Self-Assessment Tax return: Time to take action

26 Nov 2018

There are several perks to being self-employed, from flexible hours to being your own boss.  But it doesn’t come without its drawbacks and if managing your finances isn’t the highlight of your working week then the annual filing of your self-assessment tax return may come as a bit of a drag.

Keeping your accounts in order is vital to running a successful business, and leaving them to the very last minute can lead to a disaster. In this blog, we’ll be highlighting the key reasons why it’s time to take action and file your self-assessment tax return before the deadline.

Out of pocket

Should you leave your Self-Assessment until just before the January 31st deadline, and you find that you have an unexpectedly high tax bill you may be in for something of a shock. In addition to a hefty tax bill that’s a surprise to you, you could be liable for a £100 fine - even if you’re a day late.

The sooner your taxes are dealt with, the more time you’ll have to organise and budget for them. After Christmas, January can often be a difficult month, financially and so the earlier the return is filed the better.

No time like the present

A Self-Assessment tax return involves pulls together many reports, documents, certificates and figures – all of which can be very time consuming.

Leaving this to the last minute runs the risk of you not being able to locate certain important documents, which can lead to you filing late. Getting a head start on your tax return gives you more time to locate these items with enough time to spare.

Enjoy the festive season

The last thing many business owners want to be doing over the festive period is worrying about taxes. Get your taxes sorted out now before the Christmas rush and you’ll have more free time to focus on more important things, like watching endless Christmas films and filling your face with chocolate! 

Time to get an accountant

You may not think you need one but it’s always beneficial to have someone check over your accounts to make sure everything is in order and accurate. Here at N S Accounts & Technology we use a cloud-based software, Xero, to ensure no important information has been left out. We also understand that your finances should be dealt with care and our client’s security is pivotal to us - that's why we use a Two-Step Authentication for Xero and all connected apps.

If you find yourself worrying about your taxes and want to take action, N S Accounts & Technology can help. We are professional and reliable accountants who love taxes! Get in touch today on 07900 950796 or email us at nikki@nsaccounts.co.uk.

 

 

 

 

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