Hiring an accountant
An estimated 12 million people submit Self Assessment tax returns each year, so many are familiar with how stressful and time consuming it can be. Tax laws regularly change and sometimes it can be difficult to ensure you’re compliant. As such it can be beneficial to appoint a specialist tax accountant to help with your returns and give you added peace of mind.
What does a tax return accountant do?
Tax accountants help both businesses and individuals to ensure they are meeting their tax obligations. Not only do they take on the responsibility of completing and submitting tax returns, they also assist with tax planning and compliance, providing advice whenever necessary.
Is it worth using an accountant for my tax return?
There are many advantages to using tax return services from a reputable accountant. These include:
Ensuring tax is calculated correctly
A tax accountant is a specialist that understands tax far better than the average individual. As such, they are familiar with the guidance around tax, and have a firm knowledge of allowances and reliefs. Their job is to ensure your tax liability is calculated correctly, leaving you to rest assured you won’t overpay or underpay your tax. You may even find you save money if your accountant is aware of reliefs that you are currently not taking advantage of.
Ensuring tax is paid on time
With the help of an accountant, income tax return filing is not only accurate, it’s also timely. Your accountant will submit all the relevant documents in plenty of time and remind you when the payment deadline is approaching. That means you’ll never have to face penalties for late filing or late payment.
As part of their service, many tax accountants collate and analyse receipts and keep back-up records to ensure all your documentation is in order. This makes the preparation of your tax returns easier and helps to ensure complete accuracy. It also removes some of the burden of bookkeeping if you are self employed or don’t have an in-house accounts team at your business.
Untangling multiple income sources
A tax accountant can be especially helpful if you have multiple income sources. For example, perhaps you are self-employed and also have a property that you let out or taxable income from abroad. Whatever your circumstances, a good tax accountant can deal with all the complexities of the situation and also give advice on how to legitimately reduce your tax liabilities. This can significantly reduce stress for those who have typically navigated their way through complicated tax affairs in the past.
Providing up to date knowledge
Not only will your tax affairs be kept in order, using an accountant also means you’ll be provided with up to date information on the latest tax regulations. These change frequently, and can have a big impact on individuals in a variety of situations. Knowing about changes can give you time to deal with them appropriately and ensure your tax planning efforts are effective.
Tax return help
For help with tax returns, speak to an expert at Ibiss and Co today. Based in Barking, Tooting and Walsall, our Chartered tax advisers can assist with everything from filing your Self Assessment to corresponding with HMRC on your behalf.