Perhaps you’ve wondered whether it would be a good idea to look for a tax adviser. Perhaps you’ve already found yourself in the position of having to file your own tax returns as a self-employed person, or you’re the director of a limited company and have realised that keeping the accounts properly and filing corporation tax returns can be very complex. In this case, would it be a good idea to seek the services of a tax adviser for your business?
If that’s the case for you, here are a few reasons why it’s important not to delay your decision and to make sure you have tax advice as soon as possible. Discover our tax consultancy services in Tenerife.
Reasons to engage the services of a corporate tax adviser
Why It is necessary to have a tax adviser for your business? What are the reasons why so many self-employed people and small businesses decide to engage this type of tax advisory service? Let’s look at why it’s important not to go it alone, but to have a professional by your side in the complex world of taxation.
1. Improving time management
The first and most important thing you need to realise is that, in any business, time is money. Any time you spend on administrative and tax management tasks is time taken away from your work as a professional or as the manager of your business.
So that you don’t have to spend your time doing this sort of task, outsource your business’s tax matters It can be incredibly liberating. You’d gain at least 10 or 20 extra hours a month, depending on the complexity of your business.
2. Avoiding the risk of penalties
A lack of time often means that self-employed people or company directors fail to submit the tax forms, such as the quarterly VAT return 303, the personal income tax return form 130, or the Corporate Tax Form 202. Or failing to submit a form that you were required to submit.
Filing your tax return just one day after the deadline can already result in a penalty, so a lack of time can also lead to additional financial costs that are harming your business.
3. Minimising the risk of tax errors
It is not just a matter of meeting deadlines and following the correct procedures. You must also to provide accurate and transparent tax information, without any errors. Errors when filing your tax returns are more common than you might think. For example, you may not have realised that if you do business with other companies in the European Union, you must be registered with the Register of Intra-Community Operators and submit Form 349.
If you’re looking for information online to fill in a tax return and it just so happens that the details were incorrect, you may end up making an easily detectable error that results in an amended return. This is also subject to a penalty. Remember that if you have made a mistake in your tax return, it is advisable to take the initiative and correct it yourself before the tax authorities point it out to you.
4. Correcting errors in your tax returns
You might have got yourself into a bit of a mess. You have some tax returns that still need to be sorted out. Or you were managing everything yourself as a self-employed person, and then one day the tax authorities launch an audit and you start to get nervous.
If you’re not entirely happy with how you’ve been managing your tax affairs so far, it’s best to leave it to a professional. That way, you’ll avoid making further mistakes that could make the problem even worse.
5. Keep up to date with the latest tax developments
Imagine that you carry on filing your tax returns as you always have, but there are changes in the law that impose obligations on your company or your business as a self-employed person.
As you know, ignorance of the law is no excuse for failing to comply with it; therefore, being unaware of a change in the law and its application from the date it comes into force is not sufficient grounds for to avoid a tax penalty.
6. You have been subject to a tax audit
If the Tax Authority has carried out a tax audit In your high-street business, it may also have crossed your mind that you should seek the help of a professional who can provide you with the tax advice you need.
Very often, people are unfamiliar with tax legislation or they do not know how to proceed when there are errors or problems with their tax returns, meaning they are at greater risk of committing offences. Having a tax adviser helps ensure that, should an audit take place, everything is in order to avoid further complications.
What’s more, managing your taxes properly will also help prevent an audit from taking place as a result of tax offences which have come to the attention of the Tax Authority.
At Exim Asesores, we know that having a tax adviser for your company or business is one of the keys to being able to enjoy all these benefits. That’s why we’d like to find out more about your business and would be delighted if you could get in touch with us so we can gain a better understanding of your needs. We are your online tax consultancy and we help you manage your tax affairs correctly and professionally.
