Should the self-employed file taxes themselves, or is it better to have a specialist do it for them? This depends on the situation, but if hiring a tax consultant is an affordable expense, it is worth considering. Hiring a professional has considerable advantages: they save themselves a substantial amount of work, and do not have to worry about having incorrectly submitted documents.
The decision mainly depends on two aspects: how profits are determined, and what size of business you run. Although a net profit calculation is simple, if you choose to go for a balance sheet, this can be much more complicated, and it would be advisable to consult a tax professional. When you reach the point where you have multiple employees, many business owners find the tax submission process to be too complex to undertake alone.
Conclusion: under no circumstance are you legally obliged to hire a tax consultant. However, if your business activities are extensive and you have a complex method of profit determination, a tax consultant is recommended. Regardless of whether you choose to avail of professional help, all self-employed people should have good knowledge of how their taxation works – if they constantly rely on external individuals to handle their tax issues, business decisions may be made from a point of ignorance, which could damage the company from a tax perspective. Having a basic understanding of taxation will help you run your business more consciously and will help you avoid financial disadvantages – with or without a tax consultant.