It’s that time of year when tax returns are looking… so, the big question is, do you need an accountant to help you?
The questions you are probably asking yourself right now are ‘when should I submit it by?’ and ‘what information do I need to provide?’.
There are some people who decide to deal with their own tax returns and submit everything themselves. Doing this for the first time may be very daunting, however, it is possible to do so with the right amount of research, knowledge and understanding.
To make your decision easier – we’ve highlighted the pros and cons of using an accountant to submit your tax return on your behalf.
What is an accountant?
An accountant takes on a variety of different tasks on behalf of sole traders and companies – anyone who is liable for tax. The biggest task for all is a yearly tax return. An accountant will file your tax return once a year. They also undertake other tasks, including:
- Expense claims
- Tax calculations and liabilities
- Identifying areas to reduce tax liability
Does it cost a lot to have an accountant?
As with anything in life, you generally get what you pay for – however, you should generally be charged in line with how much work is being undertaken for you.
You might find that some quotes are fixed and offer you more services than you require, some are tailored to your specific needs. The cost may differ according to the type of tax return you need, and if there are any specific requirements related to your circumstances too. To provide scope, a straightforward sole trader income will differ from one with additional landlord income or a sole trader income on top of other employment.
Do I need to have an accountant?
The main benefit of having an accountant is that they spend all day, every day doing what they do best – just like you do in your business!
Whether you have a good understanding of tax and submitting your return, Jaccountancy is perfectly placed to take care of everything for you. With their affordable pricing structure, you’ll save on expensive fees, potentially save in tax liabilities and still fulfil your tax obligations and maximise your take-home pay.
Give the team a call today to discuss your tax requirements – 0330 122 2280