End of Tax Year Fast Approaching
It only seems like yesterday that those who are self-employed were rushing and stressing out to meet the deadline for getting their self-assessment tax returns in order to avoid being fined. Yet here we are, just over 3 weeks away from the end of the current tax year (2019/20).
Now I know many of those who are self employed are “creatures of habit” and, regardless of how much stress they were in to get their returns submitted and how much they vowed not to leave it till the last minute again, I won’t hear from those clients until after Christmas when the tax return rush starts all over again!
From the end of the tax year there is ample time to get your tax affairs in order and have everything submitted within reasonable time. A misconception I have come across from clients is they believe that by submitting your tax returns in early means you must pay your liability to HMRC early too. This isn’t true! One of the benefits of submitting your tax return in earlier is that it will allow you to work out your tax liability (should you have any) and still give you until the 31st of January deadline to save up to get it paid on time as the deadline for payment is still the end of January.
It can also save you in accountancy fees as there are many firms out there who charge their clients extra for the self-assessment service the later they leave it as it adds more pressure on the workloads of the tax/accountancy firm.
Another thing we commonly come across are clients who over claim expenses that aren’t tax deductible (leaving themselves open to HMRC investigations down the line) or under claim their expenses so are paying more in tax than they should be.
Tax Tyne specialises in providing our clients expert tax advice and services and can look at ways to reduce their tax liabilities in method compliant with HMRC regulations. We can ensure that all deadlines are met and that the process of self-assessment runs smoothly.
For a FREE NO OBLIGATION consultation email us at firstname.lastname@example.org or call us 7 days a week on 0191 5111217 and see how we can help you with your self assessment.