A new tax season is on us and this provides opportunities for tax planning. We suggest that one of the most important tasks is to gather information for the year just past while it is to hand in April so that it can be sent to us in good time, and we can assist you in planning.
For example, the second payment on account for the tax year is on 31 July 2016. Many people just pay the amount demanded but it is always worth checking if this can be reduced.
One of the most important aspects of tax planning is getting the full picture early. If we are doing your tax return or engaging in a one off planning exercise, there is no substitute for having all the information to hand, and having enough time to consider the position in detail.
Send in tax information as early as possible in the new tax season. Information provided at the last minute may be incomplete and in some cases may mean that the correct amount of tax is not paid, which may lead to fines.
Under the new Revenue penalty system they may say you are “careless ” if your Return is missing any of the required information and add a penalty to any tax due.
For the 2016 season we suggest you start to get all of your information together immediately after the tax year ends on April 5th.
October 31 is our advised latest “due date” for sending all of the relevant information to us, for the previous tax year so that we can make sure the data is processed in good time.