IBISS & CO Limited

tax-filing The idea of filing taxes for the first time can be overwhelming. However, with the right advice and tools, tax filing can be a breeze. Most first-time filers need to learn some basic things to make the seemingly daunting process much easier. Chartered tax advisors  at IBISS & CO. are here to save the day. They're collated a few tips to help first-time filers get through the tax season stress-free. Tip #1- Start Gathering Relevant Tax Information Early It can be frustrating when you cannot locate the necessary receipts and documents you've saved throughout the year when it's time to file the taxes. Preparing your tax return can become stressful if you can't remember where the important receipts for the expenses are. It's recommended that you take a little extra time to plan ahead and make life a lot easier by keeping track of all the necessary information. Store everything related to tax credits and deductions in a box or file in an organised manner so...

Man-Audit  Many businesses in the UK face routine tax audits  from time to time. These tax investigations and audits can be quite stressful and complex, especially if the HMRC suspects inaccuracies in the tax returns. Unless you're very sure of the next steps, you must take professional advice from reliable companies such as IBISS & CO. as soon as the investigation rolls out. While numerous triggers can lead to HMRC  inspections, some of them are random inquiries. Regardless of whether the HMRC found anything wrong or chose you for a random audit, there's no need to panic. In this situation, building a robust understanding of tax audits might help ease your fears. Let's find out why you need to stop worrying about tax audits. But First, What Triggers Tax Inspections? According to statistics, nearly 9% of tax inspections are triggered at random. However, most investigations are carried out when HMRC believes something doesn't match up. Ignorance is no defence when it...