Don’t let the New Year be Taxing!, says Graeme Davies Baker Tilly Mooney Moore

For many, the new year symbolizes the joy of new beginnings, but for the self-employed there’s only one thing on their mind – the much-dreaded tax return.  The deadline for filing self-assessment tax returns falls on 31st January and whilst many of us are too busy caught up in the rush of Christmas to be concerned about it, getting ahead of your tax return now will make for a more stress-free experience.

Leaving your tax return until the last minute causes many business owners unnecessary stress.  Ideally, businesses would keep organized accounts throughout the year with all receipts filed accordingly, making the process much easier, however we understand that many business owners are too concerned actually running their business to think about their tax and accounts.

But it’s worth remembering that filing your self-assessment is just one hurdle in the first quarter of 2019 to consider, there is also the end of the tax year in April.”

Getting your tax in order in January and planning ahead for April is best practice and we can’t stress this enough to business owners.  We absolutely would not recommend leaving this until March.”

Graeme’s Top Tips for businesses to consider before the end of tax year

  • ensure profit extraction strategies have been planned and implemented successfully,
  • make sure that all available allowances are utilised (in some cases this could mean moving the legal ownership of assets),
  • make sure pension contributions are made in time and within the permitted allowances,
  • ensure any tax efficient investments are made in time and/or efficient vehicles are fully utilised,
  • consider gifts to charity and/or family as part of their personal tax planning,
  • Be aware of surprise text messages or emails from financial service institutions or H.M. Revenue and Customs – always double check the provenance of these

There are of course many more things to consider and every taxpayer requires bespoke advice.

So whether you’re proficient in tax returns and accounts, or quite the opposite, get in touch with your tax advisor sooner rather than later and give yourself one less thing to worry about in 2019.

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