Many people usually regard getting a self-assessment accountant as an expensive affair. However, while it is true that you can fill in your self-assessment on your own, you will be left exposed to a number of risks and mistakes. The first help such a professional offers to you is the evaluation of your state to know if you are eligible for self-assessment. This is especially important for those who may not know the categories under which they fall.
Here are some of the classes of people who are eligible for the self-assessment;
- Those who are self employed
- Those who got untaxed income of a £2,500 or more through ways like renting out a property and investment
- Those who need to pay capital gains tax through sale of things like shares, a second home or other chargeable assets
- Those who got dividends from shares and are already higher or additional rate taxpayers.
- You hade savings or investment income of more than £10,000 or more before tax.
- You lived abroad and had a UK income
- Your income was over £100,000
These are just a couple of examples as there are several cases especially on investments and sums of monies earned that may require an individual to file self-assessment returns. Aside from knowing whether you are eligible for the assessment, there are several other benefits one can accrue from getting the services of an accountant. These include the following;
- Saving valuable time
The one important factor that an accountant helps you with is saving your time. You get to have more time to focus on your business instead of taking almost three to four weeks filing the returns. This is especially true for those self-employed who could even be charging on hourly rates or dealing with client projects.
- Filling in forms in time
Many people who do not work around numbers find it challenging engrossing themselves for long periods dealing with them. As such the temptation is usually to put off the work for some time. Other daily engagements and activities can also interfere with the time allotted for the filling of the forms. In the case of self-assessment you could even be aware a few weeks to deadline date. A self-assessment accountant fills forms as part of daily work. You are therefore assured of prompt filling and you escape the hefty penalties for late submission.
- Correct filing of the forms
There are penalties for incorrect and incomplete information submitted. You can never be sure if what you have filled is comprehensive and there is always room for error. To avoid the risk and the accompanying penalty, get a professional to do the work for you. Mistakes like loans being repays, child benefit for higher income, missing to collate some invoices and expenses receipt can be costly.
- Minimising your tax bill
While you may fill the returns on your own and in time, only an accountant can get you the most benefits ensuring you save the most. They know the legal ways you can minimize your tax and can help you plan your finances the whole year.