Last year, over half a million tax returns were submitted on the actual date of the tax return deadline – 31st January.
Leaving it so late can have several consequences:
1) The 31st January is also the tax payment deadline, so you may find you have an unexpected tax liability to try to raise. Perhaps you may also find that payments on account are also required, and hadn’t been budgeted for.
2) You will have missed the December deadline to have up to £3,000 of tax underpaid collected through your tax code.
3) and when it comes to business growth planning, having the accounts finalised so far through the current year means that you won’t have had the information to make effective business decisions.
Time is running out, contact us now to see how we can help you.