Taking account – is having an accountant a luxury or a necessity?

2nd November 2018 by Liz Densley

Taking account – is having an accountant a luxury or a necessity?

Are you confident that you can keep up to date with all the changes in tax law, practice, tax tribunals etc? It’s hard enough when it’s your full time job, so should we as sessional GPs be managing our personal tax or should we be seeking the services of a professional?

Why use an accountant if you are not trading through a limited company?

Are you confident you can deal with pension certificates, calculating your pension input figures for tax purposes and calculating unused relief to carry forward?

Can you think of a better use of your time spent dealing with it all yourself?

If you are salaried, with just a claim for professional subscriptions and no other income, no complications around child benefit or pensions annual allowance charge – then you will probably be capable of doing your own return safely – but it may be time consuming, particularly checking HMRC’s calculation of your tax/student loan repayments etc.

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