It’s a fair and valid question. Should you pay an accountant to file your tax return, or just do it yourself?
Let’s make something clear, completing a tax return isn’t rocket science, but it isn’t a walk in the park either, especially if you have little to no experience. So yes, you absolutely can file your self-assessment tax return yourself.
However, there are some very good reasons not to. Here are our top three reasons (in no particular order) for getting an accountant to help you with your tax return.
Far less chance of mistakes
As accountants, tax returns are our bread and butter. We do this day in, day out so errors are rare. This is an important point to make because mistakes can be costly; it could result in an additional tax bill or a penalty for miscalculation which could be as much as 70% of the tax owed.
It’s much like paying a mechanic to fix your car. Sure, you could try and fix it yourself, but if you don’t really know what you’re doing, you could just be making the situation worse.
As accountants, we have a sound knowledge of all the available allowances and expenses. A competent accountant will, therefore, ensure that any allowances or expenses you’re eligible for are claimed, potentially saving you thousands in tax.
This could include anything from capital allowance to mileage expenses; the marriage allowance or use of home as office costs.
Perhaps most importantly, appointing an accountant to file your tax return means you don’t have to do it yourself, saving yourself time and unnecessary stress to boot.
Without the skills and expertise of an accountant, completing a self-assessment tax return can be quite the chore, both time consuming and complex. Take a moment to think about the many things you would rather do than file your tax return… It is for those reasons many choose to leave that particular task to their accountant.
To discuss your tax return, get in touch for a free, no-obligation consultation.