Self assessment accountants are professionals who specialise in helping their clients complete and submit tax returns on behalf of HM Revenue & Customs (HMRC). The deadline to submit these is usually by January 31st each year, but many people aren’t prepared for the task and it can be a stressful experience.
The process of completing a self assessment accountants in Birmingham tax return can be quite complex and can involve a huge amount of information and paperwork. This is why it is recommended that you hire a professional to complete the task for you, rather than try to do it yourself and risk making mistakes that could end up costing you more money in fines.
High street accountants charge around PS250 for preparing and completing the forms, while budget online services start at PS50. While these may be cheaper, they are often no more than a filling-in service that won’t help you find deductions or save you money.
You can also prepare your books for your Self-Assessment tax return yourself with accounting software like KashFlow. These programmes are simple to use and can give you the figures you need to fill in your Self-Assessment tax form.
When you’re ready to get started, you can create an account in a few clicks using the ‘Self-Assessment report’ function in KashFlow’s accounting software. This is a great way to prepare your books and make sure that all the correct information is included in your tax return.
There are a few things to consider when filling in your Self-Assessment Tax return, including whether you need to claim any tax allowances or reliefs. You also need to be aware of any income or expenses that are subject to capital gains tax.
If you have any taxable investments, such as property or shares, then these must be declared when filling in your Self-Assessment return. In addition, you must provide your accountant with any other type of income or expenses that might be liable to tax.
As well as these, you’ll need to tell your accountant about any other income or expenses that might be liable to capital gains tax such as pensions, childcare costs and charitable donations. Your accountant will need to know what you have received and how much you have spent so that they can make a full tax assessment of your affairs.
A qualified accountant will have filled in countless tax returns before so they will know exactly what’s required and how to ensure that all the information is submitted correctly. They’ll also be up-to-date with all the changes in tax legislation so they will know where to look for tax deductions that could help you reduce your tax bill.
Depending on your circumstances, you might also need to fill in a supplementary page. This is a section that will be specific to the reason you’re filling in your Self-Assessment and can contain extra details such as information about benefits you receive, such as the State Pension or Child Benefit.