23 Aug 10 Reasons Why You Should File Your Tax Return Early
It’s a job we all dread but being in control of your tax affairs is hugely important.
Every limited company director and self employed individual will usually need to complete a tax return and pay the income tax they’re liable for.
Filing your tax return is the very start of this rather time consuming and stressful process. Here are our 10 reasons to file your tax return before the mad rush:
1: The task doesn’t get overlooked and you will avoid a £100 late filing penalty.
2: Less risk of errors. When you’re rushing and short on time, it’s less likely that you’ll check things through thoroughly.
3: It reduces stress by giving you plenty of time to organise the documents you need.
4: It gives you a greater amount of time to consider future tax planning strategies.
5: The earlier you know what your tax liability is the sooner you can start to plan for the payment. After Christmas, personal finances can be pretty stretched!
6: If you’re due a tax refund from HMRC you’ll receive it sooner too. You may also be able to reduce your payment on account for July!
7: The sooner you complete and file your tax return, the sooner you’ll have an extra year’s worth of tax information which is essential if you’re considering applying for a mortgage or loan.
8: You’ll be able to contact HMRC far easier should the need arise.
9: You can sit back and enjoy Christmas with a smile on your face knowing that you don’t need to worry about sorting your tax return in the New Year.
10: It will make your accountant very happy!
To guarantee filing your tax return on time, our latest internal deadline for receiving your tax return information is 31st October 2023. If we receive your information after this date, we cannot guarantee that we will have sufficient time to file the return. You will also incur additional fees from us for receiving your information late.
Only in exceptional circumstances will we consider preparing self assessment tax returns after the Christmas break, subject to availability and additional charges. We’re a small team working hard to provide the best possible service we can to our clients and hundreds of last minute tax returns prevent us from doing this.
If you wish to discuss any aspect of your accounts or need any help with getting your records up to date or what you can or can’t claim as a business expense, please don’t hesitate to call 01386 764741 or email us.
Thank you very much for your help in supporting our efforts to have an organised and stress free tax return season!