When Tax simply becomes too Taxing

Income Tax, Value Added Tax, Corporation Tax, it seems that wherever we live in the world, there’s nothing more inevitable than taxes. Unfortunately, the world of tax is a pretty complicated one. All taxes have their own rates, rules and regulations, and these are liable to change. A lack of knowledge is no defence for an unpaid tax bill or wrongly filed accounts, so the onus is on you to ensure your accounts are in order and your taxes are paid correctly. 

The law requires you to have your tax affairs in perfect order

For most business owners, taxes and accounts are a secondary issue. You’re thrust into the role of accountant in order to ensure your business is running legally. As anyone who has ever started up a business will know, there’s a lot to learn, and it’s so important to get it right. When you think of the potential consequences, it can be very daunting and cause a great deal of concern. Fail to keep the right records and you could end up being investigated for tax fraud. Even if this was unintentional, your reputation in the business world, with your clients or customers, will be damaged, and that kind of association is very hard to lose. We don’t wish to scare you, but it is a legal requirement to declare all your earnings and prove your business turnover, and failure to keep your records properly, and to submit the right information to the relevant places at the correct time can result in large fines and even prison sentences. Tax is certainly a serious business. 

You could be missing out on tax breaks you’re entitled to

On the flip side of the coin, you could well be paying more tax then you really need to and that’s a huge shame. It’s interesting to consider that hiring a company to help you with tax could actually save you more money than it costs you to hire the tax advisory company! Just as there are many rules regarding the taxes you have to pay, there are also lots of ways in which you can save tax, with a variety of schemes and incentives and a wide range of expense claims options that you may have overlooked. 

Global tax implications can be overwhelming

Many businesses struggle on with their taxes alone until they hit a critical point where it just makes sense to outsource the accounting and tax problems and get rid of the headache. This tipping point often arises when a business begins to move outside of the home market and begin trading globally. Nowadays, global trade is increasingly easy and so this is a common occurrence. It makes sense for businesses to set up companies in a variety of countries to establish a presence there, but the tax implications then suddenly become increasingly complicated. 

Reduce risk, boost profits 

By employing the services of our highly skilled tax advisors you can rest assured that all your tax obligations will be met, but you’ll never pay more than you have to. All the intricacies of the tax systems of different countries and any changes to them are constantly monitored so we’re always on the ball. Get in touch today to find out more.