting on my own practically perfectly. If you own a small business or are thinking about opening one, this blog is for you. Please explore and learn.
Is it finally time for you to file your taxes but your business' budget is already on a shoestring? If this is the case, you may be reluctant to spend even more money on hiring a professional tax accountant to file your taxes for you. Many people around the world decide to do their own accounting and tax filing, but just how wise of a decision is that? Tax accounting experts claim not at all. Here's just some of the things that professional tax accountants offer.
Awareness of loopholes in the law
A loophole is the key to getting more benefits while at the same time greatly minimising the cost of your taxes. Loopholes can also make you pay more money than necessary. If you choose to do your own taxes, you may not be aware of all law-related loopholes, which means that you may end up paying for unnecessary taxes. If you choose to go with a tax accountant, you can rest assured they will do everything they can in order to help you save money through the use of these loopholes.
While this one may be obvious, it's also one of the most important aspects of tax filing. What do you do if a problem arises with your tax return? Chances are, you have no idea how to deal with it! Expert accountants can use specific techniques in order to delay the tax return and then use that as a weapon against a case of overpayment or erroneous records.
Records & Bookkeeping
If you're simply an employee within a company, it's not that difficult for you to keep a few copies of your tax statements in a briefcase somewhere. But if you're a business owner, it becomes essential to have a professional tax accounting record. Your firm is probably doing hundreds of transactions per day; with this much data and records needing to be analysed and logged, a professional tax accountant is needed. If you hire a novice you run the risk of accounting mistakes which could cost you greatly.
Forecasts about the upcoming year
Even if the upcoming fiscal year is 365 days away, it doesn't hurt to have some simple blueprints and plans for when it finally comes. Chartered tax accountants can analyse the data for the current year and forecast any opportunities that may arise, while also revising any errors made in this current year. Without having a decent business plan created by an expert, you can expect that even your biggest profits will be thinned down by taxations and fines piling up.
If you have specific questions about how filing taxes will work for your business, talk with an accountant from a firm like CMA Chartered Accountants.Share
19 August 2015