If you’re struggling to get your tax return right, we’re here to help. The deadline for your 2020-21 Self Assessment tax return is January 2022 (for submissions via Taxfile or via HMRC online). For earlier years, the deadline has been and gone so you need to act fast if you want to minimise fines from HMRC (they start charging £10 per day from 1 May for overdue tax returns). For this year’s tax returns, though, you need to come and see us ideally before the end of the year because January is usually a bottleneck due to many people leaving things until the last possible minute. You’ll save money coming in during October, November and December anyway because, when we’re less busy, we don’t need to pay staff for overtime, unlike in January!
For the latest tax return (tax year 2020/21), we need your records for the period 6 April 2020 to 5 April 2021 for Self-Assessment and many other types of tax returns. These include income and expenditure records so don’t forget to supply us with pay slips, invoices, receipts, any deduction statements (if applicable) and your bank statements. Bank downloads are also very useful to us, for example saving your bank records as CSV files or PDFs. Many online banking platforms now allow you to do this type of export.
For business ‘end of year accounts’ it’s a little different as we’ll need to base those on the business’s own particular year end.