A Self-Assessment accountant is someone who deals with tax on your behalf. They will help you fill in your tax return, ensuring that you are compliant with all the latest regulations. They can also help you find ways to reduce your tax bill.
Having a tax expert working for you is great for your peace of mind as it means that your tax return will be completed correctly and submitted on time. This is why many people choose to use an accountant. They will ensure that you are making the most of your personal tax allowances and expenses.
There are a variety of reasons why you might need to fill in a tax return, from claiming benefits to making voluntary Class 2 National Insurance contributions. The process is straightforward but can be complicated if you don’t understand it.
It’s important to remember that HMRC have strict deadlines for submitting a self assessment return. If you don’t submit a return on time, you may be fined.
Your tax liability is calculated on your income and any losses. This is done by using information from your tax return, including any deductions you have made, and any refunds you are due. You are able to view your tax liability in FreeAgent but this can take up to 72 hours after you have submitted the tax return for it to appear in your account.
You can also make a payment in instalments, but these are an advance on the amount https://www.questcma.co.uk/self-assessment-accountants/ of tax that you need to pay for the following year. The payments are only valid until 31 January, but you can stop paying in instalments at any point up to six months before the date of your next bill.
If you are self-employed or have a small business, you will be required to complete a self assessment tax return each year. This is to ensure that you are paying the correct amount of tax on your profits.
This can be a complicated process and it’s often best to leave it to the professionals. A tax specialist will have filled in numerous self assessment returns and they will know exactly how to deal with the complex processes and procedures that are involved.
A self assessment accountant will be able to assist you with all aspects of your tax return, from filling in the forms and checking for errors to ensuring that you are complying with all of the rules and regulations that HMRC have set out. This can save you a lot of hassle and stress, leaving you with more time to focus on your business.
The tax laws are constantly changing and the legislation can be confusing, which is why it’s a good idea to use an accountant. These professionals will keep up to date with the latest legislation and be able to advise you on how to avoid penalties for late or incorrect submissions of your tax return.
A self assessment accountant will also be able to give you guidance on how to claim for expenses that are eligible. This could include accountancy fees, legal costs and other professional costs. It’s important to keep records of all your expenses for five years after the tax year in which they were incurred as HMRC might ask for proof of these.