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Why wait til next year to sort out your Tax Return for this year . . ?

Tax & deadlines, two things that go together and send people into a panic year after year. It feels as if we’ve only just got past last years self assessment tax return filing deadline, yet we are already fast approaching the end of yet another tax year on 5th April. The first thing to say is "Don’t Panic" (© Douglas Adams). Even if you file your return on paper & let the tax man loose on calculating your tax, you have until 31 October to complete it. If you use the internet to file online you’ve got until 31st January 2009. The later deadline will also apply if you have an accountant, unless he’s one of a dying breed convinced that computers are the work of the devil.

When it comes to actually doing the tax return, be methodical, make sure you have all documents you need before you start, P60 (& possibly P11d) forms if you’re employed, your accounts up to date if you’re self employed. Get annual certificates for interest earned or pension payments made. Keep the dividend vouchers from those Abbey National (or whoever) shares all in one place. If you’re stuck on anything, phone the organisation concerned and ask for copies, or phone the tax office helpline if you’re not sure what you need or where to enter it.

Or you could go to an accountant, but please don’t leave it until January before you do.

Don’t Risk your companies future security . . . New Year, New Start and a good time to give your business a quick health check. Re-evaluate what you do to ensure you have suitable liability cover, what you have to check your stock and assets are covered to the correct value on your policy and also what if? . . . the unplanned happened . . . a fire for example could ruin your business if you do not have insurance, fire protection such as extinguishers and more importantly a contingency plan supported by business interruption insurance.

A local restaurant recently suffered not one, but two fires in the space of three months due to electrical faults resulting in the loss of regular customers, and no income over the Christmas period, fortunately the building and contents were insured but the owner had decided not to pay for business interruption insurance and so was not entitled to claim for the resulting loss of profit. He was forced to use his entire savings just to pay the mortgage and bills, and keep key staff employed.

If the restaurant proprietor had taken out the business interruption insurance cover and arranged for an Electrical Inspection of his building then he would have not only been recompensed for his loss of income based on trading levels from the previous year, but he would also avoid an increase in his insurance premiums due to his adverse claims history.

Mark Barton of Coversure Insurance Services is a Gold Member of RH123 contact details