Posts Tagged ‘tax accountants’

Twelve reasons why you should do your tax return earlier

Thursday, February 8th, 2018

Twelve reasons why you should do your tax return earlier.

How was it for you? The process of submitting your 2016/17 tax return, that is…

Congratulations if you submitted in plenty of time. However…..

Did you miss the 31 Jan filing deadline (incurring a rather unwelcome late filing penalty) or squeeze it in at the last minute? Was it yet another stressful experience you’ve come to dread?

HMRC revealed recently that nearly 750,000 taxpayers failed to submit their tax returns by the 31 Jan deadline, despite it allegedly being easier than ever to complete & file. Indeed, this represents a fall from the previous tax period, when 840,000 people failed to make the 31 Jan 2017 deadline but there’s clearly work to be done.

If you’re one of the many who didn’t file your tax return on time, here’s why you should get it done earlier for 2017/18:

  1. There’s less likelihood of errors when you’re not preparing it in a hurry – get it right and stay off HMRC’s radar
  2. It’s much less stressful for you (and your accountant if you use one) if you file before the busy season
  3. Get it out of the way before Christmas so it’s not looming over you whilst you enjoy the festivities
  4. Preparing it earlier means paperwork will be easier to locate and details are fresh in your mind – this should save you significant time and ensure better accuracy
  5. Avoid a late filing penalty
  6. File early and you’ll have more time to save up if any tax is due
  7. You’ll receive any tax refund earlier
  8. More availability of resources in the quieter months, such as access to accountants and HMRC who are notoriously stretched in December and January
  9. You can have qualifying underpayments coded out if your tax return is filed by 30 Dec
  10. There’s more time to correct any errors in your current tax code
  11. You’ll have more time to file an amended return
  12. With more time to consider all available tax deductions and reliefs, you stand a better chance of reducing your taxable profits and saving more tax

 

If you have any queries about your tax position or are interested in optimising your tax affairs, please contact Helen Sewell or call Helen on 01527 558539. Have a look at how we can help with your tax requirements.

Twelve reasons why you should do your tax return earlier

Twelve reasons why you should do your tax return earlier

www.hmrc.gov.uk

 

Not all accountants are the same

Monday, November 9th, 2015

We understand not every business has the same budget to work with, especially in those first difficult years and it’s tempting to cut corners to get things done cheaply. But when it comes to your finances, at Curo Chartered Accountants we recognise the long-term financial risk of this short-term approach.

We believe the investment in a good accountant from the start, is worth it. Helping you save money, make the right decisions and grow your business is not what you’ll get from a bad accountant.

When you employ the services of an accountant, you are paying for their time, their experience and their understanding of what you do. You want solutions, not just billing by the hour that just lists work done. Remember, you’re not just paying for the time it takes them to resolve your issues, but the years of experience that allows them to do it quickly and efficiently.

Who should you pay more, the accountant that solves your problem in hours or the one that takes days to deliver the same outcome?

Your accountants should set objectives at the outset, detailing what they will deliver and what this will achieve. At Curo Chartered Accountants we know the value and importance of good communication. It’s a concept lost on some in our profession, but those poor organisation skills can cost your business dear, missing deadlines is an error you can pay for in many ways.

Ask yourself, are my business interests being well looked after or am I wasting my money on a very basic service? When an accountant simply files your tax return but doesn’t provide strategic tax planning or advice to help you avoid problems, you might not be getting great value.

Beyond the understanding your accountant shows for your business, you should also ideally be working with a qualified professional. Many people are still not aware that the term ‘accountant’ is not a protected label, like solicitor and some using the term may not even be qualified.

Qualifications to look for include:

  • Chartered Accountants – ACA or FCA – Member or Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW)
  • Chartered Certified Accountant – ACCA or FCCA – Member or Fellow or the Association of Chartered Accountants
  • Chartered Tax Advisor – CTA, ATII or FTII – Member or Fellow of the Chartered Institute of Taxation (CIOT)

We know it looks complicated, but making sure you see these letters when choosing someone to help with your numbers will save you a lot of trouble in the future. And remember, if you think a good accountant is expensive, just think how much more a bad accountant might cost you.

To find out more about how Curo Chartered Accountants can help your business, please call 01527 558539 or email [email protected].