"The Accountant or The Dentist" Article by Tina Zawila

Yes, it's Tax Time!  By now you should have received your Payment Summary from your employer (or employers) and be collating receipts and information to have your 2013 income tax return prepared.

As much as the team at Sothertons love tax, it seems that some of you consider the annual visit to the accountant to be like the six monthly trip to the dentist!  My apologies to all the dentists out there, but you guys get a bad wrap too!

This means that some of you have "put off" the visit to the accountant maybe for more than one year - maybe for several!  Typically at this time of the year, some taxpayers 'come clean' and admit that they have to catch up on a few returns.  If you are in this situation, I encourage you to contact your accountant as soon as possible and make the appointment.  Generally, it's never as bad as you think and you might even have a refund due to you!

I also find it's a good time to "take stock" of your financial position.  Whilst business prepare Profit and Loss and Balance Sheets at least annually, most individuals wouldn't even consider "reporting" on their finances (except for that annual tax return).  However, you are your own "business" and you should know how much is coming in and how much is going out.  You should also know what you own and what you owe (and which one is greater).  This knowledge will allow you to make better financial decisions in the future.  Remember knowledge is power!

So while, January is usually the time of the year to make all those new years resolutions about exercising, eating better etc, make July the time of the year when you pause and look at your finances and make some resolutions to make improvements in the year to come!

Are you guilty of “putting off” the visit to your accountant to have your returns done?
Or, Are you up to date but haven’t considered “taking stock” on your financial position?
Do you know what you own and what you owe?

At Sothertons, we offer our "Tax Worx Package" for individual taxpayers which includes preparation of your income tax return with one of our accountants and a review of your financial position with a financial planner.  Call us today on 49721300 to make an appointment.