It may seem too early to be worrying about the tax return deadline just yet but it really is just four months away! Now the children are back at school it won’t be long until we are getting ready for Christmas and we are all aware the self-assessment deadline is just around the corner once the festivities are over.
The sooner you take your books and records to your accountant the sooner it can be booked in and completed. Ensure your records are complete with all sales/ purchase invoices, bank statements for all bank accounts, stock figures, finance agreements etc are included.
If you leave it too late you will have less time to budget for any “unexpected” tax liability and you also run the risk your return will not be completed on time.
Don’t forget HMRC charge a £100 penalty to individuals who did not submit their return before 31 January, if you are in a partnership that could mean £300 in penalties!!