8th June 2018 Posted by - Alexander Accountancy
Paying tax is compulsory,
but paying more than you have to isn’t!
So why are we saying this now?
Because a key date for personal tax returns is 31st July, and it is not a filing deadline. It is however the date when any second payment on account is due, and a date by which all the necessary information should be available.
If you are a sole trader or subcontractor there have been over three months to prepare your accounts. The same applies if you receive personal income from property. If you are employed or have your own company the P60’s will have been produced, as will any P11d’s that may be needed for benefits in kind. You should also have received all the details you need regarding any other income such as dividends, interest or pensions.
Is your income or tax liability falling?
If so, you may be able to reduce the second payment on account, and keep your money in your own bank, rather than lending it to HM Revenue & Customs by paying more than you have to, then having to claim it back or offset it against a later liability.
Do you have tax deducted at source?
If you do either through PAYE or the Construction Industry Scheme, you could find you have already been overcharged and have money due back. In which case why wouldn’t you want to reclaim it as early as possible? Some of our clients have been receiving their 2017-18 tax repayments since May.
Alexander Accountancy always encourages best practice for our clients. If this is something you aspire to please telephone Burton on 01283 743851 or email in**@al*******************.uk and take advantage of the way we work.
