It’s Tuesday!
Let’s talk Tax.
Read this week’s short Tax snippet for doctors & dentists, to help you save money and get more organised with your tax affairs. It’s just to give you a flavour – take 5 minutes this evening to have a read.
Just 2 months to file your 15/16 Tax Return
One way to ensure you are saving tax, is to prepare your tax return as far ahead of the deadline as possible.
This isn’t just a scam by your accountant to get your records sent to them early after the tax year-end.
Although realistically, it is important for your accountant to have a steady flow of work throughout the year. Else, it is impossible to guarantee to meet the deadline at the last minute for you and everyone else.
The deadline for the 2015/2016 tax return filing is 31 January 2017. If you haven’t already finalised your tax affairs for the tax year to 5 April 2016, then act now! Time is of the essence.
Tax planning for doctors & dentists
The sooner you prepare your tax return after 5 April, the sooner you have access to accurate financial information.
This means that your accountant and financial adviser can spot any final opportunities to minimise your tax before the filing deadline.
They can also make suggestions to save tax in the current tax year, before too much time ticks past.
Because of timing, most people are regularly second-guessing their financial and tax position. It is only at the crucial time when the figures are finalised for that particular tax year, accurate decisions can be made.
Of course, these days, as a doctor or dentist, you should really be using cloud based accounting software to help with tracking your income and expenses, as well as your profit and tax, throughout the year.
Decisions can then be made with more confidence, particularly with the help of a specialist accountant.