Have a Fantastic Christmas!
No, I haven’t lost my marbles – nor have I mislaid the rest of November. It’s just that I can predict the future!
As with years gone by, 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 must force yourself to do all that sorting out and organising 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 2021 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 still need to get their tax return done. And you’ll know what your tax bill is before you splash out on those extravagant extra gifts 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’d forgotten, the deadline for payment of your 2020/21 tax return is 31st January 2022. Note the word payment. That means everything must 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. Believe me, 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 several 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 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’re 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’ll need to organise your information before passing it 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’re easy to pass to us, easy to manage and kinder to the environment than piles of paper.
Of course, if things are ‘in 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’re 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 Tax 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://www.subscribepage.com/tax-return-checklist
I know this isn’t the most enjoyable thing you’ll do in 2021, 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’d like further help and information about any of our other services, please do contact us.
