Why You Need Specialist Tax Return Help
The dreaded tax return, it is a thorn in the side of every self-employed person and business owner all over the UK. It also affects those who are no longer business owners, and even those with redundancies over a certain amount. This list alone should be enough to make you decide to look for specialist tax return help. But, if you are still convinced you can do it yourself, read on.
The first thing you need to know is whether you need to file a tax return. The answer is if you have any financial income, which is taxable and not taxed as PAYE, the chances are, you do need to file a tax return and would benefit from tax return help. Making a mistake and not filing a tax return when you need to could lead to a sizable fine, so it is always better to check, either directly with the HMRC, or with a tax return accountant. Once you know whether you need to fill in a tax return, the next issue is getting it done by the deadline. Missing, forgetting or not knowing the deadlines for paper and online returns are not excuses as far as the HMRC are concerned and missing the deadline results in a fine. If you leave your return in the capable hands of a tax return preparer, you know that it will be filed on time and you can save yourself the worry. This is important when you consider that the fines for late returns, even if you don’t owe any tax start at £100.
But, surely you are thinking, filling in the tax return itself must be easier enough. Well, if you are a self-employed, sole business owner with no premises, no savings, no staff, are not a company director and have no foreign income, then yes, it is reasonably straight forward. But, there are still a lot of different elements to filling in the form, and a simple mistake at any point could cost you a fortune in tax that you needn’t have paid. The first section on your personal circumstances is the easiest part, and if any of this leaves you confused, then you really need to consider an expert accountant for tax return advice and support. However, even if you do understand the ins and outs of the tax return, using a contractor accounts expert could still save you money in the long term. This is because, while you may be an expert in your areas, it is unlikely that you are an expert on the minute of the current tax laws at any time. Knowing the intricate details, in the way that accountants Sussex and beyond do, can be the difference in the percentage of tax you are required to pay. This could be down to something as simple as knowing which expenses you can claim tax relief on.
At first glance paying for tax return help may seem an expense that you cannot afford. However, once you consider the details, you can see that it really is an essential that you cannot afford to be without. Getting expert advice and support in filing your tax return could increase the likelihood of your business being successful in the long term.