Should you employ an accountant for your self-employed tax return?
As we covered in two of our earlier articles, the UK government is currently undergoing a major crackdown on the self-employed in the UK and any taxation which may be due and has possibly not been declared. The growth in the power and the use of the Internet in the UK and around the world has led to a significant increase in those who are self-employed, often working from home, which has led to some confusion regarding tax affairs.
For just a few hundred pounds it is possible to employ the services of a trained accountant who will be able to administer your tax return in a simple fashion and ensure, as long as you declare all of your income, you will have no problems with the revenue. While many people may look to save a few hundred pounds by completing their own tax return, and some people are more than able to do this, it does take time and mistakes can be costly.
In truth you need to ask yourself whether it is worth the time, effort and potential risk in putting together your own income tax return when this pressure can be taken away and placed in the hands of professionals. It really does come down to personal preference and confidence in your ability to ensure your tax return is correct at the first attempt.
Share this..
Related stories
Is it right to privatise public sector services?
The move by the Conservative controlled Essex county council to bring in IBM to manage public sector services in the region has opened a potential can of worms for the UK authorities. Is it right to put public sector services out for tender? Or should taxpayers be left to foot the cost from day one? The problem with public sector services in the UK is the fact they have become bloated over the...
Read MoreRecord demand for £4 billion government bond issue
Despite the fact there is great concern over the UK budget deficit, which is now forecast to hit £175 billion, a £4 billion government bond issue was nearly 3 times oversubscribed today. At a time when investors in the UK stock market are concerned about the immediate future of the UK economy and the ever-growing national debt, it seems rather strange that today's bond issue has proven to be so...
Read MoreEurozone leaves the UK economy behind
Strong growth in the German economy has boosted the Eurozone as a whole and brought the area out of recession although the UK economy has yet to follow suit. The likes of France and Germany have been among the better performing economies of the Eurozone and despite initial hopes that the UK will be one of the first to leave the recession behind, the situation has not gone to plan.
W...
London homes 5 times more expensive
Research from Castle Trust has revealed that home buyers in London must save up to 5 times more than those in other areas of the UK for the average deposit on a house. The extent of inflated prices in London becomes apparent when considering that those buying homes in the second most expensive area of the UK, Reading, which is only 40 miles from the capital, pay half of what those in London do...
Read MoreUK insurers may need to raise £70 billion
As we near the introduction of the EU solvency II directive in 2012 the battle lines are certainly been drawn with the Association of British Insurers today suggesting that UK insurance companies may need to raise as much as £70 billion in the short term to cover the new regulations. The regulations, expected to become law in 2012, would require a total recapitalisation of the insurance sector in...
Read More