Category Archives: Financial Services

Tax Investigation Services for Individuals and Self-Employed

Royds Accountancy

Accountants in Eltham
43 Lovelace Green,
Eltham,London,
SE9 1LG
UK
Phone: 020 3488 0529

 

Investigation Methods For Self Assessment Tax Fraud

Tax evasion is one of the biggest areas of fraud with many billions of pounds being lost to the revenue. It includes systematic abuse of the self-assessment system by people who simply never declare any of their earnings and often are on state benefit also.

Tax fraud is a big problem for because it is easy to commit. It is possible to hold back on disclosure from HMRC and the odds are that there is a good chance of remaining undetected. To keep all of their self-employed pay many people will take the risk and try to stay off the tax authority records completely.

When forensic accountants specializing in tax investigation carry out inquiries into some companies they sometimes find that the whole workforce is employed on a self-employed basis. This used to happen a lot in the building trade, where subcontractors were normally used and usually paid in cash.

Often these contractors would not declare their income to the tax man. This industry has received the attention of the legislators and subcontractors are now targeted fully for the tax they owe. However, in other industries, it is still easy for the self-employed wishing to avoid tax to do so with every chance of avoiding detection for the fraud they are carrying out.

tax investigation

It is recognized that additional legislation is required to combat the wholesale use of self-employed staff who do not declare their tax. However, there is an equally large problem with people who set up the businesses that always under-declares taxes. HM Customs and Revenue is a public sector organization under severe pressure to cut its costs of operation.

The number of tax inspectors and enforcement officers are reducing and fewer businesses are being checked. All that is needed to get away with paying the full amount due is to fill out all the returns on time with information that seems reasonable.

The tax regulators usually employ their own specific assumptions when assessing how much tax a company should have been paying. For example, they will assume that all income is taxable and unless evidence shows otherwise, all payments are non-tax deductible. It is up to the tax payer to demonstrate if the case is otherwise and often this will require the services of an experienced fraud specialist forensic accountant.

Tax Investigation Services for Individuals and Self-Employed are able to recreate accounting records from partial accounts and present an independent and hopefully reasonable picture of the profitability of the business. There is always the risk that the authorities, including the criminal courts, will not accept these explanations and the answer is that it is better for businesses to keep adequate records and disclose all of its profits at the appropriate time. Get in touch with Royds Accountancy in London for more professional advice on accounting and taxes.

Which Self Assessment Service Is Right For Me?

C&C Accountancy and Taxation Services

Plumbing and Heating Romford
88 North Street,
Hornchurch,,Essex
RM11 1SR
UK
Phone: 01708 471442

 

Death and taxes are something that a person cannot avoid. You are in a better position to be tax-compliant if you go in for a self assessment service that gives you the required control. It allows you to take the responsibility for your tax matters.

When you go in for self assessment you can be prepared for the common date for filing and payment of tax and avoid the penalties that any wrong action can entail. In this system, taxpayers can not only file their return but also pay any balance tax that may be outstanding. Self-assessment needs a person to maintain proper and detailed financial records that make it easier to fill the forms that are needed to be entered during filing of tax returns.

A Self Assessment Service Can Help You to File Tax Returns In time

Tax returns vary depending on the person and can also be filled on-line. A person has to be aware of all income, savings, investment income while being aware of the various allowable deductions and reliefs that are available. A self assessment service can help you to complete all this work in the correct way that ensures that there are no queries in future from the tax authorities. You will need to give the service providers complete details of your income and expenditure and also be able to properly document any relief or rebates that are claimed during the preparation of the tax return.

self assessment service

Commercial software is available that can make self-assessment a much easier matter. The income tax authorities also have a self-assessment service that customizes your particular requirements and ensures that the returns are filed correctly so that all laws and regulations are followed.

Self-assessment becomes a simpler affair if proper records are maintained for all income and expenditure. This task has been made easier by most financial institutions giving detailed statements for your accounts and it is a simple matter of keeping all of them together and carefully filing the tax returns. Computers are a great help in maintaining these records and managing the created databases so that all the required information to fill the tax return is available at the touch of a button.

It is always possible to hire professionals and their services for the preparation of the returns, but even so, these people will also depend on the records maintained by you, and these have to be scrupulously correct. Hiring accountants can always help as long as you are careful to provide them with all details and do not omit anything.

Reasons Why You Need an Accountant

Accountants in Essex
Unit B, The Laindon Barn
Dunton Road
Basildon,Essex
SS15 4DB
UK
Phone: 01268 330162

Whether you’re a startup owner or you’ve been doing business for some time, you understand the importance of accurate bookkeeping. Though you may attempt to handle things on your own, sooner or later the process is going to become overwhelming.

Does your business need an accountant? The answer is affirmative. This professional will keep your financial data in perfect order and enable you to experience a vast range of important advantages.

Changes in Laws and Regulations
Tax laws and regulations change all the time. Since you aren’t an experienced professional in the field of accounting, you’ll find it very difficult to keep up with the changes and the new requirements.

An accountant has a really good idea about the upcoming changes and the manner in which these are going to affect your business. Through conversations with this professional, you’ll learn what it takes to keep your documents in order and potentially minimize taxes.

Accountants Provide Comprehensive Services
Depending on the experience and the specialization of the professional that you choose to work with, chances are that you’ll get much more than simple tax filing services.

Most accountants will help you deal with the regulatory framework, come up with a sound business plan, stay out of debt and comply with all requirements for a company within the particular sector.

This kind of guidance can save you a lot of money in the long run and make it much easier to establish your company’s positions on the particular market.

It Becomes Much Easier to Sell Your Business
Think about the future. Sooner or later, you’ll probably want to sell the company and retire or move on to another project. If you have an accountant who is performing management accounting on your business, you’ll find it much easier to get ready for the business sale process.

Potential investors and corporate buyers want to make sure that your company’s financial background is in perfect order. If your bookkeeping is a mess, your chances of selling quickly will decrease significantly.

You Want to Dedicate Time to Growing Your Business
True, you may be capable of dealing with accounting on your own but it will probably require a lot of time and effort on your behalf.

Hiring an accountant will give you enough time to focus on strategic and corporate development. While the accountant is taking care of the tasks at hand, you’ll get an opportunity to focus on what you do best.

Accounting services are affordable and incredibly practical. They are essential for just about anyone who wants to do serious business. Spending a little bit on this service right now can help you save a lot of money in the future and grow your company in the quickest possible way.