Self-assessments

Well, it's that time of year again where we get bogged down in the mad rush to complete self assessments before the 31st January deadline. It's been a little bit different this year with the additional work from the Corona Virus. Nevertheless we've managed to just about stay on top so it's going to be a busy period but not insurmountable. Thankfully there's a vaccine so hopefully 2021 will be better than 2020. The professional accountancy bodies that represent the majority of accountants in the UK have are speaking to HMRC with a view to extending the filing deadlines or waiving penalties for three months, so it definitely seems that although these are challenging times and we might be a little slower returning e-mails we are coping well compared to a lot of accountants.

So here's some timely tips.

1) if you always leave your self-assessment until the last minute, make a note in the calendar to nail it in July, or ask your partner to nag you in July. Not only will your accountant appreciate it, but you can enjoy the beach knowing your self-assessment is out the way and relax at Christmas whilst your friends are trying to get their information together!

2) Give your accountant all of your records together. Amending a self-assessment is time consuming and most accountants will charge you for the additional time.

3) if you normally keep a mileage log, ensure it's up to date before giving it to your accountant. At 45p per mile this sounds adds up.

4) If you are VAT registered, now is the time to think about software such as quickbooks or Xero. With Making Tax Digital you will need to use software from April 2021.

Well that's it from me. Don't forget to check it the latest covid help from the government website. A simple google should take you there.