At Bevan Buckland, we’re enthusiastic about the potential of technology and cloud accounting software and here’s where the revolution began – with HMRC’s online tax return system, which is now decades old.
Paving the way for Making Tax Digital (MTD), which is likely to roll out to income tax in the next few years, it gave taxpayers not covered by PAYE the responsibility for calculating their own tax bill and submitting it to HMRC by 31 January each year.
The problem is, it’s not always plain sailing, especially if you have multiple sources of income, such as one or more businesses, rental properties and investments. That’s why many people with complex financial arrangements prefer to let us manage the tax return process on their behalf.
This has plenty of advantages. For one thing, it means experienced accountants scrutinising your books and identifying tax reliefs and allowances you might not have realised you’re entitled to. Our tax experts can also identify where changes to your business structure, or the way you and your spouse or partner manage your finances together, could reduce your tax bill.
It also means you won’t have to deal with the sometimes frustrating, often confusing self-assessment online system, with its page after page of questions and checkboxes. Letting us handle this reduces the likelihood of costly mistakes being made and deadlines being missed.
And if HMRC does have queries about your return, we’ll be able to respond on your behalf, heading off most quibbles without causing you stress or wasting your time.
Talk to us today about your personal tax return.