Benefits of Hiring Self-Assessment Accountant for Income Tax Return

Posted by Amit Gupta on November 30th, 2017

A lot of people forgo hiring an accountant because of the costs associated with it. What many don’t realize is that working with a self-assessment accountant is not at all expensive, considering all the money and tax they stand to save through correct accounting and assessment of their income and expenses. This is especially true for small businesses. An accountant will not only be there to accomplish all your paperwork—more importantly, they can provide you the guidance you need especially when you are only starting to establish your new business. While maintaining an accountant during the early stages of your business may seem like an expense you can’t afford, it pays to retain the services of a professional early on as they offer the advantage of big money and time savings, not to mention great relief from all the worries of possible tax issues.

It is during the initial phases of setting up your business that you need accountant guidance the most. An accounting professional can provide you with sound advice on how to design your finances in a way that will best benefit you, particularly in terms of tax issues and other tax liabilities and responsibilities. If you are still not convinced about these benefits, here are more ways that a self-assessment can help you and your business when it comes to income tax returns and other financial responsibilities:

• Knowledge of different tax issues and pitfalls is extremely important whenever opening up a business. A self-assessment accountant can provide you all the assistance you need in order to keep all tax related formalities in check, so you can make sure that your business is compliant, while giving you the ability to keep your focus on your core functions as a business owner/manager.

• Accounting for income tax returns means piles upon piles of forms and paperwork. With a self-assessment accountant by your side, you can be sure that all necessary paperwork will be accomplished accordingly and correctly. They will maintain proper procedures in collecting documentation, filling out forms, and the submission of the same.

• Your tax file will include all kinds of bills and documents which are required for tax calculation. With a professional accountant, you can keep the stress out of keeping track of all these documents and focus all your energy in increasing your business—all without the looming risks and unwanted fines of not keeping your taxes in check.

About the Author:

Amit Gupta, Director, Allenby Accountants.

Allenby Accountants is an independent accounting firm, located in Uxbridge, West London. We are accountants, business advisers, offering financial services and helping you to achieve your business ambitions. Our offered range of services include accounting, bookkeeping, tax management, VAT management, tax planning, Inheritance tax, capital gains tax issues, succession planning, etc. We specialise in offering services to sectors like medical & healthcare, retail industry, professional services, property & construction industry, charity and not-for-profit organisations and more.