Regardless of the size of your business, it is bound to make some mistakes with its accounting and bookkeeping, which can ultimately affect your taxes and ability to grow your company down the line. Some mistakes may be too small that the HMRC may not seem to take notice at first, but over time, they could cause them to take legal action and require you to pay hefty penalties. You can avoid all these predicaments by consulting with seasoned tax advisors in London. Here are some of the matters that they can help you with:
- VAT errors – Underpaid or overpaid VAT for a maximum of four years due to mistake or negligence can be corrected. A tax advisor can bring your company’s VAT A/C back in order and identify those errors before the HMRC notices them. That way, you can avoid penalties on the amount of under-reported VAT.
- Paying too much tax – 75 percent of business owners are likely to overpay their taxes because of improper tax planning. Tax advisors in London can help reduce your taxes legally with strategies like making sure that your business is under the correct structure and ensuring that you are able to fairly and reasonably claim your business element of expenses.
- Missed deadlines – You could end up paying more in taxes due to penalties incurred when you miss paying on designated deadlines. A tax advisor will work closely with you to make sure that you do not miss a payment.
A tax advisor is a professional who can help you manage your accounting and bookkeeping, ensure accurate record-keeping, and minimise your chances of getting audited by the HMRC. They will also make sure that you are paying your taxes correctly while avoiding VAT mistakes. Some of the best tax advisors in London specialise in working closely with small and medium sized businesses, and they have extensive experience in an array of sectors, such as healthcare and medical, technology, ecommerce, media, and retail.