For any small business or sole trader, the temptation to dispense with an accountant and just complete one’s tax return independently is quite a lure. Financially it makes sense, as no fees need to be paid. You can do it in your own time, rather than wait for someone else to become available, and it also means you don’t have to divulge your information to someone you don’t know and perhaps don’t trust. However, there are also a great number of reasons why this can also be a bad decision.
Cost of DIY Tax Filing
Mistakes can happen. Most small business owners and sole traders are not accountants by trade. They have not been to any accountancy training, and so reliability is not guaranteed. As such, mistakes are more likely to happen, and because of the internal nature of the work done, these mistakes are likely to go unnoticed until irregularities present themselves when the return has been submitted, and the relevant authorities can (and often will) begin an audit of all financial transactions. This will be time-consuming, costly, and can uncover further mistakes which previously went unnoticed. With any accountant in Aspley or a surrounding suburb, their job revolves around accuracy and reliability, so it is worth outsourcing this arduous task if possible.
Leaving It to the Pros
Do you live near Aspely, a nearby suburb, or elsewhere in North Brisbane? If so, for you, the time constraints mentioned previously, can in themselves be a reason to hand your tax return to leading tax accountants serving Brisbane Northside, such as Northern Business Consultants. For any business, compiling and submitting a tax return can take hours, even days to complete–time that could be spent working on the day to day running and operations of the business.
For someone who doesn’t work on accounts day in and day out, the smallest setback can halt progress far more than it would for an accountant, and blow the tax return up into a massive, unwanted task.
But perhaps one of the best reasons to opt for a tax accountant is that they can save you money via utilising all of the legal tax breaks and avoidance programs that are on offer. It’s not just about shaving off a few numbers here and there to lower income on paper; this is large-scale use of programs designed by the government to assist small businesses, and generally this can only be fully taken advantage of by someone who works in the industry.