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31 January deadline hints and tips

November 30, 2016

31 JANUARY  HINTS AND TIPS

  1. Get organised now before Christmas and avoid the risk of delayed submissions and higher accountancy charges.
  2. Run through what you need with your accountant for 30 minutes first its time really well spent and avoids annoying reminders for missing items.
  3. Find out who at the Accountants is doing your work and what their schedule is like over the festive period that way you know who to get hold of and when.
  4. Find out about your options for keeping good records. It could be a weekly spreadsheet or inexpensive cloud based accounting software but ask the accountant they will advise you.
  5. Organise a face to face sit down with the accountant on completion of the work to fully understand what has been claimed, what is down as income and what the tax figures mean.
  6. Don’t rely on goodwill from HMRC if you do miss the 31 January deadline its your fault if you leave it late but your accountant should always help by writing a nice letter of explanation.

One big tip is resolve for 2017 to have the work done in the summer. You know exactly where you are then, you avoid the end of year stress and you don’t have to pay the tax until the end of January