Small Business Tax Return: 5 Good Reasons to Hire an Accountant
The typical small business owner believes that they can handle their business on their own. After all, they put time and effort into starting it.
They carry out activities such as stock management and invoicing on their own. What they don’t seem to realise is they need to focus their energy on improving their business if they expect it to grow.
One of the areas that you’ll need help as a business owner is in lodging tax returns. Tax returns cover the financial year from 1 July to 30 June. They should be lodged by the 31st of October.
A professional accountant is the best person for the job. Here are 5 good reasons to hire an accountant to do your small business tax return:
1.They Can Handle Government Paperwork
Government paperwork is the last thing you want to handle when running your business, especially when you’re having a busy day. An accountant can take care of your tax filing.
Additionally, they can offer assistance with more than tax returns alone. They allow your business to interact with the government in a number of ways.
A professional accountant should be able to:
- Prepare statements of your accounts annually
- Finish and file the necessary compliance and legal documents for your business
- Update the status of your company regularly in the government’s company register
- Keep your company updated with the latest tax laws
- Maintain the records of administrative personnel like directors
- Sort your payroll and see to it that the payments and tax codes of your employees are recorded properly.
2. They Can Advise You on the Legal Structure of Your Business
Businesses have different legal structures. Some of them are determined by several factors. A number are known as corporations, limited companies or limited liability partnerships. Others could be proprietors or sole traders.
Considering each of the types before deciding which one is the best for your business is a good idea.
If you don’t know anything about legal business structures, an accountant can help you identify each of them and help you decide the most ideal for you.
3. Accountants Can be of Help If You’re Audited
With all the small businesses and a few government auditors, the chances of your company being audited are slim. Don’t rule it out, however. Auditing is a time-consuming, costly and stressful process.
Accountants can give you some tips on working within the auditing process. In addition, they make sure that you don’t violate any tax laws after.
4. They Can Advise You In case You’re Planning to Buy a Business
Maybe starting a business from scratch doesn’t work for you. Buying one that’s flourishing sounds better and that’s okay. Before doing that, consult your accountant first. They can do some investigation on it, look into its accounts, and see if there’s anything off about it.
They can, for instance, find out if the business in question has an outstanding debt and if its equipment are part-paid for, fully-owned or leased.
5. Growth is Smooth with an Accountant
More customers means that you have to grow your business. The growth process seems easy, but it isn’t.
An accountant can assist you to sail through it seamlessly. They can help out in taking on more office space or hiring employees.
They can also handle the details -utility payments, payroll, property tax, employee tax management, etc as you focus on the bigger picture.
Quality Taxation and Accounting Services
Having a small business is a big deal. You need ample time to strategise on growing it. At GBL Accountants, we can make that possible for you.
We are located in the heart of the Sydney CBD and Docklands in Melbourne. Our goal is to provide understandable and friendly taxation and accounting services for all our clients.