Despite the Government’s long-term ambition to rid the world of tax returns through the introduction of the Making Tax Digital initiative, January 2018 was another record year for the number processed. Like all necessary evils, no one wants to think about tax returns until it is imperative to do so, but the flip side of that equation is the fact that leaving it until the deadline means 8 months have passed since the period in question. That elapsed time typically makes the process of gathering information, finding paperwork and seeking valuations even harder – making a painful job even more painful.
We know ‘twas ever thus and will probably remain that way until the holy grail of Making Tax Digital becomes reality, but it’s worth making the point once again that you can submit your data to your accountant and they can submit your tax returns at any time between 5th April and 31st January the following year. By getting your tax returns completed early you can:
- Get it off your list
- Give yourself longer to pay
- Find it easier to pull together the data
- Avoid penalty fees for late submission/payment
- Make an old accountant very happy…!
Not that organised? Then why not consider spending 5-10 minutes making a note of the key facts and figures each month in a handy spreadsheet, so that when January 28th comes around and you hear the advert on the radio or TV, your world does not implode into a black hole.