Business management is time consuming, usually a full time job in many instances, with knowledge of taxation and the latest changes in legislation essential. Time and money are valuable resources for any business, which is why outsourcing to an accountant firm is advisable. A reputable accountant has the latest information regarding taxation, to ensure that you are paying the right amount of tax within relevant deadlines. Being unaware of new legislation can result in a higher tax bill, or even falling foul of HM Revenue & Customs.

Five ways that an accountant will maximise your business resources are:

* Outsourcing your business administration to a low priced accountant firm will help you to make sound and cost effective business decisions. The performance of your business can be accurately measured using real time information, allowing you to make profitable decisions for the future. A timely business forecast will also be required if you seek investment from an outside source.

* New legislation, or amendments to existing legislation,are made available to accountants in a timely manner by HMRC, in order to ensure that all businesses comply with the relevant law. As the government are working hard to prevent tax avoidance, the legislation will be frequently changed to ensure maximum tax yields for the exchequer. An accountant firm will maximise your income, while minimising the tax that you pay, while staying within the relevant legislation.

* There are numerous deadlines for submission of documents. The self-assessment tax return has a deadline of 31st October for submission of a paper return, while an online tax return may be filed up to 31st January. Any unpaid tax for that period must also be paid by 31st January in order to avoid a penalty and interest charges. Failing to file a return before the deadline will incur a fixed £100 penalty. Payments on account also have to be made, with the first payment made by 31st January and the second paid by 31st July. Submission of Pay As You Earn forms, such as P35 or P14 end of year returns must all be filed in a timely manner to avoid penalties.

* HMRC allows a business to claim numerous tax reliefs and allowances. These allowances and tax reliefs will maximise revenue for your company. An accountant will advise which allowances you are entitled to claim and how to claim them, as rules are complex. Tax planning for the new financial year will also be dealt with by an accountant firm, who will look at ways to keep your tax bill low while staying within the relevant legislation.

* Outsourcing administration to an online accountant firm will ensure that your tax affairs are kept in a timely manner. HMRC carries out spot checks on businesses to ensure that the correct amount of tax is paid and affairs are in good order. If a company is neglectful of their tax affairs, this may lead to non-compliance with HMRC, leading to a penalty being charged.

Online accountancy through a reputable, low cost accountant firm will minimise your tax bill, ensuring compliance with HMRC and other financial institutions.

Lee Murphy is the co-founder of The Accountancy Partnership, an account firm based in Cheshire. Specialising in online accountancy services, The Accountancy Partnership is proud to offer online accountancy prices. For a personalised accountancy quotation, visit www.theaccountancy.co.uk.