01 Apr How an Accountant Can Help With Your Self-Assessment
As one of the most essential pieces of financial documentation that British business owners encounter, the self-assessment form is a requirement that any successful professional must complete year after year— but can you possibly let an accountant in UK take care of it for you?
Before getting in, lets clear first what is self assessment? Self Assessment is the short form of “Self Assessment tax return”, which is basically a document that every business owner needs to send to HMRC manually to show how much he is earning and from which resources. It maybe Difficult because you also need to concentrate on other your business stuff.
The importance of a self-assessment form
Generally speaking, the importance of a self-assessment form can be seen in the fact that it’s a mandatory requirement for the HMRC. Compliance is then crucial for business longevity. The HMRC imposes the need to submit a self-assessment form on company directors, self-employed workers, and high earners because it is their way of keeping track of how much tax the qualifying professionals owe.
Despite the fact that it is an essential form that certain professionals must fill out, completing a self-assessment form is a time-consuming process with a slim margin for error. There may not exactly be a legal obligation on the part of self-employed workers, high earners, and company directors to employ their services, but there’s no denying the fact that an accountant’s services can prove to be helpful.
“What’s so wrong with filling out my own self-assessment form?”
From a technical standpoint, there’s nothing wrong with filling out your own self-assessment form. That said, not everyone has the skills or time to properly fill one out while balancing key tasks.
If you decide to fill out the self-assessment form on your own, the best way to take on the task is with the help of online bookkeeping software, which will keep your financial records up-to-date. Through the use of online software, however, not only will you be able to keep your records in line for your self-assessment duties, but you’ll also be able to claim allowable expenses for you or your business!
While bringing an online bookkeeping software into play can help, the amount of time and effort that goes into completing your self-assessment form may be too great—which is where an outsourced accountant comes in.
How an outsourced accountant can help ease your self-assessment form-related woes
The main reason the services of an accountant is oftentimes essential for completing your self-assessment form is that doing ensures the job gets done without affecting the rest of your duties.
As opposed to doing your self-assessment form on your own, an outsourced accountant will make things easier by handling it on your behalf. When you entrust an outsourced accountant with your self-assessment form, you’ll have more time to focus on key processes in your business and improve your operations as a whole. Letting a skilled professional bookkeeper wrangle your finances for you also makes it much easier to accurately complete your documentation and avoid any complications with the HMRC.
Another selling point to consider when looking at the possibility of outsourcing an accountant to handle your self-assessment form is that their prices can go lower if you help make their work easier for them. Simply using online bookkeeping software to handle your documentation can significantly lower the final bill that you’ll be charged because you’ll be able to remove a particular work requirement that an accountant will need to fulfill!
Dealing with the responsibility of filling up your self-assessment form can prove to be a difficult task for even the most experienced professionals—but bringing in the services of a professional outsourced accountant can make a world of difference.