The decision whether you do your own taxes or hire an accountant depends on various factors such as your budget, your experience with numbers, the complexity of your situation, and how much help you think you need.
If you are a freelancer, one way to save money is by filing your own taxes. There are many do-it-yourself tax software packages, which given a bit of practice, can successfully be used to do your own accounts and so on. Also, by doing your own taxes, you can work on your own time schedule, giving you more flexibility. However, if you have complicated tax situations or are not comfortable with numbers and legalese, then hiring an accountant to do these tasks seems like the right thing to do.
Hiring a tax accountant is a great idea as he/she can give you advice about whether or not deductions are allowable, can discuss strategies for tax planning, and will look at your long term plans, taking all these into consideration before giving you sound advice. A tax accountant can suggest tax record keeping strategies, and will be able to assist you through an audit, if you do get pulled up for one.
Also, keeping in mind that new regulations are being imposed by legislation – it may be handy having a tax accountant to keep up to date with all the latest information. Another reason to hire an accountant is simply to have an objective third party with no emotional investment in the outcome deal with them. The more complicated your business situation, the more you may need the help of an accountant.
An accountant will be able to perform an abundance of needs – and not just deal with your taxes. Accountants offer business consultancy and profit maximization. They take care of all the nitty gritty details of aspects such as payroll, book keeping, business plans, and management accounts, balancing the company check book, preparation of financial statements, and cost evaluations as well, thus enabling you to concentrate on making profits.
Before hiring an accountant, be sure to get references from customers or at least a job history. Get a resume and check it thoroughly, as this is someone who is going to know everything about you financially. Also, be sure to ask about turnaround time, as this will be important when filing taxes.
If you are looking for an accountant in Cornwall, there are many options for you.
