By Jack Olivers
The prospect of an investigation in to ones taxes by authorities is daunting to any individual or business, even those with nothing to hide. Tax authorities are notorious for finding errors and mistakes derived from ancient and seemingly esoteric tax law that baffle and befuddle even the most ardent of law-abiding citizens. Specialized knowledge, education and experience on the part of the investigating bodies aids them greatly in the pursuit of their quarry, and smart tax payers know that hiring chartered accountants to assist and provide aid during a personal tax investigation can yield positive results.
Accountants spend their professional lives dealing in large part with taxes and taxation, and are very knowledgeable as to the legislation governing taxation and the practices common to its collection and enforcement. Whereas private individuals and small businesses may accumulate some financial and business acumen across their professional lifespans, accountants practice fiscal discipline as a career, and can provide an exponentially greater command of the relevant information when compared to the average tax paying citizen. In much the same way that only the inexperienced would choose to represent themselves in court, so too would individuals undergoing a personal tax investigation be unwise to expect great results without the aid of a chartered accountant.
While all certified accountants will have roughly the same education and skills, a chartered accountant is an accounting professional baring the internationally recognized designation of belonging to organizations with historic acclaim and successes. Chartered accountants maintain an ongoing education, keeping abreast of changes to their industry and respective areas of specialization, and can offer an absolute wealth of knowledge and assistance when dealing with potentially troublesome investigations launched by the taxing bodies and authorities. Avoiding harsh penalties, loss of assets and even incarceration are the prime reasons to seek out the services of a chartered accountant to help deal with witch-hunting auditors looking in to any area of an individuals private financial life. Chartered accountants are familiar in dealing with inheritance, corporate, capital gains, value-added (VAT) and other taxes.
Many private citizens with little to no financial or legal knowledge are unaware as to their rights and responsibilities as they relate to the tax code, legislation and enforcement. A chartered accountant is so familiar with these issues as to constitute a second nature, and will be of invaluable aid in insuring that the rights of the person or persons under investigation are protected. When seeking manageable and affordable settlements with HMRC, chartered accountants help produce tangibly better results than private citizens attempting to go it alone. Accounting services can operate proactively to assess and address potentially troubling issues with personal or business finances, and can help considerably in getting any financial house in order well ahead of a tax investigation.
Jack handles online branding and management for small and medium sized companies. Working for SPWCA.co.uk, a London Chartered Accountancy Firm.
If you are looking for a team of reliable, approachable, and proactive accountants London who will do more than just respond to your needs but work alongside you to help you succeed, visit SPWCA.co.uk - our Chartered Accountants Firm London.
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