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Money matters<br />
Holidays are over and it’s back<br />
to work. You’ve shaken the<br />
sand from your beach clothes<br />
and got back into the swing of<br />
things. What do you need to<br />
think about next?<br />
Advertorial<br />
If you are self-employed or a<br />
company director it’s now time<br />
to start planning your tax affairs.<br />
So what are the deadlines?<br />
Most companies need to file<br />
their accounts and tax returns<br />
by 31 December with the tax<br />
due the following day. The selfemployed<br />
have a month longer.<br />
You may think that’s months<br />
away but forgetting it could<br />
be a costly mistake as interest<br />
and penalties are payable on<br />
returns and tax paid late.<br />
Accounts and returns cannot<br />
be prepared overnight and<br />
remember that Christmas<br />
preparations tend to take over<br />
November and December.<br />
Also, if your return is prepared<br />
at the last minute you will not<br />
have time to save for the taxes<br />
due. So to keep the tears and<br />
the taxman away I suggest a<br />
timetable.<br />
Some of the team: Chris James, Svitlana<br />
Matviychuk and Alan Patient (right)<br />
Set a tax timetable so you don't get a<br />
nasty shock, advises Alan Patient<br />
Start assembling the<br />
information now and deliver it<br />
to your accountant by the end<br />
of <strong>September</strong>. If you have a<br />
business you may need to bring<br />
the book-keeping up to date<br />
first.<br />
Allow your accountant the<br />
month of October to process<br />
the accounts and returns<br />
and ask him to advise you of<br />
the taxes due no later than 1<br />
November. Remember that if<br />
you are self-employed you will<br />
need to pay an instalment for<br />
the current tax year as well as<br />
the balance due for last year –<br />
another reason to know what is<br />
payable early on.<br />
Work out what monthly<br />
instalments you need to be<br />
putting aside to enable you to<br />
pay your taxes on time.<br />
Following this plan will give you<br />
guilt and stress-free Christmas<br />
and New Year shopping,<br />
knowing that you have dealt<br />
with your tax affairs and put<br />
aside the money needed to pay<br />
your taxes.<br />
If you would like to talk to us,<br />
why not give us a call? Tea and<br />
cakes are waiting for you and<br />
the first consultation is free.<br />
Next month: It's not what you<br />
earn, it's what you keep that<br />
counts.<br />
Alan Patient & Co<br />
9 The Shrubberies<br />
George Lane<br />
South Woodford<br />
E18 1BD<br />
020 8532 9843<br />
alanpatient.com<br />
LOVEEAST SEPTEMBER <strong>2016</strong> 41
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