October, the beginning of autumn (even if the current sunny weather makes us think otherwise) and the nights drawing in, all combine to remind us that the end of this month is the deadline for filing your Self Assessment return if you still use the paper forms.
Even if you file online, a good use of these longer evenings is to get your paperwork in order and make your online filing now rather than leaving it until the 31st January, which is the deadline for online filing of Self Assessment returns.
Why would you want to get your return in sooner rather than later?
We can think of a few good reasons:
- People like us, and your accountant, are not quite as busy right now and talking to us during the autumn means we can give you our full attention rather than perhaps even having to decline your business if you leave your return until the last minute.
- If this is your first year filing your Self Assessment return online, please don’t just expect to go to a website and be done. There’s a registration process to be gone through with a code sent via snail mail, which you’ll need to finish the registration, so this can take a week or so to complete.
- Finalising your tax return now means you have a few months to organise for the funds to be available for your tax bill. Just because you file early doesn’t mean your payment is due any earlier – but you will know the figure well in advance. That’s helpful for cashflow planning and budgets.
- Completely avoid all risk of incurring any fines and penalties for late filing. (You still have to remember to pay by the end of January as late payments attract penalties)
- Reduce your stress levels and the potential health problems stress can cause by not leaving your return until 23:59 on 31st January…..
In many ways there’s never a good time to sit down and complete your tax return, which is probably why so many of our clients let us take care of this for them, but if you are going to tackle the job yourself, imagine what Christmas could be like this year if you haven’t got the worry of an unfinished Self Assessment return hanging over you.
And, as ever, if we can be of any assistance, you know how to contact us.