Are you thinking to claim your company tax returns, then you are not the only person. Many professionals and industrialists have been trying to file their taxes without hiring separate tax accountants. This is mostly because of the reason that getting help from professional tax accountants can be very expensive. At the same time, many frauds might also steal your company information for making their profit.
However, applying for taxation is a complicated process, and even a small mistake can result in losing thousands of bucks. In this article, we have listed some of the significant drawbacks you can face while filing your company tax returns Narre Warren. So, let’s jump into the topic now.
Filing the Wrong Tax Form
There are currently various kinds of tax forms differentiated based on the income groups of individuals. So, if you earn your income through salary/pension, and have only one house property and interest income, you should fill up the Form-1. However, people often fill-up the wrong form, which results in the rejection of their company tax returns, while simultaneously terming their performance ‘Defective.’ Similarly, one or more rejections of your return can also attract legal action against your company.
Not reporting Investment Income
While filing up the form, one must honestly provide all income reports for the successful deposition of the form. This includes income generated from investments, interest income from fixed deposits, capital gains, and many more. If your income comes under reservation, then you need not suffer from any tax deductions from your earnings. However, if you try hiding your actual income and claim to have a lower income on your taxation form, this may lead to fraud cases, which will be very lethal for your company.
Not Reporting all Bank Accounts
If you have multiple bank accounts, then also you are required to mention all the bank accounts along with their incomes to prevent allegations of fraud in the future. Although previously, only one account was needed to be specified where the user wanted to receive the credit, rules, and regulations have changed in recent years. The only bank account you need not mention is the one which has been dormant for a long time.
Failing to Revise income in time
In case the Government finds some discrepancies in your tax form, they reject the form and give some time to make amendments. Although the time may vary from state to state, the most average time-out is for one year. However, if you are not able to make the required amendments and reapply the form within the given time, your taxation rights may be canceled temporarily.
Unless you have required knowledge and experience handling company tax returns Narre Warren will not try filling out your tax returns. The market is filled with numerous options if you are searching for a tax accountant within your budget. So, never try to jeopardize your company by taking the matter into hands. You can either hire an individual account freelancer or can consider hiring a firm. The second option would be your ideal bet.
However, selecting the right firm is a tough nut to crack too. If you handover the task to a newbie under the impression of less service fee, you can end up paying even more taxes than your imagination.
How to select the right firm
Before you select any firm, look for its reputation in the market. Of course, hiring the number one firm would cost you more than required but you should not settle for any novice either. Go for a tax accounting company having a minimum of five years of experience with 80% positive feedback in the market. Be sure to check for offline reviews more than online ones. That’s because offline reviews can be hardly faked on a larger scale like the other.
Another option for you is that you can also check the website of Rands Financial Services. The company bears intelligible and dedicated tax accountants who have been helping their customers and clients for a long time by now, and have immense knowledge on tax returns. What’s more? They also provide consultations within very affordable prices, so be sure to contact them today for immediate response.