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Why you need self-assessment accountants

Self-assessment is the process HMRC uses to collect tax from people and businesses. If you are employed, you will pay income tax, but for the self-employed, directors and businesses, a tax assessment form needs filling in and sending to HMRC. Although this is a process that you can do yourself, there are several reasons why it helps to use the services of a self-assessment accountant.

Avoiding mistakes

The self-assessment tax return is a long form and it is easy to make mistakes on it. If you enter wrong information and HMRC finds out about this, you could be accused of fraud or tax evasion and face a fine or worse. Innocent mistakes can be costly, especially if HMRC does not believe that you inadvertently entered the wrong information.

Also, some people have limited knowledge of tax issues and could end up claiming more expenses against tax than they are allowed, or fewer and be liable for more tax than you need to pay.

Less stress

Many people find that submitting their tax return is stressful and put it off until the last minute. If you miss the self-assessment deadline of January 31 for online returns, you will have to pay an automatic fine.

Self-assessment accountants can take charge of the whole process and do the self-assessment for you as long as they have up-to-date figures on income, expenses and other financial details. This can relieve you of all the stress of filling in and submitting your tax forms.

If your tax form is filled in correctly, this will minimise the risk of an HMRC enquiry into your tax affairs.

If you are struggling financially, self-assessment accountants can negotiate with the HMRC to defer tax payments, or negotiate a payment plan on your behalf.

Save money

Self-assessment accountants are skilled at tax and can often spot ways in which you can pay less of it. They know what items you can claim for against your tax liability. Although you pay an accountant, you will likely end up saving more money than the accountant costs. Hiring an accountant could save you money on possible fines when filling in the tax assessment yourself.

Tax laws often change and it is difficult to keep up-to-date with new ones. The government wants to make all tax returns digital and want businesses to link their financial software to their online tax account. This is an additional matter to think about, and your self-assessment accountant can help you make this easier.

Seek advice

If you are wondering whether you need an accountant to help you with self-assessment then contact Wainwrights for a no obligation chat with one of our self-assessment experts about how we can assist you.

If you are registered for VAT, a law in effect as of April 1, 2019 means you will have to submit VAT returns digitally. If you do not how to do this, speak to us as Wainwrights for help, as well as your self-assessment needs.

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