You might be an individual or a small business owner. Anyway, you will have to pay your taxes, and it could be an extremely murky deal. So, like quite a lot of business owners, you might be asking, do you need to hire an accountant to do your taxes? Before you can reach a yes or no answer to this question, as an eminent provider of tax advice in Shoreham-by-Sea, we want you to reach an informed decision. This is why we are going to highlight: what does an accountant do? In which cases do you need to outsource your accounting business?
What Does an Accountant Do?
An accountant can perform a wide variety of tasks, from preparing financial statements to give useful consultations about the financial health of a business. As part of their responsibility, some accounting firms can also offer business tax services and even individual tax services. This usually involves preparing and filing self-assessment tax returns for the companies and the individuals.
When do you Need an Accountant?
It is well known that taxpayers can save money by filing their own tax returns. However, there are many special circumstances that might require you to engage an accounting firm to help file your tax returns.
This applies to taxpayers who have to deal with more complex situations. These instances could include:
A sole trader who has income and expenses from a large and small business to report.
A taxpayer who has a rental income.
The complexity of the circumstances also applies to a taxpayer who receives a good amount of foreign income.
If you are operating on behalf of a UK limited company, you should always consider consulting an accountant.
You might think that the onboarding cost for an accounting firm is not worth it, but think of your other expenses down the line. Accountants can also advise on changes in legislation or relevant tax treatments for your situation. This additional service can prove invaluable in restoring your peace of mind, especially when you are dealing with a significant cash flow and complex circumstances.
Therefore, in our opinion, hiring an accountant is worth every bit of your money. And even the charge of the accounting firm ultimately depends on aspects such as the frequency of their services, the complexity of the circumstances and many other factors. Do you fall in any of the above-mentioned circumstances? Michael Finn & Company’s customised accounting service is always here to help
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