One of the two inevitable certainties in life, taxation is a complicated system which many people simply leave up to their employer to sort out. PAYE has removed the need for most people to have to go through the rigmarole of filling out tax returns.
However, if you are the employer, then you have to know about tax. Apart from the all of the other aspects of accounting for a small business, such as payroll and bookkeeping, there are also the several different types of tax which businesses have to pay.
- Income Tax
- PAYE and National Insurance contributions for Employees
- Capital Gains Tax
- Corporation Tax
- Stamp duty
Obviously, just knowing which taxes apply to you involves some research, so it is always a good idea to go to the experts to be sure that you know what is what.
All of which involve paperwork (although in many cases you can now file online) which needs to be sorted out. While HMRC do try to make it easy for people to sort out their own tax, there are several benefits from getting a professional to do it, especially if you are running a business.
Professional accountants, like us at Marlow & Co have plenty of experience in filling out tax returns. We can save you a considerable amount of time as well as ensuring that everything is filled out correctly. The last thing you want is to have incorrectly filed tax returns, especially with the additional time and effort to set things right.
The other key benefit you will see in engaging the services of Marlow & Co is that we can ensure that you do not pay more than necessary in taxes. Simply because it is our job to work with the tax system, we understand it. You and your business can take advantage of tax breaks which have been specifically implemented to encourage good business practices, better environmental consideration or simply to encourage growth in certain industries.