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The importance of a tax return accountant

To most people, filling in tax returns is a pain. A tax return accountant can take the stress out of this yearly task that you probably don’t look forward to.

Disadvantages of doing it yourself

Some business owners think that rather than outsource the task, they should take it in their stride and do it themselves. This certainly doesn’t save them time, and it’s likely that it won’t save them money either.

You can do your own tax returns, but most people have limited knowledge about answering the many questions of the tax return accurately. Guessing is not enough to satisfy HMRC, so all questions answered and figures entered have to be accurate. You might make innocent mistakes, but if HMRC spots them, you could be investigated or fined.

If you are self-employed or a business owner, there will be many expenditure items that you can set against your tax liability which you may not know about. You may try to claim for items you are not entitled to, and risk penalties.

Of course, there are tax return deadlines to consider too. If you are late, an automatic fine is levied. There can be a number of reasons to be late – you may simply forget or not have all the figures that are needed ready in time. With a tax return accountant, your tax returns will be punctual.

Benefits of using a tax return accountant

For some, the biggest disadvantage of a tax accountant is that they cost money, but that money is well spent if it saves you the stress of filling in your own tax return. An accountant may be able to save you money by finding ways to reduce your tax liability, and can save you time that can be spent running your business.

Tax laws change and a tax return accountant will have up-to-date knowledge. You will have the peace of mind in knowing that your tax return complies with current tax regulations.

A tax return accountant will also be able to help you with VAT returns.

Making Tax Digital

Making Tax Digital is the government’s policy of making all tax returns digital. As of April 1 2019, VAT tax returns must be submitted digitally, which HMRC says is a move to simplify the administration of the tax system.

Tax return accountants will be familiar with any changes that happen in the coming years, and can advise you on how to switch over to the new system. They can recommend software that will connect to the HMRC tax system and help you submit the quarterly income and expenses reports.

Business owners often work hard and spend long hours running their businesses, and it stands to reason that this can be stressful. Filling in tax returns can add to the stress, so why not let a tax return accountant sort this part of the job out for you, and also help you run the financial side of your operation in a GDPR-compliant, digitally focused way.

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