File your tax return early and pay for your Christmas shopping
On Christmas day last year, more than 1,500 people spent the day filing their tax returns. Another 14,330 people lodged their tax returns on Christmas Eve – more than treble the previous year. It goes without saying that filing your tax return by 31st January 2014 will save you a lot of hassle.
Whether you’re planning a holiday break or celebrating in style, filing your tax return early lets you use your potential tax refund to enjoy-stress free Christmas shopping.
The first thing to do is to ascertain whether or not you need to submit a tax return. If you meet any of the following criteria, you might need to file your tax return by the 31st January 2014 deadline:
- You’re self-employed
- You’re a company director
- Your annual income is £100,000 or more
- You have savings and/or investments
- You have a rental property
- You or your partner receive Child Benefit and your income is over £50,000
- You get income from overseas
- You receive income from trusts, settlements and estates
- You have Capital Gains Tax to pay
- You’ve lived or worked abroad, or aren’t domiciled in the UK
- You’re a trustee.
It might be tempting to leave it to the last minute, or ignore it completely and hope that you don’t end up with a tax bill to pay, but filing your tax return early is an exercise in prudence. File it late and you can jeopardise the accuracy of your tax return by making a silly mistake.
By doing the hard graft for you, a reputable accountant will make sure that you’re not visited by ghosts of Christmas past when it comes to your money and tax bills.
If you’re uncertain whether or not you need to submit a tax return, you’re welcome to contact 1st Contact Accounting on 0808 141 2341 (UK) or [email protected] for more information. Or you can stop by for a cup of tea at their offices in Castlewood House, 77/91 New Oxford Street, London, WC1A 1DG.
1st Contact Accounting gives forward-thinking individuals the tools to steer their business affairs forward.