The UK tax landscape is constantly changing, so it’s important for businesses to stay across the latest developments in order to avoid penalties and ensure they’re paying the correct amount of tax.
Balancing books is a key aspect of maintaining a healthy business and ensuring the tax man has his fair cut of any profits is essential to doing so.
Before you get lost in a tangled web of receipts and spreadsheets, check out our top tips for staying on top of the shifting sands of the UK tax scene so your business can remain compliant.
Regularly Review Tax Legislation
The government publishes new tax laws and regulations in a variety of places, while you can also find information elsewhere.
- HMRC website: The HMRC website is a good place to start your research. You can find information on new tax laws and regulations, as well as guidance on how to comply with them.
- HMRC newsletters: HMRC publishes regular newsletters that provide news on tax changes. You can subscribe to these newsletters to receive them directly in your inbox so you never miss an update.
- Industry publications: Several industry publications cover tax changes. You can read these publications to learn about the latest developments that affect your business as well as see predictions for future changes to legislation.
- Tax experts on social media: There are a number of tax experts on social media who share information about tax changes. You can follow these experts to stay up to date on the latest developments but make sure to confirm that they are industry professionals before following any advice.
Utilise Tax Software and Tools
There are a number of tax software and tools available that can help you with tax changes and calculate your tax liability. These tools can also help you automate your tax compliance, freeing up your time to focus on other aspects of your business.
HMRC offers a number of online tools that can help you calculate your tax liability, file your taxes, and stay up to date on changes.
Other tools available online provide additional services. Cloud-based technology can help you with VAT compliance, generating invoices, and filing your taxes.
Leverage Professional Expertise
If you’re not comfortable handling your business’ tax affairs solo, you can hire a qualified accountant or tax advisor to help you.
They can also help you interpret the latest tax laws and regulations and ensure you’re compliant.
When choosing an accountant or tax advisor, it’s important to find someone who is experienced in the UK tax system and who understands your business. You should also get quotes from several different accountants before making a decision, so you get a full picture of what services are available and how much it will cost your business. Remember, however, opting against this could cost a lot more in the long run.