Early Bird Self Assessment Discount Umbrella Accountants

Why you should be a self-assessment early bird

07/05/2018 - 14:28

Early bird offer - Discounted price of £150 + VAT – Ends 31st August

Tired of finishing that self-assessment with just a few late January days to spare? This could be the year when you finally make a change.

It’s a feeling that many contractors will be all too familiar with. One minute you’re toasting the end of another successful year, the next you’re staring down at a mountain of work you didn’t get done before the Christmas break and, all the while, precious seconds are ticking down on the self-assessment deadline.

Sure, you don’t really want to think about it while the World Cup is on and the sun is out, but completing your tax return paperwork early does have a lot of benefits.

Here are four that we think are most important.

Plan ahead

A goal without a plan is just a wish. If you want to grow your business, organisation is essential.

A lot of contractors submit their self-assessment with just a few days to spare. This can leave your business and personal finances in a rocky position if the final tax bill is larger than you expected.

Submitting your self-assessment early lets you manage your cashflow more efficiently. Instead of scrambling to pull money together, you can put some away each month before the January deadline.

It also gives you a clearer idea of how much cash you can afford to invest back in the business.

Peace of mind

Contractors only have so much mental bandwidth.

You’re thinking about clients, you’re thinking about finances and you’re thinking about the future on top of everything else that’s going on in your personal life.

No matter how much you tell yourself otherwise, contracting is stressful. Submitting your tax return early could be one small burden off your mind - freeing up some thinking space for the stuff that really matters.

Avoid penalties

HMRC charges an automatic late filing penalty of £100. They also have a range of late payment penalties that could make your tax year significantly more expensive.

It goes without saying that you give yourself the best chance of avoiding these penalties if you file early.

Want help with your 2017/18 tax return. Now is the best time to get support and advice. Speak to one of our accountants today. Call: 0800 121 6513, visit https://www.umbrella.co.uk/financial-services/self-assessment or email accountancysupport@umbrella.co.uk

Early bird offer - Discounted price of £150 + VAT – Ends 31st August