The number of self-assessment tax returns filed online has increased to almost seven million, according to figures from HM Revenue & Customs. This figure is an increase of seven percent of the returns filed online in 2010. Over half a million taxpayers waited until the deadline of 31st January 2011 to submit their completed tax return. A huge 78 percent of all tax returns are now filed online, which is in keeping with targets set by HMRC. The busiest hour for the submission of tax returns online was between four and five pm on 31st January 2011, with over 49,000 submitted in that hour alone.

Although online filing of your self-assessment tax return is much easier for many, there are some people who prefer to complete a paper return, which has to be submitted by 31st October each year. The system used for online filing has improved since its introduction 10 years ago, which has encouraged an increased number of taxpayers to file online.

For small businesses including sole traders, the introduction of online filing has made the outsourcing of their accounts and self-assessment to an online accountancy a much more cost effective solution. The preparation of accounts and the tax return can be done using real time information which is submitted to their accountant firm in a timely manner. This abolishes the need for submission using estimated figures, which can result in an unexpected underpayment of tax. Online accounting combined with online submission of tax returns makes it possible to maximise return on investment.

The Accountancy Partnership

We are a national firm of accountants that specialise in small and medium sized businesses. We have been trading since 2006 and have more than 1,000 clients across many different industries and areas of the UK.

Our staff has a wealth of experience and qualifications from the major accountancy and tax associations such as ACCA, AAT, ICPA, IFA, FTA.

Our clients receive many benefits including:

• Unlimited help and advice throughout the year — We offer our clients unlimited ongoing support for their business. We often find that new clients have lots of questions about running a business and about how the tax system works. We have heard every possible question many times before and therefore can offer new clients the very best advice.
• Free representation in the event of a HMRC investigation — If one of our clients is selected for a HMRC investigation then we will offer representation at no additional cost. We fight our client’s corner and ensure that our clients do not pay a penny more than necessary on the conclusion of the investigation.
• Dedicated Accountant — Our clients have their own dedicated accountant in which they can contact anytime. We feel this is important because it means our accountants can get to know their clients and build good relationships. All our accountants work from our main office and we never outsource work.
• Recommendations — With every piece of work we carry out for clients we look for recommendations that can be made. These recommendations can be anything from structuring the business in the most tax efficient way to recommending an insurance quote to reduce costs for clients.
• Free business guides — When a new client joins us we send them a free business guide. These guides outline in simple terms how the tax system works along with key dates and deadlines. Most clients find the guides to be extremely useful.
• Financial advice — We have a very reputable financial advisor who helps our clients to structure their finances in a way that best suits their needs. We always look out for circumstances where we think clients can benefit from financial advice and add it to their recommendations.

Please click here for a quotation for your business. Please also feel free to contact us if you have any questions or would like further information; 0800 0430 007, info@theaccountancy.co.uk.

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Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.