How to Hire an Accountant For Tax Return?

Are you putting yourself through the yearly nightmare of doing your Tax Returns? 

Except you are willing to put yourself through all the stress and desperate to learn how to become a tax accountant, you have better things to do. 

Data released by Tax Policy Associates (TPA) showed 92,000 businesses among the lowest paid 10% were fined by HMRC for late filing of their tax returns. 

In this article, we’ll go through every corner of hiring an accountant for Tax Returns. 

What Does a Tax Accountant Do?

When you hire a tax accountant for your self-assessment tax return, you benefit from many other accounting services. A tax accountant can assist you in creating an adequate accounting system to precisely and conveniently perform accounting tasks like: 

• Bookkeeping
• Tax Consultation
• Accurate Auditing Reports
• Management Reports
• Assess Profits
• Monitor expense
• Manage budgets
• Payroll Services

Needless to say, a tax accountant consults on tax-related problems like:

• Tax compliance
• Regulations
• VAT Returns
• Tax Reduction Methods

Can an Authorised Tax Agent Help With Tax Return?

Hiring a tax agent can start a profitable relationship with a financial consultant. They can give helpful advice and personal tax reduction and answer critical questions at any time of the year.

You can permanently authorise an agent to handle your tax returns.

A paid tax agent can be your professional accountant and a tax adviser. However, they must meet some criteria before starting work on your business. 

• Tax agents must meet HMRC’s standards for agents.
• You must authorise your agent before they can deal with HMRC on your behalf. 
• An agent must find out how to get authorisation from a client.

Depending on what you’ve authorised your agent to do on your behalf, they can deal with your tax affairs, for example, submitting your Self Assessment tax return.

A legal adviser can help with issues like Inheritance Tax and taxes on buying and selling property.

Type of Accountant for Tax Returns

Here’s a quick rundown of the different types of accountants in the UK who can help with your tax returns:

Chartered Accountants (ACA/CA)

• Highly qualified and versatile
• Offer tax returns and broader financial advice
• Ideal for both individuals and businesses

Certified Accountants (ACCA)

• Practical and reliable
• Handle tax returns and general financial advice
• Great for self-employed individuals and small businesses

Tax Advisors

• Experts in tax law and planning
• Focus on minimising tax liabilities legally
• Perfect for complex tax situations

Enrolled Agents

• Certified by HMRC to handle tax-related issues
• Help with tax returns, disputes, and representation
• Best for dealing with HMRC directly

Forensic Accountants

• Specialise in investigating financial discrepancies
• Helpful in legal disputes or complex financial situations
• Not typically for regular tax returns

Management Accountants (CIMA)

• Focus on long-term business strategy and planning
• Can assist with tax planning and internal financial management
• Ideal for businesses looking at the bigger financial picture

Can Tax Software Help with a Tax Return?

Yes, tax software can definitely help with filing your tax return, and for many people, it’s a great alternative to hiring a tax accountant. Here’s how tax software can make the process easier:

Guided Process

Most tax software walks you through the tax return process step-by-step, making it easier to understand what information you need to provide.

Cost-Effective

Using tax software is often much cheaper than hiring an accountant. If your tax situation is straightforward, it can be a very affordable option.

Accuracy

Tax software automatically checks for errors and calculates everything for you, reducing the chances of mistakes that could lead to penalties.

Built-In Tax Laws

The software is updated regularly to include the latest tax laws and changes, so you’re working with up-to-date information.

HMRC Integration

Many tax software programs are integrated with HMRC, allowing you to submit your tax return directly online, making the filing process faster and easier.

Tax Tips

Some programs offer advice or tips on deductions you might be eligible for, helping you save money on your taxes.

That said, if your tax situation is complicated or involves business taxes, consulting with an accountant or tax advisor may still be a good idea.

Where to Find a Reputable Tax Accountant in the UK

Finding a good tax accountant for tax returns that fits your budget is difficult. These are a few tested methods for locating a tax accountant.

Use Internet 

Finding a tax accountant that fit your goals and budget can be done in a variety of methods, including through social media groups, targeted ads, and freelance platforms.

• Social Media (Comments & Evaluations)
• Platforms for Advertising
• Platforms for Outsourcing

Inquire Your Network

You can expand your network with the aid of your professional network. Consider taking recommendations from:

• Mortgage Consultants
• Attorneys
• Brokers
• Financial Advisors

Professional Industry Bodies 

These associations list certified accountants, so you may be sure they have the skills, background, and morality to help you.

• ICAEW
• ICAS
• ACCA
• IFA

Publications in Finance and Accounting

Search for publications or bulletins published by the Association of Chartered Certified Accountants (ACCA) or the Chartered Institute of Management Accountants (CIMA). 

Think of periodicals tailored to your sector, such as:

• Taxation Magazine
• Public Finance Magazine (CIPFA)
• Accounting Age

Conferences & Events 

Attend conferences and seminars on accounting, finance, and company management that are tailored to your sector. The following conferences and events are suggested:

• CIMA AND AICPA PARTNERSHIP
• London Accountex 
• The Summit on Alternative Accounting and Management
• Taxation Conference

Conclusion

Hiring an accountant for your tax return is a smart move that can save you time, stress, and potentially costly mistakes. 

Whether you’re a business owner or an individual, professional accountants offer invaluable expertise in navigating tax regulations, maximizing deductions, and ensuring compliance. 

Don’t wait until the last minute—find the right accountant today and take control of your financial future!

Ready to simplify your tax season? Get a quote now and make tax time worry-free!