The benefits of completing your self assessment early
The Self-Assessment deadline may seem far away but did you know there are many benefits to completing your tax return now?
One of the main reasons business owners don't prepare their self assessment early and sometimes fail to keep to the tax deadline is fear!
- They don't have a system in place to record their income and expenditure and hence the fear of just starting it becomes a big problem.
- They don't understand how to prepare the relevant financial data and what can or can't be claimed as a tax deductible expense.
- They fear submitting it online themselves because they think they'll get it wrong which could be costly!
Using a Bookkeeper or an Accountant will help to eliminate this fear by guiding you through the process and preparing your accounts for you in advance, whilst ensuring that all allowable expenses have been claimed. This in turn reduces not only your tax liability but your stress levels!
Reduces Your Stress
Did you know that around 70% of business owners only complete their self-assessment a month before the deadline?
Do you want to wait until the last minute and risk receiving a hefty fine from HMC for late submission and payment or even get it wrong because it's rushed?
All this causes a huge spike in stress levels, which can lead to additional health problems, such as fatigue, poor concentration, depression and higher risk of a heart attack!
By having the right systems in place, like cloud accounting software such as Quickbooks, you can be prepared early and therefore reduce your stress levels, which in turn improves your health.
Improves Cash Flow and Enables Better Business Decisions
Wouldn't you rather know what your tax liability is early so that you can save for it rather than have a large lump sum to pay last minute?
Business owners can struggle to pay their tax liability if it's left until January, especially after the added cost of Christmas! This can cripple a business. By preparing your self-assessment early you are given a clear insight into your tax liability and can save over a few months before the final amount is due in January.
This improves your cash flow and by having your year-end figures early you can make more informed business decisions for the future.
Why It’s Best to Choose A Professional Accountant
Business accounts are often forgotten about because owners hate doing them, don't understand how to do them properly or simply don't have the time or inclination to do it themselves. However, they are crucial and you need to know how your business is performing financially in order for you to make the right decisions for your business. Without cash a business won't succeed!
Here at Guidon Group we understand that your business finances can cause you anguish and fear. That’s why as well as offering a full accountancy package to suit your individual needs we also help you comprehend important facts and figures so that you can make better business decisions.
We will help to eliminate your fear, reduce your stress levels and give you crucial time back which you can use to focus on growing your business or doing things you enjoy with your family.
We empower you to be the driving force behind your business and guide you on your way to success!
Why not book a FREE consultation to see how we can help you by calling us on 01642 927265 or visiting www.guidongroup.co.uk for more information.