• tscrase


Updated: Mar 11, 2021

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.

7 views0 comments

Recent Posts

See All

And for some tax payers and accountants it certainly is as HMRC have effectively extended the filing and payment deadlines for self-assessment to the 28th February, broadly in line with what they did

Well seasons greetings to you all! it's been a very strange last 10 days or so. From around the 1st of December, I started feeling a little under the weather and took a lateral flow test which was ne

This really applies more to those in the construction industry, as with CIS they are more likely to get a rebate than other tax payers. So how can you maximise this? Let's start with why you get a r