Self-Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.
Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income (including COVID-19 grants and support payments) must report it in a tax return.
Challenges
• Disappearing Payments on Account
• Delays in Processing Amended Tax Returns
• Ongoing Class 2 National Insurance Problems
• Scams
Why We need Accountant for Self-Assessment?
Whilst you may be more than capable of doing your own Self-Assessment tax return in most circumstances, there are times when an accountant will be worth their weight in gold. For example, an accountant can:
• give you advice on financial challenges you may face in your business
• help you navigate through the ‘salary versus dividend’ minefield
• bring peace of mind knowing you are doing things correctly
• check your bookkeeping, ensuring that all sales and expenditure have been identified correctly
Cloud accounting software is a great solution, but it cannot be relied upon to be accurate. Like any software, the data out (your tax return) is only as good as the data in.
If there are any errors in categorising your sales and expenses, or if your bank connection duplicates or omits data (which does happen although thankfully it is rare) then your tax return will be incorrect.
Why DAX?
DAX provides a complete private client tax advisory and compliance service, including the preparation of annual tax returns and tax calculations, and advising on income, inheritance, and capital gains taxes. Our team also advises on international tax issues and can act as an agent to handle HMRC inquiries.
DAX provides a broad suite of services to help firms identify and remediate cybersecurity, technology, and privacy risk. Our award-winning cybersecurity and technology risk assessments include reviews of cash controls, payroll workflows, and vendor relationship/platform vulnerabilities. We also offer cyber awareness training and phishing testing which can help staff recognize and prevent social engineering, scams, and related cyber threats.