7 Reasons Why You Need to Get Your Tax Return Done Now

7 Reasons Why You Need to Get Your Tax Return Done Now

7 Reasons Why You Need to Get Your Tax Return Done Now

It is that time of year where you receive a brown envelope through the door telling us that we need to prepare a return for 5 April 2021, which we all ignore and add to your pile of “I will deal with later as I don’t need to submit until January plenty of time”!

Well you could be missing out on many benefits of getting your tax return done early and below are just a few examples for you:

1. If we can get your return completed and submitted before 31 July we can automatically see if we can reduce any payments on account due.
2. If you have increased your taxable income, you will have more notice of your tax liability falling due on 31 January 2022 and more time to get the funds together and if available, apply to pay any liability under PAYE via an adjustment to your tax code.
3. If you are in a repayment position this can be sorted and paid back to you earlier.
4. Also if you are on the CIS schemes you may have had too much tax stopped and you can get it repaid sooner rather than later.
5. No last minute stresses trying to remember where everything is.
6. And very importantly, we will have more up to date information for you to allow time to identify any possible planning opportunities for your tax affairs for the current year
7. You will know what tax is due and will be able to put aside a regular amount to ensure you have the tax due covered, rather than worrying at the last minute about getting funds together.

So why delay? It’s much better to plan ahead and know where you are at when it comes to tax. Any payments on accounts could be reduced sooner and you will have the time to discuss any tax saving opportunities with your advisor.

Haines Watts

If you have concerns or questions about your tax return or any of the points above, if you are new to personal tax and need help with your tax planning and returns or if you think you are not taking advantage of any opportunities to reduce your personal tax please get in touch on the number below.

Our Tax team will be able to discuss your options and ensure we make you aware of all opportunities to reduce your tax liabilities. Get in touch with us now for an initial fact finding discussion on the contact details below.