Why You Need an Accountant During Self-Assessment Season?

Posted by Amit Gupta on January 17th, 2020

Self-assessment season is here again. The January 31st deadline is rapidly approaching, and like many freelancers and small business owners in the UK, you are probably anxiously preparing your numbers. Overwhelmed? Perhaps it’s time to hire a self-assessment accountant to help you out. Having a professional look over your records can reduce errors and save you money. Here’s how a self-assessment accountant can help you:

1. Prepare your paperwork properly

An accountant can give you a list of all the documents that are essential to complete your self assessment, ensuring that nothing is left out. If you can’t produce or locate a particular document, you count on them to help you take the proper steps to remedy the situation.

2. Eliminate mistakes

Your self-assessment accountant can double check your information to ensure accuracy, which is essential to avoiding hefty fines. Some accountants might ask you to use specific types of software that allow you and them to collaborate and stay on the top of your finances.

3. Get all your deductions

An accountant can identify potential deductions and advise you on making strategic decisions to maximise them. From depreciation to home office space and out-of-pocket expenses, there’s plenty of opportunities. Having an accountant helps make sure that you’re not leaving money on the table.

4. Save time and stay sane

Some small business owners and freelancers think that they can’t afford an accountant because their budget is tight. Don’t make this mistake. Just think about all the time and resources you spend trying to manage your taxes yourself—as well as the cost of the possible errors you might make and losses from uninformed financial decisions. You will quickly see that the benefits of hiring a self-assessment accountant outweigh the costs.

Once you have hired a self-assessment accountant, be sure to submit your records as early as possible. Just because the deadline is 31st January doesn’t mean you should wait until the last minute. You are not their only client, after all. By submitting your numbers early, you and your accountant have plenty of time to get things in order should there be documents missing. Being early also means never having to pay the fine for late submissions.

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.