10th April 2018 Posted by - Alexander Accountancy
Did you know now is the best time to do them.
Get your tax repayments early.
At Alexander Accountancy we actually filed our first client tax return for 2017-18, the year to 5th April 2018, on 6th April 2018. And why not, surely if you are due a tax repayment it makes sense to apply for it as soon as possible.
What’s more there is no down side.
Filing your tax return early does not result in you having to pay any tax earlier than if you file it at the last minute. But what it is guaranteed to do is give you more time to plan your payments, and if necessary to save for them.
Filing early could mean that you can claim tax back within three working weeks. Typically this applies to many subcontractors. Why would anyone want to wait longer than they have to get money back from HM Revenue & Customs?
If the tax you have to pay is less than the previous year, then filing before the 31st July allows you to reduce excessive payments on account to the correct level. The question in these circumstances is why would you want to pay more than you have to?
The key date for personal tax returns is really 31st July.
This is not a filing deadline at all. It is however the date when your 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.
Alexander Accountancy always encourages best practice. If this is something you aspire to just telephone Burton upon Trent 01283 743851 or email firstname.lastname@example.org so we can help you achieve it.