4 Benefits of Tax Accounting for Small Business and Freelancers

As a firm that handles an abundance of accounting for small business, we’re familiar with the day-to-day financial difficulties that face smaller companies and freelancers. Taxes are often a cause for concern and an aspect of business where professional advice is extremely beneficial. Here are 4 benefits of tax accounting for small businesses and freelancers

The word ‘taxes’ is enough to panic even the most organised freelancer and enrage hard-working business owners. Unfortunately, though, it is what it is. Taxes are part of modern society and, as a freelancer, it’s an aspect of the business world you need to get to grips with.

We have an abundance of experience with tax accounting for small business and recognise the benefits of reaching out to a professional for help. Here are four reasons why we think you’ll benefit from doing exactly that.

1. Accounting for Small Business Will Save You Lots of Time

Ask any freelancer or small business owner and they’ll tell you their ‘nine-to-five’ is not exclusive to those hours of the day. In fact, the hours can be rather erratic and you’ll often find yourself wondering where the hours in the day have gone. For tasks that tend to require a lot of attention — finance and taxes, for example — taking the time to do so, as well as concentrate on your other business commitments, can be hard work.

As specialists of day-to-day small business accounting practices, we not only understand how challenging it can be to juggle the responsibilities of owning a business. We also know how time-consuming organising and managing your finances can be. Enlisting the help of a Milton Keynes accountant will give you peace of mind, knowing that your finances are in safe hands, as well as giving you more time to handle other important aspects of running a business.

2. Avoid Late Fees and Tax Penalties

As a freelancer, you won’t be under contract or have a monthly paycheque like employees of a company. So with an income that’s extremely varied and unpredictable in regards to when your payday is, it’s all the more important to ensure you’re not at any financial risk when tax return deadline is looming. Late fees for missing the deadline date or penalties for incorrectly filled in forms can prove to be quite troublesome, especially if they aren’t taken care of swiftly.

The benefits of professional accounting for small business are vast, but the time when it will put your mind at ease the most is when there’s a tax deadline around the corner. While hiring a tax accountant will cost you money, the accounting fees for small business pale in comparison to the impact hefty tax fines can have on your business’ finances.

3. Improve Business and Tax Efficiency

If the tax bill you receive every year seems unnecessarily high, or you’re curious to see if there are ways of running your company more efficiently – Milton Keynes accountants are who you should be speaking to. Years of experience working with small businesses has helped us develop a thorough knowledge of ways companies can increase all-round efficiency — changes they can make to become a more tax efficient outfit.

You’ll be given advice to apply to your current financial situation, as well as your needs for the future. The ability to expand further as a business is an exciting time for any company. Seeking professional advice is a significant step in the right direction.

4. No Tax Return Deadline Panic

Anyone who is self-employed — small business owners and freelancers, for example — will have to file a self-assessment tax return every year. It’s safe to say you’d be hard pressed to find someone who enjoys the process, but unfortunately, it’s a mandatory requirement that’s dreaded every year. Forgetting the deadline date or the last minute rush to fill in forms can cause late fees and penalties (mentioned above).

In steps our knowledgeable Milton Keynes accountants. Our team’s experience with tax accounting for small business will make sure that, by tax deadline day, your accounts are organised and ready to be filed, preventing you from having to deal with pages and pages of complicated forms. That means no late fees, tax fines, or last-minute stress trying to file taxes on time.

While many company owners opt to maintain their finances in-house, investing in professional tax accounting for small business will benefit you both in regards to your day-to-day efficiency, as well as long-term improvements and efficiency when it’s time to fill in your tax return. The peace of mind knowing that Milton Keynes accountants from a reputable firm like Aston Black have your finances covered, as well as the expert advice you’ll receive is a service that’s difficult to rival.
Here at Milton Keynes accountants, Aston Black, we’re aware of how taxing taxes can become, which is why our team of financial experts are eager to help. So don’t hesitate to call us today on 01908 904794 or use our contact page for more information on the incredible services we provide.