Don’t incur penalties needlessly
Tax deadline looming fast – avoid the rush
You may have noticed that it’s suddenly got colder. Yes there is a chill in the air and the shops are already stocking for Christmas. And before you know it there will be a rush on to get your paperwork together to file your tax return.
Don’t leave filing your self assessment tax return to the last minute.
Yes we know the deadline is not here yet – but let’s all learn from experience and try and get everything ready in good time. That means you doing the collating and your accountants – hopefully that’s Anytime – doing the processing and filing.
And that way you won’t incur unnecessary penalties, and interest. We are not going to bore you with a table of those here. Your accountant should ensure they don’t apply to you. If you are interested see HMRC tax return penalties
It is always best not to leave this to the last minute. Even though your tax return reports what has already happened, there are often still opportunities for tax planning or presenting income or transactions in a way that may help keep tax liabilities to a minimum. This could include claims for certain reliefs or just making use of tax free allowances in a better way. We are not talking about avoidance here, just making sure you claim what you are entitled to and therefore not paying more tax than you need to.
In a similar vein, there may be scope to reduce your payments on account if you have these to pay, and they are due next January and July. These are based on this year’s tax return. If your circumstances have changed you need to let HMRC know so that you don’t pay more tax than you need to on account and then have to claim it back next year. This is a fairly simple process but requires your accountant to know about your circumstances and make the necessary claim in good time. That is just sensible planning.
At Anytime we ask all clients to complete a simple Self Assessment Tax Return Questionnaire which takes them through the process. If you are a client you will have received this and we have asked for this to be returned to us by 31 October. There is still time and obviously not everybody is ready by then.
If you are not yet a client of Anytime but would like assistance with your Tax Return, then please contact us using the contact form on our website or from the details below.
As specialist accountants Anytime keep our clients informed and help manage their finances.
Please remember that each individual’s circumstances will be different and therefore you should take advice before making any decisions.
For further advice existing clients email us at support@anytime.uk.com or call 03333 110 230
For new enquiries contact us or call now on 03333 110 103
