5 reasons to file your Tax Return right now !!
It may not seem urgent to be thinking about your tax return now, with months to go until the filing deadline but there are some very good reasons to get your tax return in right now:
1.Budgeting for your tax bill. A few weeks (even better a few months) should give you all the time you need to comfortably save the cash you need to settle your tax bill if you haven’t already. And less worry in January!
2.Don’t wait to get your rebate! If you have made payments on account or may have already paid too much tax during the previous tax year you could be due a rebate. Why wait until January to get your cash back?
3.Tracking down missing paperwork is a pain. The longer you leave it the harder it will be to track down those annoying receipts and missing bank statements. You will find it easier to recall which receipts relate to what and where it was paid from.
4.You can get the help you need. January is a notoriously busy time for both accountants and HMRC help-lines. So if you need help or advice, particularly when it comes to trying to reduce your tax bill you may not be able to easily get the support you need. What’s more if there are any technical issues with the HMRC portal due to volume of traffic (as is often the case close to the filing deadline) we may not be able to file your return on time.
5.Avoid Penalties. If your tax return is filed so much as 1 second after midnight on 31st January 2018, you will automatically be issued with a penalty of £100 even if you have no tax to pay. If your tax return is over 3 months late there will be an additional daily charge of £10 up to a maximum of £900 on top of that. For returns that are 6 months late you will be charged £300 or 5% of the tax due, whichever is higher, on top of the penalties already paid. Finally if you return goes 12 months overdue you will have to pay an additional £300 or 5% of the tax due, whichever is higher.
We can help you stay on top of your personal and business tax affairs so you can concentrate on nurturing your business without the stress and worry and we can help you plan ahead so you know how much you need to be putting aside for your tax bill each month. We like to be organised and don’t like our clients to be surprised (other than in a good way!).