You do actually get plenty of time between when your financial year comes to a close and when the tax is due, If you are self-employed you get 10 months and for all limited companies you get 9 months – if you don’t think this is enough, This is almost triple the amount of time compared to other EU countries and the US, who get 3 months and a half.
This means that you want to be projecting the estimated amount of tax you may be paying every month. But it also means that you can confirm the tax amounts if you get your accounts info to your accountant early. Then the accountant can complete your accounts and confirm what the tax amount actually is, making the job a lot smoother for you and us.
At Knight Accountants, we ask clients to get their information to us within 3 months of the financial year end. It is bad enough having a conversation with a client when the tax bill is surprisingly high six months before the tax due but it is ten times worse having the same conversation a few days before it has to be paid.
Don’t let this happen to you, start estimating your tax and have an idea of what tax you may have to pay as you go along and then get your estimate confirmed by your accountant way before the tax deadline.