We are now half-way through the tax year 2022-2023, rapidly approaching the deadline for registration for self-assessment for 2021-2022 and 4 months to the deadline for submission of online tax returns and payment of any tax owed!
Let's talk about "dreaded January"! January is known within the Accountancy world to be the most dreaded month of the year. Self-Assessment Deadline time in most practices is an intense month of overtime and stress in trying to submit all of the Self-Assessment Returns before the 31st. Of course, this is always the time that the software plays up, the clients suddenly realise they forgot to tell you about another income stream and the HMRC website is almost as overloaded as your brain.
Here at Hatch and Co, we are really happy to say that half-way through the year, with 4 months to go until the Self-Assessment Deadline, we have already completed and submitted 75% of our existing clients' Self-Assessment Tax Returns. This means that 75% of our clients have had more than 4 months to save for the tax that they will need to pay by the 31st of January or, even better, have already received their tax refunds for 2021-2022!
There are lots of ways that you can get organised throughout this year ready for the 2022-2023 tax season to begin and to be in the position of 75% of our clients this time next year! These include, being organised with your paperwork, saving email receipts to files as you go, saving and sending your bank statements when you get them and keeping a small amount of cash aside to save for your tax bill. Check out our previous blog post for more information!
When you have a good accountant, your tax bill is never as bad as you think it will be! Knowing what your bill is early relieves stress and worry. Our aim is to get to 85% of our clients submitted this time next year- are you in?
