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Need to talk to an accountant online?

We've updated this guide on 15th February 2021

Self Assessment doesn’t have to be complicated – but if you’re in need of some assistance, talking to an accountant online can be a great way to make sure you file your tax return accurately and correctly.

We know what you might be thinking: ‘accounting services are expensive,’ but that’s not always the case – just take TaxScouts for example! In the guide below, we’ll outline exactly why you should use an online accountant service to complete your Self Assessment tax return, and some of the benefits that come from using it.

Let’s dive right in.

Why do I need an accountant online to help with my tax return?

If you’re newly self-employed, you might’ve only just learned that you need to complete a Self Assessment tax return. We get it, the world of tax can be very complicated, especially if you’re new to it.

Among the main reasons that so many self-employed people ask for professional help are the risks that come from filing a Self Assessment return incorrectly. Since 2015, the number of fines for late tax returns has risen every year. And with the financial strain of the ongoing coronavirus pandemic, this number is expected to rise significantly. 

What are some of the fines HMRC can issue for late submissions?

This is what you’ll be charged for being late on submitting or paying your Self Assessment, as well as the interest that might be added as a result. 

  1. Submitting your Self Assessment
  • 1 day to 3 months late –  £100 flat fee
  • 3 to 6 months late – £10 per day
  • 6 to 12 months late –  £300 flat fee or 5% of your bill (whichever is more)
  • More than 12 months late – £300 flat fee or 5% of your bill (whichever is more)
  1. Paying late
  • 1 to 30 days late – no penalty
  • 30 days to 6 months late – 5% of your tax bill
  • 6 to 12 months late – 10% of you tax bill
  • More than 12 months late – 15% of your tax bill
  1. The dreaded interest – based on when you were late from
  • 7th April 2020 – 2.6%
  • 30th March 2020 – 2.75%
  • 21st August 2018 – 3.25%
  • 21st November 2017 – 3%
  • 23rd August 2016 – 2.75%
  • 29th September 2009 – 3%

3 things to bear in mind to avoid penalties

  1. Submit your Self Assessment online by 5th October
  2. File and pay your tax return by 31st January
  3. Know how much you need to pay on top if you don’t do it on time

By using an accountant online (like TaxScouts!), you’re reducing the risk of having to pay the cost of any of the late fees. Your accountant will sort everything out for you, ensuring that your Self Assessment tax return is correct, accurate and filed on time.

What are the benefits of talking to an accountant online?

Now that we’ve established why you might need an online accountant to help with your Self Assessment tax return, let’s take a look at some of the benefits.

Smart tech, human touch

One of the main benefits of choosing to use a TaxScouts online accountant is that we combine the best of both worlds. Having a totally online service means that we cut out any additional fees that come with traditional accounting

Low costs

These traditional accounting firms might charge you for the cost of paperwork, administration fees or services that you might not even need. As a result, hiring one can be very expensive, especially if you just need one to do your tax return for you! The average tax return might cost you between £150 to £250!

In contrast, our Self Assessment service is just £119 all in. For that price, you get expert online tax advice from a real, human accountant. All of our freelance accountants are qualified and regulated by the major UK accounting bodies too. And unlike traditional accounting firms, we don’t charge any hidden fees.

Reassurance

Yes, you can do your Self Assessment tax return all by yourself, but are you willing to run the risk of completing it incorrectly or filing it late? Take a look at our late tax return penalties calculator to see just how costly a mistake on your tax return could be!

Which tax year is this for?

We sort your Self Assessment for you. £119, all in.

Fast, effortless and done for you online – the way tax returns should be done. Free to sign up.

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