According to my IPad app (other devices are available!), today (31st January 2013) there are just 328 sleeps until Christmas, which I guess means there should be 365 sleeps until this day in 2014. So, why should I care about that then, I hear you ask?
Well, yesterday (30th January – 1 day early), we submitted our final tax return to HMRC to continue our 100% record to meet the annual 31st January HMRC tax return deadline. I want to say a big thank you to our clients for working with us to achieve the deadline.
It always interests me, how our clients, some of who, have been with us for many years, always follow the same patterns. We get the keen ones, who bring in the information as soon as possible after 6th April, so that they can be in the smug satisfaction of knowing that all is taken care of, for another year, well in advance and then we get the others who like to leave it until the last moment, so that they can enjoy the thrill of the chase, as we rush to complete everything in time, and of course all of the others in between.
Now, I have to say, that I do quite enjoy the final push to the deadline, it’s very satisfying watching the percentage of completed tax returns increasing as we get nearer to the date, coupled with the worry of “can we do it?”, it can become quite a buzz!
So, why have I decided to start chasing our clients much earlier for their information this year, am I looking to have a holiday in January or something (not sure about Wales in January!), or is there some more sinister reason?
Well, lets look at the benefits of getting your tax return done early:
- the smugness of being able to relax in the satisfaction of knowing that “tax doesn’t have to be taxing” and you are all compliant for another year, so can relax, one less worry
- by getting your tax return done early, we can calculate any liability and give you much more warning of what you will have to pay the following January, which can lesssen the shock, which sometimes occurs, when you have had a particularly good year
- similarly, if we calculate that you are due a tax refund (particulalrly might apply to CIS sub-contractors), you will have the refund much earlier
- it will, avoid you getting lots of e-mails and phone calls from us, chasing you, for your information – it will get us off your back for another year!
- perhaps I could have that long-awaited holiday in Wales in January!
So – how soon COULD you get your information in to us:
- if you are self-employed, with no PAYE income as well, as soon as possible after your year end date
- If you are on PAYE, either 31st May, if you receive no benefits, or end July if you do (these are the deadlines for your employer to give you your P60/P11d)
So, in reality then, bearing in mind the latest date above is 31st July, if we could have all of the information in by then, why dont we say that providing we do, we’ll get all of our clients tax returns done by 31st October and we can all relax once the clocks go back, safe in the knowledge, that we are all compliant, knowing exactly what our liabilities are.
Which means, I can finally have that 2 week holiday in Wales in January, my family will be so pleased!
So, will this happen? Who knows, we’ll see what happens. If you are worried, check back next year to see how we did and, in the meantime, can I be the first to wish you a Happy Christmas 2013, safe in the knowledge that you won’t be worrying about that pesky tax return.