As we edge closer to the 31 January 2025 Self-Assessment tax return deadline, it is a good time for business owners to reflect on the burdens that this time of year brings.
Not only is there the annual scramble to gather financial documents and crunch numbers but there is also an increasing need to stay vigilant against tax-related fraud.
Staying vigilant against tax scams
HM Revenue and Customs (HMRC) has reported a rise in fraudulent activity, with 144,298 scam reports received between November 2023 and October 2024, an increase of 16.7 per cent from the previous year.
These scams typically involve fraudsters impersonating HMRC, attempting to trick taxpayers into handing over personal and financial information.
This year more than ever, it is crucial to ensure that our financial dealings and preparations are secure.
Why outsourcing makes sense
Given this backdrop, outsourcing your Self-Assessment might just be one of the most prudent decisions you can make.
Expertise and accuracy
Working with a professional accountancy firm means that your tax returns are not only accurate but also compliant with the latest tax laws.
This expertise is invaluable, especially when considering the potential consequences of errors.
Time savings
The hours you might spend trying to make sense of tax regulations can now be redirected towards strategic business activities.
It is a change that has brought not just financial rewards but a better work-life balance for our clients.
Cost efficiency
Initially, you might be hesitant about the costs of outsourcing, but the expense is often lower than maintaining an in-house specialist.
More importantly, the potential savings from optimised tax handling easily offset the fees.
Stress reduction
Delegating this critical task reduces stress significantly.
You no longer need to worry about deadlines and compliance issues, which has a surprisingly positive effect on overall focus and productivity.
Proactive financial management
The strategic tax planning and advice we provide throughout the year help your business stay ahead financially.
Managing your taxes proactively will help you enormously, and has benefited our clients.
Technological edge
The advanced software and technologies that we use mean that your financial data is processed with high efficiency and precision, offering insights that were previously hard to access.
Audit and dispute support
Having professionals handle your returns means that in the rare event of an HMRC audit, you are not alone.
Our expert support during audits and disputes has been invaluable.
Continuity and personalised service
Building a long-term relationship with us brings a deeper understanding of your business needs into the equation, enabling tailored advice and service that adaptively supports your business’s growth.
Professional advocacy
If an issue arises, it’s reassuring to have someone who can advocate on your behalf with HMRC, providing a layer of professional protection and peace of mind.
Reflecting on all these points, the decision to outsource your Self-Assessment can undoubtedly allow you to focus more on what you do best – running your business.
It mitigates risks, particularly with the rise in tax scams, ensuring that your financial data remains secure under the watchful eyes of tax professionals.
Ready to outsource?
If you are considering leaving behind the annual stress of Self-Assessment, we highly recommend reaching out for professional help.
At MJ Bushell, we can provide a secure, comprehensive financial service that protects and improves your business operations.
Don’t wait until the stress of the deadline is upon us.
Contact Dan Sayers at dan.sayers@mjbushell.co.uk or Georgina Trembling at georgina.trembling@mjbushell.co.uk today to discuss your needs and learn how we can help you this tax season.