While the actual deadline to file your tax returns is not until 31 Jan 2020, there are many advantages to filing early. In fact, seafarers can file their tax returns from 6 April 2019 which means they can also get any refunds they are due earlier as well. So, rather than waiting until last minute to file your taxes, why not contact a tax expert and file your taxes, especially your Seafarers Earning Deductions, or SED, early so you can focus on other tasks this year?
There is one benefit to filing your taxes as close to the JAN 2020 deadline as possible, and that is if you owe taxes and you need the additional time to pay them. But for those who don’t owe taxes, let’s take a look at some of the reasons why seafarers should file a tax return early:
4 Reasons To File A Tax Return Early
Faster Refunds- if you are owed a refund, filing your taxes early will ensure that you receive your refund sooner. The longer you wait to file your taxes, the longer it could take for your refund to be processed as more and more people are filing later every year.
Obtaining Financial Information- as a seafarer, you already know that it can takes weeks to obtain important tax information from overseas employers. The sooner you begin the tax filing process, the more time you will have to get the financial information you need. Knowing what you need ahead of time will also help you get the proper tax information right away and contacting a seafarers tax professional that uses H M Revenue & Customs approved software can make that process easier.
Avoid A Tax Extension- the sooner you file your tax, the less likely you will need to file a tax extension. While useful, tax extensions can be difficult to understand and if you miss the tax extension, you could pay a penalty.
Preventing Tax Return Identity Theft- tax return identity theft is a common problem and can be even more prevalent in the overseas trades industry. Preparing and filing your taxes early in the year helps you avoid this situation.
Contact Binks Overseas
To learn more about international tax and payroll services from Binks, contact Binks Overseas today and speak with a payroll specialist who can answer any questions you might have about your company’s payroll needs.
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