When the time comes to complete your Self Assessment Tax Return, you have 2 options.
1 - Do it yourself
2 - Outsource it
But which do you choose?
Well, it all boils down to time. What you need to do is to take an estimate of how long it will take you. Say your Sole Trader Accounts are particularly complicated, with a lot of money coming in, and a lot of expenses going out of your business.
VAT Return Tips For Your Business - 10 Ways to Save Money and Time on VAT Returns
1. Pay VAT on time
Avoid penalties by paying VAT on time. If your VAT return is late, HMRC will make you pay a percentage of the unpaid VAT at the due date. You will not be charged the first time this happens but you a warning will be issued. If it occurs again within the following 12 months, an assessment will be made to determine a surcharge of up to 15%.