Benefits of self-assessment accountants
There are many great reasons for using a self-assessment accountant. Completing a self-assessment form can be incredibly challenging, and many people have been penalised due to making mistakes over the years. When you enlist the services of a professional, you can get it right first time, avoid penalties and ensure the form is submitted on time.
Be clear on tax with a self-assessment accountant
Millions of self-employed people, company directors and big earners need to complete self-assessment forms each year. The purpose of this is ensure tax can be calculated correctly. Although you’re not legally obliged to get an accountant to help you, it’s very wise to do so as things can seem very complex when you’re inexperienced in this area.
What’s included in self-assessment forms?
Your self-assessment form needs to include information on your earnings, where the money has come from and any expenses you want to report so you can reduce the amount of tax due. If any tax is due, you’ll need to pay this in full by the deadline. Missing tax payment deadlines can also be very expensive, but your accountant can help you with tax planning to ensure everything is paid on time and you don’t fall behind.
Other forms may be required
Your specific circumstances might mean the self-assessment form isn’t the only document you need to complete and send off to HMRC. You may also need to complete forms like the SA108 (Capital Gains Summary), SA105 (Property) and so on. If your financial affairs are particularly complex, you may need to complete a substantial number of forms. Again, your accountant can help you with all of these and complete them on your behalf so you can free up time for other obligations.
Act quickly to avoid stress
Once the tax year ends on the 5th April, you have until the 31st January the next year to submit your form online to HMRC. It can be sensible to submit it much earlier if you can to ensure everything is completed in good time and you know exactly how much tax is due for the year in question.
Online bookkeeping software
Online bookkeeping software can help you keep track of your tax situation so you’re not met with a nasty surprise when you complete your self-assessment form. Each time money comes into your account, your records will be updated to give you a clearer idea of how much tax you will need to pay. Software also makes it easier for you to claim expenses as you can record these whenever you make a purchase that’s vital for your business.
Keep it simple
It’s likely your self-assessment accountant will charge less for helping with your form if they don’t need to spend a great deal of time on this work. You can cut down their workload by uploading paperwork related to your incomings and outgoings soon after each transaction is completed. This makes it easier to reconcile your bank account and match payments to receipts and invoices.
Contact us today
Talk to AO Accountants today if you do need help with completing your self-assessment. Reach us by completing the form on our site, by calling 020 7164 6507 or by sending a message to firstname.lastname@example.org.