Yippee! It’s tax return season again … said no one. Ever.
Very few people enjoy the ordeal of filing their tax return in a good year, never mind during a pandemic, but despite COVID-19 restrictions it will still need to be done this year, as always.
Of course, technically you could do your own tax return but there are huge advantages of hiring a qualified and competent accountant to do it
Here are 5 reasons why you should consider going to an accountant rather than trying to file on your own:
1. Save time
Time is precious. If you are running a business chances are that you aren’t going to have time to even think about doing your tax return. This year, it is even more important to concentrate on your business, so you can navigate the new world the pandemic has left us with.
Your Form 11 is not really the type of thing you can do in the evening with a glass of wine, a packet of crisps, and Netflix on in the background. It needs significant focus.
If you think that your time would be better spent managing your business or with your family then it is probably a good idea to hire an accountant.
2. Reduce your tax liability
Unless you are a qualified accountant or have a LOT of experience dealing with tax returns you are going to have limited knowledge when it comes to what you're entitled to and the valuable deductions you can claim.
Accountants, on the other hand bring, significant expertise to the table. They deal with hundreds of tax returns every year. They know the law and the tax forms inside out and know how your liabilities might be reduced.
Although initially, you may not like the thought of paying an accountant to do your tax return, in the long run you may find it actually saves you money.
3. Peace of mind
As well as saving you money an accountant offers peace of mind.
The tax return itself has dozens of different sections and you may be unsure of certain aspects of which sections you should complete.
Coupled with the fact that tax law changes all the time, the only way to be sure everything is correct is hire a professional.
Let’s face it, you really don’t need anything else to worry about this year on top of everything else that is going on and you certainly don’t want a call from Revenue with a query, or worse, a looming audit!
4. Have an experienced person deal with Revenue
Whilst the good people working at Revenue are quite nice to deal with, it can be very daunting to have to deal with them on your own.
If you are working with an accountant, Revenue will contact them with any queries they have, and everything can usually be sorted without you getting too involved at all.
And if cashflow is tight this year and you might not be able to pay your taxes in full your accountant will be able to negotiate a payment plan with Revenue on your behalf.
5. A great accountant is not just for Tax Return Season … they’re for life!
Having a great accountant in your corner can really benefit your business.
Not content with contacting you once a year about the tax return, a great accountant will stay in regular contact throughout the year with information and updates on grants, tax reliefs and other schemes that could really benefit your business.
Most accountants offer other services that you can avail of like tax planning, cashflow management, VAT returns, payroll, bookkeeping etc. which means they should be your one stop shop for all of your financial needs.
We’re here to help you focus on doing what you do best – running your business – rather than stress about the self-assessment tax return deadline. Our self-assessment tax returns service can minimise the risk of a Revenue enquiry into your personal or business tax affairs, all for a fixed, competitive price.
To arrange a free initial consultation on your self-assessment position, call our friendly and experienced team today on 1800 98 76 09
or drop us a line using our online enquiry form
to get the ball rolling.
Last updated: 24th September 2020
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.