As an entrepreneur, business entity or self-employed individual, you will most likely (and hopefully) receive multiple streams of income from various sources throughout your time trading. The versatile nature of these income sources, coupled with the guaranteed volatility of the business world ensures that the accounts will have an element of instability. One of the biggest mistakes made in business is not completing your tax returns or completing them incorrectly. Due to the time-consuming nature, and complexity of these tax returns, individuals are often left paying extortionate amounts in fines and penalties. So, what is the solution? This article explains what’s, the how’s and the who’s of choosing the best tax accountants in London.

What is a Tax Return Accountant?

A Tax Return Accountant takes on the taxation responsibilities of its clients. This maybe in the form of computing tax return calculations, making reasonable adjustments to financial reports and completing the self-assessment on their client’s behalf. A Tax Accountant is a specialist in the field of tax, learned in recognising tax saving opportunities and exploring any tax related complexities. In doing so, the Tax Accountant finds every legal opportunity to save on tax expenditure and therefore make the business more profitable. A more profitable business most likely means that the accountant will be able to charge a higher fee for their services, or gain an industry reputation for being one of the best, leading to more client engagement.

How does a Tax Return Accountant work?

Through an efficient and effective management of financial reports, these accountants assist their clients in submitting tax returns that are fully compliant with the laws of HMRC. The complete the tax liability calculations and ensure any deadlines for submissions of documents are adhered to strictly to avoid any penalties.

An ideal Tax Return Accountant serves the purpose of making life easy for their client. The paperwork and calculations involved are burdensome for an average person, let alone someone who is occupied growing a business or chasing multiple revenue sources. Your Tax Return Accountant can manage tax return reports along with the financial records of your company or business. They manage these in an easy to access manner, so that at any point for any purpose, they can be accessed and interpreted. Throughout the tax return process, they can assess other financial documents and offer profit maximisation solutions through effective taxation management proposals.

What information does the Tax Return Accountant need from you?

Personal Identification used for verification that the correct assessments are being submitted on behalf of the correct individual.  Any previous tax returns to help identify any potential discrepancies year on year. Details of any additional income and expenses such as properties income or investment/dividend payment, as well as travel and food expenses, charitable donations and equipment used for day to day work.