In a way, yes!
Many people do not realise that accountancy fees are an allowable expense for the self-employed, and as such qualify for tax relief.
Taking our silver package as an example, the cost for this is £490 before tax relief.
For a basic rate taxpayer, the savings are significant:
1) 20% tax relief – £98
2) 9% national insurance relief – £44
Total tax & NI savings = £142, or almost a third off the total – bringing the net cost for the package down to only £348.
When you look at the significant fines that HMRC are now charging for late returns, combined with the tax relief available on accountant’s fees – getting help could actually cost you less than doing nothing, and you can also avoid all the worry as well.
