As a business owner, the task of filing your Self Assessment tax return can be daunting. You may be more than capable of doing it yourself, but there are times when hiring an accountant is definitely worth considering. In this article, we will discuss the benefits of hiring a local accountant in Radcliffe to maximize your Self Assessment tax return.
Professional Advice on Financial Challenges
One of the main benefits of hiring an accountant is that they can provide you with professional advice on any financial challenges you may face in your business. A local small business accountant in radcliffe has knowledge and expertise on various accounting and taxation matters, which can help you make informed decisions about your financial affairs.
Navigating through the ‘Salary Versus Dividend’ Minefield
The decision to take money out from your company as salary or dividends is not always straightforward. There are pros and cons to both options that need to be carefully considered before making any decision. An experienced local accountant in Radcliffe can advise you on which option would best suit your circumstances.
Peace of Mind Knowing You Are Doing Things Correctly
Filing a Self Assessment tax return involves many complex rules and regulations that need to be followed precisely, failure to do so could result in penalties from HMRC. By hiring a local small business accountant in radcliffe who is knowledgeable about these rules and regulations, you will have peace of mind knowing that everything will be done correctly.
Checking Your Bookkeeping
Another benefit of hiring an accountant for your Self Assessment tax return is having them check over your bookkeeping records for accurate categorization of sales and expenditures. They can ensure all necessary entries have been identified correctly as well as identify any errors or omissions within the accounts which could impact how much income tax needs paying.
Cloud Accounting Software Not Always Accurate
Whilst cloud accounting software like Xero or QuickBooks Online provides users with an efficient way of keeping their bookkeeping up to date, it is not 100% accurate. The software relies on the data entered into it being correct. If there are any errors in categorizing sales and expenses or if the bank connection duplicates or omits data, which does happen although thankfully it is rare, then your tax return will be incorrect.
Hiring a local accountant in Radcliffe provides you with peace of mind that your accounts have been checked over by an expert who can identify any discrepancies quickly so they can be corrected before submitting your Self Assessment tax return.
Maximizing Your Tax Savings
Tax savings can be maximized by having a local small business accountant in radcliffe prepare your Self Assessment tax return for you. They will ensure that all allowable expenses are claimed, and all available reliefs are taken into account to reduce the amount of income tax payable.
In conclusion, whilst some business owners may feel comfortable completing their own Self Assessment tax return using cloud accounting software, there are many benefits to hiring a local small business accountant in radcliffe. Their knowledge and expertise can provide financial advice on challenges faced as well as ensuring everything is done correctly when submitting your returns. With their help, businesses can maximize their potential for tax savings while enjoying peace of mind knowing that everything has been checked over thoroughly by an accounting expert before submission to HMRC.