Self Assessment Tax
For many small businesses the question of whether an accountant can help with self assessment tax is one of the most important ones they will have to ask. In the UK the majority of small businesses are generally treated as partnerships and therefore will be liable for VAT on certain transactions, such as purchases and sales which take place outside of the UK. VAT is one of the UK’s more progressive taxes and is due on all purchases you make outside of the UK. The main difference between a partnership and a sole proprietorship is that in the latter you do not need to pay any tax if your company is not profitably active.
However, this is where an accountancy service can come in to its own. Many small businesses who are not run commercially but through their own innovative thinking or technological innovation do not pay any tax at all. However, a highly skilled accountancy firm that specializes in this area can be invaluable to these businesses. The accounting services accountancy firm offers are usually undertaken on behalf of the client in order to ensure that they pay the least amount of tax possible. If an accountant helps with self assessment tax it can make life easier for a small business.
So, can an accountancy firm actually help with self-assessment? The answer really depends on a number of factors. The most important thing is to ensure that hoe you get the right firm for your needs. When looking for accountants, it is worth looking for firms that have a proven track record and years of experience in helping people achieve the best tax return possible. A good place to start is with a referral from your local business bureau or an industry body like the CPA.
These organizations can also point you in the direction of highly skilled professionals who may be based in your local area. In fact, some accountants work exclusively online. They may be able to offer further localised help. There are also a number of software programs available, both online and offline, which can greatly simplify tax returns and assist with tax preparation.
However, if you are fortunate enough to have access to a trained accountant then there’s nothing to stop you getting everything finished for you on your own. There are literally thousands of templates and pre-made forms now available online for download. These templates allow you to complete your entire tax return online. You will also find that many online tax preparation companies also offer a range of online services including online filing of returns, advice on savings and options such as paying via the Internet. It’s also worth remembering that although these tax specialists do operate solely online they can still give you expert advice and can phone you if you have any issues.
It is perfectly acceptable for you to hire both a local accountant and a remote based one. The main difference between hiring both services is that the local will provide support through telephone and email whereas the remote will be able to advise you over the phone and online. Whilst it’s true that many people find that when they have a variety of tax experts at their beck and call it makes the whole process quicker and easier, this isn’t always the case. After all, the more tax experts you use the better chance there would be of you getting everything back together on time and for nothing extra.
Self Assessment Tax Route
One reason some people decide to go down the self assessment tax route is that they don’t have to live with the immediate financial impact of paying tax. In the majority of cases you can make substantial savings on your first few years of income. Not only that but by the end of the tax year you will have paid no tax at all. This is the main advantage of hoe as you don’t have to live with the immediate financial impact of paying tax.
Unfortunately not everyone is aware that they don’t have to pay income tax. In fact there are two sides to the coin, on one hand there are many people who are absolutely overwhelmed with all the paperwork and have no idea how they can save themselves money and on the other hand there are many others who really do need help with their tax returns. Whether you are one of the first or latter, an accountant can help with self-assessment tax. Just get in touch with a local company today.