3rd August 2017 Posted by - Alexander Accountancy
Get ahead of the tax man
The tax year for Sole Traders and Partnerships ended on the 5th April 2017. Yet many have yet to file their accounts with HMRC.
What is the rush and incentive to sort the paperwork out, hand it over to the accountant and file the accounts early? The deadline for this to be completed is 31st January 2018.
Well, the second tax payment on account should have been paid on 31st July 2017. Any amount paid before the tax return is filed, is only an estimated figure, so there is a danger that some people may have overpaid, whilst others may have not paid the full amount due and have a nasty surprise waiting for them. But will not know for sure until the accounts are finalised and the tax returns prepared.
Delaying the accounts until the deadline could result in a large tax bill landing on the door mat just after Christmas. This is when cash may be tight after a spending spree on presents and festive activities.
As part of our proactive approach Alexander Accountancy encourage people to file their accounts as soon as possible. This enables us to calculate the tax liability and help them forecast cash flow for the coming year.
If an overpayment of tax has been made, we can arrange for a refund to be issued sooner rather than later, or help them budget so there are no big tax surprises in the New Year.
Alexander Accountancy have a proven track record in offering expert advice to ensure people meet all of their obligations whilst minimising the tax burden. Why not contact our business advisers for a free consultation to see how Alexander Accountancy can help you make the right choices. Please email us for a free meeting at firstname.lastname@example.org or telephone us on Burton on Trent 01283 743851.