Don’t Leave Your Tax Returns Filing To The Last Minute

We are now a few weeks into the new tax year and we are starting to complete Self Assessment Returns for many clients. Whilst they are not due until January 2016 there are many benefits in completing them early including:

  • If you are due a refund you will receive it quicker. Why let HMRC hold onto your money?
  • If you have tax payments due, you will know what they are earlier, giving you time to plan cashflow.
  • You will avoid the risk of late filing penalties.
  • By keeping your records up to date you will be fully aware of your financial position and, therefore, able to make sound decisions at an early stage.

There are also various options to consider which could minimise your tax liabilities. Tax liability can arise for example; from your earnings, your profit from trade, or from selling chargeable assets. There are also different allowances available for you and your business to maximise tax saving. You could, however, get confused attempting to interpret the extensive UK tax legislation. On numerous occasions we have provided advice which has resulted in savings for the client in excess of our fees, only going on to show that it makes financial sense to take professional advice.

Please contact us to find out more.