Need help complying with HMRC?

If you are a small business owner in the UK, you must already be aware of the importance of complying with HMRC. Failure to oblige often results in heavy penalties. The rules and regulations are frequently updated; unless you follow them closely, it is rather difficult to prepare your records on time for tax season. Appointing an in-house bookkeeper might cost you a fortune. There is hiring and training costs, office space, computer installation and so on. If you are ready to spend so much on an accountant, you can go ahead with it. Your accountant will take care of everything (at the expense of a good chunk of your profits.)

At the same time if you are planning on managing it all by yourself, well, good luck. Because, you’ll need it. It is not easy to manage accounts, especially if you have to take care of it, besides all other administrative tasks. Not a good idea. You will not have time to eat and sleep well, let alone manage accounts. Plus, in an attempt to complete your records faster, if you update books hastily, you are likely to make mistakes. At this point, you cannot afford to make mistakes. That would mean redoing all your accounts. That’s an even bigger nightmare.

So, we have ruled out DIY accounts and the option of an in-house accountant. What other way is there?

You can approach accounting firms and hand over your work to them. Rather like outsourcing, except these guys would be in your vicinity and not far away in a different country. Qualified accountants from a local accountancy firm would be assisting you with accounts at affordable rates. If you are residing in the UK, you can approach Tally Accountants. They are experienced accountants who extend services such as bookkeeping, accounting, payroll, IR35 for contractors, CIS returns, VAT returns and so on. They are easily accessible. Thus if you find local firms such as Tally Accountants, they can help you comply with HMRC.