What we are doing and when:This is largely driven by official deadlines, which usually carry a £100 penalty on each occasion! Since 1997 the discipline Self Assessment imposes has actually been welcome - we know better where we stand and there is a common system of forms and reporting. The Tax Year starts on 6 April each year and the clock starts ticking for 10 months until the big hard deadline on 31 January. It would be nice to think we could start submitting Returns straight away but there are other pressures. We have learned to ‘go with the flow’ which means the Autumn and Winter are the periods of greatest stress. In June we make sure ALL our customers get our best forecast of what tax they are in for the following year. This takes the heat out of the process, makes sure everyone is treated equally, and allows us to get on with the job in the way that we deem most efficient. |
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| Deadline 31 January • Companies House Accounts • Personal Tax Returns 28 February • 5% fines for late payments of previous year’s Self Assessment Tax 31 March •Corporation Tax Returns 30 April •Companies House Annual Returns of Directors and Shareholders 19 May •We have to deliver Employers’ PAYE and Subcontractor CIS Returns (P35 and CIS 36) 31 July •Employee Benefit Returns (P11D) •Second Payment on Account for Self Assessment 30 September •A phoney Self Assessment deadline used by Inland Revenue TV adverts to avoid a processing rush in January 31 December •Most Corporation Tax payments |
Our Response Work like stink over Christmas and the New Year !! We send out reminders about the 15th of February telling customers what to pay (even if they have not yet had their Inland Revenue calculations) We pick up any stragglers We write to Company customers asking for their cheques We prepare company Management Accounts, do the Dividends and forecast Corporation Tax We fill in the forms, copy and post them before the deadline. Our main preoccupation in May As above Nothing special – we are working towards the real deadline in January Companies get prioritised over individual Returns |
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| Or put another way, what we are likely to be doing: September to January From September to January we are able to think of little else but banging out as many Self Assessment returns as possible to prevent customers being fined. These days we can file an estimated Return but prefer not to as we have to do the work some time! So we tend to try to finish every customer’s work, no matter how late they submit their paperwork. February Recovering from the Self Assessment rush Time with the family Reminding customers what they have to pay to avoid a 5% surcharge March Finalising any uncompleted Corporation Tax Returns Annual mailshot to remind customers what we need for the Tax Year that is just ending April and May Employers’ PAYE Returns Companies House Returns Billing customers for unpaid fees June to August Time with the family and holidays (for security reasons we never say when we will be away) Annual chores including following up bills, archiving records, planning etc. |