Who Can You Turn To For Tax Advice?
Managing your accounts and taxes is not always an easy business, especially if you have chosen to handle them yourself. For this reason, it is always good to know where you can go to, to receive quality tax advice. With this support you can ensure you are paying the right amount, on the right taxes at the right time.
And surprisingly there are various sources you can go to – both free and for a small fee. Take a look at the following:
- HMRC – alongside sitting down with an accountant, the HMRC are one of your best sources for tax advice, as not only is their website incredibly detailed and easy to use, but you can generally speak to their advisors for free (although in some cases you may be asked for a fee).Jump on their website and you can quickly find out more about Income, inheritance and Corporation tax as well as a guide on how to fill in a self assessment form.
- Citizens Advice Bureau – this free service is ideal for learning more about your rights and responsibilities as well as the potential benefits and reliefs you may be entitled to.Please note: their knowledge is more focused on housing, debt, property and your income, so if you need advice on your business, paying inheritance tax or finding funding to invest, then you will be better off speaking to an accountant.
- Tax Aid– a UK charity dedicated to providing free tax advice to those who cannot afford a professional, this charity can help you to deal with tax debts, find out if you are paying the right tax and show you how to fill in a tax return.Particularly focused on helping those on low incomes, business owners may be better off speaking to a professional about potential corporation tax and tax liabilities.
- Direct.gov– this website offers a diversity of guides/services including a section on how to deal with taxes.From self assessments to national insurance to taxes (income, inheritance etc) to pensions, savings, tax refunds and working abroad; Direct.gov can help you to gain a stronger understanding on how to deal with these areas and approach them.
- Chartered accountants– for the best tax advice, it is always wise to go speak to an accountant. Whether you need advice about your personal finances or your business, chartered accountants can not only help you to recognise your tax responsibilities (and provide you with the necessary advice to deal with them) but they can help you to lower your liabilities, find you funding and offer you strategies to improve the profitability of your business.In truth, their service offerings are vastly bigger and more focused towards your accounts, so whilst you will have to pay a fee when you hire them it will be well worth it.And with their free business appraisals, you can first test out their service (and what they can potentially do for you) before you hire them.
Out of these 5 groups, your safest option when it comes to dealing with your taxes is visiting an accountant. Whilst the other 4 can provide you with valuable advice and information, in the long run only can an accountant tailor this information to suit your best interests and needs.
So if you are looking to receive quality tax advice, why not speak to a chartered accountant? With their qualifications and industry knowledge you can ensure you are paying the right amount on your taxes.