It struck me the other day that now we have an additional 500,000 businesses that need to stage between now and the end of 2018 how will this affect the timings of other crucial accounting events?
I am told that January can be a little testing for some accountancy practices and that clients are not always as well prepared as they might be for the completion of the self assessment tax returns before the 31st Jan each year. I am shocked!!!
It has been described by one or two of my accountancy friends as a period in which they have no life, they have no weekends and they have little or no hair left at the end of it! This happens every year with the same clients, sometimes a few more, sometimes a few less. I am also told that near the end of March the tax year ends and that this can be a busy period as well in which deadlines are pushed and tested to the Nth degree but VAT returns must be made etc etc.This happens every year and can be predicted with increasing accuracy but still seems to come as a surprise to many clients (every year!!) and this can make life a little difficult. What can be done about this??.....
Looks like this issue will get easier soon as many businesses fail each year and these will not need to self assess/deal with tax returns, however...next year in the first quarter of 2016 more than 100,000 businesses will need to start their AE duties at the same time as accountants are completing self assessment returns, chasing clients for outstanding information, processing payroll and towards the end of the quarter, dealing with VAT returns as well. In Q2 2016 it rises to 150,000 businesses and so on. In the first quarter of 2017 more than 200,000 businesses will stage and in Q2 it is 350,000 businesses.
Does this mean that accountants will never go on holiday ever again or is there a plan in place to deal with the additional workload for the clients that stage during these busiest of times for all accountancy practices around the country???