5 FAQs from those on the lookout for online tax advice

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Regardless of whether you’re a business owner or an individual, you’ll most likely seek UK tax advice online, in the run-up to the Making Tax Digital deadline.

With a wealth of data out there on the internet, it’s easy to become a victim of information overload. Not only this but in some cases, it’s also difficult to determine whether the information you’ve obtained is accurate and reliable.

Here at Alexander and Co, we have over 40 years of experience in accountancy, tax and advisory services. No matter what the situation, you can rest assured that you’ll get trustworthy advice tailored to your individual position and organisation.

Take a look at some of the frequently asked questions to for those on the lookout for online tax advice, to prepare for the switch to digital tax.

‘How do I file an online tax return?’

With the announcement of the Making Tax Digital scheme, came the new HMRC online tax service. The new site allows you to file your tax return online and make changes in real-time. By 2020 all businesses will have to keep online tax records, so it’s best to get on board with the service as soon as possible.

If you’re new to digital tax, you may be wondering how to do an online tax return and there are two main options. You can: a) complete your tax return via the HMRC online tax service or b) buy software from a trusted supplier that sends your tax return to HMRC.

If you have any difficulties completing your online tax return, it’s best to contact HMRC, contact your accountant, or use the helpsheets on the HMRC website for guidance.

‘Do I need an accountant to help with online tax?’

Those who are self-employed or part of a small organisation may find the online tax process more simple to do by yourself. However, it does help to have an experienced accountant to provide some guidance for you if you run into any problems.

Alexander & Co have a team of dedicated tax accountants that can provide you with practical advice and work in line with your business objectives and goals.

Get in contact with a member of our team today to learn more about how we can help your organisation.

‘When is the deadline for online tax returns?’

The deadline for online tax returns is at midnight on the 31st of January 2018.

It’s crucial to file your tax return well before the deadline, to ensure you don’t incur any penalties or fines.

You can find out all the information about self-assessment tax returns, deadlines, and penalties on the HMRC website.

‘What are the advantages of sending your tax return online?’

Sending your tax return online may seem difficult at first, if you’re used to the paper tax process. However, there are many advantages that you can experience if you switch to online tax.

Some of the main advantages include:

  • Later filing deadline
  • Your tax is already worked out for you
  • It is faster to receive refunds if you’re owed money
  • Simple processing
  • Faster processing

‘How do I send my company tax return online?’

Companies paying corporation tax will need specific software to file their company tax returns online.

HMRC have their own free filing service that you can use to send your company tax return, however there are some exceptions for those who can use the software. If you’re not eligible to use HMRC’s free service, you will need to invest in commercial software.

Fortunately, HMRC have a trusted list of commercial software suppliers that comply with their guidelines, making it easier to find a program that suits your needs.

If you’re on the lookout for comprehensive, reliable online tax advice, it’s always best to go to the professionals if you’re unsure of anything. Our team can assist you in all areas of tax and make sure you and your organisation are prepared for the making tax digital deadline.