[25.08.15]

Filing your tax return early is no doubt an intention for many, but sometimes other distractions can mean that it gets left until later in the year. Filing your tax return early generates several advantages:

Tax returns submitted late, i.e. After the deadline of the 31st January are subject to penalties, which accrue over the 12 months following the filing deadline, and can vary from £100 up to a possible £1,600 in total. While these penalties can be appealed, they will only be rescinded if you have a ‘reasonable excuse’ for filing late.

Filing early & prior to the deadline also means that you should receive any refund early – HMRC doesn’t wait until the deadline to pay you.

Preparing your tax return early will enable us to calculate your tax liability in advance of the payment date, which means you can manage your cash flow appropriately.

Very often we find that necessary information is missing, and beginning the process early allows us to identify these issues well ahead of time & resolve them without  risking a fast approaching deadline

We look forward to receiving your records & preparing your tax return, if you have any queries concerning the information we require please do not hesitate to contact Jackie or Andrew.

Castletons Accountants