January is often viewed as one of the worst months of the year; a longer wait until payday, dark and cold nights, and of course the impending deadline of your Self Assessment tax return by 31^st January. 

Whilst we can’t do much about the weather, we can help to make your Self Assessment tax return a less stressful and more enjoyable process here with the expert team at Bracey’s Accountants. 

Here are five reasons why hiring an accountant can take the stress out of Self Assessment. 

1. Leverage Their Expert Knowledge 

As accountants we are required to be current in the latest tax laws and regulations, meaning your Self Assessment will be completed accurately and fully compliant with HMRC, therefore reducing the risk of errors penalties. Error penalties occur when HMRC issue financial penalties for mistakes in the return. The penalties depend on the type of error and whether it was intentional or accidental.  

Missed opportunities are also reduced; ensuring we minimise your tax liabilities to make them as efficient as possible.

2. Save Yourself Time

Whilst HMRC would have everybody believe that it’s simple and straightforward to prepare a tax return, that can often not be the case. Preparation can be time-consuming, especially trying to fit it alongside a demanding job or running a business. If there are any complexities within your financial affairs, this can add an extra level of complication.   

As accountants we bring an increased level of efficiency to the process, meaning you can spend more time on the things you want to be doing.  

3. Creating Tax Efficiencies

Accountants can identify what allowable expenses there are and what you’re allowed to claim on the tax return. We’re aware of all tax relief saving opportunities and in general your tax liabilities are likely to be a lot lower if you employ an expert to help. 

4. Peace of Mind

We are regularly contacted by people who have attempted their tax returns, only to feel lacking in confidence, anxious and facing the realisation that they have made errors that could result in financial penalties. Having an accountant file your tax return can give you increased reassurance that everything is going to be accurate.

5. Increased Complexity = Increased Support  

Finally, where there is a complex return; multiple income streams, investments, self-employment, this is where tax returns can quickly turn complex. 

We know how to ensure those multiple income streams are as tax efficient as possible, and if we’re aware of all the income streams of individuals and are able to make them as tax efficient as possible, this ultimately results in reduced taxes.  

Beyond just filing your return, an accountant can also offer valuable advice on tax planning, business growth, and financial management to help you make informed decisions for the future.

For increased peace of mind, more free time, and the security of knowing experts are handling your Self Assessment tax return contact the team at Bracey’s Accountants today.  

Book a free 30 minute consultation now to understand our full suite of accountancy services