Tax and the year end - Be prepared for your tax return in January 2020

Nothing flies by us quicker than a tax year. We celebrate Christmas and New Year and all of a sudden, it’s time for the tax deadline rush. For many people, this rush is considered to be an inevitability, just a painful, costly part of running a business. It’s become something of a routine for many business owners and there is almost a collective sigh of relief once January is over.

When you have a business, a busy home life and various projects to run all at once, it can be easy to let your finances just tick over year after year. Especially following changes to pension limits, it’s understandable to feel that the potential forward-planning is somewhat limited. However, this isn’t necessarily the case. Though pensions may be limited, there are always more options available with the right financial planning.

Setting aside time between now and April 5th to both manage and comprehend your finances can make January 2020 seem like a more comfortable and less daunting tax deadline month than those before it. Putting in the time and effort now will dictate how the next tax year looks for you and give you a greater feeling of control and understanding.

Securing ownership and control of your finances doesn’t only benefit the year ahead. It gives you the know-how that will help to shape the future you’ve envisioned for yourself and your family. Whether that’s travelling, securing your children’s future or even just planning your retirement, your finances should be at the forefront of your planning and reassessing your approach to tax is a great place to start.

When it comes to planning for the tax year, there are a lot more options than meets the eye. A more intentional, considered approach is worthwhile, especially over the coming months. Taking action and control of your finances before April 5th will repaint the picture of your tax year for 2020. A little bit of work that can take you a long way.

If you'd like to find out more on how to enter a new tax year in a more informed position, get in touch with us today.

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