If you struggle to manage your personal taxes, it may be time to hire a tax adviser. Maybe you’re a high-net-worth individual with a large property portfolio — or perhaps you receive income from multiple sources, making your tax affairs more complicated than most.

No matter your personal circumstances, working with a tax expert can help you regain control over your finances. Here’s what your tax adviser can do for you

Why you should hire a personal tax adviser

1) Save time and stress

Managing your personal taxes can be stressful, particularly if you struggle to file your self-assessment tax return before the usual deadline.

Finding all the necessary paperwork and calculating everything accurately can take up valuable time — and that’s all before factoring in the hours spent on bookkeeping.

So why not let a professional take on the task for you? A personal tax adviser can calculate and file your tax returns on your behalf. They’ll prepare everything well ahead of any deadlines, helping you avoid late-payment penalties.

2) Cut down your personal tax bill

Accessing tax advisory services can also potentially minimise your liabilities. Your consultant can use their in-depth knowledge of the tax system to draw up a bespoke tax strategy, ensuring you don’t pay more than your fair share.

As income tax experts, they’ll help reduce your taxable income by maximising your business expenses and taking advantage of different tax credits.

A tech-savvy accountant can also maintain your records using specialised accounting software, making it easier to keep track of your spending.

You can also rely on your adviser to help you navigate capital gains tax by timing sales of assets right and making the most of your tax-free annual allowance.

3) Reduce the chance of errors

Getting your personal taxes wrong can result in hefty non-compliance penalties, so it’s essential to ensure your tax return is accurate.

Working with an expert significantly reduces the chances of mistakes on your tax returns. Your adviser will oversee the entire process, working with you to meet your obligations.

They can even handle HMRC tax enquiries on your behalf, advocating for you and keeping you in HMRC’s good books.

4) Plan your family’s financial future

Have you created a retirement strategy yet? Tax professionals can help you boost your savings and add more to your pension pot so you can look forward to a more comfortable retirement.

If you’re likely to exceed the inheritance tax threshold, estate planning services can help you pass on more of your wealth after you die.

Your tax adviser will work closely with you to secure your family’s finanical future. This can include creating a tax-efficient will and setting up a trust to distribute your assets according to your wishes.

They’ll also advise you on how giving gifts during your lifetime can provide you with more control over your assets.

5) Access your tax adviser’s expertise

Even if you understand your tax position fairly well, an independent tax adviser can look at your finances from a fresh perspective.

They may notice opportunities or roadblocks you hadn’t noticed before, potentially saving you unnecessary costs and stress later down the line.

It’s also your adviser’s job to update you on anything that could affect your finances, so you can trust them to keep you in line with any tax legislation changes.

Contact us today to speak with one of our qualified tax advisers.