Accountant for Self Assessment

Accountant for Self Assessment

Whilst there are no legal requirements to use the services of an accountant for self assessment, it can help to ease the burden of a tax return for busy professionals. Tax returns are a complicated matter and can be overwhelming for many people. Do not suffer in silence, contact an accountancy firm to get the expert guidance to ensure you are fully complying with tax regulations.

Self assessment involves accurately submitting your earnings to the government, along with the source of these earnings, and permitted expenses which may reduce your tax expenditure.  

Previously, taxpayers were not responsible for calculating the tax they owed, but since self assessment was implemented, there is a deadline to submit tax returns once the year is over. Hence, it is important that you get it right, or you will be penalised.    

What to look for in a self assessment tax return accountant

You need a tax return accountant trained on specialist self assessment software. The software makes the form completion significantly easier. Despite its availability to anyone, it can be tricky to get to grips with. Tax return accountants have the intricate knowledge of the software, meaning the job can be done faster and with guaranteed accuracy, saving you time and money.  

A good accountant should reduce your tax liability as simplistically as possible. Many business owners do not realise the amount of business-related expenses that can be claimed back. However, there are still delicate tax rules, so you must know absolutely what can and cannot be claimed. They will guide you on this.

You should be provided with clear guidance for what can be difficult financial decisions. You want a self assessment accountant that can offer a bespoke service to each individual client, with a flexible approach depending on business or personal needs.

If you’re seeking help with self assessment tax returns, there are a variety of high-quality firms across the UK, but it’s crucial to find one that fully understands your situation.  

Xero Accountants

Xero accounting software is trusted by over 2 million small businesses, due to its ability to make accounting transparent and easy for your company. It automates everyday business tasks, having all the time-saving tools you need to grow your business.

Tasks such as importing bank transaction, sending invoice reminders and bank reconciling are made simple and hassle-free. When you convert to Xero, your accounting process will become much quicker and accurate due to the level of automation.

Xero Accounting Software

There are many benefits to using Xero including:

  • Receive real-time updates on accounts status
  • Dedicated mobile app
  • Customised dashboards and reports
  • Get paid faster with online invoicing
  • Online Quotations/Sale invoicing & Purchase Orders & Invoicing
  • Connects directly to your bank
  • Integrated payroll facility
  • CIS software facility option
  • VAT Make Tax Digital submission facility
  • Extensive Add on App for your business needs

Add on software such as Receipt Bank allows you to keep track of business expenses that usually take the most time.

It is a secure cloud-based system, continually backed up so work and data won’t be lost. Most Xero Accountants will offer a complete setup of Xero, offering training as well as ongoing support at a discounted rate. There are several different packages to suit the size and requirements of your business.