What’s Latest About New Tax Year, Self-Employed Accountants and the Self-Assessment

Do you want to become self-employed, where you are your boss and entrepreneur of your venture? Self-employment comes with a lot of perks. Not only can you work on something you are passionate about, but you can also strike a balance between work and enjoying life. It gives you absolute freedom to work as much or as little as you prefer.

One thing that makes self-employment incredible is the organisation of the business. You can organise everything from electing suitable clients to business plans that ensure everything runs smoothly. As we enter a new tax year, you might organise your books to have everything ready when self-assessment comes around.

How an Accountant Assistance Simplify Your Self-Employment?

The role of an accountant cannot be overstated for self-employed people. Self-employment in the UK includes many responsibilities, like managing finances, understanding tax obligations, and staying compliant with HMRC. Staying tax efficient and compliant is necessary for sustainable growth and success.

Having the right team around you when setting up a business on your own is essential, and their professional guidance can help you manage your finances and navigate income tax. If you are new to business or running your own limited company, we are here to help you.

Running everything alone is not easy, and having ultimate support can help. Recently, HMRC decided to change its plan to close the helpline for half of the year. Further, HMRC recognised how much support is needed for self-employed people.

What HMRC Plans To Do This Year?

HMRC has announced again this year that the helpline for self-assessment submissions will close between April and September. After that, it will open again in October, and the taxpayer will be directed to online services instead. However, HMRC was criticised for this decision and had to overturn it. So, it was announced that the helpline would stay open between April and September. This will allow taxpayers to keep in contact with HMRC through phone calls or via online services.

Jim Hara, the chief executive of HMRC, said, “We’ve listened to the feedback, and we’re halting the helpline changes as we recognise more needs to be done to ensure all taxpayers’ needs are met while also encouraging them to transition to online services.”

What Challenges Did HMRC Face?

More than 12 million people have to submit their self-assessments every year. Out of them, several people reach out to HMRC to ensure that their submission is done correctly.

MPs have stated that HMRC is at an all-time low, with several people needing guidance and waiting in queues for ten minutes or more to speak to an advisor. In 2023, the average waiting time was 16 minutes and 24 seconds. However, according to the committee’s report, the average waiting for a person is now set to 12 min and 22 seconds this year.

However, tax affairs are becoming more complex, and more people require expert assistance to complete their tax returns.

Analysing Self-Employment and Tax Regulations

Self-employment offers freedom to work and flexibility that allows you to pursue your passion according to your lifestyle. However, this situation differs for traditional employees, who have taxes deducted at source. In contrast, self-employed individuals can calculate and pay taxes independently through a self-assessment system.

However, navigating the complexities of tax laws and compliance can be complex for many self-employed persons. Understanding allowable expenses and tax liabilities can be challenging without expert guidance. That is where an accountant’s expertise does wonders.

How Are Lockhart Amin Accountants Best For Self-Employment?

At Lockhart Amin Accountants, we guarantee that our trained professionals will help you navigate the complex intricacies of taxation and financial management. All our experts are trained and equipped with immense knowledge and expertise. They ensure that all your finances are tax-compliant. Our trusted advisors also offer advice to make informed decisions for business growth.

If you are searching for experts, we are here to assist you. Whether you are a contractor or a business owner, our incredible services help you. Our feature services are explained below.

Expert Accountants

We have customised our services according to feedback from contractors and business professionals to create services that are ready for years. Our tailored solutions impress you so much that you will tell your friends about them.

Client Satisfaction

With an accountant handling financial matters, self-employed individuals can enjoy greater peace of mind knowing that their finances are in capable hands. With us, no worries about your self-assessment, and we will ensure it’s done correctly and on time. Your accountant will make sure that happens.

Save Time and Efforts

Getting help from an accountant means you have less work and more time to focus on business goals. Another benefit of choosing an accountant is that it will help you stay organised and knowledgeable about tax efficiency and any new updates.

Bookkeeping takes too much time as your business grows. So, appoint an expert accountant to help you with tax accounts and business plans. This will also assist company directors, giving them more time to focus on the business.

No Transparent Charges

We charge no hidden fees, so you always know where you stand month by month. Other accountants can charge you for consultancy and services you take. Here at Lockhart Amin Accountants, we are here to answer all your queries and provide you with services for a fixed monthly fee.