January 2018, the deadline for submitting your online tax return, might seem like a long time away. It really isn’t though!
Running a small business is stressful enough without having to scramble around at the last minute to find missing paperwork needed to complete your return. Now is the ideal time to ensure that all your bookkeeping is up to date and in order.
Why you should not leave your self-assessment Tax return until the last minute
#1. Filing your tax return in plenty of time and calculating any tax liability gives you ample time to start saving for the tax bill and to manage your cash flow. If you pay your tax bill late, HMRC will charge you interest and possibly even late payment penalties.
#2. Completing your tax return requires you to get an awful lot of information together. Leaving this to the last minute runs the risk of you not being able to find some of these important documents. This means added stress and potentially having to file late.
#3. Trying to get hold of HMRC is difficult at any time. It’s practically impossible around the tax return deadline! If you’re due for a tax refund, you’re likely to experience a longer turnaround time if you file your return during their peak times.
#4. Preparing your return early gives you the time to consider any tax planning opportunities which could help you save tax. The added advantage is that if you don’t have to rush to prepare the accounts, you’re far less likely to make costly mistakes.
#5. HMRC does not have to wait until 31st January or later to pay you any tax refunds. Therefore, if you feel that you may have overpaid tax and could be due a refund, the sooner you prepare your tax return the better.
#6. You can enjoy the Christmas and New Year festivities without worry of the looming deadline!
While you don’t legally require an accountant to help you file your self-assessment, it can be a good idea to have things checked over. Or have an accountant take most of the headache away completely!
Our friendly team are extremely efficient and will communicate with you in a way you understand. However, we already have very little availability left to complete additional tax returns. We would strongly advise getting in touch sooner rather than later if you would like us to assist you in anyway.