Financial considerations to make 2019 more stress-free
Here are some financial considerations to help make the year ahead more stress-free.
Understand what your tax code means
Tax codes will be changing once again at the beginning of the new tax year (April 2019) to reflect the new personal allowance. However, did you know that one in three of us are paying either too little or too much tax? If you’ve recently changed career or are thinking about doing so and have previously benefitted from the likes of healthcare or a company car where you had to file a P11D, be sure to check you’re paying the correct amount of tax going forwards.
Making Tax Digital (MTD) comes into effect
Making Tax Digital, often referred to as MTD, comes into effect on 1 April 2019 which means that businesses will need to ensure that they’re prepared for the changes once the new legislation begins to roll out. Did you know that 1 in 5 business owners are still unaware of MTD and what changes it will bring? If you have any questions or are concerned about compliance, we can help with Xero, MTD compliant software to help give you deep insight into all your accounts.
Tax returns: know your deadlines
Depending on how you choose to submit your tax return, either on paper or online, you’ll be given a different deadline. Make sure that you’re aware of relevant deadlines to you in order to avoid any unnecessary fees or penalties. Did you know that almost 12 million people are required to submit tax returns and that according to recent statistics, over 2 million people filed their return in the four weeks leading up to final submissions deadline? Don’t leave it until last minute, especially if this is your first filing a tax return and seek assistance from a qualified accountant if needed.
We’re here to help
Here at Clear Vision, a financial management company in Romsey, Hampshire, our services are not restricted to just business-to-business. We also work with a number of personal tax clients as well. Whether it’s for a self-assessment tax return, or you need advice on inheritance tax planning, we can help.