Published on September 24, 2020
It can prove a difficult task trying to fill in your self-assessment form. And you can save time by hiring a professional to do it. But how do you find an accountant to handle it? And what are the things to look out for in the accountant? As you read on, you will learn about self-assessment tax, how an accountant can help with self-assessment forms, and things to look out for when hiring an accountant to handle your tax returns.
It is no longer news that business owners find it challenging to handle their responsibilities independently. They’ve found out that seeking a professional's aid to take care of all their tax-related matters is a better idea.
Although self-assessment tax isn’t as technical as it sounds and can quickly be taken care of, most people would argue that leaving the responsibility to a pro would yield a better result. You can find useful tips here https://www.nerdwallet.com/blog/finance/how-to-avoid-debt/ in managing your finances and avoiding debts.
HM Revenue and Customs (HMRC) uses a self-assessment form to collect income tax. Even though the tax is collected from wages, savings, and pension, self-assessment returns must be filled and submitted once a year either by the period of 31st October or 31st January, the formal being paper returns, and the latter online returns. The returns show the amount of taxable income you have received that year and declare any expenses or relief you may be fit to claim.
Experts can provide accurate services when filling out returns. Tax returns require you to provide exact dates and numbers and details of any marital or specific relief statuses you are qualified for. Any entries you declare on your form would be proven and backed-up by you through receipts and invoices whenever requested by HMRC.
If your assessments are inaccurate or delayed, it incurs specific penalties like fines. And if additional time is wasted filling out the returns, more charges will be added.
Professional accountants, like those in Finance Equation, bring a lot of skill-set and know-how to the table. Since they deal with numbers daily, they can manage all the finance reports regarding returns and ensure that they are accurate. Apart from working your books, accountants know the rule of business and understand what you are entitled to and help you reduce your liabilities.
On average, the fee you are expected to pay a professional to handle your tax returns is about $500 for a certified chartered firm. On the other hand, if you only need a basic service, you can pay less. But when your business affairs are complicated, and you need a professional to help you out with your books, you are expected to pay more.
Hiring an accountant saves you a lot more time and stress, and gives you a relaxed feeling knowing that you’re getting a satisfying result. The pay may seem quite large, but because the process involves detailed attention and a lot of time, it is worth it.
For an accountant to correctly fill your form, you will need to provide him/her with a complete and comprehensive record of your finances. HRMC usually checks theses records, and if they are not accurate, they may charge penalties. You need to provide the following forms to your professional:
All the records should be kept for two years minimum at the end of the year. You can check this website for more about the self-assessment tax.
When looking for a professional to help with your self-assessment tax, you want to look out for
You must check the feedbacks and experience of past clients before hiring your preferred accountant. Reviews help you with your hire's performances and make you understand if you can trust their work. Try to find charted firms that have reliable professional that can boast of useful services. All you need to do is check your hire's website and look for feedback and comments left by past customers.
Before seeking an accountant's services, you have to be sure they are qualified and able to do their job. Besides reviews, certifications help you understand your hire’s experience and whether they can handle an essential aspect of your business.
The right accountant isn’t just hire but a partner who would provide you services for a very long time. They should be able to give the best advice to you and not only regarding tax. Partnering with a proactive professional ensures that you take advantage of all savings.
It is always advisable that you work with a chartered firm familiar with your business and services. This way, you get the best out of the accountant, and they would be able to provide services that best suits your needs. Ensure to read the firm's website and see if they fit your requirements, and you are the right target for them. If not, find another firm that you feel comfortable with. There are added tips here https://www.entrepreneur.com/article/351230 on hiring a reliable professional for your industry.
The information provided to you in this article makes it easier for you to understand all about the self-assessment tax. So, it’s best to find out the best qualities in your hire to get a satisfying result.