Well it’s mid-July 2019 already. How many of you have completed your 2018/19 self-assessment tax return? Yes, we know it’s a chore and the filing deadline is 31 January 2020, but what’s stopping you getting it done now?
Do you run your own business? How long does it take to get your annual accounts done after your year-end? Does it take a few weeks, a couple of months or much longer?
Does it seem to take forever to get your tax and accounts done? Is it because you’re trying to do it yourself rather than use an experienced chartered accountant? If you have an accountant, are they the cause of the delay? If so, what’s going wrong? If you maintain a good quality set of books, and you listen to and communicate with your accountant, then you’re not the roadblock. If you don’t, then maybe you need to consider some changes.
There’s no reason why you shouldn’t be able to complete your tax returns and annual accounts (whether you’re a sole trader or limited company) within a few weeks/months of your year end. If used effectively, Cloud accounting packages such as Xero and Quickbooks allows much of the heavy-lifting to be done during the year, so that the production of annual accounts and tax returns after year-end is much less time-consuming.
It’s always best to get your accounts and tax returns completed as soon as possible.
Firstly, it takes away the stress of last-minute deadlines. Why put yourself through the hassle and panic? You don’t need to file your returns and accounts with HMRC before the filing deadline. You can just prepare them now, so you know that’s one thing off the ‘to-do’ list, and file them nearer the deadline if you wish.
Secondly, if you have a tax liability, you’ll also know exactly what you are due to pay and have time to plan for the payment without putting pressure on your finances. If you’re due a tax repayment, you can reclaim this sooner.
Thirdly, the earlier you have final data, the sooner you can make decisions on such things as future tax planning or business improvement ideas: better data => better analysis => better decisions => better business => better life.
If you need help you get ahead of the game, please do get in touch for a no-obligation conversation – see our Contact Us page for how to reach us.
Keeping you compliant | Saving you tax | Helping you prosper
Information in this publication is intended to provide only a general outline of the subjects covered. It should neither be regarded as comprehensive nor sufficient for making decisions, nor should it be used in place of professional advice. Whyatt Accountancy accepts no responsibility for any loss arising from any action taken or not taken by anyone using this material.