So, no sooner have we got everyone’s tax returns in for the 2017/18 tax year, the new year is upon us!
We can now start submitting your tax returns for the 2018/2019 tax year, and there is no time like the present to get this done.
- Cash flow – by submitting your tax return early, you will be aware of the tax liabilities arising and will have more time to set aside sufficient funds to cover your tax bill. Last minute filing could mean you might have insufficient funds to pay the due amount by the deadline.
- No penalties!
- Tax refunds – If you are due a repayment, HMRC are less busy processing returns early in the tax year so you should receive any refund fairly soon after submission.
- Less errors – by leaving plenty of time, you can pull together all the necessary financial information and receipts without rushing and being stressed. A tax return can take longer than expected, so by starting early you have the time you need.
- Preparing your return early also allows time to seek accounting advice and tax planning opportunities if your circumstances have changed in the last year.
- Your Christmas won’t be ruined!
- By submitting returns before 31st July 2019, in some cases it might be possible to reduce the payment on account which would otherwise have been due on that date
If you would like any assistance with your tax return, or any advice on any tax matters, please get in touch.
We strongly advise you to seek appropriate advice before taking action on any of the points listed above.
If you are in any doubt, please call us for clarification.
About us: Leggate Associates Limited was formed by Andrew Leggate LL.B FCMA FCA CGMA who has over 35 years of tax and accountancy experience in industry and practice, and the practice is managed by Joanne Leggate FMAAT ATT. Our clients range from building subcontractors to multi-million pound concerns and high net worth individuals all over the UK. Please see our website www.leggateassociates.co.uk or follow @LeggateAssoc on Twitter for occasional updates.
© 2019 Leggate Associates Ltd