What Questions Do You Have for Your Accountant
Accountants provide a vast range of services. Whether you need an accountant for business or personal reasons, he or she can assist you in making better buying decisions and paying lower taxes. If you want to realise a profit or learn to manage your money better, you need to make an appointment and consult with an accountant.
Banstead accountants offer the following services:
- VAT assistance
- Business start-up advice
- Tax services
- Company formations
- Personal and business legal help
- Banking and loan assistance
- Auto enrolment pensions
- Self-assessment assistance
An Obligation of All Taxpayers
One of the most popular services that are offered is self-assessment assistance. According to UK law experts, self-assessment is an obligation of all taxpayers. Therefore, you have the legal duty to inform HM Revenue & Customs about your taxable income. Your self-assessment should be filed by 31 October if you submit a paper filing. If you file electronically, the self-assessment is due 31 January.
You want to meet the deadline, as a late return is subject to payment penalties, including interest and surcharges. Therefore, check with your accountant about your responsibilities, as you may need to file a self-assessment even if you have not received a return from the Revenue yet.
When an accountant files your self-assessment return, he or she has calculated the tax that is owed for the year, including the payments that need to be remitted on the following year’s tax. He or she will also give you a copy of the return as well as the supporting schedules. This kind of assistance is invaluable, whether you are filing personally or as a business.