We’ve finally emerged from the fog of Self Assessment season. Accountants and business owners can finally start to relax – except for those who didn’t make the deadline.
We hope that you made it with plenty of time to spare. But if you didn’t, or you realise you cut it a bit fine this year, then this post is for you.
It may feel a bit early to start thinking about next year’s tax return, but now is the best time to plan ahead. The deadline and all its stress are still fresh in your mind so now is perfect to put a date in your calendar.
Here are our top three reasons for filing your Self Assessment tax return earlier this year.
Relax over the festive period
Getting ready for Christmas and doing your tax return at the same time might seem like a nightmare, but if you get them both out of the way, you can actually relax afterwards! If you give yourself plenty of time, there’s no rush, you can complete your Self Assessment at your own pace.
Don’t dampen the Christmas break with your tax return stress looming over you. Get it out of the way so you can finally relax over the festive period.
Give yourself more notice
As well as the filing deadline, January 31st is also the deadline for paying what tax you owe. The sooner you do this, the sooner you’ll know how much you owe. While the notice might still not be as long as you’d like, it’s better than having a matter of hours to find the money from somewhere to pay your tax bill.
Getting the return out of the way enables you to concentrate on how you’re going to pay the bill.
Be kind to your accountant
If you’ve seen the stress of Self Assessment season for yourself, you can only imagine what it’s like for accountants who have to deal with it several times over with different clients.
Accountants up and down the country are weeping into their spreadsheets. From clients who leave it until the last minute, to those who just don’t bother submitting their records and end up screaming down the phone at them – it’s not the most pleasant of times.
If you are a client who thinks ahead and gets their records in well before the deadline, you’ll have the eternal gratitude of your accountant. This helps to maintain a good working relationship between the two of you which is good news for both parties.
Did you get caught out this Self Assessment season? If you’re looking for a new accountant, we offer low monthly fees and access to your own personal accountant who can steer you in the right direction. Grab an instant quote here.