I know, I know … Your Tax return doesn’t have to be submitted until 31st January 2017, but there are 3 awe-inspiring reasons why you should sort your Self Assessment tax return out now so I thought I’d share them with you ….
- Being able to sleep at night! Just think of the weight that would be lifted off your shoulders knowing that your tax return is prepared and submitted to HMRC. This doesn’t mean you have to pay your tax early, you can still pay that in January 2017 and if your tax return is submitted now HMRC will even send you a reminder of how much the tax will be nearer the time. You know that you lie awake knowing you have to sort your paperwork for your tax return, so why not get it out of the way and for the rest of the year you can sleep peaceful.
- Being able to budget for your tax bill! Knowing how much your tax bill will be in January 2017 is a real advantage to you both personally and in your business. You know how much you have to set aside for January, this way you have more financial freedom over your money as you won’t be thinking can I/can’t I when you next go to buy an asset or want to go on holiday.
- Paying less for our services! Unfortunately due to the large amount of people who leave their accounts until December and January most accountants charge a higher fee for accounts received during this time, therefore, if you can get your accounts sorted now you will be paying less for your accounts than those who leave it till last minute. See, organisation does make sense.
So I know it’s sunny outside and you could be sunbathing … but that niggle in your head is saying those accounts still need sorting!!