Specialist Small Business Accountants
Your small business has just undergone its best-ever year of business.
Customers are flocking to your brand in droves, and the world is at your feet.
But while the end of the financial year is a great time to take stock of your success from the prior year, it is also the time that many small businesses dread.
It’s time to pay your tax bill.
But knowing where to start with your tax bill as a small business can feel almost impossible.
What you need is an accountant.
But not just an accountant. You need an accountant that is perfectly suited to help you specifically. That’s where AccountantFor can help.
Do You Need to Complete a Tax Return as a Small Business?
In short, yes. If you are running a small business in the UK, you must be registered with the HMRC, and you must complete a tax return at the end of each tax year.
The Potential Penalties of Small Businesses Not Paying Their Tax Bill
There are several consequences, such as financial or legal penalties, that will occur if you do not pay your tax returns on time.
A penalty for a late payment
The most common form of tax penalty that affects most small businesses or sole traders is a financial penalty for paying tax after the end-of-year deadline.
In most instances, this penalty is a percentage of how much tax your business owns. The longer you do not pay your tax return, the higher this percentage goes, and the more severe the offence becomes.
On top of late payment charges, you can also expect to receive bank interest charges on top of your unpaid fees.
Damage to company reputation
As a small business, an unpaid tax bill can also negatively impact the reputation of your brand. If clients or customers hear of your missed tax deadline, it can lead to them disengaging with your company, either no longer trusting your brand or because they are annoyed by your perceived belief that you are above the law.
Even paying off your tax return at this stage can have some long-lasting effects as you try to rebuild customer or client trust.
Finally, if you continue to evade tax payments, or the HMRC audits your company and discovers you have been lying about your incomings or outgoings, you could even face time in jail.
The Challenges of Completing a Small Business Tax Return
Trying to get your head around a tax return is not easy. Understanding what you can claim for, what you can’t, and how much you owe can be very confusing and could land you in hot water.
Here are some of the most common challenges faced by UK-based small businesses.
Complex tax regulations
Tax regulations are not easy to understand, and they also differ from industry to industry. Therefore, it is almost impossible to know for sure if you are adhering to tax laws while also ensuring that you are not overpaying on your tax returns.
If your small business has multiple products or clients, trying to keep track of all your incomings and outgoings is incredibly difficult.
Your income is also likely to differ each month, making it even trickier to keep track of what you have earned, what expenses you have paid, and what you need to save for the tax man.
Trying to understand what you can claim as a tax deduction is also hard. If you underclaim, you could end up paying more tax than necessary, and if you overclaim, you could end up in serious trouble with the HMRC.
How Can Small Business Accountants Help?
Financial Organisation: Tax accountants can help you maintain organised financial records, making it easier to track income, expenses, and deductions throughout the year. This organisation can simplify the tax filing process and reduce the risk of errors.
Tax Compliance: Tax accountants are experts in tax laws and regulations. They can ensure you meet all tax filing requirements, including accurate and timely submission of tax returns, which helps you avoid penalties and legal issues.
Audit support: In the event of a tax audit or inquiry by tax authorities, a tax accountant can represent you, providing documentation and explanations to support your tax return and ensure compliance with tax laws.
Tax Planning: Tax accountants can develop tax-efficient strategies to minimise your tax liability. They can help you identify deductions, credits, and exemptions that you may be eligible for, ultimately saving you money.
How AccountantFor Can Help You With Your Small Business Tax Returns
AccountantFor has plenty of experience helping small businesses like yours get their tax returns in on time and also ensuring you do not overpay on your return.
We help businesses by pairing them with the ideal small business expert accountants to help your limited company input their annual accounts on time and within the law.
The best part? It doesn’t cost you a penny.
All you need to do is click here, input your details, and we will put you in touch with the best self-assessment tax expert for your needs.
Do You Want a Little More Information About Us?
Whether you want to understand how we match you with the perfect small business tax return accountant or you have a query related to your personal circumstances or tax situation, don’t hesitate to reach out. We’re more than happy to provide support and peace of mind where we can.
Get Matched With a Small Business Accountant Now
What Do Others Say About Our Small Business Accountancy Services
“As a small business owner, every penny and every minute counts. I was drowning in financial paperwork, unsure of the tax nuances specific to my industry. Then, I turned to AccountantFor. Their match-making process introduced me to an accountant who not only streamlined our finances but also provided insights that boosted our profits. It’s clear they understand the unique challenges small businesses face. AccountantFor has been a game-changer for us!”— Alexandra B., Founder & CEO, Urban Blooms Ltd.
Find Your Dedicated Accountant in Five Simple Steps
Tell us about your small business
As a small business owner, we require you to provide us with some further information about your company so that we can find the perfect online accountancy firm for your needs.
Input your average turnover
Next, we will ask that you provide the estimated turnover of your small business. We ask for this information as it lets us whittle down your shortlist of small business accountants to only show those who are experts in businesses of your size.
Tell us why you are enquiring about tax services for small businesses
From there, we will request that you offer an insight into what sort of support you want us to provide you with.
Add your accountancy location preferences
Next, you can pick which country you would like your small business accountant to be located in. As you can imagine, there are benefits to having a UK-based accountant due to their understanding of UK tax law, but there are also benefits to opt for expert accountants from abroad, such as pricing.
Input your details
To finish, input your contact details, which will allow us to send you your unique small business accountant shortlist once it is ready.
Frequently Asked Questions About Small Business Accounting Services
Yes, your chosen accountant will need access to your business finances to ensure they help you achieve maximum tax efficiency.
1. Tax Compliance
2. Tax Planning
3. Financial Organisation
4. Audit support
Small businesses can use our match-making services for small businesses, to help them find their own dedicated accountant that perfectly suits their requirements.
Chartered accountants use a wide variety of cloud-based accounting software, each with their own preference, and therefore, it varies depending on the accountant you choose.
Small Business Accountancy Services
AccountantFor provides a comprehensive range of accountancy and tax services for small businesses through our exclusive network of vetted accountancy talent within the United Kingdom.
– Statutory accounts
– Management accounts
– Financial planning
– Business plan
– Growth modelling
– Tax investigation service
– Capital gains tax
– Tax advice and consultancy
– Company formation
– Registered office address
– Payroll services
– Corporation tax