Codestone

Category: Accounting software

Dealing with tax issues can be time consuming, difficult to master and costly for firms, so investing in accounting software could be a wise move.

Prue Watson, spokesperson for the Federation of Small Businesses, agreed that tax can become a major distraction for companies.

Therefore, it is wise to complete it prior to the Christmas break, so it is not lingering for a return to work in the new year.

"Completing tax returns can be time consuming and is a complicated matter and as such it is imperative that time management is used to maximise time," Ms Watson stated.

The use of accounting software could be one way to tackle the issue, while the expert recommended signing up with HMRC well in advance of any tax deadline.

According to the National Audit Office, UK courts could miss out on £1.4 billion in penalties after financial mistakes were made – something that could perhaps have been avoided with the use of accounting equipment.

Posted by Jack Gilbert