Don’t leave your accounts until the last minute

24th February 2017 by Liz Densley

Don’t leave your accounts until the last minute

Hopefully everyone who needs to do a tax return managed to do it before the deadline, but what lessons can we learn for next year?

Taxing stress

From your point of view, leaving it to the last minute is stressful and makes it much more likely that mistakes will occur or omissions made. There is no warning of tax liabilities, and trying to find the funds with no notice could create financial difficulties, or may give rise to interest and surcharges from HMRC if the funds cannot be raised in time.

Worse still, if the return is not submitted on time, there are automatic penalties which grow by daily penalties where the delay is prolonged.

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