Christmas Is Coming… And So Is Your Tax Return Deadline
Every year, over a quarter of people that are due to file a Self-Assessment tax return complete it in the final 4 days before the 31st January deadline (stresses me out just thinking about it), with over 5% of returns being filed in the final 24 hours!!!
However, leaving it to the last minute comes with so many risks, the biggest being that there might be something preventing you from completing it on time. With an instant fine of £100 if you miss the deadline, and daily fines of £10 (for up to 90 days) if you haven’t filed by 30th April – there are plenty of financial incentives not to be late.
Besides the obvious problems shown above, we at Jaxstar solutions know there are a few more very persuasive reasons why you should complete your Self-Assessment before the Christmas holidays…
It gives you more time to save for your tax bill
Unfortunately, there is no getting away from the fact that we all have to pay taxes, it’s good to know how much you owe and then be able to plan accordingly. Christmas is an expensive time of year, so it helps to know what future liabilities you have coming up, and how much you have leftover to play with.
You might receive your refund in time for Christmas/New Year
Obviously, we can’t promise that this will happen! However, if you are due a tax refund, wouldn’t it be lovely to have it in your bank account instead of HMRC’s? The sooner you provide all the information, the sooner your tax calculation can be completed, and that means you might get a nice cash bonus to enjoy during the festive season!
You have time to ask for help if needed
Self-Assessment forms can be complicated, and if you leave it until the last minute, there will be less time to sort out any queries, and you will be putting yourself, and your accountant, under unnecessary pressure to provide all the information in time.
You can relax over the Christmas break
We all know having a looming deadline in the back of your mind can drive you mad, especially at Christmas when you are supposed to be relacing with your family. If you get your Self-Assessment filed before the Christmas break you’ll be free to relax with a clear conscience, to fully enjoy the festive season with the satisfied feeling of having all your ducks in a row.
You can start the new year free to focus on plans and objectives
January is the perfect time to step back from your business, to think about what’s working well, and also what you’d like to change. Setting goals and sketching our a plan to achieve them is the most important thing you can do to bring success to your business. If you have got your Self-Assessment tax return out of the way, you will be able to dedicate time at the start of the year to planning your business success, rather than worrying about tax deadlines.