Why wait until January?
At this time of year, HMRC like to publish statistics to update us on the filing of tax returns and this year is no different. HMRC's tax return filing statistics have been published and, for accountants like us, are quite staggering. Some 11.1 million returns were filed for the 2018/19 tax year. On 24 January 2020, with one week to go, 3 million returns were yet to be filed. Of these, 700,000 returns were filed on deadline day and 958,296 taxpayers missed the 31 January 2020 deadline! This trend has been around for a long time....... but luckily times are changing.
With a vast range of cloud-based software packages and technology all aimed at helping businesses collate data on an ongoing basis…. the last-minute January madness will certainly be a thing of the past.
If you’ve not already, our recommendation is for businesses to invest in a set of software products that keep your business records together in one place and also make the collation of your accounting data as easy as possible. Using cloud based software, makes it easy to keep your records on the go and setting up bank feeds means there will be no missing statements ever again; and using an App to which you can directly e-mail invoices, photograph receipts and link up to on-line portals will allow you to record expenses as and when, rather than waiting until the end of the year.
Keeping on top of your records in this way will mean we’ll be ready to prepare your accounts and tax return as soon as the tax year ends. You’ll be able to plan better for payments, receive any refunds sooner and there’ll be no need to make the arduous journey to drop off that box of receipts.
If you would like to see how we can make the tax season better for you, please get in touch with your relationship manager here at Jackson Stephen to learn more or contact our Digital Services Manager, Sarah Smith on the details below: