Don’t Be A Grinch – File Before Christmas
We know that 2020 has been a stressful year for everyone. And with lockdowns and restrictions still in place, filing your tax return might be the last thing on your mind. But while you do have…
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We know that 2020 has been a stressful year for everyone. And with lockdowns and restrictions still in place, filing your tax return might be the last thing on your mind. But while you do have until midnight on the 31st January 2021 to submit it online, there’s no good in leaving things till the last minute.
In fact, we always say it’s a better idea to get it done and dusted before Christmas. Then you can focus on other important aspects of your business, rather than worrying about forms and UTR numbers over your turkey dinner. And if that wasn’t reason enough, here are five other arguments for filing your tax return this December…
January is the busiest month for HMRC
Needless to say, January is one of the busiest months in the year for HMRC. It’s a month where those who didn’t plan ahead of time, rush to fill in and send their tax return before the deadline – and often call up HMRC for help.
According to a monthly performance update, HMRC received over 2 million calls and 3,490 new complaints in December 2019. One month later, in January 2020, HMRC received a whopping 4 million calls and 5,292 complaints!
Given that the waiting time has increased massively in recent months now that the majority of us are working from home, if you think there’s a chance you may need support, getting in before the end of the year will certainly help. The earlier you start to fill out your tax return, the earlier you can discover any issues. Simple.
Your accountant may be away
Another thing to think about when filing your tax return is that accountants typically take time off over the holidays. You’ll have to figure out how to keep on top of your books, claim expenses, and calculate the amount of Income Tax owed all on your own.
While you can factor this in by preparing early, the real question is: do you even need an accountant to do your tax return? The short answer is: no.
With GoSimpleTax, you can keep track of your taxes without the help of an accountant. Our user-friendly, cloud-based software enables you to do your own tax return in a matter of minutes. It can even help you discover tax-saving opportunities along the way.
You get more time to reduce your tax bill
One of the main disadvantages of filing your tax return late is that it leaves very little time to reduce your tax bill. By filling it in early, you’ll give yourself plenty of time to look back over your outgoings to ensure you’ve claimed all of your allowable business expenses, including the running costs for your home office and fuel. You can then see how that’ll affect your tax bill and rest easier knowing that you’ve saved a few pounds where possible.
Filing your tax return on time will also allow you to avoid paying a fine for late submission, and prevent that last-minute rush. Rushing can lead to mistakes, and mistakes can lead to further HMRC penalties.
Late filing can be stressful
Your tax return should be the last thing on your mind over the holidays. And if it’s hanging over you and preventing you from enjoying the festivities, it’s bound to cause some unnecessary stress.
As a self-employed individual or sole trader, this is something that should be avoided at all costs – especially during a health crisis. So, why not download GoSimpleTax on your iOS or Android device? It’s one of the fastest and most convenient ways to complete your tax return before the end of the year.
You can plan your budget ahead of time
Finally, a new year is a fantastic time to start getting your financial priorities in order. Filing your tax return before Christmas means you’ll head into January already knowing how much tax you’ll owe.
Of course, that also means you can start drawing up your budgets for the year ahead. By understanding your finances a little better, you’ll be able to make future plans and long-term goals for your business before 2021.
Submit your tax return early with GoSimpleTax
If you’d like to get your tax return submitted before the end of the year, why not submit it using GoSimpleTax? GoSimpleTax is a convenient, easy-to-use tool that enables you to file your tax return electronically.
Our cloud-based software subscription will allow you to submit your tax return directly to HMRC, and you can even use our freemium version in the meantime to calculate your tax bill with your income and expenditure information (you can add up to five entries per calendar month). Sign up today to file your tax return before the end of 2020.
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