Christmas is everywhere at the moment with lots of adverts on the TV and people trying to plan the best they can in this highly unusual year. I’m sure you are no different. Surely the last thing you want to think about is tax returns – but bear with me!
In 2019, more than 2,000 taxpayers used Christmas Day to file their returns. This year, more than ever, surely most people would rather be doing something else, such as spending times with loved ones, either in person or virtually? Think about how amazing it would feel to not have to worry about completing your return over the festive period, instead making the most of your time with those dear to you.
Get your tax return done now so that you don’t have to worry about it. And then you’ll know how much you need to pay or the size of your refund, as well as have one less thing to do after Christmas. It’s even more important this year to be able to plan ahead so you can start 2021 with a positive mindset.
Then you can relax and enjoy the festivities.
Basically, I take the stress out of finances – both business and personal. From running my own business and helping others to run theirs, I know how important it is to have a break over the festive season.
Tips To Take Control Of Your Tax Return
- Do it sooner rather than later: the deadline is 31 January, and that’s a lot of time to feel anxious about not completing it. Get rid of that stress by sorting it out earlier.
- Block some time in your diary, even if it’s just a few hours.
- Start looking in all of the places your income and expenditure documentation is likely to be.
- Gather all your income together.
- Gather all of your expenditure together.
- January is the busiest time for HMRC, so if you have any questions, make sure you leave plenty of time to ask them. Remember, it takes ages at any time of the year to get through on the phone, but this is a lot worse in January!
I understand that people struggle with sorting out their tax returns and that most people do not find it the most enjoyable task, so I wrote a book to make the process as easy as possible – ‘Stress Free Tax Returns – Be better prepared for HMRC and know what to give your accountant and when.’ It gives some great tips for helping you to take control.
Don’t know how to record it all? Why not take a look at my FREE Business Accounting Template Pack, full of spreadsheets to help you manage your business accounts and finances?
If it all feels too overwhelming with everything else going on, then maybe just take the first step and start gathering everything together and keeping it in a single folder or box. At least then if you’re getting back to it after Christmas, you’ll know that you’ve made a start.
Once you get your information sorted for 19/20, then block out another couple of hours to crack on with your 20/21 tax year. How great would it feel if you got ahead for the 19/20 tax year? Less stressful for sure!
Next week will be about understanding the power of numbers.