Get your records in early
Get your records in early
Why not be one of the first tax returns we get filed next year and take all the stress out of the process?
March 20, 2023

This year HMRC revealed that a record 5.7 million tax returns were still due to be filed in the month of January if they were to meet the deadline. Considering the total number due was in the region of 12 million this means almost as many had to be done in January then what had been done in the previous 9 months! This in itself explains why accountants don’t get much sleep in January.

So why not miss the manic rush and get yours done and dusted nice and early? The tax year ends in less than a month’s time so you can start to get things ready to streamline the process. It also helps to do this while all the information is fresh in your mind.

Benefits of getting you records in early:

  • If your profits are down and we do your tax return before your July payments are due you won’t have to pay as much in July.
  • It enables us to see your profit levels and take action that can affect the next tax year before it’s already 9 months in (such as getting you incorporated).
  • You will know what your tax bill is with plenty of time to accommodate for your payments;
  • If you doubt you will be able to pay your tax bill you will have enough time to be able to make alternative payment arrangements;
  • Allows for any queries and extra information to be sourced without the risk of running out of time;
  • No surprises over the Christmas period.

What we will need:

  • Completed tax checklists– If you are a client of Hive you will receive your annual accounts or tax checklist shortly after the year end which will only take a few minutes to complete and will both provide us with information and provide you with a guide of what you need to send us.
  • Up to date bookkeeping– if you are one of our clients that don’t use Xero with us then we will need a copy/access to your bookkeeping for the year.

So don’t procrastinate, get it done. Why not be one of the first tax returns we get filed next year and take all the stress out of the process?

The information contained in this article is based on the opinion of Hive Business and does not constitute formal tax advice. Any tax outcomes will be based on individual circumstances, tax legislation and regulation, which are subject to change in the future. You should seek specific advice before embarking on any course of action. Hive Business does not provide regulated Financial Advice, including advice on investment, insurance or lending products or their suitability for you. This article is provided for information only and does not constitute, and should not be interpreted as, investment advice or a recommendation to buy, sell or otherwise transact, or not transact, in any investment including Bitcoin and other crypto. Any use you wish to make of any information contained within this article is, therefore, entirely at your own risk.

By Thomas Julier Head of Accountancy Production
If you have any questions or comments about this article, please get in touch.
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