Is doing your tax yourself a good idea?
If you're and adult you can do most things for yourself. Cooking, cleaning, getting from one place to another, deciding what you wear, even gardening and renovating. Sometimes we outsource these tasks, when we hire a cleaner or take a taxi or go to a restaurant, but for the most part, these are things we feel comfortable doing on our own.
There are some things you could never do on your own. Invasive surgery or dental work, for example. I am of the opinion accounting should go on that list too. If you have an accounting background and a thorough understanding of the tax system, doing your own accounting work might actually be a good idea. You'll probably save yourself time and money if this is the case. If, however, your skills lie elsewhere and you are just bing brave and ambitious in thinking that you'll take care of the accounts yourself, then think again. First of all, accounting is very labour intensive. It takes time. A really long time. Is that the best way for you to spend your time? If an accountant can do it three times faster than you can, then it's not going to save you any money at all to spend a full-time week sweating over the receipts of the last financial year. Secondly, if you lack experience in bookkeeping and you make a mistake in your finances, it could cost you a lot of money, perhaps in a fine from the tax department, or perhaps in a missed opportunity. You could be paying for your mistakes for years to come. There is a chance you will do everything right the first time and learn as you go, but it's unlikely. If you really want to keep your tax in-house, consider some training for you or an employee by a firm like Teamwork Accounting.
Ivy Delfin is a copywriter working with Teamwork Accounting specialists in long-term financial security and reducing stress. When Ivy's not writing content she enjoys cooking and swimming.