Five Reasons To Have An Accountant File Your Tax Returns This Year
Like most other Irish people, you are probably preparing for the tax season. Very few people enjoy the ordeal. The situation has not been made easy COVID-19 disruptions and restrictions. However, you will still have to file your returns. With every important task such as this comes the question whether you should do it yourself or hire a professional. While you can do your own tax returns, there are huge advantages to letting a qualified and competent accountant handle it.
Here are five reasons why you should hire an accountant to file your tax returns this year:
1. Experience dealing with Revenue
Dealing with the Revenue on your own can be daunting even though they are quite nice to deal with. This is why most people hire accountants to act as their representatives. Revenue will contact them on your behalf so you don’t have to directly get involved with tax agency much. The accountant can also negotiate a payment plan with Revenue if your cashflow has been disrupted by COVID-19.
2. Minimize your tax liability
When it comes to taxes, many people have limited knowledge on what they are entitled to and some valuable deductions they can claim. Accountants are trained on taxes and have significant expertise and experience on such issues. They deal with tax issues year in year out and can advise you on how to reduce your tax liabilities.
3. Save time
Whether you are filing personal or business returns, chances are you want it get done with so you can focus your attention on other important things. Your time is precious. Similarly, your tax return isn’t something that you do over a glass of wine with Netflix playing in the background. You need to focus. So instead of taking up family time or business hours filing your returns, why not let an accountant do it for you?
4. Save money
Besides time, you also need to save money. You can save money from a number of deductions, especially if you are a business owner. On personal returns, some of the reliefs you can enjoy include the Single Person Child Carer Credit (SPCCC), separation or divorce tax credit, and tax relief for tuition fees paid in private third-level institutions, foreign institutions, and by repeat students and part-time students. Working with a professional can help you to save money from these reliefs.
Additionally, an accountant would know to look for red flags that could cost you money in penalties and avoid them.
5. You won’t need to learn tax laws
Lastly, hiring an accountant to handle your tax returns takes the pressure to learn laws and stay updated on any changes off you. An accountant knows all the tax laws and regulations and how they can impact your personal finances and businesses. Not having to learn complicated tax laws enables you to focus on improving your finances.
Other benefits of hiring an accountant include eliminating chances of an audit by Revenue, saves you spending on tax software, and reducing stress from filing erroneous returns.
Let Conway and Conway Accountants Help You
A great accountant doesn’t just serve you during the tax return season, but throughout the year. Having a great accountant in your corner can benefit your personal finances and business. At Conway and Conway, we’ll keep you updated on grants, tax reliefs and other schemes that could really benefit you.
We have assisted many individuals and businesses on their tax returns and other areas of tax planning such as payroll, VAT returns, bookkeeping, and cashflow management. We can help you complete your tax return accurately. Get in touch today.