Get Ready for Self-Assessment Tax Season! The tax season is a hectic time for everyone, everywhere, and late nights and back-and-forth client calls are normal. This year is going to be even busier as a result of the COVID-19 pandemic, where you will already be dealing with the new complexities that have entered your workload, and clients will require extra advisory services to understand these changes. While this does make the self-assessment tax season one of the most challenging yet, here is how you can ace the upcoming tax season and also keep your team healthy and motivated: 1. Start your planning right now Do not leave everything to the last minute. All too often, accountants leave the document collection and client chasing for invoices until the last minute and then scramble to complete everything on time. Instead, start planning for the self-assessment tax season as soon as you can. It’s never too early to start. 2. Create a process for your clients to provide you with information Get a head start by asking your accountant to send you a list of documents you need for compiling your data. Your accountant should design a simple process whereby you can share the information you need without trouble. 3. Get your money’s worth You should be confident that the accounting firm which is charging you the full price is worth the price. After all – their practice staff should be good at their job. The accountant needs to highlight the shortfalls in your self-assessments. 4. Do you not like Accounting? You do not need to like or enjoy accounting. Account-Ease is here to help. We love accounting so you do not need to. You need to sit back and relax and send in all your relevant data to us and we will take care of it with pleasure. 5. Focus on your needs Every client wants to pay lower taxes. While wrapping up their self-assessment tax returns for this year, therefore, you should aim to take some time out and discuss with your accountant your future tax-saving strategies. Life events such as divorce, death, or business mergers might have tax implications for you. Of course, these are just examples, but having regular contact will help you manage your finances and liabilities better. Make sure if it is relevant, you talk to them about how you can benefit from schemes such as the Coronavirus Business Loan Interruption Scheme (CBLIS) or the COVID-19 Corporate Financing Facility (CCFF) as launched by the UK government to keep businesses afloat. Summing it up The self-assessment tax season is stressful, indeed, hence, follow the tips mentioned above and hire Account-Ease to let you breathe easy. Call us on 0208 133 4599 or email us at askus@account-ease.co.uk to learn more about our services and how we can help you.
