Albert Einstein said that “The hardest thing in the world to understand is the income tax.” Is the next hardest thing getting it in on time?
Lewis Smith & Co. know that doing your tax return is a real chore and sadly it often ends in giving something to HMRC!
However there a number of benefits to getting your tax return filed before the end of January 2015 (and the end of October 2014 if you really want to submit a paper form).
Some of the benefits relate principally to peace of mind but there could be some financial ones too.
Here are Lewis Smith’s top 7 wery good reasons for early filing:
7. Accountants get pretty busy at filing time. Lewis Smith & Co. has never let any of its clients down but not everybody in the profession may be as diligent as us.
6. If you file at the last minute or late then we can’t help you plan next year’s tax affairs properly. You might lose out on tax breaks.
5. Think of the stress of having to pull documents and numbers together at the last moment. Give yourself time to do the sorting out in comfort.
4. If you don’t already know what your tax bill is going to be…are you sure that you will be able to pay it?
3. HMRC may accept payment in instalments which would help for your cash flow wouldn’t it? But you need to start talking to them early.
2. You will be fined if your return isn’t filed. The fine increases every 2 months until you do file.
1. To add insult to injury you will also pay interest on the late paid tax.
It makes sense to get your tax return in as soon as possible. Gather your interest certificates, bank statements and P60’s and dig out those expenses receipts and start today. If your circumstances are more complex than normal then Lewis Smith & Co. has a tax return service to help.
Contact us today if you have any queries about your tax return – call 01384 235549 or email info@lewismith.com.
Lewis Smith & Co. – Providing accountancy services to Halesowen businesses for 30 years.
