At accounts unlocked for doctors we deal with and file a number of tax returns for our medical professional clients, whom value us as a service, taking a weight off of their busy shoulders so that they can concentrate on saving lives and bettering patient health.
There are two types of clients we work with, those who want their tax return filed as soon as they are able to submit it to HMRC in the new tax year, and those who leave it until a few weeks towards the deadline. Although both ways are equal submissions, there are a few benefits to submitting your tax return early.
MORE TIME TO BUDGET
Giving yourself more time to budget and spread those tax payments can be a real life saver for many of us, and can save a lot of stress if you have an unexpected amount to pay. The sooner you submit, the longer you will have to pay your tax bill and will relieve any anxieties or stress you may be having about the affordability of your tax bill.
YOU CAN USE YOUR TAX CODE
Another benefit of submitting your tax return early is that if you owe less than £3,000 in tax, you have the opportunity to have your tax liability collected through your tax code.
This would be a great option for employees, as they can have their taxes collected from their wages without having to worry about saving up the right amount over time.
FASTER TAX REFUNDS
Why wait for your tax rebates? Submitting your tax return early will accelerate the turnaround in when you will receive what you are rightfully owed. This means the money can be back with you, sat in your bank account generating interest or you could treat yourself to a holiday if you have accumulated a higher refund.
NOT MISSING THE DEADLINE
It’s so easy for busy people to put off their background admin like tax returns and almost forget about it day to day. That is why 10% of tax returns are filed late.
If you file late for your tax return you will get an automatic £100 fine to start off. If your tax return then becomes more than 3 months late, you will be charged a daily fee of £10 up to £900. After 6 months you will be fined a further £300 or 5% of your tax due, as well as an extra 5% if your tax return is 12 months late.
It really isn’t worth losing money or sleep over, and getting your tax return in early will allow you to be free of any worry or regret that you didn’t submit sooner. If you are the forgetful type a team of experts like us are your best bet for keeping your tax return on track.
Accounts Unlocked For Doctors are available to assist you with your tax return at anytime in the financial year and we work hard to give you the very best outcome. Whether you file early or leave it until last minute, Accounts Unlocked For Doctors is here to help.