Self assessment – a misnomer?

Make no mistake about it, if you’re a business owner or a contractor, you can’t avoid the responsibility of keeping company accounts and filing your self assessment. Like it or not, as soon as you make the choice to work for yourself in any capacity, you have reporting obligations to HMRC and there’s nothing you can do to wriggle out of it.

While this realisation hits some freelancers and new businesses hard, it doesn’t have to be as stressful as you might first imagine. After all, experts exist in all disciplines, and tax is no exception. To that end, the phrase ‘self assessment’ could be said to be a bit of a misnomer, as you’re not actually legally obliged to carry out this process yourself – as long as it is carried out according to the rules.

Help with your self assessment

If the mention of company accounts leaves you cold, and the sight of a self assessment form strikes fear into your heart, don’t worry – help is at hand. Whether you choose our accountants here at Blue Skies, or any other professional accountancy firm, you can simply leave this necessity to somebody else – as long as you’re certain they have the knowledge and ability to complete the process correctly, you can relax and get on with the bits of your business that you actually enjoy!

Updating your company accounts

Accounting and tax services can be very flexible; some people choose to keep their company accounts up-to-date themselves, setting aside an appropriate amount of time every week or month to complete them and then pass them on to a professional at the end of the tax year so they can have their self assessment done on their behalf. However, by far the most popular (and possibly most sensible) choice is to ask an accountant to deal with both aspects. This gives you continuity, best value and also the opportunity to get the best reduction in your tax liability, as a professional knows all the little tax breaks that can work to your advantage, and will fill in your self assessment accordingly.

Here at Blue Skies, managing company accounts and self assessments are just a small part of the comprehensive services that we provide. If you’d rather pass these elements of your business life over to the experts, feel free to drop us a line to discuss your requirements – we will happily keep your company accounts in order while simultaneously giving you instant access to the figures that matter, and complete your self assessment at the end of the tax year for you to make sure that you’re fully compliant and paying the least amount of tax as is legally possible – and all of this at the right price!

If you would like to learn more about our TV and media specialists, or would like to talk to our business and tax advisors, feel free to get in touch now!