Why the time to get your tax affairs in order isn’t year-end – it’s now


Most will recall the Government’s tax return drive a few years back, which included a series of adverts carrying the slogan ‘tax doesn’t have to be taxing’. To an extent, this is true. Done right – by following a clear year-round process – tax doesn’t have to be a headache or monopolise too much of your time and energy.

In fact, keeping on top of your tax situation as part of an active plan with Wills & Trusts Accountants, not only supporting you to collate all information required to submit a tax return, but providing year-round tax planning can have many upsides.

 

As the old adage goes, failing to prepare is preparing to fail and often, problems that arise with tax returns aren’t necessarily the result of starting the process too late – it’s not taking an active approach during the tax year.

 

So, whether you’re self-employed and the 5th of April seems a long way off, or the owner of a business or managing company accounts and believe tax returns can be put on the backburner, the opposite is in fact true.

 

Now is the perfect time to plan and implement your strategy – and consulting with an experienced accountancy team invested in your success is a great place to start.

 

Here are just three reasons why engaging with Wills & Trusts Accountants in relation to tax planning and tax returns is a great way to set yourself up for future success.

 

Free up your time

Let’s be honest, there are far more productive ways to use your time than chasing your tail filling in boxes and getting ducks in a row on the eve of a tax return submission. It can be mentally draining, time consuming and stressful.

Working with our accountancy team can help you implement a plan as part of your regular processes can help ensure time is maximised and pressure is limited.

 

 

Avoid nasty surprises

Not staying on top of tax affairs and only focusing on them ahead of impending deadlines can be a recipe for disaster.

It can be a confidence destroyer if unforeseen issues raise their heads with no time before the deadline to seek professional advice. These problems could be easily resolved by talking to one of our experienced team who can offer on-going support. Engaging with a quality accountant for your tax affairs can mitigate nasty surprises and keep you in control. 

 

 

Healthy accounts

Tax is, by its very nature, linked to accounting and financial wellbeing – and this applies for both companies and individuals.

Taking control of your tax affairs doesn’t have to be seen as a need-to-do activity or be overly laborious. In fact, having a clear plan in place can help maintain good financial health, identify any potential stress points and highlight opportunities for the year ahead.

Wills & Trusts Accountants will help create an easily implemented structure that promotes best practice and keep your accounts and finances robust and in good order. We bring together professionals who are motivated to secure the best outcome for you or your company.

 

Contact us today to discuss any aspect of your tax affairs and we will be more than happy to help.

Paula O'Reilly

September 8, 2023