31st January 2016 may seem a long way away at the moment and co
mpleting your self-assessment tax return might be the last thing on your mind. You are busy enough managing the needs of the present, running your business and looking after your clients, without thinking months ahead.
Of course, many of us do leave our tax return until those last few days in January but it can actually pay off to plan ahead and get your tax return done now. Tax year 2014-15 is much fresher in your head now than it will be in 6 months’ time.
Interest certificates for the year are likely to have arrived and receipts are more
likely to be to hand. Come January all of these important pieces of information may be buried in your in-tray or elsewhere and you and your accountant may be scratching around trying to find them.
If you are filing yourself online you can access your online return at any time and complete it one stage at a time – so you don’t have to do it all in one go.
You can simply add the various pieces of information you need as they come to hand – or complete it all in one go if you have everything ready. By completing your return early you can see what tax you will owe and what you will need to pay on account, allowing you to manage your cash more effectively in your business and ensuring you have the right funds available at the right time.
If you are using an accountant then they may also be delighted to receive your information with plenty of time allowing them to get your return done early and avoid the last minute rush.
More time may allow them to provide greater analysis of your business and add value for the months ahead. With penalties for every day you file late, being organised and meeting the self-assessment deadline really can pay off.
If you are already panicking about completing your tax return or wading through that pile of receipts then our experienced team of Virtual Assistants are here to help. Our Bookkeepers can help with completing tax returns and accounts, whilst our VAs can assist with handling expenses on a day-to-day or one off basis.
to find out more.
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