Filing self-assessment returns can be a real headache, a taxing problem you might say! But do you take on the challenge yourself or is it something you need help with?
The end of the financial year always seems to come around very quickly and the prospect of filing a self-assessment tax return fills most people with dread – which is why it’s probably best left to someone who knows what they are doing.
There is nothing stopping you filing your tax return yourself and some do but if you feel it is beyond your talents, are facing filing a self-assessment return for the first time, thinking about finding someone different or simply don’t want the hassle, there are a number of benefits to hiring an accountant. It will:
- Save you time and money
- Provide the reassurance of knowing the job will be done properly
- Identify tax savings which you may be unaware of
- Provide general professional advice and guidance
Who to choose?
Having decided on the need for an accountant, the next step is choosing the right one – someone who is qualified and reputable. It’s worth mentioning at this point that anyone can set themselves up as an accountant and it’s not a legal requirement to be qualified.
But we would always urge you to think long and hard about who you are entrusting your finances to. It’s not difficult to check-up on credentials and employing someone without accreditation can lead to problems which may require you to have your tax return done again if it’s not right.
There are a great number of accountants out there and a simple Google search will bring up many offering a quick and inexpensive service. But beware, there are accountants who just input the figures you provide and then file your return, meaning you might as well do it yourself.
You want someone who can take into account things like the different types of expenses that can be claimed, the business use of your home and utilities and so on when it comes to filing your figures. An accountant is also always up to date with the ever-changing tax rules.
When it comes to cost, this can vary depending on the complexity of your accounts, level of income and number of sources of income. Most reputable accountants will offer a fixed fee tax return for the full service, but there are those who offer low upfront costs which are then followed by additional add-on fees.
Tax returns are an essential part of life for the self-employed but it isn’t something you have to tackle alone. For fully professional and qualified advice on how we can help you, call us on 01952 216872 or email firstname.lastname@example.org