I’ve mentioned before that, in the Davies household, finding a television programme that everybody likes is no easy task.
Most of the time, we compromise. One person tolerates it, one person scrolls through their phone, and one person asks after ten minutes, “How much longer is this on for?”
But one current favourite that we all genuinely like is Last One Laughing.
If you haven’t seen it, Jimmy Carr locks ten comedians in a house and the challenge is simple – don’t laugh. If you do, you’re out. Which sounds straightforward until you realise the contestants include people like Alan Carr, Diane Morgan, Romesh Ranganathan and secret weapon Mel Giedroyc.
Personally, I think I’d have lasted about four seconds. In fact, if Bob Mortimer asked me anything at all, I’d be gone. Even as simple as when he asked someone for their three favourite cheeses.
As you can imagine, the show puts the contestants in all sorts of ridiculous situations to try and crack them. One of them involved Richard Madeley interviewing them – “the most unintentionally funny man on television”.
And during one part of the show, David Mitchell was asked to give his nine tips for life.
Without a moment’s hesitation, his first one was:
“Do your tax return early.”
Wise words indeed. And that’s why David Mitchell is very much a favourite in the Davies household.
Because he’s absolutely right.
Now, this applies whether we’re talking about personal tax returns or corporation tax.
For personal tax, the tax year has only just ended on Sunday, and yet the filing deadline is still nearly ten months away. That sounds like ages. But the earlier you get it done, the earlier you know what the bill is going to be – and that means you can plan, budget and avoid a nasty surprise in January.
The same applies to corporation tax.
Where possible, we always like to get our clients’ accounts done as early as we can. Last week, for example, I signed off a couple of 28 February year ends by the end of March. The corporation tax on those won’t be due until 1 December, but the clients already know the figure now. That gives them months to prepare, rather than a last-minute panic.
And that really is the key benefit.
Getting it done early doesn’t mean paying it early. It just means knowing early.
And knowing early gives you options.
- It gives you time to budget.
- It gives you time to save.
- It gives you time to ask questions.
And it gives you time to spot any planning opportunities before it’s too late.
So here’s my challenge to you.
How early can you get your tax return done this year?
Because if you’ve got the information, why wait?
You might not get Jimmy Carr congratulating you for it, and there’s every chance David Mitchell won’t personally shake your hand.
But you will get clarity, peace of mind, and one less thing hanging over you for the rest of the year.
And that’s no laughing matter.
Cheers
Jon
PS David has been a Davies family favourite for years – Would I Lie To You is one of our top shared TV likes! His tax tip has just cemented his place.