Our May newsletter has just been sent to our clients:
We have already submitted quite a few tax returns for clients in April, and had confirmations back from HMRC.
At this time of year HMRC can process the returns in a much shorter time, indeed I share below a story about how they have exceeded themselves for one of our clients.
As well as the shorter processing times, the tax liabilities are also known about well in advance and can be planned for – avoiding any surprises close to the payment deadlines. For those that have income taxed at source, underpayments are much more likely to be collected through the tax code in a later year.
HMRC’s new record for processing a client refund
Submitting the returns at this time of year results in a much quicker processing time – in the past I have seen tax positions agreed within 2-3 weeks.
However, for one of our clients HMRC set a new record – agreeing the return and sending out the refund cheque one day after the return was submitted!
We use the award-winning Digita personal tax software, which links directly into HMRC’s systems for return submission. That means the return information is available to them straightaway. As Digita spend many hours each year ensuring their software meets HMRC’s requirements returns have all the information that HMRC need.
A milestone on my YouTube channel
Last month I reached a total of 20,000 views of the videos on my YouTube channel, and these continue to increase.
I share advice for the self-employed, as well as general tips. You can find my channel at:
As always, if there are any topics you would like me to cover in future articles, or if you have any queries please do contact me.