Introduction
By reading this article”Should I Get a Tax Adviser?”. You will learn when hiring an accountant or tax agent can help you get your return done correctly. When you are better off doing your own return.
It is well known that tax law may be complicated. However, it is widely assumed that if you need to complete a self-assessment tax return. You should get either a tax advisor or an accountant.
Can a tax accountant save you money besides keeping financial records?
To answer the question “what does an accountant/Tax Consultant do?”. An accountant’s responsibilities range from keeping track of a company’s money to advising on how to enhance the bottom line.
Some accounting firms also offer tax services, such as assisting businesses and individuals in submitting self-assessment tax returns to HMRC.
When and how to prepare your own tax return?
You can immediately consider employing an accountant as your tax agent and having them prepare your self-assessment tax return if required.
Of course, this is not always the case.
If your affairs are relatively simple, you can prepare your own tax return (with the assistance of HMRC’s guidance notes). This could be the case for a UK tax resident. Whose income is derived from simple sources (such as wages or interest).
If you intend to file your own tax returns, you should be familiar with the process. To comply with the law, you must be familiar with the procedure of completing a self-assessment tax return. As well as the dates and methods for remitting any taxes owed.
Using tax preparation software can make the process of submitting your taxes much easier. You are invited to try our multi-award winning accounting and tax return software, but there are many more possibilities.
How & when to find a tax consultant?
Taxpayers can save money by completing their own taxes, but some would benefit more from using an accounting firm.
This is important for taxpayers with more complicated financial situations. A taxpayer with rental income, a taxpayer with significant offshore income, or a sole owner with business revenue and expenses to record would all fall under this group.
When preparing accounts and tax returns for a UK limited corporation, taxpayers should almost always consult with an accountant.
While it is more expensive to hire an accountant than to do it yourself, keep in mind that they may be able to provide insight into current legislative changes or applicable tax legislation.
This additional knowledge is frequently valuable, not to mention soothing and reducing worry.
You can find accountants by searching ‘accountants near me’ or ‘tax accountants/consultants near me’ and try to discuss your specific situation with multiple firms before finalizing anyone because most of them provide a free initial assessment.
How much does it cost to see a tax advisor?
The cost of a tax return can vary significantly from one accounting firm to the next, so getting estimates from many firms before deciding on one is a good idea. As a result, it is impossible to provide an exact amount, but we will discuss some of the most common factors that influence the cost.
How Frequently do you Require Assistance
How frequently do you require assistance – some organizations, for example, charge by the hour, whilst others offer tax return preparation for a set fee.
Charging Rates
We are charging the following rates to our clients based on the level of work involved:
– Normal fee of £250/annum if all the work is done by us.
– Normal fee of £180 if the client provides summarised figures of incomes and expenses
– Fee may be subject to change if the following issues are involved: The complexity of your return, your residency status, your taxation base, and the number of income sources are all factors that may influence the final price you pay for a return. The complexity of a taxpayer’s financial condition, whether it’s several rental properties, complex capital gains, or split-year returns due to the taxpayer’s entrance or departure from the UK throughout the tax year, will influence the total cost of completing their tax return.
Specialization
Some firms are better suited to your demands if you are a non-UK citizen with UK income; a self-employed individual; those operating in the entertainment or farming industries; and so on.
Finally, check to see if the firm is chartered by a professional organization, such as the Association of Chartered Certified Accountants (ACCA), ICAEW, CIOT, etc.
Conclusion: Should I Get a Tax Adviser?
If you’re a generally tax-savvy person with uncomplicated financial affairs, your self-assessment tax return shouldn’t be too difficult.
Taxpayers who are unfamiliar with taxes, have more intricate financial situations. Must submit a corporation tax return should contact a tax preparer or accountant. For more information on this topic. See our most recent blog post, “Corporation Tax: What Is It and What You Should Know.”
Before committing to pay any costs, search about, ensure that the accounting firm understands your circumstances. Confirm that the firm is appropriately competent to carry out the assignment.
Should you require assistance in preparing your tax return please feel free to contact us at 02071559545 or email at info@taxsteins.co.uk
