How to Find the Perfect Accountant for Self-Assessment Tax Returns
You’ve just finished your first full year working for yourself.
You’ve exceeded your expectations, business is going brilliantly, and the money is rolling in.
And then that dreaded letter is posted through the letterbox, reminding you that your tax return is due.
If you’ve had this happen to you, you will know just how stressful it can be trying to piece together your incomings and expenditures for the last 12 months.
Where did that £300 come from back in March? What is that random expense in June? These are all common questions for people tackling the self-assessment tax form alone.
Even for those of us who are highly organised with our taxes, without the assistance of an expert, you can never be sure you have got your income and expenditure correct, which can be very stressful.
What you need is an accountant.
But not just an accountant. You need an accountant that is perfectly suited to help you specifically. That’s where AccountantFor can help.
Do You Need to Complete a Self-Assessment Tax Return?
Essentially, if you are self-employed and you are not set up as a limited company, then you will need to complete a self-assessment tax return.
Even if your primary employment is with a company, if you earn income from other sources on the side, that income must be declared on a self-assessment tax return.
The Potential Penalties for Not Paying Your Tax Bill
Not paying your tax bill on time can lead to various penalties and consequences imposed by tax authorities.
Late payment penalty
The most common penalty you can expect to receive for not sorting your self-assessment tax return in time is a late payment penalty. This penalty tends to be a percentage of the tax owed and will continue to rise each month that your tax is not paid.
Interest charges
On top of late payment charges, you can also expect to receive bank interest charges on top of your unpaid fees. The rate is dictated by the tax authorities and can significantly increase the amount you owe.
Damage to credit score
As a sole trader, an unpaid tax bill can also have a negative impact on your credit score, which will make it harder to secure a personal or business loan in the future and make things like getting a mortgage much trickier.
Collection actions
If you continue to dismiss your tax bill, the authorities will likely take your tax affairs into their hands and issue a collection action against you, which can be as severe as bank levies or seizure of assets.
Criminal penalties
The ultimate penalties for evading tax payments are criminal, such as hefty fines or even time in jail.
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The Challenges You Face When Completing Your Self-Assessment Tax Return
Understanding your self-assessment tax returns can be extremely tricky. Knowing how much tax you owe, your tax liabilities and other elements of the process can leave you extremely confused. Here are some of the common challenges sole traders and limited companies face.
Complex tax regulations
Unfortunately (but understandably), tax regulations are incredibly complex, making it difficult to know if you are adhering to the laws while also paying as little tax as legally required.
Can you claim child benefit back? Is your WiFi tax deductible? There are so many factors to consider the chances of you getting your own tax return right and efficiently is near impossible.
Record keeping
Trying to keep up with your incomings and outgoings when you are self-employed can almost feel impossible. As your income and expenditure likely differ each month, it can be hard to keep track of exactly what you have earned and paid and what you can claim tax relief for.
Tax Deductions
Understanding eligible tax deductions can also be tricky, as it is hard to be sure exactly what you can or can’t claim.
Income sources
As mentioned, when you are self-employed, your income will likely fluctuate each month. The main reason for that is due to the fact that your income sources are much more varied than that of someone employed, which makes it hard to track what money came from where which is crucial for a correct tax return.
How Can a Tax Accountant Help?
Tax Compliance: Tax accountants are experts in tax laws and regulations. They can ensure you meet all tax filing requirements, including accurate and timely submission of tax returns, which helps you avoid penalties and legal issues.
Tax Planning: Tax accountants can develop tax-efficient strategies to minimise your tax liability. They can help you identify deductions, credits, and exemptions that you may be eligible for, ultimately saving you money.
Financial Organisation: Tax accountants can help you maintain organised financial records, making it easier to track income, expenses, and deductions throughout the year. This organisation can simplify the tax filing process and reduce the risk of errors.
Audit support: In the event of a tax audit or inquiry by tax authorities, a tax accountant can represent you, providing documentation and explanations to support your tax return and ensure compliance with tax laws.
How AccountantFor Can Help You With Your Tax Returns
At AccountantFor, we are experienced in supporting many sole traders and anyone who needs to fill in a self-assessment tax return by pairing them with the perfect accountant for their needs.
The best part? It doesn’t cost you a penny.
All you need to do is click here, input your details, and we will put you in touch with the best self-assessment tax expert for your needs.
Do You Want a Little More Information About Us?
Whether you want to understand how we match you with the perfect self-assessment tax return accountant or you have a query related to your personal circumstances or tax situation, don’t hesitate to reach out. We’re more than happy to provide support and peace of mind where we can.
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What Do Others Say About Our Self-Assessment Accountancy Services
“As a freelancer, navigating the ins and outs of self-assessment taxes was a nightmare I faced every year. Then I discovered AccountantFor’s self-assessment accountant services. Not only did they connect me with an accountant who truly understood my unique needs, but the entire process was also seamless and stress-free. This year, my self-assessment was accurate, timely, and without the usual last-minute scramble. A massive thank you to AccountantFor for their unparalleled service!”
— Jordan A., Freelance Graphic Designer
Find Your Expert in Five Simple Steps
- Tell us about your business: To get started, we ask that you give us a little more information about what you do for work so that we can pair you with suitable accountants related to your niche.
- Tell us about your average turnover: Once complete, we will ask you to provide your average or estimated turnover. This allows us to connect you with self-assessment tax experts who understand the inner workings of companies of your size.
- Tell us what services you are interested in: Next, we will ask you to provide an insight into the type of support you are searching for.
- Tell us where you want your accountant to be located: Tell us where you want your accountant to be located. Then, we will allow you to choose which country your accountant should be located in. Having an accountant here in the UK is beneficial for understanding UK tax law, but equally, there are plenty of experts abroad who can help and may provide a service that is slightly cheaper due to exchange rates.
- At AccountantFor, we take clarity and transparency very seriously, which is why we are clear about where your accountants are based, and only put you in contact with experts from your chosen countries.
- Tell us your details: Finally, provide us with your name and contact details so that we can send your unique quote once it is ready.
Frequently Asked Questions About Self-Assessment Tax
A self-assessment tax returns expert will help you ensure you are claiming tax relief on anything you can legally while also highlighting when you might be owed a tax rebate. They also help keep all your books in order throughout the year, taking all the stress and hassle off your plate.
As a sole trader, you are allowed to complete a self-assessment return without the support of a specialist, but you may end up paying too much tax, as you don’t know all of the tax reliefs that a professional does.
The tax year ends on the 31st of March, and your payment is due by January 31st of the following year.
Yes, as a sole trader, you are typically required to pay income tax on the profits you earn from your business activities.
You can claim tax relief on things such as pension contributions, bills, or even accounting services.
Self Assessment Accountancy Services
AccountantFor provides a comprehensive range of accountancy and tax services, including self-assessments, through our exclusive network of vetted accountancy talent within the United Kingdom.
Accounting
– Statutory accounts
– Management accounts
– Financial planning
– Bookkeeping
– Business plan
– Growth modelling
Tax
– Tax investigation service
– Capital gains tax
– VAT
– Tax advice and consultancy
Other
– Company formation
– Registered office address
– Self-assessment
– Payroll services
– Corporation tax