The upcoming tax deadline for self-assessment is midnight on 31 January – if you were unaware of this, now’s the time to take action.
Get in touch with us if you’re unsure of what you need to do to hit this deadline – then come back and read this blog.
What is tax planning?
Tax planning is essential to managing your finances – it’s important to have a strategy in place that ensures you’re paying the right amount of tax.
With a clear understanding of your tax responsibilities, no deadline will cause you stress again. You’ll know when you need to submit your return, and your books and accounts will be kept in good order.
But this doesn’t have to be done manually anymore – in fact, if you’re still working off an Excel spreadsheet, you’re wasting hours of your time.
Cloud accounting software will help you file your bill early and stay organised throughout the year.
You should always aim to file your bill early – this will help you avoid any last-minute rushing, ensuring you have plenty of time to double-check your figures and complete an accurate check.
Additionally, by filing your bill early, you’ll also have more time to plan for any tax payments that you may need to make, which can help you avoid any unexpected financial surprises.
Submit your online return by 30 December if you want HMRC to automatically collect the tax you owe from your wages and pension. Find out if you are eligible to pay this way.
HMRC must receive a paper tax return by 31 January if you’re a trustee of a registered pension scheme or a non-resident company. You cannot send a return online.
Use the right tools
There are a variety of tools and software available that can help you manage your finances and stay on top of your tax planning.
Some of these tools can help you automate your bookkeeping and keep track of your expenses, making it much easier to file your bill on time.
Others can help you calculate your tax liability so you know exactly how much you owe and when you need to pay it.
This will streamline the process with your accountant and allow you to focus on getting the best results possible rather than getting stuck on details.
Speak to us about tax planning
In conclusion, tax planning is essential for any business, and it’s important to have a strategy in place to ensure that you’re paying the right amount of tax at the right time.
By embracing technology and filing your bill early, you can stay organised and avoid any unexpected financial surprises.
Tax is vital to get right as a business owner, without sacrificing hours of your time.
By talking to us, we can recommend the best path to a stress-free tax bill – we’ll recommend software based on who you are as a business and offer insight wherever we can.
Talk to us today, to find out where we can help you with your tax bill.