If you’re a company director, HMRC requires you to file a self-assessment return each year — but you may not always have the time or energy necessary to get it right. So why not outsource your limited company self-assessment?
Handing over some of your admin duties can ease some of the pressure your role can bring. Here’s what you need to know.
As a company director, your time will already be spread fairly thin. You have lots on your plate, from the essential day-to-day tasks to the bigger-picture planning. So if you can claw back some time by outsourcing your limited company self-assessment, why hesitate?
An outsourced firm will already have the expertise and capacity to take on your self-assessment tax returns, allowing you to focus on building a successful business. With accounting experts on your side, you can check that task off your to-do list.
We know that filing your self-assessment tax return may not be your favourite task, so you may find yourself rushing through it or putting it off completely. Either way, you risk making mistakes in your calculations or missing your deadline, both of which can be costly in the long run.
Missing the self-assessment deadline can result in an automatic £100 fine from HMRC. The longer you leave it past 31 January, the higher your penalty will be. The same goes for errors.
While paying an outsourced firm may seem counter-productive when you’re trying to save money, it can actually help you avoid unnecessary fines.
What’s more, an outsourced accountant will know how to save you money on your tax return. From maximising your expense claims to helping you make the most of different tax reliefs and allowances, an expert can ensure you don’t overpay your tax bill.
Gain access to expertise.
Many company directors pay themselves using a combination of salary and dividends. As dividends are usually taxed at a lower rate, this method can save you money on your tax bill. However, the drawback is it can make your tax affairs — and your self-assessment tax return — more complicated.
While this method can save you money on your tax bill, it can also make your tax return more complicated. That’s where limited company self-assessment services come in.
A trusted accountant can use their expertise to advise you on the best payment structure so you can retain more of your hard-earned profits.
Hiring an experienced outsourced firm will mean you get what you’re paying for: helpful, impartial advice that saves you time, money and stress.
Having a seasoned accounting team by your side will also mean ongoing support whenever you want it.
Reach out to us.
There are many benefits when deciding to outsource your limited company self-assessment. From saving money to claiming back time, outsourcing can be a great solution. But if you do decide to work with professionals, you want to make sure you’re paying for the best service possible.
We’ve worked with company directors like yourself for years, so we know exactly how to tailor our services to your needs.
Get in touch to discuss how we can help you manage your limited company self-assessment.