As Self-Assessment season appears on the horizon, accountants are reassessing their role in their clients' businesses. Coronavirus has accelerated the move from numbers guru to business strategist for many accountants, so it's more important than ever that essential compliance work is as straightforward and efficient as possible
Coronavirus changes everything
Since March, businesses have faced dramatic changes to their financial plans. Their accountants have been invaluable in helping them navigate the raft of assistance announced by the Chancellor in his budget and summer statement.
A significant change for this year has been the SEISS (Self-Employment Income Support Scheme), which provided an income for self-employed people while they were unable to work through the lockdown. When HMRC provided information about the SEISS, our developers worked overtime to provide our customers with a brand new report to quickly identify clients who are eligible for the grant.
Obligations never change
Among the payment deferrals announced by HMRC was the option for the self-employed to defer their second payment on account until 31st January 2021. The deferral option is helpful for those dealing with dramatic changes to their income due to Coronavirus. However, they may not be aware that they must now make that payment plus their first payment on account for 2020/21 by the same date.
Accountants will provide a vital role to their clients in preparing for January 2021. As well as preparing their Self-Assessment return, they can also assist in applications for a Time to Pay installment arrangement or set up a budget payment plan.
Moving into Self-Assessment season
The Chancellor's support for the economy throughout the pandemic means that this Self-Assessment season is likely to see accountants busier than ever, so preparation should begin well in advance.
SA Solution is a powerful tool that eases the administrative burden on our customers and our focus as a company is now on developing our Self-Assessment software to ensure that we continue to support accountants in their efficiency – leaving them with more time to focus on developing their advisory services.
The Ultimate Guide to Self-Assessment
The 2020 edition of the BTCSoftware Ultimate Guide to Self Assessment is available to download now!
This guide includes:
How the SEISS could affect Self-Assessment returns
This year has seen a record number of our customers moving their database into the cloud. Adding remote access to their client data has been the biggest motivator for accountants, and Cloud Solution supports that requirement which is now all-but-essential for many practices. Our UK based Amazon Data Centre servers also give peace of mind when it comes to data security and backups, meaning less time spent worrying about the essential daily maintenance of software systems.
Talk to BTCSoftware
If you aren't yet using our award-winning Self-Assessment software, we can help! The best place to start exploring how BTCSoftware can help your practice be more productive and profitable is with a demo. Get in touch on 0345 241 5030 for an informal initial chat, or email [email protected]
You can find out more about SA Solution here. Self-Assessment season is going to be busier than ever; make sure your software can keep up!