Don’t Let Your Tax Return Spoil Your Christmas
December is here and the countdown to Christmas is well and truly on.
And if I were to whip out my crystal ball and predict the future, I can almost guarantee this is the scene I’d see…
Christmas day has come and gone, everyone is collapsed around the TV on boxing day feeling exhausted and ready for a bit of peace and quiet, and then you remember…
You still haven’t submitted your Self-Assessment Tax Return…aaaargh!
As soon as that thought lands it will weigh on your mind for days until finally, you 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!
Sound familiar?
Consider me your good fairy
Not only can I predict this future, but I can also prevent it from coming true.
Here I am right at the beginning of December, reminding you to get organised now, so you can see out the end of 2024 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 they still need to get their tax return done.
And 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 submission and payment of your 2023/24 tax return is 31st January 2025. Note the word payment. That means everything must be in the system, the ‘Submit’ button has been pressed, and the money in HMRC’s bank account.
Getting to that point takes time – which is why I’m reminding you now before you wrap for the festivities. Believe me, HMRC isn’t particularly sympathetic to: “Well I tried at 9pm on 31st January but my internet wasn’t working.” After all, they did give you 9-months to get it done. 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
Tax is complicated and if you get it wrong you could incur interest and penalties. Why not use an accountant? It will save you time and effort in the long run. Let us take the strain while you do your Christmas shopping!
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 as soon as possible! There are a few steps we need to take first to make sure we can access your account – and we can register as your agent with HMRC so you never have to speak to them again!!
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.
I know this isn’t the most enjoyable thing you’ll do before the festivities begin, 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. So why not let us do it for you?
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.
