The need to pay Provisional Tax has been around for many years but it still seems to be an area which gives rise to problems. I hear many stories of business owners not being told by their accountants when and how much to pay which always surprises me - after all, isn't that what they are there for?
Getting your provisional tax wrong can work out to be very expensive, when Use of Money Interest and penalties are added to the amount due. It's essential to keep up-to-date with your profitability to ensure that you don't pay either too much or too little, which is where our focus on systems at Accountancy and Business Advice Centre pays off, since then you will be in a position to prepare interim financials meaning we can arrive at a reasonably accurate estimate of your Provisional Tax liabilities if using the previous years' liabilities is not appropriate.
We also encourage our clients to use Tax Pooling which saves them money (and relieves stress), either to finance up-coming Provisional Tax liabilities or to cover situations where Provisional Tax payments were overlooked.
At the Accountancy and Business Advice Centre our intimate knowledge of our clients' businesses enables us to forecast future Provisional Tax liabilities as well as giving all our clients timely reminders of how much to pay and when. For start-ups, the first thing we do is to provide a forecast of likely Provisional tax liabilities.
Why put yourself at risk with second-best advice? Contact us today to get your Provisional Tax in order.