Posts Tagged ‘personal tax return’

Twelve reasons why you should do your tax return earlier

Thursday, February 8th, 2018

Twelve reasons why you should do your tax return earlier.

How was it for you? The process of submitting your 2016/17 tax return, that is…

Congratulations if you submitted in plenty of time. However…..

Did you miss the 31 Jan filing deadline (incurring a rather unwelcome late filing penalty) or squeeze it in at the last minute? Was it yet another stressful experience you’ve come to dread?

HMRC revealed recently that nearly 750,000 taxpayers failed to submit their tax returns by the 31 Jan deadline, despite it allegedly being easier than ever to complete & file. Indeed, this represents a fall from the previous tax period, when 840,000 people failed to make the 31 Jan 2017 deadline but there’s clearly work to be done.

If you’re one of the many who didn’t file your tax return on time, here’s why you should get it done earlier for 2017/18:

  1. There’s less likelihood of errors when you’re not preparing it in a hurry – get it right and stay off HMRC’s radar
  2. It’s much less stressful for you (and your accountant if you use one) if you file before the busy season
  3. Get it out of the way before Christmas so it’s not looming over you whilst you enjoy the festivities
  4. Preparing it earlier means paperwork will be easier to locate and details are fresh in your mind – this should save you significant time and ensure better accuracy
  5. Avoid a late filing penalty
  6. File early and you’ll have more time to save up if any tax is due
  7. You’ll receive any tax refund earlier
  8. More availability of resources in the quieter months, such as access to accountants and HMRC who are notoriously stretched in December and January
  9. You can have qualifying underpayments coded out if your tax return is filed by 30 Dec
  10. There’s more time to correct any errors in your current tax code
  11. You’ll have more time to file an amended return
  12. With more time to consider all available tax deductions and reliefs, you stand a better chance of reducing your taxable profits and saving more tax

 

If you have any queries about your tax position or are interested in optimising your tax affairs, please contact Helen Sewell or call Helen on 01527 558539. Have a look at how we can help with your tax requirements.

Twelve reasons why you should do your tax return earlier

Twelve reasons why you should do your tax return earlier

www.hmrc.gov.uk

 

Seven reasons why you should do your tax return earlier

Monday, February 6th, 2017

Did you file your tax return after the deadline? Was it a stressful experience that you’d rather not repeat?

You’re not alone. With the recent 31st Jan tax deadline in the past, here are some good reasons why you should consider getting your tax return done a bit earlier next time:

  1. Less likelihood of errors – do it right and stay off HMRC’s radar
  2. It’s less stressful (for you and your accountant if you use one!)
  3. You’ll receive any tax refund due even earlier and have more time to budget for your tax payments
  4. You can complete it in the quieter months along with getting up to date with other tax admin etc – be more organised for the next tax year!
  5. More availability of resources if you need help (HMRC and accountants are generally less stretched over the summer)
  6. You can have qualifying underpayments coded out if your tax return is filed by 30 Dec
  7. There’s more time to correct any errors in your current tax code

 

If you have any queries about your personal tax position, please contact Helen Sewell on [email protected] or 01527 558539.

Tax return