Being aware of upcoming deadlines…
“By failing to prepare, you are preparing to fail” Mr Benjamin Franklin said. I use this phrase a lot in my personal life as well as professional and yes, I’m a planner (for anyone who hadn’t guessed!).
While you may not consider it a ‘fail’ if you don’t prepare your tax returns early. I believe preparation for all tax deadlines and getting ready well in advance of deadlines is key to not making errors or having any nasty surprises in relation to tax matters.
We accountants live by deadlines. Trying to work in advance, watch the upcoming dates and information coming in and be well prepared for the next deadline approaching.
31 December Company year ends – if you’ve filed your corporation tax return nice and early, you’ve long forgotten why tomorrow is a deadline for so many companies in Ireland. If you haven’t filed your return, you are no doubt getting asked to approve a return today / tomorrow for filing immediately by your anxious accountant.
In relation to personal taxes, if you’re involved in a business as a sole trader or partnership or have to file a personal income tax return, then you have some more time before your deadline approaches.
If you have a liability, you don’t have to pay it early. The payment amount can be set to go out at the deadline time.
By preparing early and knowing in advance what your liability (or refund) may be, it allows you to feel in control of knowing what cash flow is required soon (if any).
No-one likes last minute surprises (unless they’re large refunds)!
It’s easier for your accountant / advisor and less stressful than feeling you are up against a deadline.
If you’re unsure of what your personal or company deadlines are, ask your advisor. Missing deadlines can be a costly mistake for you and /or your business.