As this deadline approaches, this is the perfect time to take a step back and make sure your finances are in order. A little preparation before the deadline can make a big difference, helping you avoid unnecessary stress and ensuring you’re not paying more tax than you need to.
Is this relevant to me?
You may be self-employed, running a business or simply managing your own personal finances. Whatever your circumstances, a quick health check and tidy up can put you in a much better position. It can enable you to use available allowances, claim eligible expenses and get your records organised in good time before any information needs to be submitted.
Where do I start?
Start by calculating your income and expenses for the year and making sure all your records are accurate and as up to date as possible. Check whether you have used all the tax allowances available to you, such as tax relief on pension contributions and investment in an ISA account within the annual limit. Depending on your circumstances, you may be entitled to other allowances and reliefs. Gather receipts, reconcile accounts and review your finances.
The way to finish… is to begin!
Starting now can make the process a lot smoother for you. Begin some of the actions suggested above, and you will ensure that you are in a good position when the finishing line approaches.
How can Gepp Solicitors help
Our specialists have considerable experience in assisting clients with various tax related issues and this distinctive combination of skill sets ensures that we are able to provide bespoke, up to date and efficient advice for most situations that can, and do, arise.
With such a wealth of experience, the team can advise on many different areas and their holistic approach ensures you are provided with advice and options that meet your requirements in the most tax efficient way possible.
Contact us
Call: 01245 228125 or email: privateclientenq@gepp.co.uk
