If you run your own company or work as an independent contractor, you’re no doubt acutely aware of the time and effort it takes to retain clients, win new clients and ensure that your business runs smoothly and compliantly. That’s why it’s vital to leave the time-sapping paperwork to the experts.
According to Scott Brown, Managing Director of 1st Contact Accounting, it’s not uncommon for contractor and limited company clients to experience stress and frustration, waste vital working hours and risk severe penalties simply because they do not have a streamlined system to manage their business.
“Businesspeople, no matter how astute, tend to keep their heads in the sand until the last minute to handle the obligatory admin (like filing a tax return) that comes with running a limited company,” says Brown. For those of you feeling bogged down by your tax return submission, Brown has outlined three constructive ways to remedy the situation:
- Set up an efficient, daily filing and record-keeping system: Keeping your accounting online is nowadays the best way to run a business. This way you will never waste time looking for invoices or trying to get your paperwork together when it’s time to file your tax return. Don’t let paperwork take valuable time away from the work you do – choose an accounting firm that’s on the cutting edge of cloud accounting.
- Let an accountant look after your compliance needs: Limited companies in the UK need to get all their annual financial statements and company tax filed and paid within nine months following their financial year-end.
- Have your tax return completed by professionals who specialise in limited company accounting:This way you can be sure your taxes are up-to-date and 100% compliant.
If claiming back your overdue tax is causing you consternation, why not use an agency to submit a tax refund application on your behalf? There are literally millions of Pounds in unclaimed tax refunds being held by HMRC – many of them waiting to be allocated to people who left the UK mid-way through a tax year.
1st Contact Accounting takes care of your tax and admin matters so that you can get back to the business of running your business. Visit 1st Contact Accounting to find out more about services geared specifically to independent contractors and limited companies.
For expert assistance with your tax refund application, please visit our friends at 1st Contact Tax Refunds.