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Should Business Tax Returns Be Outsourced?

By January 15, 2019Tax Returns

Completing your own tax returns may seem the cost-effective option but this can often cause a problem for your business. Outsourcing tax to your accountants could be very beneficial, saving you time and money in the long term.

Coleman & Co can support all businesses throughout Lisburn with tax returns. You can always depend on us for a range of accounting services.

Taxes Completed Early

Keeping up with your finances throughout the tax year is the easy part and even this can become difficult. You must constantly update your financial records simultaneously with the tax returns you will owe. This ensures when you eventually have to submit your tax to the HMRC, you are not left in a scramble to reach the deadline.

Accountants will always make sure your taxes are ready for the tax deadline and there is no delay in submission. Whilst missing the deadline may not result in an immediate fine, it could cause future problems for your business and unwanted stress. You will never receive any fines or penalties when using our accountants, whilst any last minute changes can easily be made with your taxes ready to send off in advance.

Building Trust

Using a qualified accountant and professional accounting software is a great way to reassure the HMRC that your taxes are correct. Regardless of who you are, taxes will always be thoroughly checked for errors or complete lies. However, this process is made much easier when your taxes are organised and there is less chance of a mix-up.

Using our team will make sure the HMRC receive tax returns from our team for several businesses throughout Lisburn and the surrounding areas. As we have experience dealing with tax returns every year, using an accountant can be the best option to showcase the accuracy and professionalism of your own business.

Tax Planning

One of the most difficult issues for business owners is planning ahead for your taxes. Being a business owner is very time consuming and this can often mean you can’t effectively plan for your tax returns. Filing tax is important but creating a plan so that your tax is accurate is essential.

Without a tax plan, when it comes to submitting your tax at the end of the tax year, you might find it difficult to keep your finances accurate. Tax returns should never be an estimate and it is important you give the HMRC complete accuracy. This ensures you avoid any fines or tax audits and investigations for your business. This will only cost more time, so having your tax plan in place from the start should be a priority.

Outsourcing to an accountant will ensure your business has a tax plan in place and that all income and expenses are accounted for.

Completing Tax Returns Yourself

Completing tax returns yourself is always an option, however, this depends on the time and skills you have. If you can confidently file tax returns and have experience and knowledge of how to do this quickly and accurately, then this may be the best option for you to save money.

However, if you struggle with managing your finances throughout the year, your tax return will not be easy to complete. There could be several errors in your final return and amending them accurately will often take time. Completing tax returns yourself can be a big risk. It could lead to less productivity and large fines from the HMRC if you continue to make mistakes.

Contact Us

If you require accountants for tax returns or would just like advice from our team, contact Coleman & Co today. We can support all businesses in Lisburn and will always give you the guidance you require. Call us on 028 9266 3599 or fill in our contact form to make an enquiry.

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