There are three good reasons to get your personal income details and business records to your accountant now rather than waiting until after the Summer:
- You will know well in advance what tax you will have to pay by 31 January, 2015 so that you can budget for it. An additional bonus is that if your tax return is filed by 30 December, 2014 and you have employment income your tax liability, if less than £3,000, can be optionally collected through your tax code in the tax year 2015/16.
- If HMRC wants to make an enquire into (investigate) your tax return they only have a 12 month window from the date your tax return is received by them to do so. Therefore, if you file your tax return on 30 April, 2014they will not enquire into your tax return after 30 April, 2015.
- You will avoid penalties for late filing of your tax return. There are many people that still wait until January to get their tax information and business records to their accountants. With 31 January being the deadline for filing it may be difficult for your accountant to process everything in time as it is the busiest month of the year.
Getting everything to your accountant between now and the end of the Summer allows them to dedicate more quality time handling your affairs and to enable them to provide better advice to you as they will not be distracted by the pressures of the busy tax season during the Autumn and early Winter.