The tax year ends on 5 April and we will be posting checklists to all our personal tax clients in the week commencing 7 April.
The checklists will show the details included on your Tax Return for the year ended 5 April 2013, where known and if applicable, and will ask you for corresponding information for the year ended 5 April 2014.
This checklist can either be completed to show the figures or used as an aide-memoire to remind you to let us have copies of the relevant certificates, P60s, dividend vouchers etc.
The second checklist is a YES/NO question and answer sheet and we need to have this completed and returned by you for our file before we can prepare your Return.
Where trading or rental accounts are appropriate for your Tax Return, please let us have your books and records for their preparation as soon as possible after 5 April.
There are many reasons for letting us have all the information to prepare your Tax Return as soon as possible including:
- Having up to date information for Tax Credit renewal deadline in July
- Knowing whether your second payment on account due in July is excessive and can be reduced.
- Claiming an earlier refund of any tax overpaid
- Having advance notice of your tax bill to be able to budget accordingly
Delaying in sending us the necessary information could lead to you incurring unnecessary penalties if HMRC’s deadline is missed.
Up to the 2007 Tax Returns, HMRC had a longer period to open an enquiry into any Return filed before the deadline as enquiries could be opened for a full 12 months after that deadline. From the 2008 Return onwards however, HMRC have 1 year from the date a Return is submitted to launch an enquiry so there is no benefit to be had by holding back.
If you have any questions or concerns regarding your Tax Return please do not hesitate to contact us.