You may not know but a whopping 11.1 million people submitted a tax return in January 2020! 10.4 million of those were online, now that’s a lot of self-assessments to get through. I appreciate that the massive curve ball we’ve been served this year has meant that tax returns might not be at the forefront of your mind. However, there are many benefits to getting it done early.
‘You don’t have to see the whole staircase, just take the first step’ Martin Luther King Jr
Why not get ahead of the game and give yourself a better chance of an early refund? Early bird and all that. We can help you with our current offer to undertake your tax return for just £350! And guess what, even that charge is an allowable expense, win-win.
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
Trying to forecast your cash needs in the short or medium term is hard enough without the added pressure of a pandemic but one of the biggest expenses for the self-employed face is their tax bill. To help you plan effectively, it’s important to know exactly how much your tax bill will be. However, just because you file early it doesn’t mean you have to pay early and 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
Regardless of whether this year has been quieter for you work-wise or busy with new projects, it’s beneficial to get your pesky tax return filed early as it’s one of those big jobs you can get off your list. This leaves you valuable time to focus on your business and income generation, keeping you free to be even more creative.
4. Avoid unknown pitfalls
However well we plan, there are so many things that can affect last-minute returns, think about your 2020 so far, I’m guessing you didn’t see it playing out like this? Not knowing what’s around the corner, be it illness, missing paperwork or fluctuating income streams all add 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
There are many reasons why you could be due a tax refund, it could be because of working from home, clothing, or professional fees. You may have even 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 ensuring you only ever pay what you owe and never risk losing money through penalties.
Procrastination, the thief of all time. It’s so easy to put off the jobs we feel are in the ‘too hard’ box but all you need to do is contact The Showbiz Accountant on 0203 384 2224 or at email@example.com for a free initial consultation on your taxes.