It seems that filing a UK tax refund gets more complex every year, right? Because of this, many people often experience tax penalties, mostly due to to failure in filing a tax return correctly.
In this article, we will take a look at the top 10 reasons why you should file your tax refund with a certified accountant!
Getting The Most Out of Your 2021/22 Tax Return
There are many tips available to help individuals navigate the UK tax system and get a stress free tax refund. The same apllies whether you are owed tax due to an overpayment of income tax, capital gains or other taxes.
But where do you start? How do you know what you can and can’t claim? Knowing what you can and can’t claim on your tax refund is essential to being able to make a legal and correct refund application.
There are several things to consider when trying to file your own tax refund, like:
- The deadline;
- What can you claim or not as expenses;
- If you already have a Unique Taxpayer Reference numbers (UTR) or not;
- How HMRC will credit your refund;
- Considering the many new tax law changes, which can be complicated.
Doesn't it sound like confusing to you? Know that this is perfectly normal! Most people don't feel comfortable doing their taxes by themselves and that's why they hire accountants. Check below the top 10 reasons why you should file your tax refund with an accountant too!
10 Reasons Why You Should File your Tax Refund with an Accountant
- It can save you money. If your tax preparer finds even one deduction or tax credit you may have missed, it can easily exceed the fee it costs to have a professional prepare your return. This way, a tax professional can recommend ways to save on taxes;
- It saves you time. The Internal Revenue Service reports that it takes nearly 20 hours to complete the average tax return with deductions. Your time is worth money. How much is it worth to you to get that time back?
- A certified accountant can answer your questions and resolve issues. It’s very likely you will have questions about your taxes, but calling the HMRC means you could be on hold for hours. Fortunately, tax professionals can answer most of these instantly!
- The tax code can be very complicated. Professional tax preparers keep up with it and all those changes each and every year so you don’t have to.
- You have access to customer support - Usually you get a tax specialist just for you and they are available to help you anytime you need!
- Making mistakes on your tax refund can be very costly. An accountant can help eliminate errors, ensuring your tax return is prepared correctly and that you don't miss any deductions or trigger a HMRC tax penalty;
- You benefit with money-saving tax planning. An accountant can advise you now and all year round on the best strategies to make smart tax-saving decisions.
- Your previous returns can be also reviewed. An accountant can look at your past returns from the last 4 years to check if any deductions were missed and, if so, amend them for you!
- You can reduce your risk of an audit. If you are audited or the HMRC asks you questions you can’t easily answer, a professional tax preparer will know how to deal with it!
- It takes the hassle out of doing it yourself. It might sound scary to do it by yourself, so knowing that a professional is taking care of it can give you peace of mind!
So what options do you have to file your tax refund?
Tommy's Tax is here to help you with your tax refund! The process through our app only takes 5 minutes. With our "no refund, no fee" policy, we can check to see if you're owed any money for free!
Using Tommy's Tax app will help you claim the maximum amount possible! On average, people who claim tax returns through Tommy's Tax app earn £3000, which is significantly higher than that they would have claimed themselves!
Just download our app to claim your tax return today!