As a business owner, you are often required to wear multiple hats and manage numerous different day-to-day responsibilities. From overseeing operations, tracking finances and maintaining healthy relationships with customers, running a business requires lots of time and attention.
Corporate tax can seem like just another chore on the long list of time consuming tasks. However, fulfilling HMRC’s strict tax and reporting obligations is crucial.
What Does an Accountant Do?
While some individuals may choose to handle their self-assessment on their own, there are significant advantages to enlisting the help of a qualified accountant.
First, let’s look at how an accountant can actually help your business when it comes to submitting your self assessment.
An accountant can take care of all the necessary computations, complete your return, and even offer advice on how you can minimise your tax liability.
They act as your agent, dealing directly with HMRC on your behalf and, should you be selected for a self assessment enquiry, act for you at any meetings.
In short, an accountant is responsible for ensuring that your business is financially healthy and fully compliant with all relevant regulations before submitting your self assessment.
Is an Accountant Necessary for a Self Assessment?
You aren’t legally required to have an accountant, however, if you do choose to do your own accounting, it is absolutely essential for you to complete your self assessment on time and ensure all of your records are accurate and up-to-date.
Is Working with an Accountant a Worthwhile Investment?
While it may seem like an unnecessary expense, an accountant can actually save you a significant amount of time, money and stress in the long run, making them an incredibly worthwhile investment. What’s more, you’ll never have to worry about fines for late submissions or inaccurate information.
Why Should You Work with an Accountant for Your Self Assessment
Expertise and Knowledge
Accountants specialise in taxation and possess the necessary expertise and knowledge to navigate the complexities of the self-assessment process. They stay up to date with the latest tax laws, regulations, and deductions, ensuring that your tax return is accurate and compliant.
By leveraging their expertise, you can benefit from their in-depth understanding of the tax system, maximising your eligible deductions and minimising the risk of errors that could trigger an audit.
Time-Saving
Filing a self-assessment tax return involves gathering financial documents, completing forms, and ensuring all relevant information is accurately reported. This process can be time-consuming, especially if you have a busy schedule or a complex financial situation.
Hiring an accountant allows you to delegate this responsibility to a professional, freeing up your time to focus on other important aspects of your life and work. Moreover, accountants are well-versed in tax preparation software, enabling them to expedite the filing process and reduce the chances of delays.
Reduce Stress
Running a business is stressful enough, without having to worry about taxes and financial compliance. Fortunately, an accountant can take care of all of that for you, so you can rest easy knowing that your business is in good hands.
Accountants can also help you to identify and address any potential financial issues before they become a much bigger problem, which can save you a significant amount of stress in the long run.
Minimising Errors and Penalties
One of the biggest advantages of using an accountant for your self-assessment is the ability to minimise errors and avoid penalties. Tax laws are constantly evolving, and it’s easy for individuals to miss out on new deductions or inadvertently make mistakes that could trigger an audit.
Accountants possess the knowledge and attention to detail required to accurately report your income, deductions, and credits, significantly reducing the risk of errors. By ensuring your self-assessment is error-free, you can avoid penalties and potential legal consequences associated with incorrect tax filing.
Maximising Deductions and Credits
Accountants are trained to identify deductions and credits that you may not be aware of. By thoroughly reviewing your financial situation, they can identify potential deductions and credits that can help minimise your tax liability.
Whether it’s expenses related to self-employment, investment income, or eligible tax credits, accountants are well-versed in finding opportunities to save you money. They can guide you through the complex web of tax regulations and help you take full advantage of all available deductions and credits, ultimately optimising your tax return.
Audit Support
In the unfortunate event of an audit, having an accountant by your side can provide invaluable support. Accountants are experienced in dealing with tax authorities and can represent you during the audit process.
Their expertise can help ensure that your rights are protected, all necessary documentation is provided, and you have the best possible chance of a favourable outcome.
Self Assessment Services with Ryans
While it’s possible to file your self-assessment tax return on your own, using a team of experts such as Ryans offers numerous advantages that can save you time, money, and the stress associated with tax preparation.
From our expertise and knowledge to our ability to help you make maximise deductions, minimise errors, and provide audit support, accountants play a crucial role in ensuring your self-assessment is accurate and compliant.
By investing in professional assistance, you can have peace of mind, knowing that your tax affairs are in capable hands. So, don’t hesitate to reach out to a qualified accountant when it’s time to file your self-assessment.
What Industries Do You Specialise In?
Ryans has a wealth of experience working with clients in specialist sectors, including:
- Construction
- Manufacturing
- Retail
- Hospitality & Leisure
- High Growth Entrepreneurs
- Family Business
- Healthcare
- Care Home
- Social Media Influencer
- R&D
Do You Offer Remote Services?
Although our office is based in Bolton, Greater Manchester, we can help your business with all of its accounting needs no matter where you are based with the help of technology such as cloud-based software and video conferencing.