For many, the new year symbolizes the joy of new beginnings, but for the self-employed there’s only one thing on their mind – the much-dreaded tax return.
“But it’s worth remembering that filing your self-assessment is just one hurdle in the first quarter of 2019 to consider, there is also the end of the tax year in April.” said Graeme Davies, Senior Tax Manager. “Getting your tax in order in January and planning ahead for April is best practice and we can’t stress this enough to business owners. We absolutely would not recommend leaving this until March.” He added.
Graeme outlines his top tips for businesses to consider before the end of the tax year:
- ensure profit extraction strategies have been planned and implemented successfully,
- make sure that all available allowances are utilised (in some cases this could mean moving the legal ownership of assets),
- make sure pension contributions are made in time and within the permitted allowances,
- ensure any tax efficient investments are made in time and/or efficient vehicles are fully utilised,
- consider gifts to charity and/or family as part of their personal tax planning,
- be aware of surprise text messages or emails from financial service institutions or H.M. Revenue and Customs – always double check the provenance of these
Graeme concludes, “There are of course many more things to consider and every taxpayer requires bespoke advice. So whether you’re proficient in tax returns and accounts, or quite the opposite, get in touch with your tax advisor sooner rather than later and give yourself one less thing to worry about in 2019.”