Does it Make Sense to Hire an Accountant For Self-Assessment?
Millions of UK taxpayers are responsible for completing their Self Assessment tax returns. HMRC requires accurate information from all self-employed individuals, contractors, landlords, and company directors.
Every year, many people ask themselves the same question
It is possible to file your tax return on your own, but the decision will often depend on your financial complexity and your ability to understand tax regulations.
This guide will help you decide whether it is worth hiring an accountant or doing the work yourself.
What is Self-Assessment (SA)?
Self Assessment in the UK HMRC’s method for collecting income tax from individuals who are not automatically taxed via PAYE.
If you are:
- You are self-employed or a freelancer
- Rent a property
- Earnings from abroad
- Dividends and investments
- You are a director of a company
- Multiple income streams
- Earn more than the tax-free threshold without PAYE
To avoid penalties, you are required to submit your tax return each year detailing all of your income, expenses and taxes owed.
Can You Complete Your Self-Assessment Yourself?
Many people are able to complete their tax returns without the help of a professional.
If:
- One simple source of income
- You can reduce your business expenses to a minimum
- Understand the allowable deductions
- Online tax software is easy to use
- Want to reduce your professional fees?
HMRC offers a user-friendly online system for simple cases. This makes Self Assessment in UK possible for many taxpayers.
While filing your own tax returns can save money up front, errors may prove costly over time.
Common Risks When Filing Self Assessments Without Professional Assistance
Even though self-filing is simple, it can be risky.
- Missing Allowable Expenses
- Taxes paid in excess.
- Making calculation errors
- Late filing
- The wrong tax code is selected
- HMRC Investigations Triggered
- Penalties for reporting incorrectly
Even small mistakes could lead to audits or fines.
When Is Hiring an Accountant Worth It?
When your finances become complex or you have a growing income, hiring an accountant is a wise decision.
If you are:
- Start a partnership or limited company
- Rent multiple properties
- You may have overseas assets or income
- Claim Complex Expenses
- Earn money through consulting or contracting
- Have missed previous deadlines
- Are under HMRC review
- You want long-term tax planning?
Professional expertise is even more valuable for those who manage Self Assessment in London. This includes managing contracting work, property of high value, international clients or multiple sources of income.
Common Risks When Filing Self Assessments Without Professional Assistance
Even though self-filing is simple, it can be risky.
- Missing Allowable Expenses
- Taxes paid in excess.
- Making calculation errors
- Late filing
- The wrong tax code is selected
- HMRC Investigations Triggered
- Penalties for reporting incorrectly
Even small mistakes could lead to audits or fines.
When Is Hiring an Accountant Worth It?
When your finances become complex or you have a growing income, hiring an accountant is a wise decision.
If you are:
- Start a partnership or limited company
- Rent multiple properties
- You may have overseas assets or income
- Claim Complex Expenses
- Earn money through consulting or contracting
- Have missed previous deadlines
- Are under HMRC review
- You want long-term tax planning?
Professional expertise is even more valuable for those who manage Self Assessment in London. This includes managing contracting work, property of high value, international clients or multiple sources of income.
Self-Assessment: Benefits of using an accountant
Accounting is more than just filling out forms.
1. Accuracy and compliance
The professionals will ensure that your return is submitted correctly and on-time, reducing any risk of penalties or auditors.
2. Maximum Tax Efficiency
Accountants will identify all legal tax deductions, reliefs, and allowances to minimize your tax liability.
3. Save Time
Avoid hours of research, calculations, and paperwork.
4. Strategic Financial Advice
Accounting professionals offer insight into business structure, investments and pension planning as well as growth strategies.
5. HMRC Representation
Your accountant will handle all communication with HMRC and will resolve any issues.
You can find local accountants with experience in HMRC compliance and regional industries by searching for self-assessment near me.
Cost of Hiring an Accountant vs Long-Term Value
The fees charged by accountants vary depending on the complexity of their work, but are typically between PS150 and PS400+ per year.
This may appear expensive but the benefits often outweigh the costs.
- Tax bills that are lower
- Accurate expense claims
- Avoid fines
- Faster filing
- Stress reduction
- Long-term tax planning benefits
Accountants often save business owners and those with high incomes more than they cost.
Self-Assessment in London vs Other UK Locations
The people who handle in London face the following:
- Rents are rising.
- Contract Employment
- Income from International Sources
- Startups
- Multiple side businesses
- Property Investments
The complexity of taxation and the risk of making mistakes increases significantly when you don’t have professional help.
No matter where you live, whether you’re filing Self Assessment in the UK, or searching for Self Assessment near me online, the same principles are applicable: accuracy, compliance and tax efficiency.
What to consider when deciding if you need an accountant
Question yourself:
- Do I understand the allowable expenditures?
- Can I miss out on tax reliefs
- Am I comfortable dealing with HMRC?
- Does my income grow?
- Save time and reduce stress is something I am willing to do.
Hiring an accountant may be worth it if you answer no in any of the following questions.
Frequently Asked Questions (FAQ)
Do I legally need an accountant for Self-Assessment?
No. HMRC does not require you to hire an accountant. You can complete your Self-Assessment yourself, but you are fully responsible for its accuracy.
How much does an accountant cost for Self-Assessment in the UK?
Costs usually range between £150 and £400+, depending on the complexity of your income, business structure, and additional services required.
Is Self-Assessment harder in London?
Self-Assessment in London is not legally different, but financial situations are often more complex due to higher incomes, property investments, and contracting work, which makes professional help more beneficial.
Can an accountant help reduce my tax bill?
Yes. A qualified accountant ensures you claim all legal deductions, allowances, and reliefs, helping to minimise your overall tax liability.
What happens if I make a mistake on my Self-Assessment?
Mistakes can lead to penalties, interest charges, or HMRC investigations. An accountant significantly reduces this risk.
How do I find a reliable accountant near me?
Search online for Self-Assessment near me, check reviews, verify qualifications, and ensure they specialise in UK tax regulations.
Final Verdict
When your finances are straightforward, you can save money by filing your self-assessment near me on your own.
If your income is complicated, growing, or requires a lot of time to manage, you may need an accountant.
- Financial accuracy
- Legal Compliance
- Tax optimisation
- Enjoy peace of mind
- Long-term Strategic Advice
Professional support is an investment for many people and businesses. It is not just another cost.
Booking a consultation with an accountant in your area can help you determine the best course of action for you.