March 26, 2019 0

Do you need an accountant to file your own tax return?

Do you need an accountant to file your own tax return?

Accounting refers to the process of recording financial transactions systematically. In the present world where things are bound by legalities and technicalities, an accountant might indeed be your best bet. An accountant typically can and does so many things for an average taxpayer, but providing a tax return service is one of the most prominent things.

There are a lot of questions that will cross your mind when filing for tax return yourself such as the due date, its content, evaluation of assets, various records and so on. Tax returns in the UK – for a layman – are complicated. So, while you can file your own tax returns yourself, an accountant is likely to do it better. There are so many people that end up overpaying their taxes due to their limited knowledge of tax returns. Many other end up underpaying for the same reason and face legal issues.

However, regardless of the complications you still can’t, and wouldn’t just trust any random person who claims to have specialised in the field, would you? You need someone reliable, someone, you can trust so that your data gets treated with absolute consideration to allow you to enjoy the most favorable outcomes and a fair tax return.

This is where Chekin comes in. To help you find the right accountant in the UK. for not only tax returns but all your diverse needs. The process is simple: you submit your requirements to Chekin through answering some questions, you connect with a shortlisted few relevant to your requirements, and then you hire the Accountant or the Accounting firm you perceive to be the best.

Can I amend a tax return because my accountant sucks?

Quite simply put: yes. HMRC allows for such amendments to be made. Self-reported tax returns often end up applying for amendments after a few years or immediately when they realize, they made a mistake that went unnoticed. However, so do people with an accountant.

We recommend carefully choosing the person for the job because often it’s just that no one really sucks, there are miscommunication and misunderstanding of purposes. We firmly believe that with our directory of over 4000 accountants and accounting firms in the UK. you’re sure to find the right match.

Does the accountant file your tax return for you?

While you can ask your accountant to file it on your behalf, the final responsibility to file your tax return lies with you. This is because tax return papers need your authentication and approval before submission.

It’s always advisable to give the tax returns a cross-check yourself to check for discrepancies or mistakes. After this cross-checking and signing its up-to you to decide to file it yourself or to ask your accountant to do it.

Do you need an accountant to file the tax return for Corporation?

You wouldn’t “need” an accountant for any sort of tax returns. However, hiring one or outsourcing the job is definitely advisable. Accounting is a complex practice that requires the understanding of a vast range of aspects including (but not limited to the) statement of financial position, journal entries, and P&Ls. Even if you graduated with a top grade in the subject, you’re still likely to need an accountant or an accounting firm to do the job. Accounting standards often change and alter which, unless you’re a full-time accountant are unlikely to be able to keep pace with.

Furthermore, as the (presumably) head of a Corporation, you would likely find it more fruitful to focus on strategic management and leave the technicalities of filing tax returns to your specialised team of accountants. Metaphorically, to conclude, you may indeed require an accountant to file returns for your corporation.

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