For many businesses their accounts are produced many months after the year-end and are so out of date that by then they are useless as a management tool for decision-making. Unfortunately they have to be done. They must be produced to enable you to report your income to the tax authorities. And if your accounts are either wrong or late both HM Revenue and Customs and Companies House can impose heavy penalties.
What we do, however, is turn what is usually viewed as a necessary evil into what financial statements should be – the core management tool for your business. A tool which aids decision making by giving you key information when you most need it. And because we use a real time information system it means we can help you with important business decisions throughout the year.
Filing a tax return can quickly get very confusing. In addition to the main tax return you need to complete supplementary pages for many other types of income including: employment, self-employment, property income, foreign income, capital gains, and more. And not only do you need to complete the return correctly, you have to self-assess. That means calculating your own tax liability which can be very difficult.
There are also strict deadlines for registering for self-assessment and two key dates for paying tax. Get it wrong and you will have to pay a penalty. And these penalties can quickly add up.
So rather than spending hours figuring out which pages to complete, what to put in each box, how to calculate any tax due and meeting the filing deadlines, our self-assessment service takes away all that hassle. Don’t waste time or worry about getting things wrong, we’ll do it all for you, giving you complete peace of mind.
For many businesses, they may only talk to their accountant when the tax return deadline is looming. And for those business owners who simply want to know how much tax they owe, it works. However, imagine having regular access to all your current financial information when making key business decisions, rather than looking back on numbers that are months out of date.
Our team at 360 Accounting will help you throughout the year, providing up-to-date and relevant information and advice to aid smart decision making, so you always know you’re making choices based on the most accurate financial information possible. Our management accounting service will allow you to stay in complete control, looking forward into the future of your business, rather than back into the past.
Interested in finding out more about how our 360-degree approach can help in all areas of your business? We offer a free accounting consultation to any business owner serious about growing their business. At this complimentary meeting we’ll provide you as much advice as we can, give you a competitive fixed fee quote, and of course, all this is without obligation.