Taxes. They’re one of those things that freelancers, business owners, and investors have to deal with. Let’s face it, it’s not usually the highlight of anyone’s day. Between filling out forms, organizing receipts, and figuring out government websites, it can feel like a bit of a chore.

Feeling a bit overwhelmed? It’s totally understandable. That’s why you might be on the lookout for some assistance. But who should you trust to handle your tax return? Should you tackle it yourself? Consider a local accountant? Or perhaps there’s another option out there that could make the process a bit easier for you.

Enter Penny Ledger.

Option One: Do it yourself

Why not roll up your sleeves, set aside a bit of time, and take on the challenge of handling your taxes solo? All the forms and information you need are readily available on the HMRC website. While it may not be the most thrilling task, it’s doable.

Pros

  • Budget-Friendly: You won’t have to pay anyone else to file your taxes.

  • Skill Development: Mastering tax filing can be a valuable skill for any entrepreneur.

Cons

  • Risk of Missing Savings: Saving on accountant fees won’t matter if you overlook potential deductions.

  • Time Commitment: Learning the ropes can take a while. Is it worth the investment of your time?

  • Stressful Mistakes: Errors could lead to fines, adding extra pressure.

  • Opportunity Cost: Is your time better spent earning money or filling out forms?

For most small businesses, freelancers, and entrepreneurs, DIY tax filing isn’t the most appealing choice. That’s why many turn to local accountants for assistance.

Option Two: Your local accountant

Across Britain, there’s a plethora of accountants ready to assist small businesses and freelancers. They’re well-versed in tax regulations and can help minimize your tax bill while ensuring accurate filing and timely submissions. However, this expert help comes at a cost.

Pros

  • Reliability: Your accounts will be handled accurately and submitted correctly.

  • Time-Saving: Once you’ve provided the necessary information, you can leave the rest to your accountant.

Cons

  • Costly: Some accountants charge steep monthly fees or a hefty annual sum.

  • Personal Meetings: Expect face-to-face consultations, which can eat into your schedule and budget.

  • Software Requirements: Many accountants require you to use specific software, which often comes with additional costs.

  • Record Requests: You’ll regularly receive requests for documentation, adding to the administrative burden.

While hiring an accountant may beat the DIY approach, it’s not without its expenses. Factor in software fees and the time spent in meetings, and the cost can quickly add up.

Option Three: Penny Ledger

Say hello to Penny Ledger, where you can enjoy all the perks of traditional accountancy without breaking the bank. Our user-friendly software and accredited accountants ensure your tax returns are completed accurately and affordably.

Pros

  • Reliability: Your accounts are handled with precision, just like with a traditional accountant.

  • Speedy Service: Answer a few questions online, upload your receipts, and you’re done.

  • Convenient Online Experience: No need for in-person meetings.

  • Affordable Pricing

Cons

  • No Snacks: Unfortunately, our online service doesn’t come with biscuits.

Skip the hassle of DIY tax filing and the hefty fees of a local accountant. Isn’t it time you joined us?