I know what you're thinking.
Julia, I have nine months to file my tax return. Why on earth would I do it now?
The fact is, getting your tax return submitted as soon as possible is a smart move for a couple of reasons.
It will get you on the right track for the next tax year
To file your tax return, your bookkeeping needs to be up to date, right?
And if you get last year's all organised now, it means that rather than being behind on your books, you'll be ready to get started afresh for this tax year and stay on top of things.
If you leave your tax return until the last minute, you have no reason to get your books in order now, and you'll most likely continue this pattern into the 2018-19 tax year, meaning you're stuck in a cycle of playing catch up. Not a good idea if you want to see how much you're making.
You won't need to rush
I'm always surprised at the number of people who leave their tax return right up until the deadline, because I honestly could not cope with the stress!
It's easy to think "I won't do it right now, but I'll definitely do it before January" and then completely forget, or put it off, and find yourself in a panic when you have a matter of days to get everything together.
So give yourself the gift of a stress-free tax return - set a date in the near future in your diary to file your tax return and start preparing now.
You'll have more time to pay your tax
Not only is 31st January the return submission deadline, but it's also the deadline for paying your tax bill.
So if you leave it to the last minute, you may have trouble paying if your bill is higher than expected or you haven't put money aside.
File your tax return now and you'll know exactly how much you need to pay, and nine months to prepare and save accordingly.
All very good reasons to get started on your tax return now! Will you be getting your tax return sorted ASAP? Or are you a fly by the seat of your pants kind of gal?
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