Surrey is an area that is known for its large population of self-employed individuals. The difficulty with being self-employed is that it can be hard to keep track of all your expenses as well as all the seemingly endless tax rules that continue to change.
Many self-employed individuals will state that it is tax season that continually keeps causing them to have the most problems. The easiest way to avoid all the hassle and stress that comes with tax season is to find a Surrey accountant that is well acquainted with the tax rules that affect self-employed individuals.
One of the main reasons why people choose to hire an accountant to manage their tax issues is because of the fact that accountants are highly educated in tax law and are required to maintain an up to date knowledge going forwards.
They are able to figure out which rules can help self-employed individuals benefit from their work, how much money needs to be set aside in order to pay taxes, as well as how to structure people’s affairs going forwards in the most tax efficient manner possible. An ideal consultant for almost any major business move, a good accountant could help you save thousands of pounds every year, especially if you are a business owner who is starting out.
Of course, even those who are well-read about the world of tax rules have a good reason to hire an accountant. This is because having an accountant do all the hard work of ensuring that everything will be taken care of come tax season frees up more time for you to do other things, such as marketing, sales work, or even just spending time with your family.
After all, why should you bother with the hours of work tax preparation can take if someone else can do it for you at a very reasonable cost? One mistake people sometimes make is thinking that their own time has no cost, when it should be valued at the same rate as if they were seeing a client of their own.
Should you be in trouble with HMRC, an accountant can prove to be a priceless ally. A great Surrey accountant will likely be able to help you get up to date and minimise any tax liabilities that are due by ensuring that all relevant expenses and tax reliefs have been claimed, and also help you put systems in place to ensure a smooth running of your tax affairs in future.
If you are concerned that your past tax returns might not be minimising your tax liability or have correctly declared income sources, an accountant can review past years to provide reassurance.
When choosing an accountant, it is important to find an accountant with qualifications, years of experience, knowledge on self-employed tax rules, as well as excellent reviews from people who have trusted them in the past.