With the
leaves turning brown, darker evenings, it is time to bring out the quilts and
cosy up in front of the fire as Autumn is here. It is one of our favourite
times of the year as the horrors of Halloween and the blasts of Bonfire night approach.
A great time to spend with family and friends to have fun.
During this time,
you want to avoid a fright and get the benefits of filing your tax return as
early as possible. This will ease any pressure off as it is one task out of the
way and you can solely focus on your business, giving it the final push to end
2018 on a high. The deadline of 31st January never changes and HMRC
reported last year that an estimated 2.6 million people had not filed their tax
return two days before the deadline.
You risk an
automatic £100 fine if you miss the deadline and there are more consequences
for more delayed time. If your tax return becomes more than 3 months late then
£10 daily penalties will accumulate. This is a situation you do not really want
to be in as the penalties can be massive.
It really
helps filing your tax return earlier, just because you do this early does not
mean that the tax liability will have to paid over straight away. It is still
the normal due date of January, so you have plenty of time to budget for
however much you may need to pay over to HMRC. If you are due any refunds, then
you will also get this earlier, where as any returns done in January, will take
a lot longer for HMRC to process any refunds as it is their busiest time.
With a bit
of organisation, you can get your paperwork in order and get your tax return
over and done with all the while enjoying your Christmas and New Year’s plan stress
free. You could pay too much or even too little tax, so the help of an advisor
is vital. Contact us on www.crossaccountingservice.co.uk
if you have any concerns regarding you tax return as we are always here to
help.
