When Do You Need specialised Taxation Accountants for Your Small Business?


As a small business, you are juggling various tasks with limited resources. Hiring a specialised taxation accountant might seem like an unnecessary cost that you could save on. But finance is one aspect of your business that you need to keep in line according to government laws. 

You may visit VW Taxation Accountants to learn about different accounting services that could help your small business survive and thrive.   

When Do You Need specialised Taxation Accountants for Your Small Business?

When You Need to Understand the Taxation Law

If you are a new business owner, you first need to understand the different tax laws applicable to your small business. A specialised tax accountant will go over the various rules and regulations and explain them to you in the simplest manner. 

Taxation laws mixed with accountancy jargon tend to become complex. These laws will be translated in layman terms, and you will be straightforwardly offered advice.  

When You Need Help with Your Finances

As a small business, you would be required to maintain accurate financial information in the form of: 

  • Balance sheets
  • Profit and loss statement
  • Cash flow statement

According to the Companies Act 2006, you need to maintain annual financial documents and file the same with the Companies House. Accounting records must include information such as:

  • Money received by the company
  • Money expended by the company
  • Assets and liabilities
  • Stock details
  • Goods purchased and sold and more

A specialised tax accountant could help with such financial requirements and help you file hassle-free with government institutions. 

When Your Efforts Are Required Elsewhere

Managing business finances is a time and effort-intensive task. You could undoubtedly manage your finances if you are well-versed with the intricacies of tax laws. As time is money in business, you should ask yourself whether your time would be better utilised on other tasks.   

Small business owners are known to wear many hats. Instead of overworking yourself, visit VW Taxation Accountants and let experienced professionals help with your finances. 

When You Need to Minimise Liabilities While Staying on the Right Side of the Law

Not maintaining the required financial documents or not filing with the Company House could land your business in trouble. In case of non-compliance, the registrar might assume your business is no longer in operation and proceed to strike your business from the register. 

With the advice of a specialised tax accountant, you can prepare beforehand, have your books in order, meet filing deadlines and keep tax liabilities to a minimum.

When You Need Help with End of Year Accounts

The end of the financial year is crucial for all businesses. Instead of having a full-time accountant, you could seek help from a specialised tax accountant to manage your end-of-year accounts. 

It would be best if you outsourced the task of preparing year-end accounts as the job is time-consuming and needs to be performed meticulously. An accountant will help verify your company’s financial records and ensure tax deductions are maximised, respecting UK tax laws. 

When You Need to File Your Self Assessment Tax Returns

You need to file a self-assessment tax return if you are self-employed or the director for a company. The return needs to be filed every year by 31st January. Failing to do so can invite hefty penalty charges. 

 A specialised tax accountant will help facilitate the process of filing the self-assessment returns, verifying the data is accurate. By registering for the online mode, you can significantly have your processing and return time reduced. 

Focus your energies on growth-intensive business tasks and let the experts handle your taxes. Learn about your responsibilities, UK taxation laws, and tax savings techniques in an honest and open communication environment.