Although it may feel like it was only yesterday that you finalised your self-assessment tax return for the 2018/19 tax year, the uncertainty arising from the COVID-19 pandemic means there is more value than ever in supplying us with the information required to complete and file your 2019/20 tax return early; the potential benefits may include:
- cashflow – if you have a tax liability, early calculation of what you owe should allow you more time to plan payment. If you are due a repayment from HMRC, this could be repaid to you more promptly following an early submission of the return. HMRC has announced extensions for the payments of some taxes as detailed in our blog here https://www.larking-gowen.co.uk/insights/blog-tax-payment-deferrals/.
- tax planning – if your affairs have changed in the year, or you anticipate making key decisions that will affect your future, early completion of your tax return allows for consideration of planning opportunities that could mitigate the tax payable in the future and help manage the challenges ahead.
- making time for you -taking a proactive approach in addressing your tax affairs well before the January deadline will allow you to focus on the things that matter the most to you and your business.
If you have any queries, or would like to discuss your self-assessment tax return or payments on account, please get in touch with your usual MHA Larking Gowen contact in the first instance or email:
[email protected]
Cindy Chaplin