Schedule your accounts & tax returns early

Last minute deadlines are not good for your stress levels, nor mine.

A new client got in touch 3 weeks ago to say she had to complete her UK limited company accounts by today and could I help. It was someone I had done a little finance coaching with eighteen months ago, so I was reluctant to let her down. Thankfully her book-keeper had done most of the work so there was only about 10hrs work for me to do. However, I did have a full diary and I knew we had a 1-2 week wait for codes from HMRC. With a bit of juggling I was able to fit it in, and I am pleased to report that we did it! However, I would recommend scheduling your accounts & tax returns early, and NOT leaving it until the last minute.

In January, I always get last minute requests to help with UK tax returns and sadly I do have to turn some of them away. This however does prompt them to book me in early for the following year. I do my best to keep the month free as much as I can but I really do recommend that you start early, even if it’s just to check your log-in details, and a rough estimate of how much you owe. 

Last year, with 3 days to go, I had a client that had lost her log-in details and it looked like she was going to miss the deadline. Her stress levels were high, and so were mine! The reason being, I care about you guys getting the information in on time. So do all the other finances coaches and accountants out there. That’s why we hamper on and on about getting your accounts finalised soon after your year end. We want you to budget accordingly, and we want you to be calm, because life can throw you curveballs and the best you can do, is do what you can to avoid the unnecessary ones.

So whilst you are trying to remain calm for Christmas, I advise you to think ahead to January too and start your UK tax return early. If you have a limited company with a tax year end 31st March or 30th April then your accounts will be due on 31st December and 31st January respectively too, so a bit of attention will be needed on these, and get in touch with your accountant today.

Going back to the client that had lost her log in details, thankfully I had taken a note the previous year when we had registered her for self-assessment, so between my scribbles, and her memory, we were able to get access. But for some of the clients that come to me last minute, we don’t always make it on time and sadly they have received penalties for late filing.

Don’t delay, file today 😉

© Helen Monaghan