Managing tax is one of those tasks that not only business owners hate but can be a challenge as you look to meet your obligations with HM Revenue and Customs (HMRC).
There are several things you need to do, including collating all your company’s financial information, accounting for incomings and expenditures, ensuring all information is correct and filing your tax returns on time.
It’s a lot to manage, especially if you don’t have a team in place but outsourcing your tax management and planning can take that pressure away.
Outsourcing your tax management and planning allows you to focus on other aspects of your business and allows the accountants to effectively manage your tax plans and put strategies in place that ensure your company meets its HMRC obligations.
Why you should be putting tax management plans in place
An effective tax management strategy gives you the opportunity to not only be tax efficient but also potentially have extra funds available to put into other areas of your business, such as resources or growth plans.
Now is a really good time to start putting a tax management plan in place, especially with several changes on the horizon, including what the Autumn Budget brings when it is announced next month.
With so much uncertainty around taxes in the UK, having a plan in place can help you prepare for any changes announced by the Chancellor, Rachel Reeves.
However, we do know HMRC is trying to put its Digital Transformation Roadmap into action as it tries to shift how taxpayers and businesses submit information and make the process more digitally focused.
They are trying to place more emphasis on businesses to know their deadlines and one method they are currently trialling is the removal of Corporation Tax letters. HMRC has already stopped sending some Corporation Tax letters and launched a new trial in July.
The trial which includes the removal of Corporation Tax reminder letters will conclude in December.
It is currently only impacting businesses involved in the trial, but should this be a success, you should expect Corporation Tax letters to stop being sent.
With multiple changes to come, putting a tax strategy in place now will benefit your business and outsourcing this responsibility to an experienced set of tax experts ensures you get the most effective plan to tackle any changes.
How outsourced tax specialists support your business
Outsourcing your tax planning to an expert team takes that worry away and allows them to implement effective strategies.
They will handle any upcoming changes and implement them into your strategies. They will advise, support and explain their plans so you have a clear picture of how they to implement a structure that helps your company be tax efficient.
Your outsourced team will look at the industry your company operates within and see if there are any potential tax relief claims to be made, which could bring you valuable funds to invest in your company.
They will explain your tax obligations, outlining what you are expected to pay and update you on any changes HMRC or the Government introduces.
Your tax concerns can be a thing of the past because you know you have a team that is handling all tax matters and managing them effectively.
If you’re ready to implement effective tax strategies into your business, give us a call today on 01277 245300 or head to our website to submit an enquiry form.