‘And to everything, turn, turn, turn, there is a season… I swear it’s not too late’
For the first time ever I was abroad the week of the tax deadline and the lyrics of this song came into my head when I heard there were problems with Revenue online filing (ROS) due to so many trying to file at the very last minute coming up to the 12th November. I could relax knowing all my clients tax returns were filed before I stepped on the plane!
So, for 2020 why not create your own tax deadline and pick a date way earlier in the year to send your paperwork to your tax agent or accountant. This I have tried and tested with clients over the years to avoid that last-minute rush. Most now like having the work done knowing where they stand, without any last-minute technical hiccups.
There are many advantages:
✓ Getting organised earlier in the year and finding it easier to recall events in the previous year.
✓ Having time to discuss any points with your agent that need to be ironed out and save you money.
✓ Knowing your liability much earlier in the year for cash flow purposes and setting aside funds to pay any balance due with no last-minute panic.
✓ Having no surprises on what your Preliminary tax 2020 is likely to be.
✓ Learning what you might improve on earlier in the year to be mindful of your spending in the business and become more aware of the impact on a daily basis of giving yourself time to think before you proceed with something that may or may not make financial sense.
✓ Peace of mind and less stress make for better business judgement knowing your Tax affairs are dealt with before you go on that well-deserved summer holiday!
So why not change your own tax season to Spring instead of Autumn?