Happy Tax New Year

Happy Tax New Year

It’s that time of year again, and I trust this email finds you well.

Just a reminder you are now able to file your 2018-19 Self-Assessment Tax Return. Although you have until 31st Jan 2020 to file online, there are some advantages of filing early:

  • If you file your return early you have the advantage of knowing your tax liability in advance, this does not mean that any tax owed by you is due any earlier the tax due date still remains 31st Jan 2020. 
  • If you have a payment on account to make in July then filing early can decrease this payment – it will never increase it.
  • If you have a re-payment due to you then you will receive this shortly after your return is filed, the earlier you file the quicker you get your rebate.
  • If you file before 31st December than any tax you own (under £3K) can be collected via your PAYE code if you are a PAYE employee.

 
There are no disadvantages of filing your return early, but there are for late submissions – so don’t delay; file today! 

Thank you for your co-operation in this matter and If you have any questions please do not hesitate to contact us.

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