It’s a brand new tax year. 2019/2020 has been and gone and we are now into 2020/2021. Whilst many of us are struggling to gain access to government services in order to apply for universal credit and others are trying to make business work with limited staff, supplies and customers, you have a gift of time right now. Use this time to do your tax return.
This Time Is A Gift
One of the key things that and government have done is allow you to push back any money owed in payment this July, to January next year. Obviously things are changing all the time as the Coronavirus situation develops, but any more you had saved up in order to pay your tax this July, you can now live on, should you need to, as you wait for help and government support.
If you are finding yourself bored in front of boxsets or have done all the gardening and cleaning you can fathom at the moment, get your tax return done and submitted. You don’t have to pay what you owe right now. But if you know what you’re going to owe and you have that amount of money set aside, transfer it into a high interest bank easy access bank account so it can be making you some extra money. Marcus is the top easy access account at the moment, offering 1.3% interest and unlimited withdrawals. You can open this online so you can do it right now, no issues of banks being closed.
It Doesn’t Take Too Long
If you’r like me, your self assessment tax return doesn’t take too long. This is because I keep on top of my accounts through the year. I have detailed spreadsheets and folders with receipts. As well as a quite an annoying habit of colour coding everything. This means I know which invoices have been paid and which haven’t. With all this information, I can easily input all my details in under an hour.
If you don’t have spreadsheets and folders, you can still get it done right now. It might take a couple of days to pull together all you information but what better time to do it than when you’e not doing other stuff? Getting it done now and out the way, not having to pay the money for a while, means it’s one of those annoying jobs that the deadline creeps up on you and you start panicking. When it’s out the way, there is less stress on your shoulders and you can concentrate on the enjoyable parts of the business. If this time we’ve been given is anything, it’s an opportunity to get jobs like this done.
Get It Done & Treat Yourself
This time will hopefully pass quickly and we’ll be back at work soon. That is when the world will start turning again. Orders will come in and we’ll find ourselves busy with everyday working life. When that happens, when will you get your tax return done? Make a cup of coffee, get it done now and promise yourself a little treat once you’ve submitted it. That could be ordering something online or simply enjoying a takeaway for tea. Use this time wisely and get that tax return done!
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