If you have shrugged off the notion that you need the help of an accountant, think again.
For small business owners like me, the tax return can be frustrating if you don’t know ALL the ins and outs of what you can claim or not claim for. You will already have several other aspects of your business to worry about besides the lengthy tax issues.
I know I wasn’t aware of all of the tax implications when I first started my business so it can be to your advantage if you use a qualified chartered accountant for your end of year tax return.
Local Chartered Accountants
As a local business owner in Worthing, West Sussex I employed the help from Matt Pedder, a finance and tax expert from the Martlet Partnership. They are a great example of a local, well established accountancy firm who know the ins and outs of the end of year tax return. A decent accountant will help you through questions regarding your financial affairs. There are several ways to save money on your tax return if you know how and the Martlet Partnership certainly make the whole tax return experience less stressful for me.
The Questions You Need to Ask Yourself
You might think filing your own tax return will be a cheaper option for you, but what if you don’t do it correctly? HMRC is not going to care if you overpay them but they will care if you underpay them! If they have to come after you for money owed, they can also tack on fines and interest so you end up paying much more than what you originally owed.
Do you know how to properly claim your pension on your taxes? What about charitable donations and company perks such as a gym membership? Do you rent a property? Did you know there is a rental wear and tear allowance for taxes? Many people don’t put their capital losses on their taxes, thinking it is irrelevant. However, adding these in can help you see capital gains in future years.
If you are suddenly feeling overwhelmed at the list of things you didn’t know about taxes, don’t worry. Simply contact a local accountant to get your business on the right track. Find one like the Martlet Partnership that can demonstrate, knowledge, understanding and customer service.
DIY Tax Return
Dealing with HMRC directly can be stressful and overwhelming. You will quickly learn how extensive the tax system is and how much you don’t actually know. An accountant bridges the gap between the business owner and the tax office. A qualified chartered accountant will bring you peace of mind as well as finding ways for you to save on your tax returns.
Like me, hiring a local accountant also keeps your profits where you want them, right here at home!
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If you’re local to Worthing and fancy the same professionalism I always experience then why not contact Matt Pedder directly on 01903 600555 or visit the company website www.martletpartnership.co.uk