Why you shouldn't wait to complete your tax return!
As a responsible adult, you know that completing your tax return is an important task that should be taken seriously. But let's face it – it's not exactly the most exciting thing in the world. It's easy to put it off until the last minute, especially if you're busy with other responsibilities.
But here's the thing – procrastinating on your tax return is a recipe for disaster. Not only will you feel stressed and overwhelmed as the deadline approaches, you'll also be more likely to make mistakes. And let's be real – nobody wants to deal with the hassle of correcting errors on their tax return. You may also end up with huge penalties and we know for certain that nobody wants to give the taxman a penny more than they have to! Have you ever tried to call HMRC with a tax return query in January? The prospect of listening to that awful hold music for several hours should be enough to put you off waiting!
I'm sure when it comes to completing your return there are always some records you filed away in a different place thinking "I'll remember where they are"...and when it comes to it you have absolutely no idea where they are! The earlier you start the return the more time you have to sort your records and the less stress you have...win win!
So why not save yourself the headache and complete your tax return as soon as possible? Not only will it give you peace of mind knowing that it's out of the way, but it will also give you time to budget for any taxes you may owe. Trust us – it's a lot easier to come up with a payment plan when you have some time to prepare, rather than having to scramble to come up with the money at the last minute.
You could go one step further and invest in accountancy software. Don't worry that is not as scary as it sounds! There is great software available where you can simply manage your records from an app on your phone. If you're ready to bring your accounts into the 21st Century I'd recommend looking at Xero or Free Agent, both are great and have cost-effective options available.
So will you live and learn? Or will you put off your tax return until the last minute and regret it? The choice is yours! Do yourself a favor and take care of your tax return early – you'll be glad you did!