If you haven’t as yet – get your tax return in!
Author: Russell SmithSeptember 20, 2012
There’s a few jobs that I’m never keen on doing. Here’s a list:
1. Thank-you cards
2. Buying Christmas presents
3. Cleaning the toilet
4. Going to the tip (actually, that’s not that bad)
5. Getting a haircut
6. Packing to go on holiday
For most people I know, you could add 7. Doing my tax return.
I can’t add this because I simply love doing my own tax return (I’ve done it already – obviously). Since doing other people’s tax returns for the last 14 years, there’s one thing I know to be true – people don’t want to do it and they will put it off for as long as possible.
If you are client of ours, you will know our desire to get tax return information in as fast as possible after 5 April. The one reason for this is tax. You don’t have to pay tax until 31 July or 31 January so there is time to plan the tax but as soon as the tax return is completed, you will know exactly what your tax is.
Earlier in my practice we used to be very busy in January (like many other accountancy practices). About 3 years ago, I decided to simply stop the busyness in January after having a conversation with a client that went something like this:
“Hi Mr client, I have good news and bad news. The good news is that since you sent us your records on 29 January, we have managed to complete the tax return work and will be submitting it on 31 January so there is no late fine from HMRC. The bad news is, you have £10,000 to pay in tax and you have to pay it now”
Not a great conversation.
Know where you are, get your tax return information in.
If you need any help with the informatino always feel free to email me on firstname.lastname@example.org.