How To Find An Accountant To Do Your Tax Return

Self assessment tax returns! Do those words bring on a headache? As we approach the winter months and the end of the year our thoughts may be turning to more exciting things than tax returns (psst! there only 11 weekends until Christmas!). However, now is a very good time to start thinking about filing your 2018-2019 tax return (if you haven’t already); instead of spending your Christmas hols completing it.

Do You Need An Accountant To Complete Your Tax Return?

There is no mandatory requirement for the self-employed or small companies, to use an accountant. So for sole traders and small businesses with straightforward accounts, or a low income that necessitates making savings, completing your own tax return is entirely feasible. With the advent of cloud accounting systems such as Xero, the process is even easier with all your accounting information held in one place. But there are good reasons why an accountant can be an asset to your business, and why you should delegate the job of filing your tax return to an expert.

Benefits Of An Accountant

Perhaps the major benefit is that you can pass that headache over to someone else! This also means that you can invest your time in more profitable ways, doing what you do best for your business. If you are only required to complete the short version of the self assessment tax return, then your accounts may be simple enough for you to justify spending the time on this yourself. However, if it’s likely to take you some time, consider what you could be doing instead…

The other key advantage over completing tax returns yourself is that an accountant should be able to spot ways you can save money. In fact, even after paying the accountant’s fee you could make significant savings, especially if you have missed expenses that could be claimed for in the past.

Error is also a factor when you file your own tax return, and you can’t be expected to keep up-to-date with tax law and its implications, especially if your business is unrelated to finance and accounting. Naturally, a trusted accountant will know exactly where you stand in relation to tax rules and regulations, and will give you the peace of mind that your tax return has been completed correctly.

Finding An Accountant that suits you

If you decide that you would like to get an expert to do your tax return, then now is the time to find an accountant. Don’t leave it until the last minute! Although many accountants offer a one off service for self assessment tax returns, their priority will always be with their existing clients, and therefore may not be able to fit you in if you leave it until the New Year.

There are budget options online but many of these amount to little more than data input services, by the time you’ve provided the information you may as well have filed it directly to HMRC. It’s worth shopping around to find a service that also offers advice on expenses, business use of a home, pension contributions etc. so that you can potentially reduce your taxes.

Of course accountants do not just complete tax returns, they perform a multitude of other duties too, including:

• Book keeping.
• Setting up and running company payroll.
• Registering the company with relevant tax departments –VAT,Corporation Tax, PAYE, etc.
• Dealing with company and accounting related correspondence – Companies House, HMRC etc.
• Tax planning advice.
• Budgets, cash flows & business plan reports.
• Dividend administration
• Business mentoring.
• Providing professional references.

You can find an ACCA certified accountant in your area by searching here.

So if you are a growing business it may be time to talk to an accountant about your long term plans, not just your year-end tax return. For holistic guidance tailored to your growing business, engaging with a professional self-assessment accountant can provide insights beyond year-end tax returns. At Black and White Accounting we look after clients with varying accountancy needs; from self-employed sole traders or freelancers, to limited companies including micro businesses and SMEs. If you would like to speak to a consultant about your business and accounting requirements, call us on 0800 140 4644 or email [email protected]