Specialist Tax Return Accountants
If you have only recently gone self employed, there could be a fair few questions playing on your mind about how to keep up with your tax obligations. Quite simply, if you earn more than £1,000 in self employed income over a financial year, a tax return must be submitted for that year.
That tax return is supposed to show the amounts of Income Tax and National Insurance you owe. However, calculating the correct amount of tax can be a surprisingly complex endeavour — and, as an unsurprising result, see errors creeping into the tax return.
This is where the importance of an accountant can come into play. Though you are certainly not legally obliged to ask an accountant to help you with your tax return, it can be a shrewd move that saves you time and leaves you with considerable peace of mind.
What Is A Tax Return?
Technically, a tax return is a series of forms that must be completed annually for a worker who meets particular criteria. The finished return should show HMRC how much self employed income you have made over the previous financial year.
HMRC will also be able to clearly see what you supposedly owe in tax. The word ‘supposedly’ bears emphasis here, as the onus would be on you to make sure that the details entered into the return are accurate lest you potentially get penalised.
The information on this return should also cover your spending on things on which you are able to claim tax relief, like home office costs and charitable donations. If you also receive a PAYE salary from an employer, the return additionally needs to specify what you have already paid in tax.
Why Might You Need A Tax Return Accountant?
As you should now be able to see, the list of mandatory inclusions on a tax return can be dauntingly lengthy. The picture can be particularly bewildering if, say, you have many business costs or receive a steady trickle of small payments, as can be the case with gig economy work.
While it’s certainly not impossible for you to complete and submit your own tax returns, the process can take up the kind of time your business might not have in ready supply.
Besides, as accountants specialise in helping clients to keep on top of their tax obligations, engaging an accounting professional means that you wouldn’t personally have to familiarise yourself with the ins and outs of tax law.
Our prestigious network includes accounting experts who are trained in using up-to-date accounting software. Hence, they can meet your company’s accounting needs both quickly and to a high standard — and make financial savings that can be passed onto you.
We Can Help You Find A Tax Return Accountant
We offer a completely free service where, once you have let us know what your business needs from an accountant, we can recommend you one well-suited to these specified requirements. For further information, please contact us here.
Tax Return Services
AccountantFor provides a comprehensive range of accountancy and tax services, including tax returns, through our exclusive network of vetted accountancy talent within the United Kingdom.
– Statutory accounts
– Management accounts
– Financial planning
– Business plan
– Growth modelling
– Tax investigation service
– Capital gains tax
– Tax advice and consultancy
– Company formation
– Registered office address
– Payroll services
– Corporation tax