Posts Tagged ‘Politics’

Top 8 Benefits of Automated Tax Preparation Services you should take advantage during busy Tax Seaso

September 26th, 2022

Accurate tax preparation is an edging responsibility of CPA,Guest Posting EA and accounting firms. It needs a high level of knowledge and precision to manage all the tax-related work for one client. From small to a large company – an intrinsic attentiveness is required to handle various tax preparation services such as tax return filing, tax payments, audit reports, and few other tax services.

When they have to manage more than 200 different compliances, than slaving over manual spreadsheets won’t offer accuracy, efficiency, and speed. To get flawless tax preparation system, tax service providing companies need to adopt automation tax preparation process as it can take care of accounting figures from the very beginning and offers –

The security that all the legal tax-related obligations are correctly fulfilled.

Ensure to follow the latest tax exemptions to clients that will eventually enhance the income of the client.

Automation Tax Preparation Structure

In CPA tax preparation firms, the automated tax process is gaining huge popularity and replacing the older manual method. Various tax software is used to record the data on tax forms and save it for later access. Every tax preparation company use the different automation system to power up its tax system during the busy tax season.

For instance, at CapActix – the best-outsourced tax preparation company – we use a complete automation system where we start using software from the bookkeeping process to the accounting process. Thus, tax preparation became super fast and easy as basic accounting entries are already recorded. However, some organizations prefer to retrieve data from tax forms directly and then automate it, this method can be slightly time-consuming.

Tax Avoidance Can Get You Arrested – It’s Time for Some Tax Advice

March 23rd, 2022

HMRC Arrests Tax Evaders – Reason Why Tax Advice is Precious

There are several reasons why financial advisers continue to provide tax advice. For starters, by paying the right amount of tax, you stay out of the authorities’ radar. Back in August of this year, five plumbers were taken into custody for not paying the correct amount of tax. Some 600 more were under civil investigation conducted by HM Revenue and Customs (HMRC) for the same charges. Some of the people involved owe as much as £150,000.

The investigations and arrests were conducted as part of HMRC’s campaign called the Plumbers Tax Safe Plan (PTSP). The plan invited heating engineers, gas filters, plumbers, and others working in related fields for the purpose of getting tax affairs sorted by the end of August, although an earlier deadline of May 31 was set. By then, people were already encouraged to confess.

HMRC found out that those under investigation and arrested are tax ghosts-people who don’t declare their income.

HMRC considered the following areas to be raided for tax avoidance:

- Kent

- Yorkshire

- Tyne and Wear

- Cambridgeshire

- South Wales

- Midlands

The whole UK is under the investigative eyes of HMRC. People committing or about to commit tax evasion have been warned.

Let’s Clear Things Up. Tax Advice and More

Tax advisers say that although HMRC’s disciplinary actions were only appropriate, reporting the arrests has a rather deterrent effect. It has become quite apparent that people who plan to come clean are now afraid because of news of the investigations and the arrests. So, instead of encouraging people to come clean, the police and HMRC may be doing the opposite.

Another problem that has come up is the issue of employers who pay their workers cash in hand and refuse to follow tax obligations as employers. If this is the case, the more appropriate procedure is to report the employer because in a case like this it’s the employer who is liable.

Another thing that’s sure is that the plumbers who were apprehended weren’t technically captured due to tax avoidance, but tax evasion. What they did was evade tax payment duties, which is illegal.

This intervention of law enforcement doesn’t only apply to plumbers and gas filters. Whether you’re a florist or medical professional, evading tax obligations is punishable by law, so take proper tax advice.

What Does It Mean to Take Proper Tax Advice?

Getting tax advice means consulting a professional and experienced tax adviser. It’s worth noting that a good tax consultant should be able to help you negotiate agreements with HMRC.

Tax advice also helps you keep accurate and updated tax records. This means you’ll be able to keep a clean record. Here’s a quick guide to choosing a good tax adviser:

1. A good consultant asks detailed questions about your receipts, business, previous filings of tax returns, deductions, etc.

2. Look at the professional’s credentials and referrals.

3. Make sure the advisor will be available during audit.

4. Consider a consultant who you feel comfortable sharing personal and financial information with.

These are just a few pieces of tax advice, but should help you prepare tax returns and pay on time.