I hear this comment more frequently this time of year, as the self-assessment tax return deadline fast approaches (31 January). It’s a comment which usually ends with “but it’s always a bit of a nightmare” or “but I hate it!”. It is often accompanied by a slightly worried look, in the knowledge that it will be a last-minute scramble towards the end of January, and if there is a tax bill to pay – a nasty surprise.
It always sounds a bit strange to me. I suppose it would do. You see, if you have a qualified Chartered Accountant on your side, then dealing with tax and HMRC becomes easy (because he/she does it for you). Of course, there will be a fee for the work done. But it’s usually much less than you think and, when compared to other goods and services you pay for during the year, it’s not expensive. Full disclosure here, I’ve just spent £1,500 for replacement guttering which took less than a day to install, so right now a fee for a self-assessment tax return seems, well, a bargain.
More importantly, if you ‘do your own tax’ let me ask you – honestly, are you really sure that you paying the correct amount of tax? Are you sure that you are not missing out on tax saving opportunities?
The UK tax system is complicated and huge – highly qualified accountants invest a lot of time and money, to keep up to date with latest developments. Even then, only the most committed stay on top of things. So I ask you – do you really have the time and the grit to understand the various tax rules and regulations?
My advice, always: find a qualified Chartered Accountant who you trust and can rely on. Someone who will deal with your tax affairs, so you can get on with running your business, and enjoying life. After all, you didn’t go into business to deal with tax. But we did …….
If you already have a trusted Chartered Accountant on your side, well done, you’ve made a good decision. If you haven’t found that relationship yet, believe me it pays to do so. I would certainly love to hear from you – please do get in touch for a no-obligation, free discussion to see how we can help.
In the meantime, for those who really do want to ‘do their own tax’, take a look at our separate Insight post on our 2017/18 Self-assessment Checklist – it will help you identify the key information you need to prepare your return.
If tax is your thing, I’d also visit our Insight post on the 2018 Budget, and keep an eye out for future posts which will focus on issues relevant to SMEs and individuals.
Best, Paul