For the majority of business owners, the mere mention of putting their tax returns together is enough to inspire dread. And when it comes to being an entrepreneur who wants to focus purely on the next plan of action or where the next deal can be made, it’s easy to see why bookkeeping is met with such disdain.
However, whether we like it or not, every UK business has a legal obligation to thoroughly check through its expenses, deductibles, and sources of income. And when the dark approaching shadow of tax season begins to creep into view, it’s time to knuckle down and dedicate all your time and effort to this tricky task.
But before you begin to delve into your tax affairs and begin another journey into your company’s bottom line, are you making life more complicated than it needs to be for your business?
To Outsource or not to Outsource
While some companies panic and scramble to complete their tax affairs in a timely manner to avoid fines and other penalties, not all businesses are concerned with tax season. In fact, some places simply outsource their tax affairs in order to focus on their day-to-day business tasks, avoiding the issues that can come with doing it solo or putting pressure on already overworked accountants.
A virtual assistant can save many companies a great deal of valuable time during tax season. They can create faster and more efficient tax preparation processes while working with your accountant to help implement these improvements across the entire process.
But how else can a virtual assistant potentially be the answer to your business tax matters?
Insights and Expertise in Modern Accounting Software
Much like the rest of the world, the finance industry and government have strived to find ways of streamlining processes to make them efficient and easier to manage. However, like much other innovative software, it’s always a good idea to use it alongside someone who knows the technology inside and out.
Businesses that work with an expert virtual assistant can benefit from their knowledge of Making Tax Digital (MTD) software, meaning that you’re not only helping to create an easier tax season for your company, but you’re also making use of the technology that’s needed to maintain these easier systems for the future of your business.
Many virtual assistants are qualified and experienced enough to actually conduct an internal audit of your documents and business affairs before the tax season. This helps to alleviate some of the pressure that comes with tax matters and allows you to straighten out any potential issues before your tax deadline.
Filing Tax Returns
If there are no issues and all of your details are correct and up to date, a virtual assistant can legally file your tax return on your behalf. All you need to do is provide your signature and the rest can be taken care of while you shift your focus to other areas of your business.
However, it’s essential to understand that as the owner of your business, you are liable for everything submitted in a tax return. Therefore, it’s extremely important to double-check all of the information before being sent off to HMRC.
Better Insights into Claiming Back your Expenses
It’s easy to put so much time and effort into making sure your tax return is sent promptly that you completely overlook some of the expenses you could potentially claim back. And when you’re stressed out over a litany of documents that need arranging, expenses can be a silver-lined cloud on the horizon of your tax year woes.
For a virtual assistant, turning a year’s worth of information into neatly organized receipts and expenses is part and parcel of their job role. This can be invaluable for future tax issues, as it gives your business a deeper understanding of what you can claim back over the years.
A Virtual Assistant for All Scenarios and Industries
It’s difficult enough for companies to ensure they’re vigilant in adhering to their tax affairs in commonly known industries. But suppose you’re running a small to medium-sized business in a more niche industry. In that case, these worries can build even more, resulting in uncertainties and oversights that can lead to unintentional errors and fines.
Fortunately, with a range of expertise in multiple industries, you can find a qualified virtual assistant to not only advise and guide you through difficult processes but take all of the burdens from your shoulders and keep you tax abiding.
Staying Punctual, Accurate, and Thorough
Have you ever completed an important task and can’t quite shake the uneasy feeling that you’ve missed an important part of the process? It’s perfectly common, particularly for a small business that’s new to the stresses and problems that meeting the tax year deadlines can cause.
When you add payroll, tax contributions, and having to keep a meticulous record of data to your list of business headaches, it’s just peace of mind to know you’re entrusting your information with a skilled and experienced assistant.
And once you’ve nailed that deadline, and once you’ve made those steps toward a more thorough and accurate approach to your taxes, it sets the tone for the year ahead.
Virtual Assistants: Final Thoughts
With a virtual assistant to rely on and work alongside, the tax affairs of your business can be thoroughly analyzed, fact-checked, and then streamlined through the latest technology to make the entire process less stressful.
Issues can easily arise from oversights and missteps, leading to late filings of your taxes, severe penalties, and hefty fines. But with advanced software and the ability to conduct your own internal audits, you can go to the end of a tax year prepared, problem-free, and punctual.
For anyone running their own business, there are precious few hours in the day to dedicate to keeping your tax affairs in order. Virtual assistants can take that heavy load from your calendar and ensure you complete your tax returns way ahead of schedule.
By outsourcing these essential tasks to those who are qualified to deal with them on a regular basis, your company can continue to move forward into a problem-free tax year ahead and no concerns about your current affairs.