The personal tax return deadline is 31 January. That’s over three months away, so nothing to worry about just yet.
Or is it?
If you don’t know what information you need for your tax return how will you know where to find it? You might have to ask for copy documents and you could end up missing the deadline. HMRC will fine you for that.
Leaving things to the last minute might also result in errors in your return which HMRC could also penalise.
Worst of all, if you don’t have enough time to review the figures before sending them in you may end up paying too much tax.
Of course, submitting your returns is absolutely vital to maintaining your business, and Kung Fu Accounting can take the worry out of that requirement by managing the submissions for you.
However, there is so much more to tax than just compliance and deadlines. We make sure we are always up to date with both current and proposed new tax rules. This means we can offer proactive advice and guidance to ensure that the amount of tax you pay is always right for you.
So, while there is a deadline at the end of January we advise against last minute submissions.
Three benefits of doing your 2016/17 tax return now
1) You can seek expert advice if you have questions – most accountants get quite busy in January and might not be able to help you then!
2) Tax is calculated in advance of the deadline, so you can plan for the payment. Having a surprise tax bill just after Christmas is not ideal!
3) You’ll have peace of mind that the job is done – one less thing to worry about. This means you’ll be able to focus on those tasks which really excite you.
If you want to avoid the last-minute rush, if you want expert support to optimise your tax bill, or if you want us to share our financial discipline so you never have to worry about deadlines, contact us now.
We look forward to hearing from you sooner rather than later!