Whilst it may seem strange to be talking about personal tax returns in May, especially in the middle of a pandemic, there are many reasons why now is the perfect time to talk about it. I have spent a lot of my week working on personal tax returns for clients who are keen to know what their tax liabilities are for the next year, and likely payments on accounts for July 2021. Yes I said it, over twelve months away.
Early completion of your returns gives you the opportunity to plan ahead to determine how you will be able to pay your tax liabilities. Whilst the payments on account in July can be deferred, as things stand, these still need to be paid by the 31st of January 2021, and these payments will need to include the July 2021 payments as well. For many people that is going to be a large outgoing, and the sooner you know the bill the more time you have to prepare for this. There is nothing worse than getting a large tax bill in January and not having the cash to pay it. That said, we all keep money back for our tax bills don’t we……
The other reason why we, at Zyla are keen to discuss your tax returns with you as early as possible is that if you are out of work just now, or working limited hours, then this is the time when you can pull the information together, and we can sit down and have a socially distancing chat about you, and your business. This could be the time when real and significant changes could be made to you and your business.
Don’t let Hector the Inspector catch up on you, drop us an email at [email protected] and let us advise you how best to keep on Hector’s good side.