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.