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If you own a business whether as a sole trader, within a partnership or hold a director position, you will have to fill out a tax return each year through a self assessment form. The question many people have is whether to do this themselves, or whether it is a better idea hire an accountant. The tax legislation in the UK is dynamic and constantly changing, depending on your circumstances filing a tax return can be complex and frustrating.
At MJ Kane, our self assessment accountants can assist with anyone that needs to file a tax return including:
A Self Assessment accountant is a tax accountant that specialises in self assessment tax returns. In general, these specialist accountants provide up-to-date tax advice and help, and ensure your compliancy with any new tax legislation in the UK.
Their job also involves reducing your your tax liability and identifying any opportunities to reduce taxes owed legally. Some accountants will also assist in effective record keeping and bookkeeping to help ease the process the following tax years.
Tax legislation is getting increasingly dynamic in the UK, which makes it difficult to keep up with current regulations and understanding tax returns for business owners, directors and self employed people. But in order to meet the tax return deadline, individuals need to be able to ensure that complex tax returns are submitted correctly. That’s why having access to professional expertise in the form of a dedicated self assessment accountant is encouraged. Some of the main benefits also include:
Completing a self assessment form requires an intensive amount of time and record keeping to be able to complete it properly. Outsourcing this process to a self assessment accountant can save time that can invested elsewhere such as your business or family.
Like any tax issues, it takes time to work your way around the system and understand what is required from you. A self assessment accountant can help simplify this process.
Our self assessment accountants ensure that your form is submitted accurately so there are no risks of receiving fines or the attention of HMRC when filled incorrectly. We’ll also ensure to have effective time keeping so that everything is done well before any deadlines.
Filling it out correctly can be confusing, especially if you are new to all this. Mistakes can be made, and these can be costly. A self assessment accountant will review and ensure all information is correct before submission.
Tax legislation changes all the time, and our self assessment accountant are keep up-to-date with it so you don’t have to
An experienced self assessment accountant will know where to find deductions so you could reduce your tax bill legally. There’s also the risk of paying too much tax if you fill in your Self-Assessment form yourself. When you use an accountant you may be able to save more money than you spend on the service, which could be hundreds of pounds or more.
A self assessment accountant can help you to organise your files to make the process easier and quicker in the next tax year. Our accountants can also provide tips on managing your finances to make record keeping and bookkeeping easier.
The tax year runs from the 6th April to the 5th April the following year.
The first payment on account for the tax year ending the following 5 April is due on the 31st January.
If you have a second payment on account due for the tax year ending the previous 5 April it is due for payment on the 31st July.
It is worth remembering that not everyone has to pay these payments on account.
MJ Kane specialises in serving serves small and medium-sized businesses of all kinds (sole-trade, limited, partnership, contractor, charity etc..), but we are best known for our expertise in these industries:
Yes, Sole Traders are required to submit a self-assessment tax return.
Yeas, Partnerships are required to submit a partnership tax return, and each partner must also submit a self-assessment tax return.
Limited Companies are required to submit an annual return, CT600 company accounts, and directors are all required to complete a self-assessment tax return. You can learn more about our guidance on self assessments for directors. We also have provide advice for limited companies and self assessments.
Self-employed individuals or those required to submit a Self Assessment need to keep their self assessment tax records for at least five years after the 31 January deadline of the relevant tax year. View our guide that extensively covers on how long you should keep your self assessments records in the UK.