Do not file for bancruptcy without giving it a lot of thought. There are serious consequences in going down this route. Take professional advice.
The tax year runs from April 1st to 31st March. Pretty soon after that the government sends out a reminder to everyone who has to pay income tax to file a return. However the return and the money don’t have to be completed till October or January (if you file online). If you have a large income then leaving it as long as possible before paying has benefits in terms of interest earned and the lessening value of money over time caused by inflation. However if you are late in filing you will get stung with a financial penalty. So, the answer to the question “when should you do a tax return?” is December if you are filing online or September if you are still doing your tax return the old fashioned way.
If you have a complex state of financial affairs you may want to talk to an accountant who can help you get it right. In most cases the money the accountant charges will be less than the money he or she will save you.
Remember that tax evasion is a serious crime. Always be truthful on your tax return. However, remember that being tax efficient is a virtue so don’t give more than you have to to the taxman.
As soon as you are 21 years old, make sure you have made a will.
Making a will is a very useful thing for your family. It provides them with peace of mind. It also ensures that your moneyand property are passed on quickly and efficiently to the right people in the event of your death. Most people over the age of 21 should have a will. Nowadays they cost very little and really are a kind thing to do.
