Approximately 2 out of 3 taxpayers who have to lodge Self Assessment Tax Returns let their Accountant handle this task
This highlights the vital role that accountants continue to play in guiding clients through the complexities of the system when it comes to self assessment tax returns.
Most taxpayers realise that filing tax returns correctly is not straightforward and can be time consuming.
Engaging an Accountant takes away the stress of filling a return and also substantially reduces the likelihood of mistakes being made; innocent errors on a tax return can be a red flag for HMRC and may well draw unwanted attention to the taxpayer.
Accountants will also ensure that the returns are filed on time, preventing hefty fees and scrutiny from HMRC. Last year hundreds of thousands of taxpayers filed their SATRs (Self Assessment Tax Returns) late.
Online filing actually make it easier for HMRC to spot errors and inaccuracies making it doubly important for taxpayers to ensure that there are no mistakes on their return. HMRC’s Connect database helps them to cross-reference and scrutinise information and if any errors are discovered, the taxpayer could find themselves under investigation.
Tax investigations are costly, disruptive and stressful as you become locked in to a process where you often have to provide a load of historical information with no immediate prospect of knowing where it will lead, how long it is going to take and how much additional tax and NIC you may have to pay at the end.
Interested in Fee Protection against an Investigation?
HMRC can sometimes choose to look into a taxpayer’s affairs for no apparent good reason and it’s always wise to have a scheme in place that will cover the costs of an expert defence should this happen to you.
You can protect yourself against the cost of most tax investigations by subscribing to our Tax Investigation Service – please click here for further details.
About Karen Jones
Having worked for one of the world’s largest accountancy firms, Karen Jones uses her tax knowledge and skills to help clients obtain substantial reductions to their tax liabilities.
With an expanding portfolio of tax clients, Karen enjoys the variety her work brings her and particularly likes working with new businesses and people. With a growing number of tax clients, she frequently faces a variety of challenges and relishes the experience she gains as she solves them.
Karen likes the THP ethos: “I like the way the team has a professional, but friendly and down-to-earth approach – it creates a productive atmosphere that benefits everyone.”
Karen’s specialist skills:
- Personal Taxation
- Tax Efficient Planning
- Trust Administration