Correctly completing the self assessment process can be challenging, especially when you consider the complex calculations that must be made to arrive at your tax liability. You need to make sure that all deadlines are met to avoid being penalised by HMRC, and that your tax return is free from errors.
You can reduce this pressure, however, by finding a reliable accountant with experience of self assessment. They will complete your tax return, and ensure you meet all your obligations under the process.
So what can a tax accountant do to help, and what is the likely cost for their services?
How to find a qualified tax accountant
Without a reliable recommendation from someone who has working experience of an accountant’s services, it’s difficult to know who to choose. An accountant with a local practice is a good idea - it allows you to meet them in person, and gauge whether or not their services meet your requirements.
Handpicked Accountants can help you find the best accountant for your self assessment needs. We will send a shortlist of local professionals who can help you with your tax return and other self assessment requirements, so you meet all your responsibilities as a business owner or company director.
Self assessment accountancy costs
The cost of hiring an accountant to help you with self assessment will vary according to:
- Complexity of your financial affairs
- Specific self assessment needs - a basic self assessment service including preparation and filing of your tax return, for example
- Whether you require personal tax assistance in addition to business tax
Self assessment accountancy fees for a small business can range from around £200-£300, with a higher cost for larger businesses and those with more complex affairs. Accountants may charge a fixed fee, allowing you to budget effectively for this key service.
Self assessment for start up businesses
If you’re a new business, it’s worth remembering that your start-up costs and pre-trading expenditure may also be tax-deductible – an issue that your accountant will be able to determine, to ensure your tax liability is minimised.
These pre-trading costs could include, but are not limited to, advertising, stationery, telephone and broadband, heat and light, rent, and interest on business loans. Claiming tax on such costs helps to reduce your overall liability – an important factor in the early years of trading.
Completing the self assessment process without an accountant can result in queries from HMRC, and fines if you don’t understand the figures and calculations – the expenses that are tax-deductible, for example, or your dividend tax liability.
It’s commonly the case that a good accountant saves you more than they cost, and as far as self assessment is concerned, an experienced tax accountant will understand the system and claim tax relief on all applicable expenditure.
For more information about qualified accountants in your area, call our expert team at Handpicked Accountants. We provide referrals for experienced and reliable accountants in your area, to make self assessment easier and allow you to focus on running your business.