In association with
Save content
Have you found this content useful? Use the button above to save it to your profile.
accountants prepare for self assesment

Accountants prepare for self assessment season

by
21st Nov 2016
In association with
Save content
Have you found this content useful? Use the button above to save it to your profile.

Brace yourself: Self assessment season is upon us. While some accountants prepare for the busy season ahead, others are already striding towards the finish line.  

It’s no wonder accountants are taking early action to alleviate their January workload. Last year practitioners in communities like Cumbria and Lancashire faced floods which disrupted their self assessment season. Others, meanwhile, contended with late clients.

In the aftermath of January’s SA season, 34% of respondents of AccountingWEB’s spring survey with Thomson Reuters found their busy season worse than the previous year. This downbeat response can be blamed on one culprit: Late or lazy clients.

Early this year, HMRC published a list of excuses taxpayers gave to escape penalties for late returns. Accountants will recognise some of the excuses. Although the number one excuse was unique: “My tax papers were left in the shed and a rat ate them.” 

Therefore, some AccountingWEB members have taken steps to remove the headache from this year’s season. Like 46% of survey respondents who planned to chase clients earlier, AccountingWEB regular Glennzy suffered such a horrendous January this year that he vowed to break the routine. Glennzy nudged the troublesome clients in August and September this year.

Through the use of a virtual assistant and an SMS reminder service, Glennzy completed his tax returns by mid-November.

“Being on top of things makes a massive difference, as can actually look forward and plan marketing, website updates and new client acquisition,” he wrote. “I need to keep it like this.”

Others shared Glennzy’s ebullient January outlook. AccountingWEB member Manchester man chipped his tax return stack to five (although, he admits, most his clients are limited companies with directors). Paul Scholes, like Glennzy, hounded his clients early. To ensure his clients didn’t dawdle, Scholes set a deadline of 31 October. This approach generated 75% info before the deadline in the first year, and that’s increased since.

“[W]e had no grief from clients and, in fact, many said they were now relieved to have summer & autumn no longer worried about getting the info together,” Scholes said.  

This early disposal of tax returns trend emerged last year. A steady flow of taxpayers eased their tax return burdens before the final hours of 2015. The 2.8% increase in submissions before January should placate accountants’ stress levels over the festive period. But this is not always the case.  

Many still feel the brunt of the busy season. MissAccounting admitted to being behind this year with 142 left to do due to staffing issues. While NH has shifted more returns earlier than last year, Taxfilier quails their enthusiasm as it says 54% are still open.

AccountingWEB, in association with TaxCalc, will guide you through the self assessment season. We will be here like your personal trainer, encouraging you over the 31 January finish line with a smattering of workouts and positive mindset exercises.

Still need inspiration? Here is a reading list of exercises and positivity from last year’s self assessment coverage:

Are you prepared for this year’s busy season? Have you taken an effort to chase clients earlier this year? Or, are you still in the same routine as previous years? Let us know if you’re feeling positive about the months ahead.

Replies (3)

Please login or register to join the discussion.

By jon_griffey
22nd Nov 2016 12:59

If MTD comes to pass, we will look back at the January Self-Assessment rush with fondness - when life was so much easier...

Thanks (6)
Jennifer Adams
By Jennifer Adams
22nd Nov 2016 15:31

I set a 31 Oct deadline - it works for some but there are still the same old same old who ignore me and will obviously let me have their stuff on 29 Jan.

Thanks (1)
By ireallyshouldknowthisbut
22nd Nov 2016 17:42

Not sure if your headline agrees to your article.

As your article states, most decent practices are actually well through SA now, not starting it.

SA season starts in April, and reaches a peak for us around now, before winding down towards Christmas.

Whilst I appreciate there may be some "old school" practices who pull 90 hour weeks in January and accommodate lazy clients who cant be bothered to prepared their data until January, but no-one i talk to offline does that any more, or at least admits to it.

Thanks (0)