So, it’s that time of year and your taxes are due. The tax system, as you will no doubt be aware, is very complicated and it is easy to make multiple mistakes with your return, either by filing incorrect information or submitting your tax return in the wrong manner and for businesses, it is even more complex as it may be that various returns are required at different points in the year. If you are managing the process yourself, you will have to obtain an understanding of the system and how it works, you will have to ensure that you are completing all of your paperwork correctly, file your receipts and invoices, ensure that you understand what is tax deductible and what is not. There are heavy penalties for those who complete the process incorrectly or miss deadlines, it may even result in a tax inspector paying you a visit if they become suspicious. You will not be given allowances for naivety.
Which is why many individuals and companies turn to the services of a professional company like Hakim & Co. who can prepare their tax returns for them. Consider the following benefits of using a company for the process.
Time and Stress
A company will remove the stress from you by taking over the entire aspect of your accounting. You do not then have to spend the endless hours on research, calculations and form filling. This then will free you up to either enjoy other aspects of your life or to allow you to concentrate on other aspects of your business.
A reputable company will have the experience to immediately know what you can and can’t claim as a tax allowance, they know the correct returns to make and how to make them and the format to use and they will make sure that you are free of any default penalties. An accountant may well be aware of processes and procedures that you are not.
An experienced company will be able to obtain an overview of your business and will be able to offer you help and guidance throughout the year. They should also be able to point to cost cutting measures that you could consider and point you in the direction of strategies that you could use to help your business grow.
Although there is a cost associated with accountancy services, the cost could very quickly be covered if you compare that to the annual savings that an accountant could potentially make for you.
It is for each individual or company to work out their best way forward for them but if your returns are likely to be in any way onerous, it is well worth approaching an accountant. A company is used to dealing with tax returns and unless you’re an accountant, you are not going to be used to the process at all. It is very easy to get it wrong and become embroiled in processes that can cause you undue stress and anxiety.