It may seem crazy to be thinking about your tax return now, with 6 months to go until the filing deadline but there are some very good reasons to get your tax return in now.

  1. Budgeting for your tax bill. Six months should give you all the time you need to comfortably save the cash you need to settle your tax bill if you haven’t already. Just think how nice it will be not having that niggling worry that you might have a big bill coming in January!
  2. Don’t wait to get your rebate! If you have made payments on account or may have already paid too much tax during the previous tax year you could be due a rebate. Why wait until January to get your cash back?
  3. Tracking down missing paperwork is a pain. The longer you leave it the harder it will be to track down those annoying receipts and missing bank statements. You will find it easier to recall which receipts relate to what and where it was paid from.
  4. You can get the help you need. January is a notoriously busy time for both accountants and HMRC helplines. So if you need help or advice, particularly when it comes to trying to reduce your tax bill you may not be able to easily get the support you need. What’s more if there are any technical issues with the HMRC portal due to volume of traffic (as is often the case close to the filing deadline) we may not be able to file your return on time.
  5. Avoid Penalties. If your tax return is filed so much as 1 second after midnight on 31st January 2015, you will automatically be issued with a penalty of £100 even if you have no tax to pay. If your tax return is over 3 months late there will be an additional daily charge of £10 up to a maximum of £900 on top of that. For returns that are 6 months late you will be charged £300 or 5% of the tax due, whichever is higher, on top of the penalties already paid. Finally if you return goes 12 months overdue you will have to pay an additional £300 or 5% of the tax due, whichever is higher.

Don’t forget:

  • If you are filing your tax return using the paper tax return form, the deadline for filing will be 31st October 2014 for the tax year ended 5th April 2014.
  • If you were trading during the tax year 6th April 2013 to 5th April 2014 and you haven’t already applied for a UTR by telling HMRC you are self employed, do this ASAP as you will not be able to file your tax return without a UTR and they can take a considerable amount of time to come through.

We can help you stay on top of your personal and business tax affairs so you can concentrate on nurturing your business without the stress and worry and we can help you plan ahead so you know how much you need to be putting aside for your tax bill each month. We like to be organised and don’t like our clients to be surprised (other than in a good way!).