According to an annual poll carried out by YouGov and uSwitch, HM Revenue & Customs is the worst offenders when it comes to accuracy of bills. Almost six million Pay As You Earn taxpayers paid the wrong amount of tax, either paying too much or too little. For the taxpayers that were owed a repayment of tax, this wasn’t quite as bad as for the taxpayers who received calculations demanding money owed to HMRC.
Until 2007, energy companies were always voted as the worst culprits when it came to bill accuracy, but vast improvements to the billing system have been made. Other companies who were nominated for bill inaccuracies include water companies, credit card companies and council tax departments. Inaccurate bills can result in consumers struggling to find money that they just don’t have, while taking valuable time to sort out the errors made by large organisations.
For small businesses dealing with HMRC, it can be notoriously difficult to sort out errors in your tax bill. A reputable online accountancy will enable you to submit your self assessment tax return and accounts based on real time information, within the relevant deadlines. A small business accountancy will also deal with HMRC on your behalf, with their knowledge of relevant legislation being advantageous.
For many small businesses, checking their annual tax bill or calculating accurate payments on account is a time consuming exercise which results in the figures provided by HMRC being accepted without question. Outsourcing to a reputable accountants will guarantee that you pay the correct amount of tax each year, without fear of receiving an unexpected tax bill.
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