Why should you file your tax return early?

tax early

Are you ready for your tax return? Is there any point to file your tax return early? For you as a small business owner, tax season can be a stressful and daunting time of year. It makes sense that you would rather not think about it, but can you… ?

As an accountant, every year I see business owners feeling stressed as the season approaches because they know deep down that leaving their tax return  to the last minute and then rushing it to beat the deadline can lead to mistakes and penalties.

That is why it makes sense to get ready for tax season early on. In this blog post, we’ll explore why now is the time to get your self-assessment tax return done, instead of waiting until the deadline of January 31st. We’ll discuss about why it is a good idea to outsource your accounting, why the tax return deadline is not a target and why doing the tax return early can actually work in your favour. So let’s delve into why it is important to file your tax return early.

Why should I outsource my accounting?

Outsource your accounting so you don’t need to worry about it.

As your business grows, you will find yourself spending more time managing your money and less time scaling the business. Therefore, outsourcing accounting will help you to focus your time, energy and resources on what you actually like doing.

But equally important is that it is crucial to know your numbers, which is what a good accountant can help you with. Knowing your numbers helps you keep track of your cash, show you to grow your business, what areas to improve and what areas to let go of.

Knowing your numbers will also work as motivator for you to complete your tax return early and avail of its perks. One of the best ways to get your tax return completed early is to outsource your accounting. If you don’t have the time or expertise to handle this task in-house, think about getting the help of a professional accountant. Outsourcing your accounting can not only save you time and energy, but it can also help you stay organised and ensure your tax filings are completed accurately and on time.

And of course, you don’t want to be doing your tax return over Christmas and New Year’s Eve!

It’s no secret that the Christmas season is a busy time of year – especially for small business owners. With the added pressure of balancing work and family commitments, it’s easy to put off sending your tax return until late in January. However, with the deadline of January 31st fast-approaching, don’t let yourself end up cramming your tax return in over the holiday period. Instead, tackle it now and enjoy a stress-free break, file your tax return early!

The tax return deadline is a deadline, not a target

Many small business owners falsely believe that the filing deadline of January 31st is a “target” rather than a firm deadline. This could not be further from the truth. The HM Revenue and Customs (HMRC) takes non-compliance very seriously, so failing to submit your tax return by the deadline could result in a fine. Get it done and off of the list as soon as you can.

Here’s the unexpected benefit of filing your tax return early

Many small businesses see the tax return as the ultimate goal, but at LAS Accounting Ltd we know that the most important reason to get your tax return completed earlier rather than later is to know your numbers. Why is known your numbers so important ? For one thing, it gives you time to save for your tax bill if you haven’t already (talk to me about this, I can help).

Your tax position reflects your business performance for a certain frame of time, and we expect you want to know how you’re performing in as near to real time as possible. Understanding your financial situation is vital in running a successful small business. By knowing your financial figures in-depth, you can make informed decisions for your business, plan for the future and stay on top of your cashflow.

How can LAS Accounting help ?

Getting your tax return done as early as possible is crucial. Of course, this avoids unnecessary added stress, mistakes and penalties, but it means you have feedback on how your business is doing. At LAS Accounting Ltd we encourage our clients to file their tax returns as early as possible. I would love to chat with you about how I can help you with yours. Get in touch if you think it’s time you got help. Let’s get your tax return sorted now so you can move on to more exciting things.

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