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 firstname.lastname@example.org alternatively you can click the link below to be taken to our live chat.
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About The Author
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.