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Self Assessment Tax Return – Good Reasons to have an Accountant

Self Assessment Tax Return – Good Reasons to have an Accountant

Why Self-Assessment Tax Returns Should Be Handled By Your Accountant

While finance might not be one of your strong skills, an accountant is certainly a pro at it which is why more than half of the UK taxpayers trust their accountant with numbers. The complex rules of taxation and the minute details that need attention in the process can be a bit overwhelming especially if you are a growing business or a busily self-employed. There are deadlines that need to be taken into account, a bunch of paper work and calculations which make tax returns filing a time consuming task.

All of the hassles and stress can be avoided by taking assistance from an accountant who can further ensure there is no mistake committed and any errors are corrected. Moreover, they make certain to adhere to the deadlines and file the tax returns well before time, thus, save you from the penalty fees and unwanted inspection.

The technology has made tasks simpler for us and with that brought the power to cross-referencing and easy auditing. The HMRC has their databases connected and any analysis can be run without much delay. If they discover any suspicious information or an error, then you can land an investigation from them.

Beware, as getting into a tax investigation is the last thing you would want. It is a costly process, not to forget, stressful and might require you to produce lots of past information. You might actually get trapped into something that has no fixed duration and owe additional tax and NIC.

Thus, a better idea would be to hire an accountant for your self-assessment tax return filing. Let us look at some of the benefits it has.

Good Reasons to have an Accountant for Self Assessment Tax Return

1. Like mentioned previously, for a self-employed person, you might be running long hours into your business, managing it, trying to expand it, and to top it with filing tax returns might lead to frustration you can spare yourself by hiring an accountant.

2. An accountant will file just the right forms for you as they are highly experienced in working with sole traders, small business and even big model business.

3. Error-free filing is what you want and what an accountant can make happen. No room for silly mistakes of wrong attachments or missing files or details. Mistakes can cost you and accountant is to help you save just that.

4. The accountant comes with plenty of experience and for god’s sake, it is their job, they do it for a living. They would certainly not want to ruin their reputation amongst clients.

5. You accountant will be well informed of the changed legislation and can inform you to take timely, necessary actions if required.

6. You would not have to bother yourself with penalties. The accountant will ensure to file the tax return on time and also have you pay your taxes well before the deadline.

7. Their job is also to help you save a lot of money by minimising your tax bills. While you may miss out on some eligible deduction, your accountant will have a keen eye on the claims you could legally make. From completing the filing of forms correctly to the right way to save the money, they are equipped with beneficial knowledge.

8. The association with your accountant can help you stay organised for future tax return filings along with tips on managing the finances efficiently. For growing business, this is the biggest advantage, since all round the year they will advice you on ways to operate your business by successfully saving on tax in a legal manner.

9. If you are engaged in multiple businesses or have personal finances to be managed, the accountant plays a perfect role of an advisor.

10. Not just saving money on business, their knowledge of different business enables them to help you with making crucial business decisions. After all, they know the numbers very well.

11. In any case should you face a problem in your business, your accountant will be able to help as they have a good network of banker and lawyers in place.

Plenty of taxpayers in the UK receive a penalty of £100 on account of failing to submit their tax returns before the deadline. And close to 400,000 were further penalised due an outstanding late fees even after six months.

If you want to save yourself from the headache and cost of tax investigations and make your finances more manageable, you should definitely consult and consider taking an advice from accountant. You can talk about the areas of expertise with different accountants, question the about what their service include and decide for yourself if their professional fees is worth it.

If right now you are thinking of getting in touch with someone experienced then you are just a step away from getting in touch with a professional accountant and personalised service. You can email us at info@targetaccounting.co.uk