Importance of Hiring an Accountant for Self-Assessment in UK

Posted by Amit Gupta on August 3rd, 2018

Most people forgo professional accounting services because of the added expense of it. However, a self-assessment accountant is someone that can actually help you save a great deal of your hard-earned income as they help you use tax saving strategies and ensure that correct evaluation and accounting is done before your final filing. Professional accountants can do so much more than taking care of all your accounting paperwork. They can provide you with valuable advice on how to properly handle your finances, especially when running a business. Hiring a self-assessment accountant right from the start of your enterprise is also ideal so you can create a business plan around a sound financial strategy that creates more profit and savings than expenses. Below are even more insights on the importance of getting a self-assessment accountant on board as you file your taxes or as you plan a financial strategy for your business:

• Tax returns and general accounting tasks are lengthy and tedious. Trying to save budget by forgoing professional help may seem like a logical choice to make, but this can actually end up costing you more than what you can save when getting a professional on board the first time. What most people don’t realise is that a self-assessment accountant has all the inside knowledge they need in order to minimise their tax obligations while still maintaining compliance with the law. Additionally, doing your own accounting can lead to many costly mistakes, especially when you are not careful about different steps of the process. Mistakes can result in costly fines and huge penalties, which you can very well avoid with a professional accountant by your side.

• Professionals know best. Even though they may charge quite a sum for their services, they can make you pay much lower taxes and still make sure that you are being compliant to all necessary regulations. What you will save by doing your own taxes is nothing compared to the tax savings that a competent accountant can help you get, not to mention reduced risks of incurring fines because of wrongly filed returns.

• There is also no price tag on the peace of mind that comes with knowing that your personal tax accountant is on the matter, should there be disputes on your returns. You can be confident that your filings are correct, on time, and compliant to tax laws.

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.