Why You Need A Self Assessment Accountant
Every year, self-employed workers and company directors are required by law to tell HMRC the amount of tax they owe. This requires that you complete a self assessment tax return. This can be completed online or through the SA100 form, both requiring the same information. The taxpayer is responsible for reporting on their earnings and the sources of their earnings, as well as allowable expenses. You must complete this self assessment after the end of the tax year in April and before the self assessment deadline. This deadline is October 31st for the paper form, and January 31st if you are using the online system.
The Demands of Self Assessment
The return ultimately declares the amount of taxable income earned by an individual. Alongside this, the declaration of expenses for business owners will help bring down the tax rate thanks to reliefs. However you choose to fill in the form, self assessment requires close attention to detail as well as accurate figures, and an awareness of relief entitlements. On top of this, taxpayers should hold onto invoices, to supply them as evidence in the event that HMRC request it.
Financial inaccuracies, a lack of evidence, and missing the self-assessment deadline are all punishable by financial penalties. For this reason, whether you calculate your tax online or offline, it’s important to get it right. With taxpayers having to track PAYE, dividends and invoices, as well as a variety of expenses, many people are turning to self assessment accountants for help with their self assessment tax returns.
An accountant brings to the table not only expertise with numbers, but a wide knowledge of financial law. A self assessment accountant isn’t only there to do the maths. Where you can claim a relief, the accountant will ensure you reap its benefits.
How a Self Assessment Accountant can Help You
As a result of the complexity of self assessment forms, tackling it alone can prove time consuming and stressful. The amount of time you would spend filing this tax return might be more profitably spent pursuing your usual business activities. This would more than repay the fee an accountant would ask for to complete a tax return.
Under a new initiative, the government is replacing these annual returns with digital quarterly updates, requiring you to register for self-assessment with an online HMRC account. To help keep track of all the necessary numbers, many are turning to digital accounting software. No doubt, this software will help individuals keep track of earnings, expenses and evidence. This will take much of the stress away when it comes to the self assessment.
The use of this software can complement the use of a traditional accountant when it comes to filing taxes and claiming expenses. An accountant can complete their work more quickly with the help of financial data ready before them. This will drive down the cost of their services.
For help with self assessments and all manner of tax responsibilities, contact SRG accountants. Our self assessment accountants and auditors will bring their practical experience and expert advice to all your financial queries.