What Is the Process of Preparing a Tax Return?

1. www.mmba.co.uk What Is the Process of Preparing a Tax Return? Tax is nobody’s favourite thing. We are not even all that sure that HMRC really enjoy dealing with it. Many small business owners and sole traders list filling in their tax return as their absolute least favourite thing to do. We are accountants however, and so tax matters really are our bread and butter and here at MMBA we are more than happy to liberate you from the chore of preparing your own returns. As an experienced tax consultant in East London we have been helping clients with their taxes for many years and we can do the same for you. Of course, while we are well equipped to offer some of the most reliable income tax advice in London, there are some things that we will need from you, and so we encourage all of your clients to be well prepared in advance of tax season.

2. www.mmba.co.uk Indeed, if you wish to keep your tax affairs simple and stress free, planning and preparation are all important. Our advice is that business owners should be keeping clear records of both income and expenditure throughout the year. A simple spreadsheet will do the job and spending a few minutes a week updating it is infinitely preferable to spending hours and hours in January pouring over receipts and bank statements. This income/outgoings information is absolutely crucial to your tax return, so keeping on top of the records really is absolutely crucial. But if you can give your accountant those records you can absolutely take a step back. As one of the leading tax consultants in East London we have an appreciation of a good tax return completed to a high degree of accuracy. But we do understand that this is a niche interest of ours – we know that for most of you even keeping the records we suggested will feel like a chore. We would merely state that it will, in the long run, make your life much, much easier. Similar record keeping will also be useful when dealing with your personal income tax. We would always advise clients seeking income tax advice in London that clear records enable us as accountants to take care of your affairs without needing to constantly bother you with questions. The same principle applies in other, more complex areas such as cryptocurrency too. Our Crypto Tax advisors would always urge you to make sure that you have records of your holdings and transactions.

3. www.mmba.co.uk Indeed, for complex areas of taxation such as cryptocurrency profits and holdings having accurate records is incredibly important. Our experienced team of crypto tax advisors can attest that as the regulations around this new area evolve and develop knowing what happened when is incredibly important because as professionals we need to know which regulations applied to transactions at the time they took place. What we like to impress upon our clients, however, is that in the end they do not need to be completely across all of the procedures relating to the completion of a tax return. As a leading tax consultant in East London we regard the detail as our job. Our clients give us the information, we put it into a format that works for the tax authorities. Whether you need income tax advice in London, the assistance of crypto tax advisors or any other kind of tax advice our teams of skilled and dedicated taxation accountants stand ready to help. Put your tax affairs in the hands of MMBA and rest easy in the knowledge that everything will be taken care of.