We have answered many questions over the years on Social Media Platforms assisting
We have many taxpayers who assume that they have more than enough knowledge to complete their own Tax Returns and in some cases Accounts
There are many examples but I note 2 👇 for the reason why an Accountant 👨💼 should be appointed in order to have accurate legal documents prepared and filed as well as the most efficient way to save tax
A taxpayer was interested to complete a Tax Return for rental properties but they did not even know how the tax relief is calculated on the Mortgage Interest: We explained that it is the 20% lower of either the rental profit or the actual mortgage interest
Without sharing the 👆 knowledge either the taxpayer would have either claimed the whole mortgage interest, which is no longer allowable or completely ignore the figures
2) Another cleaning business was in a Partnership and they did not even know the following
Partnership return and Accounts
Self Assessment Return x 2
Would need to be prepared after registering and they enquired into motor cost so we asked if there is a van or a car in the business then explained Writing Down Allowance (WDA) or Annual Investment Allowance (ALA) could be claimed and if there was any private use there would be adjustments required in the Tax Computation. Again they were unaware of WDA and ALA and about having to register for the Tax Returns.
We have many more examples of why everyone should seek a Qualified and Regulated Accountant or Tax Advisor
Tax enquiries are on the rise and if a compliance or an enquiry opens up then it can cause hassle and stress so we would advise to use trusted experts in this field
Please feel free reach out for a free initial consultation
#accountant #selfemployed #payroll #accounting #taxplanning #selfassessment #Bank #CorporationTax
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