Know What A Tax Return Accountant Can Really Do and Why You Need One?

Posted by Amit Gupta on March 2nd, 2020

Are you doing your taxes right? Are you paying too much? What if there are discrepancies with your information? These are just some of the concerns that could make tax season more worrisome for individuals. One of the problems you are likely to face is paying too much tax because of the lack of awareness on personal tax laws. To avoid this, consider hiring a tax return accountant to look into it. With their help, you can easily navigate the ins and outs of personal tax and make sure that you are paying just enough tax. Just make sure that you are hiring a highly qualified tax accountant from a reputable company.

There are many ways that a tax return accountant can help. If you are looking to lower your taxes, they may suggest transferring assets between you and your spouse, so income can be taxed at reduced rates. When dealing with property that needs to be refurbished, you may consider Annual Investment Allowance. The tax accountant can also advise you on using your ISA allowance. Rest assured, their advice will be tailored to suit your individual circumstances. You can be sure to get personalised assistance when dealing with other issues, like incorporation of partnerships and sole trades.

The tax return accountant can advise you on investing in pension plans or pay allowance to your children from your income to be exempt from tax. In case you are working from home, you can claim expenses for your business, such as utilities, rent, and repair.

Another problem with tax returns is missing deadlines. If you are constantly prone to that, you could be paying more in taxes to cover the penalties. Consider getting a tax return accountant to keep you up-to-date. They can remind you of tax return deadlines for the income for the year (ends on April 5) to be submitted by January 31 to the HMRC. Tax/N.I. payments on account of Class 4 NIC and income tax are due on the 31^st of January and the 31^st of July, and based on half of your total liability. These can be reduced if there is assurance that the current year’s income tax is lower than the previous year.

About the Author:

Amit Gupta, Director, Allenby Accountants.

Allenby Accountantsis 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.