Why should you hire a tax adviser?

I started my career in tax almost 30 years ago and trained to become a chartered tax adviser. So why should you think about hiring a tax adviser in Scotland in 2023? I can think of four main reasons:

Tax Knowledge

Tax advisers have knowledge and expertise gained through taking professional tax exams and through ongoing training. This knowledge can then be used to advise on tax planning opportunities for their clients, and to make sure that the available deductions, allowances and credits are being claimed.

Time Savings

Individuals who prepare self assessment tax returns know that this can be a time consuming and complex process. Tax advisers can prepare tax returns accurately and on time, thus avoiding late payment interest and penalties. They can also identify opportunities for reducing tax liabilities.

Reduce stress

This is also an important factor to consider as working with a professional can take away the stress associated with completing tax returns, giving clients peace of mind and the knowledge that a tax return has been prepared accurately and in accordance with relevant tax legislation. A tax adviser will also deal with any queries raised by HMRC.

Business growth

For the small business owner, having a tax efficient structure in place can have a major impact on the growth and development of the business. Tax advisers can also provide practical business advice and consider the impact of tax projections on business plans, budgets and forecasts. 

The focus of this blog has been on the small business owner who is likely to submit self assessment tax returns. However, there are many other instances where it would make to sense to hire a tax adviser and these will be considered in future blogs.

Photo by Artem Kovalev on Unsplash.