The Most Common Taxation and Accounts Myths You should Know about
Oct 04, 2017 12:40
A lot of people who wish to start their own business – no matter how small the start-up may be – fail to take action and actually do it, and often this has to do with the daunting prospect of taxation regulations and accounting practices. These two areas of doing business seem to be perceived as so complicated that only experts in the field (certified accountants and taxation lawyers) understand how to do it properly.
Whilst it’s true that some rudimentary knowledge is necessary, it’s really not as hard as it looks. In fact, anyone willing to learn can do so very quickly. It’s time to dispel some myths and show that you can do it too. Here are the most common taxation and accounting myths you should know about.
It’s for math geniuses
You do have to be able to add and subtract, divide and multiply, but this is elementary math – and with the help of spreadsheets and a calculator, it all becomes very easy and straightforward. In fact, there are many helpful and inexpensive software packages that make accounting trouble-free and painless.
You really have to be an accountant
You really don’t have to be; in general, keeping your own books is quite easy – you just need to establish a system. Accountants do have important roles to play, however, such as helping you write financial statements and preparing for the end of the fiscal year, so getting advice from professionals (such as the accountants Central London from GSM & Co.) is always a smart move.
HMRC knows it better
They may, but that doesn’t mean they don’t make mistakes now and again. If they present you with a taxation claim that seems ridiculous to you, don’t assume they are automatically right. Investigate.
All companies are audited
No – in fact, small companies (which comprise the majority of all companies) are hardly ever audited, unless there is suspicion of some form of cheating or fraud.
Limited companies allow you to avoid tax
That’s a big rumour, and totally false – just because you have a limited company does not mean you can avoid paying taxes. You will, however, be able to give yourself tax-free dividends up to a certain amount.
Never allow these myths to stick in your head and sow doubts about your ability to do your own business’ books – they are only myths, and have no basis in reality. It’s true that certain kinds of businesses are more heavily regulated than others, and it’s also true that in some cases accounting and taxation laws can get complicated, but all information is out there, and you can do your research and learn very quickly. There’s absolutely no reason why you shouldn’t be able to grow your own business today.
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