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Have a fantastic Christmas!

18th November 2019

No, I haven’t lost my marbles – nor have I mislaid November. It’s just that I can predict the future.

 

The festive season will come along in a rush, the family will come and go and everyone will collapse around the TV on boxing day, feeling exhausted and ready for a bit of peace and quiet. And then you’ll remember…..

You still haven’t submitted your self-assessment tax return. And then it will weigh on your mind for days until finally, you have to force yourself to do all that sorting out and organising in order to get everything over to your accountant.

And as you grumpily do this annual chore you’ll promise that next year you’ll get organised and sort it all out long before the last minute. After all, you had everything you needed to get it done by August.  

Consider me your good fairy

Not only can I predict this future but I can also prevent it from coming true. Here I am, in November, reminding you to get organised now, so you can see out the end of 2019 in relaxed contentment.

You’ll have the immense satisfaction of being able to say “Oh, I did mine ages ago,” when your friends and family complain that they have to get their tax return done. And you’ll know what you tax bill is before you splash out on that extravagant extra gift for your children.

Not only am I reminding you but I’m also going to help you.

The things you need to know

The deadline

First and foremost, in case you had forgotten, the deadline for payment of your 2018/19 tax return is 31st January 2020. Note that: payment. That means everything has to be in the system, the ‘Submit’ button has been pressed and the money is in HMRC’s bank account.  

Getting to that point takes time – which is why I’m talking about it in November. HMRC isn’t particularly sympathetic to: “well I tried at 9pm on 31st January but my internet wasn’t working.” They did give you 9 months to get it done, after all. And the penalty is issued automatically if they don’t have your return on time.

The information you need to gather

The tax return requires you to declare information across a number of different types of income:

  • Employment, Benefits and Private Pension Income
  • State Pension and State Benefits
  • Bank or Other Interest
  • Stocks and Shares
  • Property Income
  • Profits from self-employment

If you decide to use an accountant

Submitting tax returns on behalf of our clients is a part of our service and it can be a real advantage. We know our way around the tax system and know what you need to declare (as well as what you don’t need to pay tax on). If you are considering using us for the first time, please speak to us now. There are a few steps we need to take first to make sure we can access your account.

You will need to organise your information to pass over to us. The better organised it is, the quicker, simpler and (frankly) less expensive it will be. Much of what you need to send us is provided to you electronically already and digital documents are ideal for us. They are easy to pass to us, easy to manage and kinder to the environment than piles of paper.

Of course, if things are ‘a bit of a muddle’ we can help you sort it out – but the longer you leave it, the harder it gets.

And, of course, once we’ve calculated your tax bill you still need to pay it – so make sure you give us every chance to tell you well in advance so you are able to set up the payment.

Our Self Assessment Checklist

To help you even further, we’ve put together an early Christmas present for you. Our text return checklist steps you through the process of gathering all your information together and getting it organised.

To access it, just click the link below and we’ll email it over to you.

https://mailchi.mp/ad8c86985a5f/tax-return-checklist

This isn’t the most enjoyable thing you’ll do in 2019, I know, but you’ve got to admit, having your tax return hanging over you all Christmas is far worse than cracking on and getting it done.

Here’s to a proper Christmas break!

If you would like further help and information, please do contact us.

 

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