With a little over one month to go now in the 2017/18 tax year, it is time to start planning for 2018:
1) Are you going to make any purchases in the business? If so, and you make them before 5th April then you will get tax relief straightaway in the 2018 tax return. Completing the return soon after makes the most of the tax relief benefit to reduce your tax liabilities.
2) Are you planning to grow your business, or reduce costs? If so, you will require the 2017/18 accounts as soon as possible for the information so that you can make changes. You should therefore aim to complete your tax return as soon as possible after 5th April 2018.
3) Are you worried about upcoming tax liabilities? If so, then you should also aim to complete your 2018 tax return soon after 5th April 2018. That way, you will know in advance what tax payments are due by 31st July 2018 and also 31st January 2019.
Rather than wait until later in the year, by preparing your accounts and tax return as soon as possible after the tax year ends on 5th April 2018 you will be able to gain an advantage over your competitors.
