January Is Just Around The Corner!
Have you done your 2020/21 tax return yet?
Sorry to be the spreader of bad news but Christmas is only ten weeks away which means the end of January deadline is just sixteen weeks from now.
For all the super organised among us that shouldn’t be a problem but most people have busy lives and tax returns are rarely at the top of the list of things to do. If you’re using an accountant to do the job please remember we are coming up to their busiest time of the year so will need get the work done and the Christmas break will not help.
Also, the earlier you get to know the dreaded numbers, the sooner you’ll be able to plan for what has to be paid. For a lot of people 2020 was a nightmare of a year and the effects may still be impacting what you can afford.
The amount payable by 31st January usually includes a payment towards 2021/22 (the year we are now in) as a payment on account. If the figures are prepared in plenty of time there may just be an opportunity to adjust the POA.