Alarm clock

Why leave it to the last minute?

Accountancy, Thomas Julier

By Thomas Julier, accountant at Hive Business

Over 750,000 people missed the 31st of January deadline for filing a tax return and received a £100 penalty and yet they had 10 months to get it done. I bet a fair few of these thought about doing it several times throughout the year and kept putting it back as they had “plenty of time”. We are already 3 months past the March 2018 year end so why wait? Send your records in early and get it off your mind!

What we will need:

  • Completed tax checklists– If you are a client of Hive you will have been sent your annual accounts or tax checklist which will only take a few minutes to complete and will both provide us with information and provide you with a guide of what you need to send us. If you would like us to send it again or talk you through it over the phone then just let us know.
  • Up to date bookkeeping– if you are one of our clients that don’t use Xero with us then we will need a copy/access to your bookkeeping for the year.
  • End of year information– Provide us with the information that came up in your checklist and anything that applies to you from this infographic.

Benefits to sending your records in and getting your tax return submitted early:

  • You will know what your tax bill is with plenty of time to accommodate for your payments;
  • If you doubt you will be able to pay your tax bill you will have enough time to be able to make alternative payment arrangements;
  • Allows for any queries and extra information to be sourced without the risk of running out of time;
  • No surprises over the Christmas period! (Other than good ones that is).

If you send in your records now you’ll have until 31st January to make your payment and you’ll be able to anticipate any payments on account towards the 2018/19 year. The longer you leave it the more chance there is you’ll face penalties due to late submission or payments. Don’t procrastinate get it done!

If you have any questions or need any help with sending in your records please call 01872 300232 or email [email protected].

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