There is now just a week left until the end of the 2014/15 tax year, which ends on 5th April 2015.
As in previous years, I am already able to start work on the 2014/15 accounts and tax returns for our clients, with the software update to prepare 2015 tax returns installed in advance of the year-end.
Completing the tax return shortly after the year-end has many benefits, if you are due a refund then you can receive this at an early date and if you have tax liabilities then you will know about them in advance and can plan for your upcoming liabilities.
Another benefit is the speed at which tax returns are processed at this time of year – last year HMRC were able to have a refund processed for a client within 7 days – that’s from the time we submitted the return online until the cheque was actually in his hand!
Also as in previous years, I always submit client’s tax returns online where possible – this enables faster processing by HMRC. The professional software I use also allows for full paper returns to be produced for the records, as well as to produce detailed computations and schedules in an easy to read format that are excellent for planning meetings.
We may see things change in future years with perhaps a move to monthly accounting, and changes to the ‘new return’ submission time-scale but I will be watching closely and advising on any changes as soon as they are announced – so please do keep an eye on my social media channels and this blog for updates.