Eradicate tax return misunderstandings

For small businesses that continue to undertake the task of online submission of annual tax returns, some inadvertently find themselves tripped up by the terminology on the HMRC website. Numerous small businesses owners and their HR payroll representatives have indeed found themselves in the unfortunate position of genuinely believing that they have filed their tax returns ahead of obligatory deadlines, only to find themselves faced with substantial fines for untimely submission. This appears to be due to confusion surrounding the ‘submitted’ and ‘updated’ messages that HMRC’s website shows at certain points during the submission process.

Consequent fines for such genuine misunderstandings can accumulate over several months and run in to anything from a few hundred pounds up to thousands of pounds. Those that have been caught out and those who are fearful of being caught out often feel powerless in the face of a system that they consider to be complex and unfriendly towards small business users. However, many that have opted to enlist the external expertise of outsourced payroll services providers have the peace of mind that their tax affairs are professionally dealt with.

Many small businesses lack both the specific knowledge and the time to deal effectively with the administration that surrounds payroll, including tax and National Insurance deductions from staff wages and salaries, and annual company liabilities. When well respected payroll companies are brought on board, small business owners can opt for packages that offer purpose built systems and ongoing support to internal personnel, fully outsourced payroll solutions, or a befitting midway point between the two.

At Moorepay, our small business HR payroll solutions continue to rise in popularity, as small companies are ever harder pressed to reduce time spent on administration in order to concentrate on optimum output. Additionally, they can rest assured that confusion over tax returns and the potential of unexpected fines is eradicated when expert help is taken up.

The Article is written by www.moorepay.co.uk/hr_software providing Hr Management Software and Hr Software Systems. Visit http://www.moorepay.co.uk/hr_software for more information on www.moorepay.co.uk/hr_software Products and Services___________________________Copyright information This article is free for reproduction but must be reproduced in its entirety, including live links and this copyright statement must be included. Visit www.moorepay.co.uk/hr_software for more services!