Can you do your self assessment accounting tax return yourself? Most taxpayers will seek help from their closest accountant. High Street accountants will prepare and complete tax returns starting at $99.00 plus VAT, while remote accountants can do it for as little as $50. But how do you find an accountant, what should you pay and what do you get?
A Google search turns up plenty of services that promise "we won't be beaten on price", but the first thing to remember is that anyone in the UK can call themselves an accountant, even if they have Eligibility or not. Therefore, check the status of the firm. How many employees are members of professional bodies such as ICAEW, ACCA, CIMA, AAT and IFA? Don't be fooled by terms like "professional" or "tax expert" – they mean nothing.
All professional bodies run accountant finding services and can provide information about accountants near your location. You can claim the cost of your accountant's fees – for example, to prepare your tax return – as a tax deduction.
You can opt for a cheap online accountant, but critics call cheap online services . A 50 online filing service would be exactly that. You have to provide all the data and calculations and they will put it into the form and submit it to HMRC. No advice or questions will be taken.
On the other hand, most self-employed individuals and gig economy workers will have a turnover of less than £25,000 and hiring a local accountant may not seem like a cheap option. Neither Chartered Accountants nor ACCA will be cost effective.
It always leaves the option to manage your self assessment accounting tax yourself. It may not be too late. You must keep proper bookkeeping, be well-versed with computers and Excel sheets or any online bookkeeping software you use and be able to differentiate between revenues and capital expenditures.
By sending your data to a tax accountant, an expert tax consultancy will not cost you much, but you can get free advice and a dedicated accountant can look at your data and advise you on its correct treatment.