Tax Preparation and Accounting For Your Business

Self-assessment is quite irritating, tricky as well as time-consuming. You can make it easier by hiring a smart book keeping. We understand that HMRC deadlines and Inland Revenues are quite stress-inducing, so why don’t you leave it for the professional certified accountants?

Are you looking for professionals who will help you with your bookkeeping and tax returns?. If yes, then choosing H & T Accounting Services will be a perfect choice for you. As the 2017 season for tax filing is officially underway. A large number of people have filed their tax returns. Other taxpayers are waiting to file their tax returns.

In tax returning procedure, whether it is on paper or online, details consist capital gains, expenditure, all income, as well as tax relief claims details. There are various types of supplementary and tax returns pages which depend on your conditions. There are specific deadlines mentioned by the authority for the submission of tax returns and penalties for delay.

Here at H & T Accounting Services, we provide our customers with complete self-assessment return and account management service at affordable and reasonable rates. We will not only help you to save your precious time, but also offer a quality of service.

Importance of Bookkeeping and tax returns

If you are quite busy in some work or not aware of procedure of tax return, then by hiring an expertise certified accountant you can easily get a perfect solution for tax payment. As bookkeeping is a crucial and essential part of a business. It includes the maintenance of daily records of expenditure and revenue. Bookkeeping need trained and certified professionals for working in this field efficiently. The Bookkeeping procedure consist ledgers, entering correct journal entries, maintenance of profit as well as a balance sheet for the final year.

A small mistake in maintaining the record may lead to an obstacle in the growth of any business organization. Further, the cost required for the correction of mistake for correcting the record will take your time and a lot of money in future. To overcome this problem choosing a professional for this bookkeeping and tax returning service will be perfect for you.

Why people afraid of the tax procedure?

People usually afraid of making mistakes on tax return documents. Tax procedure is quite complicated. For overcoming this problem hiring a right certified accountant of an organization is very important. Everyone can make mistake while maintaining record, but least amount of errors can be corrected if you catch it at an earlier stage. So, get your tax paid on time by completing all documentation correctly rather than completing it on last minute and making mistakes.

Money issue

It is also noticed that people who do not have enough cash for the coverage of tax liability also delay in submitting the tax on time. By returning tax on time you will get more time to come up with the money for the payment of tax bills

By setting up the payment plan with the help of H & T Accounting Services expert you can get a solution for this problem. Anyone along with an IRA whether it’s traditional or Roth, can easily contribute to the account for a previous year of tax by the deadline of April filling. You can also contribute to a SEP( simplified employee pension) as well as retirement plan up to the return’s due date with the help of our expert’s advice.

Go Beyond Accounting Without being an Expert

Today the accountant is no longer confined to the traditional accounting activities like bookkeeping and preparing books of accounts. Today accounting services are beyond your imagination and extends its hands in all the domains be it payroll management or tax planning. Today every business sector sees the need of accounting services and you can be an effective an impressive accountant without really being an expert.

Usually when people hire an accountant what they look forward to is profit maximization and the queries related to the risks of investments. In simple terms they look forward to be on the safer side with profits and benefits weighting heavier. You can build lifelong relations with your clients by going beyond accounting without really being an expert in the under mentioned ways:

  • Prepare the FAQs

If you have been in working in the domain for some time, you might be aware about the general set of questions clients always arise and you must be well prepared with at least the certain forms in an impressive format, be it text, audio or video. The time you save can be used to handle your clients better and moreover add quality to your work.

  • Go Technical and make the best use of technical software products

In the virtual era you can just keep all your work in any cloud storage which will facilitate for you easy dealing with the client in multiple forms be it emailing your client, share documents and software etc. You can also make use of skype and other software to communicate with your clients. To quote in a nutshell, go virtual with your work.

  • Do not leave your clients unanswered

What your client is going to ask you certainly has no boundaries however on the other hand it is true that you might not have answer to all the questions at once. But it is your duty to look into the matter and prepare the answer to the same within minimum time span as this would help your client to take valuable business decisions and moreover realize that you are really an asset he has found.

  • Understand the market and other environmental factors

While you are working as an accountant and even beyond that you must not keep your knowledge and growth limited. Instead take time to study the market conditions, the growth being offered to the kind of industries you are working for and moreover what the customer demands from your client. In order to guide your client best you must also be aware about the working environment of the firm as the transition will happen only if the human resources are adaptable in nature. This is something which will help you stay ahead in game and turn the competition to your side.

  • Be a trusted advisor for your client

You are not merely an accountant but also an advisor whom the client will seek at every point of time. You can take time but you should be ready with the piece of advice or the resource your client currently requires. The advices you render to your customer will be an outcome of experience, it might not be something happening today but will certainly happen over years. You are going to have a major extent of control of your client’s business, be ready for that.

Most Important Facets in Accounting and Bookkeeping

Accounting and Bookkeeping are the two business aspects that helps to keep a measure of financial activities of business such that the performance of the business is always on the rise. In order to maintain the accounts and other legal works aptly, people usually prefer opting for an accountant or even outsourcing their accounting and bookkeeping. This helps to regulate the blood of business, money in an error free fashion.

The bookkeeping and accounting are the two sides of the coins that make the other smooth functionally. They are not limited concepts but have broader outlook, the most important facets in accounting and bookkeeping are:

Know Bookkeeping – Bookkeeping is like a sub section of accounting which actually implies collecting and organizing all your financial information so that it can be used for business growth. The art of bookkeeping is performed by the professionals who would help you to do much more in business than you can imagine. It helps one get tax returns, prepare legal statements, business auditing and moreover deciding that which way is actually the business going. Bookkeeping is the initial step of every accounting system.

Financial analysis and management – Finance is the most important aspect of any business and financial analysis and management is the accounting procedure that must be executed at regular intervals of time. Bookkeeping and accounting helps perform this easily. In case your finance is being delayed or it is not being managed as per the predefined credentials, accounting can help you realize the breakpoints and moreover work on it.

Plan your business – Business is one of the riskiest occupations that can never go unplanned. Bookkeeping and accounting performed by professionals help every businessman plan his activities in a timely fashion, which helps to achieve better results. The accountings statements include profit and loss statement, balance sheet which helps monitor overall profitability.

Bookkeeping and accounting should aim at profit enhancement – Accounting services are diverse in nature, but the center facet of every business activity has always been profit enhancement. The organized records and subsidiary book of accounts would certainly help you climb up the ladder of profit enhancement.

Save Taxes – Tax planning can save you money that you would not have thought otherwise. Tax panning comes with the right bookkeeping as it involves recording your financial matters in a smart way that usually known only to the expert accounting service providers. Summarizing your accounts efficiently can help you save taxes considerably.

Saving taxes involves other accounting activities like minimizing the number of documented errors and investing more time in tax planning.

Accounting is the elder brother – Accounting is an expert based job which cannot be handled single handedly, unless and until one is experienced enough in the domain. Once the bookkeeping is done, the overall business aspects are taken into consideration in order to reach the final steps. Handling all your complex reports and money related issue becomes simpler with the right accounting choice. Bookkeeping forms a section of accounting, whereas accounting ranges all the way from arranging finance to profit enhancement.

To summarize, bookkeeping and accounting are the two activities that go hand in hand. Better bookkeeping always means better accounting services, if the base of any activity is laid strong the results will certainly be better. Same is the scenario for bookkeeping and accounting.

How Can an Accounting Professional Help You for Your Tax Return!

An accountant is an expertise who will provide you assistance to manage your business accounts and maximize profit to every bit. They can prove out to be gold gem for your business as they can help you get the maximum of tax returns which otherwise would not have been possible. All you have to do is choose the right accountant who would cater to your business needs and work to provide you the maximum business profit as if working for his own.

No matter if your business is small scale or large scale; you must choose an accountant to get the maximum tax returns. An accounting professional can help you for your tax return in the under mentioned ways:

  • The accountants help you minimize the deductions in your tax returns

Accounting professionals are expertise who knows ways to minimize the deduction in tax returns and minimizing deductions implies that you can get maximum profits with you. The deductions can be minimized in form of MIDs which is also known as Missing Information and Documents. Accountants are return experts who would make every possible effort to cut the deductions in tax returns. MID can also help to maximize tax credits which means taking returns to a new level.

  • Eliminate the errors in tax returns

Many times in registering the documents or bookkeeping there is a scope that there are errors in tax returns. Accountants take time to check these documents in depth so that each of your tax return documents is prepared error free. Eliminating of errors and mistakes would help you maximize tax returns and ultimately profit.

  • Prevent audits from occurring

An accountant reduced the chances of audit triggering which otherwise is difficult to perform. An accountant expert in his domain would make an effort to increment your tax return every year and not try to keep it same. An expert accountant would create timely audit trails in order to maintain your records in an ordered fashion.

  • Accountants are experts who would help you plan and strategize tax returns

If you hire an accountant at the beginning of the session it would certainly help you be with maximum profits throughout the year. He would be the one who would take all the important tax decisions and would even provide you beneficial advices at every step. You can take your business to new heights with expertise accountant’s help.

  • The key areas that can fetch you Tax returns

The tax returns are not confined one single factor rather a number of areas can be summed to get maximum returns. An accountant has knowledge about these areas and would help you get returns from these areas. Some of the major tax return areas on which an accountant works is Charity annual returns, corporate tax returns, IT professional’s tax returns, investment income returns, commission earners tax returns etc. An accountant would cater to all these areas and get all the benefits for you.

Tax returns should not be an ignored section instead should be taken with proper care and maximizing tax saving plan can help you perform a lot better in your business and maximize your profit to every bit. An expert accountant is aware of all the tax saving plans and choosing an accountant would be a wise decision.

Advice on How to avoid Paying Tax could Receive Tough Penalties

Every country has tax as a source of revenue, which should be paid by every citizen so that the respective government can fulfill its duties and work accordingly. Every citizen pays tax according to his or her income source and amount. There are provisions out there issued by every government which leads to reduction of taxes in case of exceptional circumstances. But, still people all over the world have found out ways for tax avoidance, which is an unacceptable thing. Tax helps the true rights and benefits to reach the common mass; however avoiding tax payment is like making yourself devoid of all these benefits.

Avoiding paying the rightful tax is something that can cause you penalties. You would be more willing to pay the right amount of tax you owe to the government, if you go through following notable points:

  • Paying tax is not a burden

Tax is not an external burden on you, but instead it is an obligation rather a duty that you must follow willingly. There have been cases out there when many richer and the bigger firms have avoided tax payment and all of this have come out in an adverse unexpected fashion. Ultimately, this not only led to heavy payment of penalties but also led to closing down of such firms, which led the owners to go into heavy losses. If you would take paying tax is a burden, you will always look for refuge which can take you into the darker zone.

  • A duty to pay back

No matter if you run any organization at your town or a large scale business, you have some duty towards the country you reside in. You have a part devoted of your income to this country because you use the resources government provides you. In order to keep the healthy flow of your business going, you should not avoid paying taxes as it can turn your income into a total negative aspect. As you have duty towards your family, similarly paying tax is a duty towards your country.

  • You drown yourself into bigger problems

Avoiding paying taxes can take you into a bigger penalty section which can even turn out that you have to pay additional costs in case the government finds out. This would not only cause a monetary difficult but can also defame you. If any certain issues arise in the courts you are also liable to pay for the lawyer as well as the overhead caused in all such cases. In spite of paying all these penalties, every citizen must consider this as his rightful duty to pay the entire valid tax amount within time.

Keeping in mind all the penalties or the adverse effects you can go through, one must never adopt for tax avoidance illegally as it would only worsen the situation and instead of saving your valuable resources, chances persist that you will drown all these resources forever. Paying taxes on time would also make your firm a recognized one in the area.