Being self-employed can have a lot of challenges alongside the freedom of working for yourself and growing your own business. Having to file your own taxes is one of these challenges, especially if you don't know much about tax law. Luckily, hiring a tax accountant can offer many benefits, saving you time to providing you with peace of mind.
Benefit from Tax Expertise
Doing your own tax accounts and filing your own tax return can be difficult, with lots of complicated rules and form-filling. By hiring a tax accountant to help you file your return and keep your financial records straight, you can avoid having to learn about tax law and keep up with changes to the legislation. A good tax accountant will also be able to give you up-to-date advice on what type of records you need to keep, as well as answering any tax questions you have.
Spend More Time on Your Business
Self-employed people generally start their own business because they're passionate about something, whether it's making cakes, designing websites, or creating crafted items. However, it can sometimes feel like filing tax returns and doing tax paperwork is taking time away from the parts of your business that you actually enjoy. If you hire a tax accountant, you'll simply be able to hand over your records and relax in the knowledge that they'll file your return on time and accurately calculate the amount of tax you owe, leaving you to focus on the tasks that feel rewarding to you.
Avoid Tax Penalties
Doing your taxes as a freelancer or small business owner can be difficult, and the fact that you can be fined for failing to meet your tax obligations only makes it seem more overwhelming. The Australian Taxation Office explains some of the tax obligations you could fail to meet, from failing to produce records and activity statements to filing your tax return late. A simple mistake could cause trouble, and fines can run into hundreds or thousands of dollars. Luckily, tax accountants will have all the correct information to avoid fines and penalties, saving you money in the long run.
Whether you need some help from someone with a deep understanding of tax law, want to spend your time on the more fulfilling aspects of your business, or simply want to avoid tax penalties due to mistakes, hiring a tax accountant is sure to reduce your stress levels and benefit your business.
Hello. When you are at school, maths can seem so complicated at first. But then you learn about numbers and all of sudden everything seems as easy as 2 + 2 = 4. I used to be pretty good at maths so when I started my own business, I didn't think I needed to hire an accountant. After all, why should I pay someone else to do something that I could do myself? However, I very quickly learnt two important lessons. Lesson one was that accounting and doing the books will take a lot longer than you might think and, secondly, it is actually pretty complex stuff. In the end, I decided to hire a professional accountant. He is great and he has taught me a lot of cool stuff.