New year, old me? Filing your tax return

Tax return deadline

New year, old me? Filing your tax return

We are already near the end of the first month of 2021, so we are far enough along to know whether we are sticking to our new year’s resolutions, you’d be forgiven for not sticking to the diet or Dry January (thanks COVID). But, if yours was to meet last year’s tax return deadline, you are running out of time.

It’s a pity that your tax return is still getting in the way, stopping you from focussing on the more important tasks at hand – getting your business on track for another challenging year. It’s better to get your tax return out of the way as soon as possible. Here’s how.

Get on your accountant’s back

When people leave their accountants, they often do it in January. Why? Because it’s approaching the deadline and people realise that their accountant has been slacking and has left their return until the last minute. They get it finished in January, just in time, but then people are hit with the huge bill that they weren’t expecting, and it’s over. That accountant needs to go. They should have completed your taxes earlier. They should have warned you about the bill in advance.

This is true, but you also need to take some responsibility when it comes to your taxes. If you don’t hear anything from your accountant for months until January, it’s a sign you aren’t working with the best. You shouldn’t wait until the deadline is looming to start hounding them to do their jobs. But, if you have found yourself in this situation after the New Year, this is the next best plan of action. Make sure your accountant finishes the job as soon as possible, even if it means calling them every day until they finish. Once it’s over, you can cut ties with them and find a more competent accountant. Until then, take action.

Set a time, a place, and just do it

If you said you would complete your tax return yourself, and you haven’t by this point in January, it’s time to have a stern word with yourself. You need to kick procrastination to the curb if there is any chance of you completing it on time.

To do this, you should set yourself a time, date, and place where you are going to do your taxes, and make sure you do them. It doesn’t have to be in one go, but it should be as soon as possible. Last year, almost 750,000 people received a fine for missing the tax return deadline.

Don’t let this be you. If you need to, tell your friends, family, colleagues, and anyone else around you that you need to do your tax return by this point. Many of them will be happy to motivate you to keep on track. Keep in mind that once you complete your tax return, you can relax, and know that you have all the time in the world to focus on the aspects of your business that really matter. So just do it.

If you need a hand making sure you get your tax return to HMRC on time, get in touch with Big Hand. Our emergency tax return service could save you the stress of missing the deadline and protect your pockets from a hefty fine. Give us a call today on 0161 327 2911.

By |January 20th, 2021|Business tips|0 Comments

About the Author:

Since 2013, Sophie has been an integral part of the Big Hand team. As a social butterfly, Sophie is mostly responsible for introducing new clients to the company. If you’re an avid networking, you’re most likely to meet Sophie at local events. Alongside attracting new business, she also assists with account management, and she manages payroll on behalf of clients. For fun, Sophie loves to keep fit running or playing korfball with her team. She is also in the middle of learning a new language and so her most recent challenge is attempting to read Harry Potter in Dutch.