We have had a particular rainy ‘summer’ this year in the UK, which has affected many people’s plans for trips during the holidays.
Hopefully the weather will dry out later in the year, however it does present an opportunity to get ahead with your tax now so you can relax later.
The deadline for a paper 2012 tax return is 31st October this year, with any tax due usually paid on the 31st January 2013. Submitting the tax return before this date does not change when the tax is payable, unless you had reduced your payments on account for 2012. Even if you had done this, knowing about the liability will enable you to pay less interest on the payments as it will be mounting up.
If you know what your tax liability is going to be in advance then you can plan for this, as HMRC have been reducing the number of people accepted onto their payment plans.
Whilst we are experiencing the bad weather, getting your tax up to date means that when the sun does come you can sit back and relax knowing that things are up to date and you know exactly what the position is, rather than worrying about what it might be.
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