Britain has the most complex tax system in the world. This can be demanding and too much to handle for some self-employed individuals and entrepreneurs. However, help from an accountant can really help to get your accounts into shape.
The problematic thing with running your own single-person operations is you’re often left to your own devices when it comes to tax, whereas businesses and corporations find support from experts and account management teams. Goes somewhat against the old byline of HMRC of “tax doesn’t have to be taxing”.
The British tax system holds a large amount of legislation, which often takes chartered accountants years of study and training before becoming qualified professionals. Yet, it is expected a single individual can do it without such training. Managing and filing tax returns can be made easy (without a degree in accounting) if you have more financial knowledge than the average self-employed worker. But it doesn’t have to be that difficult either, because accountants are able to help you with information and support to complete your tax responsibilities.
Getting the information can be challenging, but knowing where to look is a big start. HMRC (the place where you send all your details) offer plenty of free and clear advice on processes and tasks that need to be followed. There is plenty of resources to provide information on: establishing yourself as a sole trader, the tax you owe and when as well as British law. However, it’s not all that simple to navigate or ask the questions you need.
Alternatives include tax advice workshops and small business communities. Workshops are a great way to get an understanding of your obligations as a sole trader. They are often run by experts who can break down the jargon into simple terms, going above and beyond the guidelines set out by HMRC. The places to look out for these websites are online advice platforms, small business conferences and business schools/higher-education establishments. However, these are not always readily available, being you have an issue and may not be able to attend immediately to get an answer. The growing age of the internet has increased its ability for advice. Sole traders are able to make general queries about their tax, through blogs like ours or websites. There are also some professional business owners/sole traders who may be able to give more precise answers.
If all these platforms fail, there is still more help available to you, so you don’t need to suffer in silence. Seeking support whilst conducting a tax return will be far more useful than making mistakes and the investigations/penalties that will occur as the alternative.
Specialist accountants, like ourselves, work with sole traders and small companies to have a variety of plans and packages available to help everyone, with different budgets and business sizes. By getting help and advice will prevent the consequence of violating tax laws and the potential end to your business. So it is always important to seek advice before it’s too late and never be afraid to ask.
The key thing to remember is that taxes can be difficult, with accountants needing years of experience to be successful and understand all the terminology. If you’re looking to sort your taxes as a small-trader or a business, then you’re going to want to leave your financial worries to one of our professionals while you focus on the overall success of your company. Contact us today and we will get back to you about the ways in which we can help you.