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Decoding Your Businesses Tax: A Primer

Whether your business is a one-person operation or you employ thousands of workers, you will need to pay tax to the government each year. Of course, filling in those forms and ensuring that everything is correct can be a real headache, especially if it’s your first time doing it. Luckily, it is possible to get a head start on decoding your tax with the advice below.


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The forms

It may, to the untrained eye, seem as if tax forms are designed to be intimidating and confusing. Of course, they aren’t, but it just takes a little time to get used to what decoding what they are asking you to do.

Happily, if you get stuck, it is often possible to hover over the ‘?’ icon when filling them in online that will offer additional information. Sometimes it will even take you to a calculator that can help you work out the figure required.

You also have the option of contacting the HMRC directly for advice, something that their phone operators seem to be adept at doing in a clear and patient fashion. There are even instant chats on offer now too, which means you can avoid the long queues and get your answer straight away, which can help you get that form filled in record time!

Deadlines

The HMRC have deadlines for when you return needs to be completed by, and when your payment needs to be made. It is your businesses responsibility to meet, and not doing so can result in some serious consequences such as fines!

Of course, if you have troubling finding the funds to pay your tax bill, you can use a lender that will offer vat loans to cover the cost. What this means is that they will provide you with a finance deal so you can pay the entire cost of your tax off before the deadline, and avoid any fines, additional problems, and interest.

These deadline different depending on whether you’re as counted as self-employed or running as a corporation as well. Therefore it is vital that you check the HMRC’s website for the latest information regularly!

Professional advice

Lastly, if you are still struggling it can be beneficial to recruit the services of a professional account that specialises in this field. Then they will be able to advise you on how to complete your form accurately, as well as doing the collation and analytical work with your company books that need to happen before you can even start your return.


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Getting some help with your tax and cut through a lot of the confusion.

Also, a tax professional can also advise you on when to pay and how to avoid any fines, and they can even explain particular features of your return in layman’s term, so the process becomes more comprehensible.

Of course, employing a professional tax account may be a little beyond your budget, and if this is the case, some fantastic automated bookkeeping programs are now on the market that can help you to be as organised as possible with your accounting.

Such programs can even give you advice on how to complete your tax form as well. Something that can truly help you to decode the mystery of your tax return and complete it without too much bother.

 

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Endeavour Magazine

Through showcasing the success stories of the finest companies we seek to inspire other businesses of all sizes and in all industries.