Are you running out of time?

Not long now and it’ll be here! And, no, I’m not talking about Christmas! I’m talking about that nagging feeling at the back of your head about your finances (and not just about how much you’re making!)

Summer may be well and truly over and Christmas on its way but it’s what happens after December that’s liable to make those nagging worries appear.

I hate to be the bearer of bad news but January 31st and the tax return deadline is not as far away as you may like to think (under 80 days to be exact). And unfortunately that nagging feeling will only increase unless you do something about it now.

So here’s my advice on how to reduce the stress of tax return January:

  • Firstly get your information together in one place now. Make sure you’ve downloaded your statements (or collated the paper versions if you still have them) and begin to collect all of those receipts for the year. Make sure you know where your invoice record is too (unless you have an accounts package)
  • Group your receipts into some kind of order (even if it’s just by month) and get your statements in date order.
  • If you have an accountant pass these documents over to them now. It will give them time to go through your accounts and you time to deal with any queries before it gets too stressful.
  • If you don’t have an accountant then think about getting one (!) or update or start inputting your figures into a simple spreadsheet. You can look through your accounts package if you have one and ensure everything is complete and up-to-date.
  • Finally if you do complete your tax return yourself then make sure you know where your Gateway ID details are now. The last thing you need is to have worked out your figures and not be able to input them on time!

And if you can, then file your return now. There is no harm in getting it done early and if you do, you may be able to relax and enjoy the Christmas period without the dreaded tax return looming over your shoulder.

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