If you are self-employed and not running a limited company, the short answer is no. You don't have to hire an accountant and you may choose to handle your own taxes. But just because you aren’t legally required to do so doesn’t mean you shouldn’t.
Although if it’s not a legal requirement, there are plenty of good reasons to call on an accountant. Retaining the services of a qualified professional, even on an infrequent basis, can help in two major ways: reducing the amount of time you spend away from your business, and making sure you never miss what’s important.
Advantage number 1: expertise saves time
For starters, accountants can make you aware of credits or tax deductions that may be applicable to your situation, which could save you money at a crucial stage of your business life. They can also help you avoid incurring fees or fines due to regulations and requirements you are unaware of.
Furthermore, paying an accountant saves you precious time: every minute you spend on taxes is time taken away from your core business. Instead of labouring over your own taxes, you can hand the work over to an experienced specialist and get on with the important day-to-day work of running your enterprise.
Advantage number 2: keeping track of what matters
As a small business owner starting out, your new administrative duties might seem daunting. An accountant can assist you with keeping the detailed records required of you. They understand what information the tax office is looking for and can present it in the preferred form. In the event that you're audited – unlikely, but it does happen in a small number of cases – your accountant will provide precious help in preparing your files and guiding you through the process.