The Self-assessment tax return season, running up to the deadline of January 31, is one of the busiest and most stressful times for accountants.
You can do many things to make this period less hectic and run more smoothly and efficiently for your accountancy practice and yourself.
Effective Strategies for a Stress-Free Tax Return
For many people, tax season can be a stressful time full of uncertainty, paperwork, and the worry of making costly mistakes. However, with the right strategies and insights, you can complete your tax returns quickly and effectively, minimizing stress and guaranteeing compliance with all applicable regulations.
Below is a range of proven strategies and tips to help you confidently tackle your tax return.
Start early with Self- Assessment—and Making Tax Digital
If you’ve ever thought about attracting clients to your tax preparation business, it’s as simple as understanding how to organize your tax preparation business.
Inviting clients to get started early with tax returns and maintaining excellent records using the Self- Assessment software for accounting will make their lives easier and increase the efficiency of your business.
Is accounting stressful? It could be, but you can use software to manage your practice to stay up with workflows and streamline other processes.
This can reduce your time on manual tasks, like entering information from receipts, and more time providing customer value-added services.
This will help you feel more relaxed throughout Christmas and January.
The January 31 deadline may be one of the customers’ last points of contact before the introduction in April 2026 of Making Tax Digital for Income Tax Self -Assessment (MTD for ITSA). There are also changes to the basis period to be considered.
It might be a good time for your practice to start educating affected clients about the administrative changes that will be legally required of them in the coming years–and to start planning resources within your practice to cope.
Join a client account for Making Tax Digital now, and you’ll be in good financial shape when it goes live between 2026-2027.
Self -Assessment stress to deal with
As per the Office for Tax Simplification, small businesses comprise over 90% out of 5.7 million companies within the UK. In three-quarters of these, the owner doesn’t employ any staff.
For tax-paying people, the burden of paying taxes could be significant compared to the pressures of managing an enterprise.
Time spent on record keeping is also the time they need to earn, so some collect and send records to their accountants as late as possible and occasionally in a disorderly manner.
It is the best moment to encourage using HMRC registration forms for your clients to make tax digital.
Adopting the proper habits earlier will ensure that the firm complies. You can even review the tax forms in practice along with them. However, this will put enormous stress on your tax departments.
They must keep track of records, clean them up, and then file them on time for clients, causing anxiety Self -Assessment and longer work hours.
However, a few companies have made it work by installing systems to ensure the return of all items is received before Christmas.
- Stay Organized Throughout the Year
A well-organized financial record for each year can be the first step toward a smooth tax return. On your tax return, you’ll have to provide many details, which is obvious information, such as your name. This involves recording your income and expenses, as well as keeping the relevant receipts, as well as recording your financial transactions.
It’s best to research the pertinent details before making your forms, as it can take some time to accumulate all the required details. If you do this consistently, you’ll avoid having to rush to the last minute to complete all the paperwork before the deadline for filing.
It’s also a good idea to keep an NI Number, Unique Taxpayer Reference (UTR), and P60 ready. P60 summarizes your earnings and the tax you paid in the year of tax.
- Keep Track of Deadlines
Tax returns carry multiple deadlines. Tax returns in the UK are different based on the situation. Therefore, it’s important to note important dates on your calendar. Tax deadlines that are not adhered to can result in penalties and stress. Make sure you know the deadlines to file tax returns electronically on paper and make any due tax payments.
In general, you are given six months from when your tax year ends to file. If you file your tax returns on paper, you can file until October 31. You are allowed for online filing and payment until the beginning of the following year. A different deadline for payment is in July to make the tax payments in advance.
Thus, for this tax period, 2023/2024, that is
- Register: 5th October 2023
- Paper returns due by midnight October 31, 2023. October 2023
- Submit online return by Midnight 31, day January 2024
- Pay the tax you owe by midnight on January 31, 2024.
- You can make an advance payment to pay the tax year following the bill midnight on July 31, 2024
How Can Fin-eX Outsourcing Accountants Help You?
Filing taxes can be a manageable process. You can substantially decrease the stress of filing taxes by being organized, using internet resources, seeking professional accountant services or advice when required, and using the above strategies.
Always remember that quick planning and precise attention to detail are the keys to ensuring a pleasant and trouble-free tax season. With our assistance, you can confidently handle tax season and ensure an effortless process. Don’t wait; contact us right now to simplify filing your taxes!
