Many people do their own self assessment tax returns but in many cases it’s better to hire an accountant. Many accountancy firms offer self assessment and financial analysis services for individuals and businesses. So when do you know it’s time to bring in an expert?
You don’t have time to get your tax returns right or you’re missing out on tax savings. Here are the signs you need to hire a self assessment accountant.
Signs you need to hire a self assessment accountant
You’re too busy
You’re building a business from scratch or spending quality time with loved ones, time is your most valuable resource.
Getting your self assessment right is time consuming and you have less hours in the day to focus on what matters to you. The busier you are the more likely you are to make mistakes on your tax return.
When you hire an accountant to do your self assessment you give yourself time. Working out your hourly rate can help you assess the cost of hiring an accountant as they will prepare and submit your return for you, so you meet your obligations without upsetting your work life balance.
You run a business
As a business owner you already have enough on your plate. As well as getting your self assessment tax return right you also need to keep the wheels of your business turning. So why not hire an accountant? As your business grows managing financial records and tax submissions gets more complicated especially for a limited company.
Bringing in a professional makes it easier for you to focus on your business. We’ll file your returns with care and accuracy so you can do what you do best. Accurate record keeping is key to compliance and avoiding penalties.
And a tax expert won’t just keep you compliant; they’ll also make sure you claim all your expenses. So hiring a professional could result in a lower income tax liability and more money to reinvest in your business.
You have complicated financial affairs
If you have complicated financial affairs it’s time to hire an accountant.
A qualified accountant can help you navigate your business structure, so you choose the right legal framework for your financial needs. You may have multiple income streams or a large property portfolio or maybe you recently made a significant gain from selling an asset. Whatever your financial complexity a qualified accountant will understand the tax implications and keep you compliant while maximising tax savings.
You want to save money
With their in-depth knowledge of the tax system your accountant knows how to save you money on your return.
From business expenses to marriage allowance and business asset disposal relief an expert will help you take advantage of the tax reliefs and cost savings available to you. Chartered accountants with their qualifications and expertise will help you get all the tax reliefs and cost savings. With a professional on your side you’ll never overpay your tax again.
You need specialist advice
While online resources are useful never underestimate the value of human expertise. If you hire an accountant they can tailor their services to your needs, offer expert advice on your affairs. Self employed individuals face unique challenges in managing their tax affairs and can benefit greatly from tailored advice from an accountant.
And if you have any questions or concerns about your tax return your accountant will be at the end of the phone. They’ll also keep you updated if new tax legislation affects your liabilities so you stay compliant no matter how much the tax landscape changes.
You want peace of mind
Preparing tax returns is second nature to our accountants but we know many taxpayers hate self assessment season. Filling in all the forms, calculating your liabilities and meeting the deadline can be stressful especially if you’ve never done it before.
Self employed individuals face significant compliance challenges and can benefit from an accountant to avoid penalties and ensure accurate submissions.
As your agents we can take the burden so you don’t have to worry about penalties or missing out on tax relief. We know the tax system inside out so you can rely on us to keep you compliant and keep your liabilities to a minimum.
We’ll take care of any questions you have about your tax return and deal with HMRC on your behalf.
Want to hire an accountant? Contact us to see if our self assessment service is for you.
Why Hire an Accountant for Self Assessment
Hiring an accountant for self assessment can bring many benefits to individuals and businesses. One of the biggest advantages is the expertise and knowledge an accountant brings to the table. They are up to date with tax laws and regulations so your tax return will be accurate and compliant with HMRC. This can reduce the risk of errors, penalties and even audits.
And accountants can help you through the self assessment maze so you get all the tax reliefs and allowances available to you. They can also offer tax planning and optimisation advice so you reduce your tax bill and increase your refund.
Another big benefit of hiring an accountant is the time saving. Self assessment can be a time consuming process especially for those with complex financial situations. By outsourcing this to an accountant you can free up time to focus on other parts of your business or personal life.
How to Choose the Right Accountant for Your Tax Return
Choosing the right accountant for your tax return is key to getting your self assessment done efficiently and effectively. Here are some things to consider:
- Qualifications: Look for chartered accountants with self assessment experience.
- Expertise: Make sure the accountant has experience in your industry or sector.
- Reputation: Check online reviews and ask for referrals from friends or colleagues to see the accountant’s reputation.
- Fees: Compare fees with other accountants to get the best value for your money.
- Communication: Choose an accountant who communicates clearly so you understand the self assessment process.
By considering these you can find an accountant who will suit your needs and get your tax return accurate and compliant.
Self Assessment Tax Return Requirements
Self assessment tax returns are for individuals who have income not taxed through a workplace pay-as-you-earn (PAYE) scheme. This includes:
- Sole traders with a turnover over £1,000
- Business partnerships
- Limited companies
- Income from abroad
- Income from trusts or investments
The self assessment tax return is used to report income and claim tax relief. You need to know the requirements and deadlines to avoid penalties and fines. By being informed and organised you can keep your tax affairs in order and compliant with HMRC.
On Time and Accurate
On time and accurate submissions are key with self assessment tax returns. Late submissions will get penalties and fines, inaccurate submissions will get audits and more complications.
To be on time and accurate you need to:
- Keep accurate and up to date records
- Understand the self assessment process and deadlines
- Get professional advice from an accountant if needed
- Submit your tax return well before the deadline
By following these you can avoid the stress and financial penalties of late or inaccurate submissions and get your tax return done smoothly and efficiently.
How an Accountant Can Help with Tax Planning and Optimisation
An accountant can help with tax planning and optimisation so you reduce your tax bill and increase your refund. Here’s how:
- Tax reliefs and allowances: Accountants can help you claim tax reliefs and allowances you are entitled to, reduce your tax.
- Tax planning: Accountants can advise on tax planning strategies, income shifting and pension contributions.
- Tax optimisation: Accountants can help you get your tax return optimised so you are claiming all tax reliefs and allowances.
- Tax forecasting: Accountants can help you forecast your tax bill so you are prepared for tax bills or refunds.
Want to hire an accountant? Contact us to find out whether you’d benefit from our self-assessment services.