Business owners often face a unique combination of pressures- which can have a detrimental effect on mental health. Thanks to a perfect storm of events, namely the pandemic, rising fuel costs and the cost-of-living crisis, it’s likely that businesses will be feeling this stress even more intensely. With so much to worry about, any way in which you can relieve pressure is beneficial. Fortunately, there are relatively simple ways to do this- for example, completing your tax return early. This is just one example but it’s a change that can offer many benefits, especially for those individuals who are feeling particularly stressed.
Organisation
Introducing more organisation into your working life may seem like an obvious answer but it can improve your well-being. We all know the detrimental effects of feeling disorganised or out of control and when it comes to business and finances, the stakes can feel even higher. Having a growing to-do-list or leaving important things until the last minute, can all lead to feelings of insecurity, anxiety and a lack of motivation.
Organisation, whether that be better bookkeeping, a new filing system or getting ahead of important tasks such as your tax return, can provide much more stability. This stability helps to reduce anxiety and worry- which is good for both work and home life.
Plan Ahead
When it comes to completing your tax return, there are specific advantages to doing it early. One of the main benefits being that it gives you more time to plan ahead. For example, filing your return earlier will give you more time to plan for and pay your bill. This can be particularly useful if you’re a smaller or newer company and don’t have large assets to work with. Having a good working timetable of the business year, including a payment schedule, can be invaluable.
Completing your tax return earlier, means you will also receive any refunds that you are owed, earlier. Again, if you’re a business who is just starting out, this can be make a huge difference in your day-to-day finances.
Avoid Penalties
It’s fair to say that not many people look forward to filing their taxes and one of the consequences of this is that they’re left until the last minute. However, one of the main problems when this happens is the risk of missing the deadline. Inputting your financial information, income and expenses can take time and there’s always a chance that something unexpected will pop up. For example, you may be missing a piece of evidence or you have to wait for an invoice. In instances such as these, you run the risk of missing the deadline and incurring fines. Completing your tax return earlier ensures that you have plenty of time to work with.
Professional Help
Talking about extra time, completing your tax return earlier allows you to reach out and work with a professional, such as an accountant. Working with an expert doesn’t only ensure that your finances and taxes are in safe hands, it can also help to reduce stress. In fact, research by Royal London found a significant number of participants who took financial advice from a professional, felt more secure and stable.
Utilising the help of an accountant is always beneficial but particularly in cases where your taxes may be complex, for example, if you have multiple sources of income. Of course, those who are new to business or find the financial side of things to be particularly complicated, can also benefit from professional help.
Fortunately, those looking for help are in luck as the experts at U-Deliver provide comprehensive accountancy and tax services, specifically aimed at those who work as delivery drivers.
