Tax season is dreaded by most companies and for many business owners; it can be quite frustrating to be unsure of how to really go about submitting a tax return. Even with the convenience of eFiling, company tax returns can be confusing and time-consuming. It is for this reason why you should hire a professional tax consultant to assist you with your tax returns as it can be highly beneficial.
Not only will the professionals be able to assist you with company tax returns, but will also take your unique tax needs into consideration. If you are operating a local SME, there are a few things that you should keep in mind for the upcoming tax season, and things that you can expect for your tax consultant to assist you with.
First and foremost, make sure that your business is tax compliant. You should register your company as soon as possible so that you can benefit from good relationships with other businesses and also be considered for financial assistance, such as a loan or overdraft facility. It is important to know what type of tax you are liable for. This is usually determined by your turnover amount, whether you employ staff members, and similar. You could be liable for VAT, income tax, dividend withholding tax, and PAYE.
It is a good idea to determine what tax deductions you are liable for too. Each industry has tax deductions that are specific to that particular industry, so be sure to discuss this with your dedicated tax consultant.
Professional tax consultants will be able to assist you with preparing for your annual company tax returns, but that is not all, as they have the knowledge of how to operate an SME, and so their advice and guidance will assist you with making important financial decisions. Here are a few ways in which the team at Tax Leaders can assist you:
- You can be advised on new developments in the tax industry that will impact on your company tax returns.
- The best tax structure for your business can be set in place.
- You can rest assured that you won’t miss out on any of the tax deductions that your business is entitled to (this will be specific to the industry that you operate your business in).
With all of this considered, it is highly recommended that you hire a professional tax consultant to assist you with your next company tax returns. If you need more information and advice, simply contact us via email or telephone at Tax Leaders today.