That’s it! The end of another tax year for those who are self employed. So what is your plan?
Will you now sit back and wait until the online filing and payment deadline of 31st January 2020?
It may seem like there’s no great rush, but there’s always an issue if you leave it too long to get your books in order and file your self assessment tax return.
While concentrating on your work is important for your pocket, thinking that you don’t need to worry about sorting your bookkeeping out until January next year could end up being a real drain, not only your work but on your health!
If your income is higher than you expected, then leaving your accounts until only a few weeks before the end of January could mean you’re scrabbling around for funds to pay your tax bill.
Keep your books
Surprisingly enough, if you’re not good at keeping tabs on your business finances, then it can easily come as a shock if you find you’ve lost or forgotten something. Or even worse, there’s an invoice that hasn’t been paid from months ago! So, keeping your books up to date is essential. Plus it helps you know how your business is performing, you can make plans for the future and it improves your cash flow.
And then there’s the stress! It may seem like a good idea to put off getting your accounts in order until the Christmas break; but leaving it that late could mean you find issues that could have been easily sorted earlier. With accountants and tax advisers on holiday, you could end up being a real party pooper if you’re panicking during Christmas and New Year! Wouldn’t you prefer to enjoy this time off rather than stressing about your tax return?
If you don’t use an accountant, then we would, of course, advise you to use one. It shouldn’t be seen as an expense, but an investment. We make sure our clients aren’t left with penalties and problems with HMRC because we deal with everything for them. We can take that unnecessary stress away.
Workshops to help
If you’re filing your own self assessment return, then you could be making mistakes or not claiming certain tax deductible expenses that are costing you without you even realising.
So don’t bury your head in the sand! Get your finances in order now and file that self assessment tax return early. You’ll feel epic, as one bizarre insurance advert would say!
And if you’re not sure how to start, then we’ll be running a workshop very soon to help you understand self assessment.
Top excuses for missing the tax return deadline
Here are 2019’s most ridiculous expenses claims and late tax return excuses:
- My mother-in-law is a witch and put a curse on me
- I’m too short to reach the post box
- I was just too busy – my first maid left, my second maid stole from me, and my third maid was very slow to learn
- Our junior member of staff registered our client in Self Assessment by mistake because they were not wearing their glasses
- My boiler had broken and my fingers were too cold to type