Tax Return deadline

[Stephen Blair]

12 minutes ago, Joe Newton said:

It's crazy. 

Joe let me explain.

[doobin]

2 hours ago, Squaredy said:

Human nature.  I had a builder doing some work for me a few years ago and he told me in November he would never be able to submit his return in time for the end of January.

Why? He presumably manages to send the VAT every quarter.

 

My accountant just does mine whenever they fancy, they have all the data from the VAT submissions.

[Johnsond]

8 hours ago, waterbuoy said:

In my own situation I get my income from two businesses, both of which have a different year end and can have some very late payers (I was paid last month for a contract that was completed in 2021 FFS).  It therefore benefits to be able to hold back with the return as long as possible in order to see what each business generated/is generating in order to try and avoid paying more than is necessary into Nicola's independence pot. 

 

That and the fact that my accountant knows I have always been a last minute merchant so sets aside the 30th Jan each year to deal with my finances - even though the 30th is my birthday and this year I sent the figures to him two weeks early!

To deny Sturgeon even one single penny is worth any amount of hassle. 

[Squaredy]

14 minutes ago, doobin said:

Why? He presumably manages to send the VAT every quarter.

 

My accountant just does mine whenever they fancy, they have all the data from the VAT submissions.

He was not VAT registered. 

Also not organised. 

Did not know how to lay concrete level. 

Also as I found out two years later has no idea how to lay flat GRP roofs properly.

[Mick Dempsey]

After years of being B in Stephen Blair’s photo, I am now firmly an A.

 

Thanks mostly to an insistence by my accountant for monthly figures, receipts and invoices.

I pay VAT monthly.

 

Being crap at this stuff doesn’t make you a hero or a free spirit, it means you’re not doing your job as a self employed/business owner.

[AHPP]

I’m firmly an A too. Problem is my accountant is a B. 

[Joe Newton]

33 minutes ago, Mick Dempsey said:

After years of being B in Stephen Blair’s photo, I am now firmly an A.

 

Thanks mostly to an insistence by my accountant for monthly figures, receipts and invoices.

I pay VAT monthly.

 

Being crap at this stuff doesn’t make you a hero or a free spirit, it means you’re not doing your job as a self employed/business owner.

That's an interesting idea. Might start keeping a monthly log of income and expenses, speed things up come April time.

[AHPP]

My accounting system is about a tenner of stationery and works beautifully.

 

A4 week to view diary and four pens:

• Black - money in
• Red - money out
• Green - do something
• Blue - mileage

Ring binder with 52 A4 plastic sleeves, one sleeve per week:

• A4 pieces of paper are invoices, evidence of money in
• Smaller pieces of paper are receipts etc, evidence of money out

Both go in a satchel. The satchel is opened for every transaction; on the counter in the petrol station, on your lap in the van when your bank app goes bing.

 

Saturday is invoice day; send one to client by e-mail/post, put a printed copy in the folder. Sunday you check the previous six days' paperwork. Monday is the start of a new week.

 

At year end print 12 bank statements and deliver everything to accountant.

 

Quickbooks can swivel. Paper is better.

[Dan Maynard]

Don't get why holding on to the return makes any difference to the tax, this is transactions which ended last April.

 

Don't like QuickBooks but FreeAgent works for me and is free. Send invoices from the app, check off against automatic bank feed as they come in. Pay from bank account, photo receipts as they come in.

 

When I need the numbers for the tax return, click "tax summary" any time from April onwards and there they all are. If I didn't have another business I'd just click "send to HMRC" and not go near the gov website.

 

Accountant can swivel, app is better.

[waterbuoy]

47 minutes ago, Dan Maynard said:

Don't get why holding on to the return makes any difference to the tax, this is transactions which ended last April.

 

Because the work was done before last April but payment was received in the current financial year.  It is my accountant who advises this - and he seems to know what he is doing!