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[06.12.2018]

Self Assessment Tax Return – Do it now!

If you’re relying on your accountant to help you with your self assessment tax return, the earlier you are able to get organised the better.

We like to be proactive and remind clients of the need to get their records, receipts and other relevant information ready well in advance of their filing deadlines.  Most of our clients can now relax in the knowledge that their tax affairs are up to date.  They can enjoy the festive period without worrying about completing their tax returns and wondering where the money to pay the tax is going to come from. Inevitably though for some, the pressures of business and life can get in the way and their records only arrive with us as January 31st looms.

Of course, like any professional accountancy firm we will do our best to turn things around speedily. But it’s not an ideal scenario from anyone’s point of view for things to be done at the last minute. We have experienced situations where clients have left it until just before the deadline and then realise that cash flow isn’t good enough to cope with the imminent tax demand, and there is no time left to budget for the liability.

Get ahead of the game!

If you only give your records to your accountant at the last minute they may not be able to plan resources effectively. This could result in your preferred contact being unavailable or higher fees being incurred. The message is to think ahead and give your accountant a call. By making that call you can make sure all the information your accountant requires is made available and delivered in one go.

If you are able to get ahead of the game you will not only avoid last minute panics and the danger of possible surcharges and interest for late payment of tax. You also may have the opportunity to spend some time discussing tax planning options with your accountant, and ultimately save money on your tax bill.

Forward planning will also allow your adviser to determine the likely tax liability that will be due the following January. Thus enabling you to budget for that payment and update your cash flow projections. It’s a common sense approach, which will allow both you and your accountant to sleep that little bit easier each New Year.

Here to help

Contact us at DNG Chartered Accountants and we will prepare your Self Assessment tax return and support you in the process. Contacting us now means you can be better prepared, and enjoy the Christmas and New Year season in peace, knowing that your tax matters have already been taken care of. Not only has your tax return been dealt with but your forthcoming tax payments have been identified and budgeted for.

Ian Lowry

 

 

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