What you need to know about the five encountered taxation issues in businesses

Are you planning to start a business within Eastbourne, Sussex? You must be aware of the tax implications that businesses carry. Accountants and accountancy firms come in handy in this sector. They specialise in a variety of services including support and compliance services, pension and investment options, business startup directing, taxation, and even international and expatriate accounting services. However, the most important part of all this is their help when it comes to taxes owed by the business to the government.

Most people employ accountants at the beginning of the business and go for years without having a clue as to any tax related issues affecting their business. It is high time you start educating yourself on all the taxation issues surrounding your business, as a manager. Below is an analysis of the crucial tax related issues you might face in the course of your time spent as a business owner.

Five taxation issues in businesses

1. Personal taxes- These taxes include inheritance tax, income tax, and capital gains tax. Starting out a business requires one to disclose their personal information to the government. This self-assessment process entails the filing of forms and some compliance aspects made by the owner.
2. VAT- Value added tax regulations keep changing from time to time. This taxation sector sparks quite a number of issues such as overpayment of VAT and insufficient knowledge on the changes in the VAT regulations. If you own a business, it would benefit you if you keep in touch with the changes as they come. Alternatively, you could hire accountants and instruct them to update you constantly on the steps you need to take.
3. HMRC investigations- Business owners need to be prepared for future investigations by the HMRC regarding their taxes. HMRC tax-related investigations have become very frequent in the recent past. Being the subject of such an investigation could prove to be very stressful and worrying, which is why you will require state of the art accountancy services in Eastbourne, to provide some insight and support on how to handle such issues. It would be in your best interest to secure the help and services of firms with experience on this issue.
4. Corporation taxes- Business owners are directly liable for the accurate calculation of this type of taxation. Failure to comply with the corporate tax compliance regulation effectively attracts harsh penalties. Managers need to acquaint themselves with ways that help them minimise the exposure to corporate taxation in a bid to maximise the growth of their businesses.
5. Tax protection- This aspect deals with securing the future of your personal and business assets by taking up an insurance policy. Catering to your future needs is a mandatory step for all business owners, especially following issues such as HMRC investigations. Most accountancy firms in Eastbourne support and provide this service to their clientele.

Advanta chartered accountancy firm provides services with respect to the above five tax-related issues. This accountancy firm in Eastbourne works holistically, involves itself in the business to make sure that the business grows sporadically. For more information on their amazing services, visit their website www.advanta-ca.com or contact them through 01323 411222 or info@advanta-ca.com.