Would it surprise you to know that over 11 million people submitted a tax return in January 2020? 10.4 million of those were online, I don’t envy HMRC wading through that lot! Although this year hasn’t turned out the way any of us could have imagined, we know one thing for sure, our tax returns have to be submitted by 31st January 2021. Whilst it might not be top of your to-do list, there are many benefits to getting it done early.
“Never do tomorrow what you can do today. Procrastination is the thief of time.” Charles Dickens
Rather than put it off any longer, why not take advantage of our current offer to undertake your tax return for just £350! And the good news is that the cost is an allowable expense too.
Sooner the better
Ok, maybe you work better to a tight deadline or prefer the excitement of trying to track down those missing receipts but whilst It might be tempting to leave it to the last minute to file, there are real benefits to your finances and peace of mind. Our top 5 are as follows;
1. Ready your cashflow
It’s hard enough to work out your short to medium cashflow needs without throwing a pandemic into the mix but one of the biggest expenses the self-employed face is their tax bill. Knowing how much your taxes are going to be helps you plan effectively but remember, just because you file early it doesn’t mean you have to pay early. With the Chancellor’s Winter Economy Plan, you’ll now have longer to pay!
2. Ensure no penalties
I don’t know about you but when I rush something, I’m more likely to make a mistake or miss a vital piece of information. Well, with tax returns, that can prove very costly as you could incur penalties (late by just one day and it’s a £100 penalty), give yourself plenty of time to gather all of your paperwork and ensure you have everything you need before submitting your return.
3. Time to focus
Getting a big job like your tax return out of the way early gives you more time to focus on your business. It’s possible you have found yourself with time on your hands this year or maybe you’ve undertaken new projects and have been busier than ever. Either way, that pesky tax return can become a big distraction, don’t let it get in the way of your creativity.
4. Avoid unknown pitfalls
Well, it’s fair to say that 2020 has demonstrated that no matter how well we plan, there are so many things that can affect last-minute returns. None of us have that mystical crystal ball but be it illness, missing paperwork, or fluctuating income streams, it all adds to stress levels. Getting ahead of the game helps you navigate the obstacles life can put in our way.
5. You could be due a refund
Most importantly, you could be owed money! Some of the examples of why you could be due a tax refund include expenses associated with working from home, clothing, or professional fees. You may have made excessive payments on the previous year’s income or an incorrect tax code might have been used. Keep in mind the 11+million others who will be filing, therefore, the sooner you file your return, the sooner you’re likely to get any refund that you’re owed. That would be a great way to boost your cash flow!
Let us do the worrying
Rather than worry about whether you’ll get your tax return filed in time, why not let us take all the hassle away from you, all for just £350! We’re experts in the world of sports and media industries and understand the complexities of allowable expenses. We’ll ensure you only ever pay what you owe and you won’t lose money through penalties.