Most self-employed people will have filed their tax return online before the deadline but for a few who may have left it until the last minute panic may now be setting in before that dreaded letter arrives in the mailbox.
It is perfectly understandable that tax returns are often the last thing on the minds of busy individuals who just want to make ends meet and generate a profit during the year. The problem is leaving tax returns until the very last minute can be habit forming.
But there are some advantages with getting everything done early including the following:
You can plan ahead
Knowing how much tax you will need to pay come January 2017 will give you the necessary motivation to work harder to avoid the bill being such a burden on your finances.
You will be better at keeping those valuable receipts
If tax returns are left until the last minute, then it unlikely you will be organised enough to keep all those receipts in a file ready to back up any expenses claims. Do the return early and you will be looking to include every penny.
You can look forward to a relaxed Christmas holiday
January is often a time where mood is low. The holidays will be over and then you have your tax bill to pay. Make January a bit easier by at least removing the burden of spending a day or more filling in forms.