Tax return deadline extended to 2nd Feb
Author: Russell SmithJanuary 28, 2012
The most exciting news for accountants and clients this year so far! A further two days extension to the tax return deadline due to a HM Revenue & Customs strike on 31 January, the normal deadline date (strange day to strike, don’t you think).
This has been our firm’s best year yet, for getting the vast majority of tax returns completed way ahead of the deadline (we had 20% completed by the end of May and 80% by October). We’ve been pretty tough with our clients this year because I hate to have the conversation with clients on 30th January that goes like this:
“I have some good news and bad news. The good news is, even though you only sent your information on the 25th January, we have managed to complete your tax return so you won’t be getting a £100 fine. The bad news is, your tax bill is £10,000 and you have a day to pay it”
Much better to get the information in early so there is plenty of time to plan how you will pay the tax. (By the way, there are some very easy calculations to work out how much tax you have to pay as you go along, email me at email@example.com to get them).
Because of the extension, I was able to get some brilliant statistics on tax returns:
– As of yesterday, there were 2 million tax returns to be filed,
– On Tuesday, 182,530 tax returns were filed
– 600,000 of the 9 million tax returns are expected to be filed on 31 January and out of those – 90,000 would call HM Revenue & Customs for help
So I guess you can’t blame them for striking!