Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

There is a common misconception that completing your own tax return is easy. A lot of smaller businesses and sole traders assume because their business is small then there won’t be much work to do and that it will be quick and easy. In every case it is always beneficial to have an accountant no matter how small your business is and there are a number of benefits to having an accountant.

Firstly, completing a tax return is a lot more work than people think and will take up a lot of valuable time which could be time better spent on your business. A lot of people assume they can do it quickly last minute which often ends up with them becoming overwhelmed with a lot of work and not much time to do it in.

Secondly, it is very likely that there have been expenses that you did not know you could claim; therefore completing your tax return yourself could result in a larger tax bill than necessary.

If you have an accountant then you will not have to worry that you are completing your tax return incorrectly, that you may miss deadlines or that you are paying too much tax. They also have a vast knowledge of tax and all the legislation that goes with it, not to mention the various expenses a person is able to offset against their tax bill.

Here at The Accountancy Partnership we have had a number of clients join with us who have previously been completing their tax return themselves. In every case we have been able to reduce their tax bill, most of the time by more than the accountancy fee itself. If you would like any further information or advice then please don’t hesitate to contact us on 0800 4030 007 or info@theaccountancy.co.uk alternatively you can click the link below to be taken to our live chat.

About The Author

Lee Murphy

MAAT and ICPA accountant, with a passion for making accountancy and bookkeeping accessible. Other interests include cloud-based software development for web and mobile access, keeping fit, reading, and entrepreneurship.

More posts by this author
guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

Umbrella Companies for Self-Employed Contractors

When you set up in business as a contractor you might either work as a sole trader or as a limited company….

Read More

Get Ready for Small Business Saturday UK 2022

Small Business Saturday started in the US in 2010, on the first Saturday following Thanksgiving. It aims to encourage shoppers to consider…

Read More

Architects and Tax

Architecture is a highly diverse sector when it comes to tax. It’s partly down to the type of businesses that carry out…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.