Don’t Leave Your Tax Returns Until The Last Minute Again!
Start Getting Organised Now For 2015!
Are you one of the many who left it until the last minute to file your tax return this year? Were you in a panic this week or working all hours Wednesday and Thursday to get your documentation together? If the answer is yes then you were not the only one. Many people were not fully prepared for last nights deadline and were scrambling yesterday to complete their returns on time to avoid the nasty penalties that follow for a late submission. It doesn’t have to be this way!
Getting yourself organised now for next years returns will take away all of that unnecessary stress and will also allow you to plan ahead and know what your liability is for next November. This will allow you to save the required amount throughout the year rather than risk the prospect of being hit with an unexpectedly high number closer to the time and having to scramble to get the funds together. A little foresight and effective planning can go a long way towards an easier life when it comes to tax returns!
Over half a million people were required to send in a self-assessment tax return this year. Every year, without fail, a large proportion leave it until the last minute! This creates added pressure on the individual and also puts pressure on Revenues IT Systems from so many people trying to upload and fill in forms online resulting in the system slowing down. PAYE earners who have rental income or who have benefited from share options are now getting closer scrutiny the Revenue this year and next, so the need for effective preparation falls not only on the self employed but on PAYE workers who are required to submit as well!
6 Reasons to Get Your Tax Returns Prepared Early In 2015
Several lessons can be learned from the tax returns experiences of the majority this year. Take the progressive approach and start planning ahead.
1. File Early But Only Pay Tax On November 13th 2015
Preparing and filing your tax return early in the year still means that you don’t have to pay the tax liability until the normal due date in November next year. Why wouldn’t you file early and get prepared?
2. You Have Time To Save For Any Tax Due
Calculating and filing your tax return early will allow you to save for your tax bill monthly and take the pain out of scrambling last minute to get the cash together. Or worse not being in a position to pay the deadline and incurring penalties or having to agree a payment plan with Revenue under their terms.
3. Filing Early Reduced Mistakes and Gives You Time
By filing early you can plan and utilise all of the tax options open to you regarding tax based incentives which could assist your tax position. Also filing early reduces the risks of mistakes being made which have to be corrected thereafter.
4. Refunds Can Be Processed And Received Quicker
Should you find yourself in the fortunate situation where you are due a refund from Revenue, then filing early can mean that your refund is processed quickly and you will receive the money in a quicker time period. This is because refunds are often processed far slower around tax deadline as Revenue staff and systems can be overwhelmed at this time. If you file early you will get your refund quicker! Why wait?
5. Avoid Missing The Tax Deadline
Every year despite all of the advance reminders and the news reports there are always the many stragglers that leave everything to the last minute and many leave it too late! Thus they miss the deadline and incur nasty penalties as a result (up to 10% of their liability). A further daily rate can also be added to the liability by Revenue. Why pay more that you have to? It doesn’t make sense to waste money. You worked hard enough to earn it in the first place!
6. Open Up A Savings Account For Your Tax Bill
By opening a separate tax account you will be able to chip away at your liability through out the year and this will help you manage the business from a cash flow perspective, which is crucial to the stability of every business. Also the interest you make on the savings will also help a little bit when it comes time to pay. Every but helps!
Start Preparing Now for 2015 While It Is Still Fresh!
Take the right approach for next year and get your tax returns organised early. Get them prepared by your accountant early in the year, filed, know your liability and start setting aside a portion every month so that you are all set come next November. Don’t go through the same stress and hassle every year by leaving it until the last minute! Meet your accountant December or January and be ahead of the curve for next year! You might well get some sound business advice for 2015 as part of the process.
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