It’s the 31st of January, tax return deadline day. HMRC announced last week that 3.4 million people were still needing to file their tax return and their extremely busy helpline will close at 6pm today we look forward to how your 2022/ 2023 tax return can be easy and stress free.

Stress Free Tax Returns

• 6th April (1st day of the new tax year) we contact you with tax questions and requesting your income and expenses

• Once we have your answers we process your tax return

• We send the draft tax return to you to review and agree

• We submit your tax return

• If you are due a refund you will get this shortly after, if you need to pay any income tax, the deadline remains 31st January so either pay it off immediately or budget and pay by the 31st.

Benefits Of Early Submission

• Early submission means you know what your tax bill will be so you can manage your cash flow and budget accurately for the year

• More time to set aside sufficient funds to cover your tax bill

• Avoid penalties for late submission and payment

• Gives us time to discuss with you any tax planning opportunities leading to savings

• Communication with HMRC in December and January takes much longer than normal and could result in late submission

• The HMRC website used to upload submissions often crashes due to the strain of traffic in January, leading to delays

• Penalties are charged for late submissions and interest is charged on the tax liability

Cashtrak’s Software Tax Return

 For an even easier tax return we now offer software based returns:

•  Choose the accounting software that suits you best, some are free depending where you bank*

• The accounting software captures your income and expenses. You can take a photo of your bills and upload them or email them to the software as soon as you have it. No more searching for hours for invoices and receipts.

• Each month we will process your income and expenses, this means we will be able to provide tax planning and expense saving guidance in real time, saving you even more!

• As we will have worked on your income and expenses monthly for the previous 12 months, they will be up-to-date. We will send you tax return questions on 6th April and once these have been received – we can submit your tax return.

• Monthly fee means you can spread the cost of your tax return over the year and get your tax return submission free** rather than pay in one lump sum AND as we will be doing your monthly bookkeeping, this can be claimed as a business expense. A one off, annual tax return submission can’t be claimed as a business expense.

Depending on the cost of the software, this option will not be any more expensive than the annual method.

 *Free Agent is free for customers with a business account with Natwest, Royal Bank of Scotland, Ulster Bank NI or Mettle (Ts and Cs apply – see Free Agent for more details)

**Subject to Ts and Cs.