{"id":21,"date":"2023-10-23T16:50:22","date_gmt":"2023-10-23T15:50:22","guid":{"rendered":"https:\/\/www.greenwoodbookkeeping.co.uk\/news\/?p=21"},"modified":"2023-11-01T16:01:29","modified_gmt":"2023-11-01T16:01:29","slug":"are-you-ready-for-your-tax-return","status":"publish","type":"post","link":"https:\/\/www.greenwoodbookkeeping.co.uk\/news\/are-you-ready-for-your-tax-return\/","title":{"rendered":"Are you ready for your tax return?"},"content":{"rendered":"

Tax return introduction<\/h2>\n

For small business owners, tax season can be a stressful and daunting time of year.\u00a0 It makes sense that you\u2019d rather not think about it, but as a bookkeeper, every year I see business owners feeling stressed as the season approaches because they know deep down that rushing things and leaving it to the last minute can lead to mistakes and penalties.\u00a0 That\u2019s why it makes sense to get ready for tax season right now.<\/p>\n

In this blog post, we\u2019ll explore why now is the time to get your self-assessment tax return<\/a> done, instead of waiting until the deadline of January 31st.<\/strong>\u00a0 We\u2019ll offer tips on how to outsource your bookkeeping, why the deadline is not a target, and how it\u2019s crucial to know your numbers to help motivate you to complete your tax return.<\/p>\n

\"tax
Tax Returns<\/figcaption><\/figure>\n

You don’t want to be doing your tax return over the holidays<\/h3>\n

It’s no secret that the holidays are a busy time of year – especially for small business owners.\u00a0 With the added pressure of balancing work and family commitments, it’s easy to put off sending your tax return until January.\u00a0 However, with the deadline of January 31st fast approaching, don’t let yourself end up cramming your tax return in over the holiday period.\u00a0 Instead, tackle it now and enjoy a stress-free break.<\/p>\n

The deadline is a deadline, not a target<\/h3>\n

Many small business owners falsely believe that the filing deadline of January 31st <\/strong>is a “target” rather than a firm deadline.\u00a0 This could not be further from the truth. HM Revenue and Customs<\/a> (HMRC)<\/strong> takes non-compliance very seriously, and not submitting your tax return by the deadline could result in a fine.\u00a0 Get it done and off the list as soon as you can.<\/p>\n

Outsource your bookkeeping so you don’t need to do it<\/h3>\n

One of the best ways to get your tax return completed now is to outsource your bookkeeping.\u00a0 If you don’t have the time or expertise to handle this task in-house, think about getting the help of a professional bookkeeper or accountant.<\/p>\n

Outsourcing your bookkeeping can not only save you time and energy, but it can also help you stay organised and ensure your tax filings are completed accurately and on time.<\/p>\n

Here\u2019s the unexpected benefit<\/h3>\n

Many small businesses see the tax return as the ultimate goal, but at Greenwood Bookkeeping Services we know that the most important reason to get your tax return completed now rather than later is to know your numbers.\u00a0 It gives you time to save for your tax bill if you haven\u2019t already (talk to me about this, I can help), and it is key to knowing your numbers.<\/p>\n

Your tax position reflects your business performance for a certain frame of time, and we expect you want to know how you\u2019re performing in as near to real time as possible.\u00a0 Understanding your financial situation is vital in running a successful small business.\u00a0 By knowing your financial figures in-depth, you can make informed decisions for your business, plan for the future, and stay on top of your finances.<\/p>\n

Tax return conclusion<\/h3>\n

Getting your tax return done as early as possible is crucial.\u00a0 Of course, this avoids unnecessary added stress, mistakes and penalties, but it means you have feedback on how your business is doing.<\/p>\n

At Greenwood Bookkeeping Services we encourage our clients to file their tax returns as early as possible and we\u2019d love to chat to you about how we can help you with yours.<\/p>\n

You can reach out to us by sending us an email, info@greenwoodbookkeeping.co.uk<\/a> or contacting us here<\/a> – So why wait?<\/strong> Let\u2019s get your tax return sorted now so you can move on to more exciting things.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tax return introduction For small business owners, tax season can be a stressful and daunting time of year.\u00a0 It makes sense that you\u2019d rather not think about it, but as a bookkeeper, every year I see business owners feeling stressed as the season approaches because they know deep down that rushing things and leaving it […]<\/p>\n","protected":false},"author":2,"featured_media":27,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-21","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax"],"yoast_head":"\nTax Return Help | Are You Ready For Your Tax Return?<\/title>\n<meta name=\"description\" content=\"Tax return help Derby. 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