Businesses often find it difficult to calculate tax at the end of the year. If you haven’t created proper records (which you should), it’s going to be tremendously difficult for you to assess the tax payable to the company. In the UK, the HMRC is responsible for retrieving the tax owed by local businesses. Some common tax assessment services that your business may require include the following:
- Corporate tax calculation
- VAT Registration/returns
- Self-assessment
- Inheritance tax calculations
As a small to medium business owner, it’s obviously going to be difficult for you to calculate the taxes all by yourself. Instead, you should consider hiring a company that offers certified HMRC tax investigation services in Sutton Coldfield. Here are some of the services you will require each year.
Self-Assessment
If you don’t know how to calculate the tax all by yourself, it’s important you hire a local tax accountant to assist you in doing so. Self-assessment is important for businesses who want to declare their taxable income clearly and without any fuss. The company will treat losses correctly, claim refunds, and even deal with the HMRC on their own terms in case a problem arises.
Tax Investigation
If a tax investigation is opened up in your business, it’s important that you hire a certified tax account to deal with the HMRC on your behalf. If the company prepared your taxes in the past, they will be able to talk to the HMRC on your behalf and provide all relevant details for the investigation.