Why it’s more important than ever to do your Tax Return in good time

 

It’s more important than ever
to do your Tax Return in good time

The tax year is already well underway and most clients have got their information to us by 30 September so that we can advise them in good time of their liabilities. Planning for upcoming liabilities and avoiding a big surprise in January is by far the main reason for getting information to us in good time.

You may also be able to reduce your 31 July payment – but you have to get us this really early as July is almost upon us ! Otherwise if you can get the information to us by 30 September then we should be able to make a start on your return and let you know in good time if you have missed anything that might need to be chased in from other parties such as Brokers and Banks. Our latest date is now 30 October, if you delay sending any information beyond that date can lead to difficulty filing on time.

Make sure it’s all there – it can really add enormously to the process if we find that some items are missing and we have to “track back” to pin point missing items. It’s also really hard picking up after there has been an interruption. Hunting down information at the very last minute can be very stressful, and of course if the Tax Return is filed late or if there are errors the Revenue have a range of penalties that they can apply.

Our Check List is a good place to start

In this guide we provide a very helpful Tax Return Check List of the main items you can start thinking about that may need to be gathered together in the next few weeks.

Robinsons will be writing to clients individually, but it often helps to consider all the possible items which might apply rather than just looking at what happened last year. No two years are alike, and in our experience it is always advisable to take a moment to consider  all the events that took place in the tax year and if they have all been considered. For example, changing jobs, selling or buying assets, making tax favoured investments, increasing or reducing pension contributions, may all have a bearing on the current year Tax Return.

 

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