Whilst it seems like a simple thing to control, many businesses fail to organise tax returns before it’s too late. In the long-term, this could lead to hefty fines or tax investigations. Organising your tax records and returns in advance is the best route for your business, but how is this achieved?
Coleman & Co can help all businesses of any size organise their tax returns in the Lisburn area. No matter what you are struggling with, we can manage every aspect of your taxes.
Remember To Register
Tax returns are all about planning and failure to register will result in no tax returns being made. When you register with the HMRC, you will receive your logins. Whether you want a personal account or have set up a limited company or organisation, this will give you the account you need.
When taxable turnover has also reached £85,000 or you have started to employ people, you must register for tax. If you fail to register and try to sneak around tax returns, the HMRC will always find out! You should always consider telling the HMRC you haven’t registered for tax and they may treat your case more favourably.
Keep Your Routine
The best way to continuously record and track your tax records is to stay within a routine. When making regular sales, considering every transaction for tax should be completed and even one mistake could have a big influence on your final tax returns.
Every sale and every purchase should take into account the tax you are paying. By sticking to this routine every day, there are no surprises when your tax return comes around. All finances will already be accounted for and organised within your business. Stepping out of routine will only lead to tax being calculated incorrectly, which creates more work in the future.
Gather Your Documents
By creating a routine, it also means that all transactions for your tax returns should be well documented. Whilst you shouldn’t have to look at these documents all the time, it is important to keep them easily accessible.
Your tax records should legally be kept for a minimum of five years after the tax year they are used in. You may never need them again, but having them available will ensure there are no run-ins with the HMRC and any problems that do occur can be cleared up easily with a quick look at your records. Investigations can happen at any time to investigate any tax year, so keeping records handy should always be done.
Starting this year, tax information must be sent to the HMRC on a quarterly basis, with tax returns being completed online. As we live in a digital age, most businesses should be able to cope with the change of going digital. Digital tax returns could actually help businesses cut costs and time of tax returns, so it a good option to take.
Digital tax returns will also allow you to store your records for a long period of time, without having paperwork to deal with. Every business should be beginning the transition of going digital, with this being one of the best ways to successfully organise your tax return. With the help of digital tax returns, deadlines and accuracy will not be an issue.
Outsource Tax Returns
You may be very capable of filing your own tax returns. However, that doesn’t mean it’s the best option for your business. If you struggle with your tax returns, outsourcing is the obvious choice to ensure accurate returns before tax deadlines. This will prevent any possible fines or investigations being made and ensuring your taxes are completely accurate.
Even if you have no issues completing tax, outsourcing could still help you cut down costs with potential slip-ups, as well as saving time that tax returns take. Accountants will ensure all tax records are easily recorded and securely stored and your finances are always being taxed correctly.
For more information on the tax accountancy services we have available in Lisburn, call Coleman & Co. We are happy to discuss all requirements and advise you on any problems you encounter with tax returns. Call our team today on 028 9266 3599 or fill in our contact form to make an enquiry.