Well, there’s no time like the present…. and whilst you don’t have to file your Tax Return until the end of January, as the tax year ended a few months ago, you should now have received all the information for that year and so we’d recommend you start thinking about it. In fact a reported 11,000 additional people filed their 2022/23 tax return on 6thApril compared with the same time period last year according to figures from HMRC so be a shepherd and not a sheep and think of the benefits to filing early:
- Peace of mind – remember how it feels to have the return submitted.
- Budgeting – you’ll know what you owe so will be able to budget for the bill.
- What if you’re owed a refund? Whilst HMRC generally are owed money, you might be owed a refund which can help your cash-flow and if you submit early, you’ll get the refund earlier too.
- It can take time to file a return, and if you leave it until the last minute, you run the risk of being late and incurring an instant £100 fine if you miss the 31st January deadline, plus a further £10 per day fine if you haven’t filed by 30th April.
- You can avoid making mistakes through rushing, and you can get help if you’re struggling.
- Think of the pressure on you, on your Tax Office, and on your humble Accountant too! Things can get pretty hectic for all of the above toward the end of January so if you have any queries, you might find you prefer dealing with them earlier in the financial year.
What if I don’t want to go early?
You don’t have to; it’s your business and you run it on your terms but don’t forget if you choose to file early, your tax bill isn’t actually due until 31st January so that gives you time to save and plan for any tax you owe.
Christmas is a time for joy and peace on earth but you might find that peace is shattered if you’re scrabbling around to find P60s, P45s expenses and invoices and if you file early, you could actually take Christmas off.
Don’t feel outnumbered
As with every situation, when you’re in control you feel better and this is never more true of your tax return. At Dovetail Bookkeeping & Accountancy Services, our friendly and experienced team can help you with individual and company tax returns, as well as preparing budgets and cashflow forecasts to help you plan for the year ahead. If you’re not with us, we can also liaise with your Accountant to answer any questions they may have and provide them with the information that they need to prepare your tax returns.
We’d be delighted to take over that service and for a confidential chat, get in touch with us on 01925 909160 or by emailing firstname.lastname@example.org. At DBAS, we do things differently, putting you at the heart of everything we do.
#dbas #accountants #bookkeeping #warrington #cheshire #whyfileyourtaxreturnearly #taxreturn #taxspecialists #localbusiness #sme #smallbusiness #budgeting