With January over, it’s time to spring into action

Working to deadlines, is stressful in any job, however the January Self-Assessment deadline takes ‘stress & pressure to a whole new level’…

With 31.47% of our clients’ Self-Assessment Tax Returns (SATRs) filed in January, the end of the 2013/14 Self-Assessment season was a busy period for the HSJ Tax Team.  Now we can look back and clearly identify the cause of any setbacks, hold ups and pitfalls. Here we share our findings, explain the consequences of delaying the completion of your tax returns and the steps you can take that will help us, help you.

HSJ’s Tax Team have vowed to do whatever they can to encourage our clients and clients of accountancy firms up and down the country to provide all relevant records and information in the earlier months of the Self-Assessment period.

As we know, rushing any job or task willl more often than not affect the standard and quality of the end product. Submitting tax returns is no different.  Why increase the risk of submitting your SATR after the deadline? Why increase the risk of a late filing penalty notice from HMRC?

So, please remember this:

It is ‘YOUR tax return – YOU pay the late filing penalty, therefore it is YOUR deadline’

When asked about January’s SATR deadline, Chartered Tax Advisor and Manager of HSJ’s Tax department Natalie Staples Vvind, said…

“One of our favourite phrases here in the Tax department is “the earlier you provide, the sooner we can advise”. We will do everything in our power to submit our clients’ tax returns on time, we also do all we can to provide accurate, up-to-date advice on our clients’ tax liability. To allow us to do both of these efficiently and effectively as possible, we do need one thing from our clients which is early access to the relevant information……that’s it! This is the one thing which is out of our control. Of course we encourage and remind clients to pop their records to us with regular reminders, but that is it, sending reminder after reminder is all we can do”.

So, in order to help you budget for that final end of year tax payment, Natalie would strongly advise that “your tax return is completed sooner rather than later”.

You may be due a tax repayment from HMRC? Surely your money is better sat in your bank account rather than that of HMRC.

Rather than scrambling around for those all important documents at the last minute why not provide us with your paperwork as and when you receive it – we can begin the preparation of your return whilst you are safe in the knowledge that your return will be submitted on time.

How do you fair with the 2013/14 HSJ statistics?

This gives a clear indication of the high volume of tax returns that get submitted during the month of January.

If you fall in the purple ‘January’ category and would like to help us, help you contact us NOW. Let the HSJ’s Tax Team share their tips for keeping your business records in the best of order, or let them set out a clear plan that will ensure you never receive a late filing penalty notice.

To discuss any tax matters or concerns you may have, please contact us today.

HSJ’s Tax Team are ‘here to help’