- May 6, 2021
- Posted by: Simply Finance
- Category: Accounting
You’ll have a lot of questions when you realize you need to file a tax return. ‘When is it due?’ and ‘What should I include?’ are likely to be on your to-do list. ‘Do I need an accountant for a watertight tax return?’ would most definitely be at the top of the list.
Some people opt for the do-it-yourself approach, but doing your taxes for the first time can be intimidating. We’ll look at the advantages and disadvantages of hiring an accountant to do this job. You may want to stop them altogether now that mobile tax software is available…
WHAT DOES IT MEAN TO BE A TAX RETURN ACCOUNTANT?
The tax return is one of the most important duties that an accountant does for a taxpayer, and they will file it for you on an annual basis. Other responsibilities include:
- Keeping track of your finances
- Making a claim for expenses
- figuring out how much tax you owe
- Finding ways to save money in order to lower your tax bill
HOW MUCH DOES IT COST TO HIRE A TAX RETURN ACCOUNTANT?
As with any service, a low price is unlikely to have excellent value. The price you can pay for a tax return accountant will depend on the amount of work they do for you, but the service mentioned above will easily cost up to £500.
Some quotes can be fixed and provide you with more resources than you want. Furthermore, the cost will vary depending on the type of tax return you need, and there may be additional conditions unique to your circumstances – for example, a general self-employed tax return will differ from that of a sole trader with a job or rental income.
DO I Need THE SERVICES OF AN ACCOUNTANT?
No, Simply Finance accounting and bookkeeping companies in Dubai makes it easy to keep on top of your taxes without having to hire an accountant. Our easy-to-understand tax return programme teaches you how to complete your own Self Assessment tax return in minutes, just like a pro.
Simply Finance accounting firms in Dubai makes it easier for you and helps you find tax savings you didn’t know about. If you know how to save money on taxes or have no idea what they are, Simply Finance can make sense of it all for you. It will save you hundreds of pounds in accounting costs while still meeting your tax obligations and increasing your take-home pay.
There are a few other ways to file your tax return.
Regardless of how reasonable an accountant’s fee is, certain small companies or freelancers just do not have the funds. Furthermore, human error remains a possibility. Even the best accountants will make mistakes, and you may be the unfortunate victim of an oversight – for which you would be held accountable.
Many people avoid filing their own tax returns because they are concerned with getting the numbers exactly correct. People are put off from doing it themselves by this, as well as a lack of financial trust. However, anyone can file an accurate tax return without the assistance of a specialist.
One option is to use tax software to monitor your income and expenditures over the year. Your equations would be error-free as long as you enter your figures carefully. These tools are inexpensive and reduce the tax return burden to a single click on the due date.
Otherwise, with the aid of spreadsheets, calculators, and decent bookkeeping services, you can still do your own tax return. It’s not as easy as using dedicated tax and accounting software, but if you’re organised and have a knack for numbers, it’s definitely doable.
In either case, keep in mind that accountants aren’t needed when filing your self-assessment tax return. It’s all about figuring out what works best for you.