Sooner is better than later

preparing your tax return

Sooner is better than later

Last week we passed the filing deadline (31 January 2019) for the 2017-18 self assessment tax returns. A surprising number of taxpayers are still content to deal with this annual chore at the last minute. This article sets out a few compelling reasons for preparing your tax return as soon as you can after the end of each tax year.

  1. Until you prepare your return and calculate your liability for a tax year, you can have no certainty about the level of any tax payments that you may have to fund in the January and July of the year following the tax year end. So for 2018-19, payments possibly due January and July 2020. By crunching the numbers as soon as you can you will maximise the time you have available to save for any taxes due.
  2. If your return is prepared before the end of July 2019, there may be a possibility to reduce the second payment on account for 2018-19 (due 31 July 2019) if your liability for 2018-19 is lower than that of 2017-18.
  3. By preparing your return early in the tax year there are a number of tax planning opportunities that you will have time to consider before you formally file your return. For example, you could make charitable contributions in the year following the year of the return and carry them back to the previous year.
  4. You will be your tax advisor’s best friend as early-birds will increase the time available for consideration of tax planning options.

Tax saving opportunities

You will note that we use the expression “prepare” rather than “file” in our notes above. The deadline for filing a return is the 31 January following the relevant tax year end. By preparing the return as soon as possible after the tax year end date, we can ascertain what tax liabilities are expected and what opportunities there are to save tax by adopting any tax planning options.

For more information on self assessment tax returns, Book a Free Consultation

Our Offices

Makesworth Accountants in Harrow

Unit-101, First Floor,
Cervantes House, 5-9 Headstone Road,,
Harrow, London HA1 1PD
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Makesworth Accountants in Central London

63/66 Hatton Garden
Fifth Floor Suite 23,
Central London, London EC1N 8LE
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Makesworth Accountants in Ilford

Balfour Business Centre, Suite B15
390-392 High Road,
Ilford, London IG1 1BF
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Makesworth Accountants in Glasgow

Unit 103, Nasmyth Building, 60 Nasmyth Avenue, Scottish Enterprise
Technology Park,
East Killbridge, Glasgow G75 0QR
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Makesworth Accountants in Barnet

169 High Street,
Barnet, London EN5 5SU
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Need Accountancy Support?

For information on bespoke training, or if you have any other questions for Makesworth Accountant, please fill in your details below


    By submitting the form, you agree with the storage and handling of your data to contact you to arrange a free consultation with us and to receive latest updates by Makesworth Accountants in accordance with our Privacy Policy

    Proud to be featured in

    Happy with our services? Please leave us a Google Review. Click here