April marks the beginning of the new financial year, and there’s no better time for those in medical disciplines to make full use of our healthcare accounting services and get tax-efficient for the coming 12 months.
Each year as the October and January filing deadlines approach, our medical and dental accountants get approached by clients keen to reduce the amount of tax they have to pay – but by that time, it can be too late to achieve the best results.
It’s important to put things in order as soon as possible if you want to really minimise your tax bill at the end of the financial year, and there’s no better time to do that than when a new financial year has just started in April.
Remember, the actions you take now will affect your overall income for FY2016-17, your tax return might only be filed by January 2018, and only then will you see any savings in terms of the amount of tax you pay by January 31st and your payments ‘on account’ for July 2018 and January 2019 as well.
Act now and our healthcare accounting services can help you to avoid running up such a large tax bill, and if you file your tax return early in FY 2017-18, this can be taken into account by HMRC so you should start to see savings from your July 2017 payment on account and onwards.
Meanwhile of course, you can now file your return for FY 2015-16, and again, the sooner you do this, the sooner you know how much you need to pay – ensuring your July payment on account is accurate, and giving you until January 2017 to clear the rest of your bill.
Speak to our medical and dental accountants today to find out more about putting your finances in order, as well as other issues like property tax if you have a second home that you rent out.