It’s Never Too Early to Think About Your Tax Return

 

Tax can be pretty intimidating. Even the toughest among us can feel the pressure when tax season rolls around. And let’s face it, sometimes we leave things until the very last minute, hoping for the best. We had many clients last month who really left it to the last minute and the stress was evident.

So, this year, let’s tackle it differently! Don’t let your finances stress you out. Here’s some helpful Moorgate advice to help you stay on top of your taxes. Trust us, when that deadline hits, you’ll be thanking yourself (and us) for being prepared. You could even beat the deadline and file early!

 

Get Organised

First things first: keep that paperwork under control. It might sound boring, but staying organised now will save you lots of hassle later on. Compile receipts for things like equipment, work wear, postage, mileage, even fuel if it’s for a company vehicle. Download bank statements and sales invoices at the end of the month and save them to a dedicated folder. The secret is to stay on top of things all year round, don’t leave everything to the last minute. Trust us, you’ll thank yourself later.

 

Go Digital

There are lots of apps that can help you do this – search online and find something that suits you. Or simply set up a monthly spreadsheet to record and track it all in one place. There are also plenty of online accounting packages that can help you keep everything up to date, including your bank transactions. We can help with this too if you’d like some advice, let us know.

 

File It Early

Get it filed early and take the stress out of it completely. You don’t have to wait until January 2025 to file your tax return. And early filing doesn’t mean early payment, you’ll still have right up until the deadline to make payment to HMRC, so you can plan around it. Being organised really does have its advantages.

 

Get Expert Advice

Lastly, don’t be afraid to ask for help. Whether it’s a tax question or you need a hand with filing your return, please give us a call on 01883 730044. One of our tax experts would be happy to help you and ensure you paying the right amount of tax – and not a penny more. Alternatively you can email us on oxted@moorgates.co.uk and one of our tax team will come back to you.

 

Contact us

Moorgate Chartered Accountants

www.moorgates.co.uk

01883 730044

oxted@moorgates.co.uk