The Benefits of Working with a Tax Accountant

Navigating the UK tax landscape can be a daunting prospect for self-employed people. In contrast to conventional employees, self-employed people have the onerous responsibility of managing their own tax affairs and ensuring compliance with HM Revenue & Customs (HMRC) regulations.

And there are, of course, many aspects of the UK tax system including income tax, corporation tax, value added tax (VAT), capital gains tax, producing and filing your returns on time, ensuring accuracy and compliance, not to mention tax optimisation to ensure that you’re operating as tax-efficiently as possible.

Self-employed people are generally very busy with multiple projects on the go at once, deadlines to meet, client management responsibilities, trying to win new contracts, and self-employment necessitates an increased admin workload too. So having to wrestle with your tax obligations on top of your normal daily work and running your business is far from ideal and can be very challenging.

But working with a tax accountant alleviates the challenges and mitigates the risks of handling your own tax affairs. In this post we’ll break down the key benefits of engaging a tax accountant and how Gorilla can help you.

Maximise Your Tax-Efficiency

Everybody wants to earn more money, especially in what have been challenging economic times in recent years. When you’re self-employed there are various tax allowances and deductions that you can claim that reduce the amount of tax you pay while remaining compliant. A tax accountant will be able to ensure that you maximise these allowances.

For example, they’ll help you to claim all allowable expenses such as business-related travel and accommodation costs, equipment and accountant fees. This will reduce your taxable income, and therefore, the amount of tax you pay, which results in increased home pay.

They Will Save You Time

Completing your own tax returns and managing your tax affairs can be an extremely time-consuming undertaking when you’re self-employed. This is especially true when you’re doing your returns for the first time and are unfamiliar with the processes as well as tax legislation and the requirements for compliance.

Appointing a tax accountant means this is no longer a concern – your taxes are in the hands of an expert which frees up more of your time so you can focus on core business activities and growth.

You Get Peace of Mind

As well as saving you time, a tax accountant will also help to reduce your stress levels! Managing your own tax affairs can be daunting and stressful, especially if, for example, you’ve left your self-assessment tax return to the last minute.

Engaging a tax accountant will remove this worry as you have the peace of mind that your tax affairs and obligations are being expertly managed and will be filed accurately and on time minimising the chances of any HMRC involvement.

Timely and Accurate Tax Filing

A key benefit of working with a tax accountant is that you have the reassurance that your tax filings, whether self-assessment, corporation tax or VAT returns, will be accurate, error-free and submitted to HMRC on-time.

Submitting your tax returns late or with mistakes in them can result in interest being charged on outstanding tax owed, penalty charges and fines, or lengthy investigations and audits from HMRC. A tax accountant will assist with the preparation of your tax returns, usually taking advantage of automated accounting software, and will carefully check everything is correct and accurate as well as ensuring they’re filed on time.

They Keep You Abreast of Legislative Changes

Tax legislation and regulations are fluid with regular changes and it’s not easy for self-employed people to keep up-to-date with the latest changes and ensure compliance with the current regulations.

When you work with a tax accountant the onus is on them to keep up-to-date with all tax legislation changes, it’s their job after all! They will constantly monitor legislative changes and make sure that you are fully compliant with the latest regulations so you don’t have to.

Gorilla’s Accounting Service

The benefits of working with a tax accountant are undoubtedly wide-ranging and can make a significant business difference for you, but we are more than just a tax accountant! When you join Gorilla, we will effectively and efficiently handle your tax affairs and all your business and personal accounting needs will be expertly managed.

You’ll work with your own dedicated accountant who will be on hand to provide unlimited support, advice and guidance to ensure your business finances are in optimal shape. You don’t need to worry about slow response times when you contact us as our Client Service Guarantee means that if you contact us before 3pm on any working day, we’ll issue you with a £50 payment if we don’t respond to you the same day.

You receive full access to industry standard FreeAgent cloud accounting software at no extra cost, inclusive in your great value monthly fee. FreeAgent offers a host of benefits including a real-time at-a-glance overview of your accounts and the financial health of your business. Comprehensive automation functionality means your tax returns are calculated in the background while you work, and they can be digitally submitted to HMRC.

If you’d like to learn more about our accounting service or have any queries regarding your tax affairs, our friendly, expert team are on hand to help. Speak to an accountant today on 0330 024 0406 or request a callback.