Can I File My Own Self-Assessment Form?
Some of the most frequently asked questions in the world of tax revolve around the question of 'can I file my own self-assessment form'. This article will aim to address this question and give you our expert insight on the topic.
Can I File My Own Self-Assessment Form?
So, you've received a letter from HMRC, and it's time to file your self-assessment tax return. You might be wondering, "Can I do this myself, or do I need to use a professional service?" It's a valid question, and through this article, we will aim to provide you with some key insight.
The simple answer to the above question is yes, you absolutely can. However, we thought it would only be right that we share with you the potential benefits and implications of doing so, following our years of experience in the industry.
Preparing your tax return can be a daunting task filled with complex tax laws, financial jargon, and the looming fear of making a mistake. Whether you're a business owner, freelancer, or an individual with multiple sources of income, let’s take a closer look at some of the main things you should consider before deciding whether or not to file your own tax return.
Short Term Savings
The main benefit of filing your own tax return revolves around the immediate cost benefits. Through taking on the task of preparing your own taxes, you can avoid the fees associated with employing a professional individual or software. However, it is important to consider that whilst you may save money in the short term by filing your taxes independently, there could be long-term financial implications in the form of fines and penalties, and potential inefficiencies that lead to you missing out on significant tax deductions, meaning this may not be the most cost-effective route.
Avoiding Fines and Penalties
One of the most common implications associated with filing your own tax returns is the fines and penalties that you may leave yourself susceptible to. It is widely understood, that HMRC imposes penalties for any inaccuracies in your self-assessment or late filing of the form. These fines and penalties can quickly accumulate, should you commit any of these offences, which can become a substantial financial burden on your business activity. Through partnering with a professional tax software, such as Taxd, you can accurately file your tax return without these errors or missed deadlines, giving you the peace of mind you deserve. Taxd stays up to date with all the latest changes in tax laws and regulations, ensuring that you are guided correctly with any new tax obligations, avoiding any unintended mistakes and subsequent fines.
Maximise Tax Efficiency
Another factor that encourages individuals to file their self-assessment with a professional, is their desire to submit a fully tax-efficient form. The expertise employed by Taxd often allows individuals to make significant savings in the form of tax deductions, which are frequently overlooked by those filing their own self-assessments due to the complexity and constant changes of tax laws.
Tax deductible expenses can include anything from office supplies to pension contributions and can play a significant role in minimising your tax liability. This being said, the importance of identifying these deductions is paramount in ensuring you submit a tax-efficient self-assessment. Remember, these savings that are made through reducing your final tax bill often offset the cost of hiring a professional, making it a financially viable decision.
Reduce Stress and Save Time
Filing a self-assessment can be a taxing process in itself. Analysing financial records, performing intricate calculations, and deciphering complicated tax regulations can generate substantial stress. Not to mention the fact that this is a heavily time-consuming task that can take away from your personal or business time. A professional tax software, such as Taxd, takes the stress out of the self-assessment by allowing you to effortlessly file your tax return with ease, full compliance and maximum efficiency, allowing you to spend more time on the things that matter to you.
"Very quick process, after reading over endless HMRC pages on the split-tax year rules, Taxd had all the questions covered with clear explanations at each stage. Opted for a follow-up call to review the submission with their advisors which was equally informative and reassuring to know the details entered were correct."
As you can see from this review, the time you save by utilising a tax software can be significant. Instead of spending days trying to figure out your self-assessment, Taxd can help you achieve this in a fraction of the time.
Key Takeaways
Despite the fact that it is technically possible for individuals to file their own self-assessment form without professional guidance, our years of experience in the industry has led us to discover that, in most scenarios, opting to utilise tax professionals is often the most cost-effective route, from both a time and financial perspective.
If you’re interested in learning more about the benefits of Taxd and how we can help you efficiently file your tax return in minutes, head over to our website or get in touch with our friendly team today - we’d love to hear from you.