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Self Assessment Tax Returns

Self Assessment Tax Returns

If you decide to set up your own business and become self-employed you need to know what a self-assessment is. HMRC need to be informed that you are working for yourself and each year you will be expected to complete and file a tax return. The deadline for filing your return is the 31st October if you are filing a paper return, or 31stJanuary for online returns. The process can be complex so the majority of taxpayers will look for an accountant to help them fill out the return correctly.

When you employ an accountant to help with your self-employed income they will provide support with a range of services. These typically include;

  • Bookkeeping support
  • Filing your annual self-assessment
  • Reviewing your accounts to find tax savings
  • Free up your time so you can spend it on other areas of your business
  • Deal with your tax issues regardless of their complexity
  • income, benefits, expenses and any money obtained from second jobs
  • Accountants for self-assessment returns should have a range of experience in the completion of tax returns for the self-employed

Whether you have just launched your business or you have been managing your own business for years, very few managers like filling out their tax returns. Unless you are a qualified accountant your knowledge of completing self-assessments will be limited. Guessing will only lead to mistakes and delays and an incorrectly filed return can lead to hefty penalties. If you aren’t sure how to approach the tax return an accountant should be able to help.

Running a business can be stressful and time consuming. On top of general business management, tax is just another task that you have to complete.

Accountants can take away the stress and they are trained in the completion of self-assessments so they can quickly complete the form and file it on your behalf. In addition, an accountant will be experienced in saving money and will understand the allowable tax deductions in order to maximise your profits. Tax regulations change regularly and it can be difficult to keep up, and a professional accountant will be required to stay up to date with industry changes.

If you are looking for a good self-assessment accountant to complete your tax returns, start your search with The Accountancy Network.