Introduction
Completing a self-assessment tax return is very much like solving a labyrinth and the following article is going to explain the reasons why. When one is faced with lots of paperwork, filled with complicated forms, complex terminologies and short deadlines; the situation turns out to be overwhelming. For most people, tax season comes with some fear and anxiety in particular, whether they will accomplish something wrong? Have you seen all the deductions you are allowed to make out for on the Income Tax Line? And, the worst of all, will the actions be penalized by fines for filing the wrong or the late returns?
The good news is you don’t get to go through this process alone. Some of the modern technologies and applications for helping in doing and organizing the self-assessment tax return are Account-Ease that make it as easy as a recipe. This should not be stressful or confusing to your company anymore as you can now leave it to Account-Ease to do the work for you.
Understanding Self-Assessment Tax Returns
Before we proceed on how Account-Ease can assist with the above challenges, it will be important to define it first. Self assessment tax return is a technique, which has been adopted by HMRC (Her Majesty’s Revenue and Customs) to recover Income Tax from those persons, who do not have their tax deducted at source like employees. Self assessment tax return is needed by whom therefore?
Freelancers and Contractors: In case you are a freelancer or run your own business, you will have to claim for the income and the expenses.
Landlords: Any one who gets some revenue from house rents must submit a return.
High Earners: In case you are an income earner and your income is over £100,000, then you need to fill the form.
Investors: Also, anyone receiving dividends or capital gains within a tax exemption to pay the self-assessment should also fill the form.
Common Pitfalls and Mistakes
– Misunderstanding allowable deductions
– Failure to report some of the incomes
– This work will focus on reasons as to why some clients lose their filing deadlines and end up with penalties.
The Need for Simplification
Now moving on to the option of self-assessment tax returns, the key problem arising here is the confusion that arises out of the process of self-assessment. For anyone who has sat across from a tax preparer for a preparer tax identification number, the language used seems like that of the gods. Further stress comes from the fact that if the papers are submitted not by the strict deadlines, it is accompanied by severe penalties.
Complexity of Tax Jargon
Such terms as the ‘allowable expenses’, ‘capital gains’ and ‘personal allowance’ may prove difficult for most to understand. Failing to understand the meaning of these terms may make you underpay your taxes or overpay them.
Deadlines and Penalties
Self-assessment taxes have fixed dates for submission while others have clearly stated that they have flexible dates for submission. Self assessment late filing penalties while having some wrong information might lead to several correspondences with HMRC which leads to the process taking even more time.
Introducing Account-Ease
Here’s where Account-Ease comes in. It is a Computerized Accounting System developed by Account- Ease Solutions Inc., with head office in USA and branch in Canada as shown below. The Account-Ease is an online multi-functional program; which has been initially developed to assist in preparing self-assessment tax returns. It does away with uncertainties and makes it possible for anyone to track his/her tax compliance at any one time.
What is Account-Ease?
Account-Ease is one of the cloud-based tax preparation software that helps to complete most of the necessary tasks on one’s own. Starting from collection of your financial details right to computing your tax dues it covers all in detail. This is no longer guess work or sifting through piles of paperwork.
How This Relates to Tax Return Difficulties
Account-Ease is designed to cater for the individual taxpayer in his or her day to day life. By following a holistic approach the user interface will guide you through the filing process and it is not possible for you to miss out some deductions or forms.
Key Features of Account-Ease
User-friendly Interface
It has never been that easy to solve the complexities of tax forms. Account-Ease is fairly user friendly; it is a check-list type application; straightforward and easy to file.
Step-by-Step Guidance
Worried about missing something? Account-Ease gives guidance from one stage to the other, making certain that all quadrants of self-assessment are well handled without much strain.
Real-time Updates and Reminders
Account-Ease helps you stay organized with alert of due dates to important timely tasks in case you may have forgotten.
How Account-Ease Works
Signing Up and Account Setup
The product is easy to initiate, Mainly because of the fact that You do not have to incur any costs when joining this business. All that is needed is to register with Account-Ease, where you enter certain information and then you can get started.
Importing Financial Data
Account-Ease helps you to enter account data from your bank statement since it has features that enable automatic importation of data.
Calculating Tax Obligations Automatically
As soon as your data is imported, Account-Ease will fill out your tax distribution and the parameters you have deducted and allowed in order to compute the correct amount. Benefits of Using Account-Ease
Saving Time and Effort
Account-Ease will cut down your self-assessment time tremendously, hence suitable for working people, self-employed people, and landlords.
Reducing Errors and Penalties
Account-Ease also reduces errors that may arise and if they do, they will attract penalties making the program helpful in avoiding complications.
Enhancing Financial Clarity
Account-Ease makes your understanding of your financial commitments clearer and therefore makes your decisions better.
Case Study: A Small Business Owner’s Experience
Initial Struggles with Self-Assessment
For many years Sarah, a small business owner, had a problem with self-estimation. While dealing with invoices, the expenses and changes in income, she found herself juggling with lots of paperwork.
How Account-Ease Streamlined Her Tax Process
Upon reading the book, and closing her Account-Ease software, Sarah realized that the next time around the process would be much easier. Her business data could be directly imported into the platform and the check-listing guide helped her not to leave out any deduction.
Account-Ease for Freelancers and Contractors
Tailored Features for Freelance Work
Freelancers have an unpredicted or multiple sources of income. Account-Ease provides particular features to deal with several clients, undertakings, and revenues.
Managing Fluctuating Income
The software works on a basis that it changes calculations from previous years depending on the new income that has been earned, this will help one avoid over or under payment of taxes.
Account-Ease for Landlords
Handling Property Income
The following is imperative for landlords; Record the amount of money you receive in terms of rental income and the amount you spend. By the way, Account-Ease simplifies putting down income and figuring allowable expenses – from repair to interest on mortgage.
Managing Expenses and Deductions
It calculates the deductions in this site so that you benefit from tax credit that is accorded to real estate investors.
Security and Privacy with Account-Ease
Data Encryption and Protection
This type of information is confidential and Account-Ease is aware of this fact. All information is encrypted thus there is no fear of potential cyber threats in getting to the wrong hands.
Ensuring Compliance with GDPR
Account-Ease contemplates the GDPR in every possible way so you do not have to worry how your data is being managed legally and ethically.
