Self-Assessments – Why Plan Ahead?
Published Date: 28th January 2020
Why Plan Ahead?
A Self-Assessment tax return declares all your income for the tax year, including income that has already been taxed at source. If you have paid too much tax during the year you’re likely to receive a rebate.
The tax year for every individual in the UK runs from 6th April to the 5th April of the following year. Please note that a Self-Assessment tax return is completely separate to a Company tax return.
Making the most of the time in hand early in the new tax year allows individuals to get a handle on how much tax they will owe. This kind of early bird planning will certainly give a power boost to your financial decision making over the coming months and allow you to plan ahead with as much certainty as possible when it comes to budgeting, predicting your cash flow and working out how much you have to invest in assets such as vehicles, equipment or business premises.
Let us help you by enabling us to work on your accounts sooner rather than later. We are here to help.
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The current inheritance tax (IHT) allowance whereby no inheritance tax is charged is on the first £325,000 (per person) of someone’s estate – which is the value of the total assets they leave behind when they die (or 36% if leaving at least 10% to a charity). Couples can leave a home worth £650,000 without it attracting inheritance tax (singles £325,000). Above the threshold, the charge is 40%. This remains unchanged.
Whether an accountant already has a strong knowledge of the deceased’s financial affairs or if you have not worked with that accountant before, the combination of accounting, tax, law and administration skills required means they are often well placed to carry out this kind of work.
When you instruct JT AccountS to work on your Wills, Trust and Estate Administration, it means you can be confident that we possess the specialist knowledge and skills required to carry out your wishes. You can be assured that you will be in expert hands and we are taking all the necessary actions to plan for the future of your assets.
There comes a point in most people’s lives when they start to think about planning for their later years and eventually for when they leave this life, especially if they have dependants.