With millions of taxpayers leaving filing their self assessment tax return until January to each year, it appears many of us Brits do seem to enjoy pushing a deadline to its limits.
Traditionally, accounting firms struggle to cater to new clients in January, given the demand before the deadline at the end of the month.
However, we have refined our processes to such a point that we are happy to help new clients at this challenging time.
In fact, because our processes and the strong relationships we have with our clients are so strong, we’ll have your next return done before next Christmas if you stick with us.
The benefit of completing your tax return early
If you have ever experienced that nagging feeling in the pit of your stomach due to the prospect of an amorphous tax bill, you’ll probably know the biggest benefit of getting your tax return done early: certainty and peace of mind.
Tax return year runs from 6 April to 5 April each year, and you can complete your tax return for the previous tax year at any point from 6 April onwards up until 31 January.
Admittedly, it may take a few weeks for relevant paperwork to be released after 6 April. But by completing your tax return early, you give yourself the maximum time to plan for, and pay, your bill since it’s not due in its entirety until the following 31 January, even if the return is submitted early.
Other benefits of planning in advance
Doing your tax return early also allows for maximum tax planning. This means taking the time to explore all the allowances that may be available to reduce the tax you pay.
From capital gains tax allowances to pension contributions, the marriage allowance and more, there is plenty that can be done to manage your tax liability efficiently. After all, no one should pay more tax than they need to.
Second, it removes the danger of missing the deadline and incurring HMRC penalties. These start with a statutory £100 fine and interest on unpaid tax due, and only escalate from there.
An expert, efficient service for doing your tax return
We help all kinds of businesses, but specialise in the creative sector (especially agencies) as well as property, hospitality and construction.
If you would like help this January, do get in touch as soon as possible so we can get to work for you.
Bear in mind that there may be extra considerations this year due to the various coronavirus support schemes provided by the Government in 2020/21 which you may need to declare.
Talk to us about your self-assessment tax return.
