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Eight reasons to love tax season

by
16th Jan 2014
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Self assessment season is undoubtedly one of the busiest times in a practitioner’s diary. But is the run-up to 31 January something to be embraced or dreaded?

We asked the AccountingWEB community’s views through Any Answers and the Time Out discussion group - and some answers were quite positive.

Therefore, we’ve put together eight reasons to love the season from our members below, for those who may be struggling to see the silver lining in the tax return cloud.

That guilt-free February treat

After all the hard work that has been put into January, practitioners can afford to take a completely guilt-free week, weekend or, at least, evening off.

Andy Patridge noted that while he hates the hassle, he has a “nice little tranquil holiday in February” which he describes as part reward, part necessity.

Another member, Glennzy, is taking his wife to Whitby for the first weekend after the deadline.

Go ahead - plan a treat, whatever that may be. You’ll have worked hard enough to deserve it.

A feeling of… inner peace?

HMRC’s self assessment campaign which kicked off in 2012 may have raised a few smiles with its somewhat unusual ‘inner peace’ slogan.

But there’s no doubt that getting tax season over and done with leaves practitioners with a sense of completion.

PK Group and Flash Gordon agreed that it gives both accountants and their clients a “peace of mind” feeling to file early.

MarionMorrison added that she liked the idea of a ‘finite goal’:

“We do as much as we can, it’s all hands on deck and a good team thing. You can get wrapped up in it - as one client said, “I think you care more about me being penalised then I do.”

But of course, the inner peace-like feeling may hinge on clients submitting their records early - which we all know doesn’t always happen.

More work = more money

This one’s a no-brainer, really. The more work you have, the more money you should make (in theory, at least).

And with accountants being as busy as they are during the season - there’s undoubtedly extra income to be made not only for existing clients who submit records late (assuming you implement a premium fee) but also new clients wishing to come on board in January.

Catching up with clients

Let’s face it - there may be some clients on the books you only see or hear at this time of year.

This may give practitioners an opportunity not only to be social and exchange pleasantries, but also a chance to make them aware of other services on offer.

New business opportunities

And for the accountants who get their returns done early, it leaves a window of opportunity for networking at local events.

Busier or less organised practitioners may miss out on these, leaving events full of potential clients with less competition to fend off, according to mr.mischief.

It’s too cold outside, anyhow…

Who wants to be outside in January, anyhow? It could be worse, the season could fall in the middle of July, when practitioners could be barricaded in an office when there’s a slightly higher chance of warm weather.

“Can you imagine what it would be like to be in the office far into the evening and be staring out at the warm July sunshine?” asked MarionMorrisson.

“If you could avoid interacting with the outside world for a month, January would be the month you'd choose.”

But many other members added that there’s an increased chance of flus, bugs and colds during the cold winter month - which is a downside to the busy period.

Being busy feels good

You’ll never be bored during self assessment season, at least. Kirkers said she loves the fact she’s always got work to do and not having to fill time with bookkeeping as she does in quiet periods.

Kent Accountant is another practitioner who likes to keep busy, and sees the season as “no big deal”.

“Volume is constant - it’s just the detail that varies,” he said.

It’s better than the old system, at least

Kaylee made the point that having no appeals and commissioner hearings make the current system a better one.

“The last minute clients are still the same ones, but at least now the 31 is the 31 and no adjournments,” she said.

“You can take a break in February or March without too much to worry about. I like to get the annual admin and internal training done in that period too. Under the old system, there never was a break like this.” 

Not all practitioners are completely happy with the season, however. 

Old Greying Accountant gave a couple of reasons why they hate this time of year, including: "Tax returns are the first link of the chain that shackles humanity to greed and sloth, and life devoid of dreams and imagination." 

But, as Democratus added: "Don't hate the return - hate the system kind of thing."

Do you agree with the above - or think that the season is nothing to be happy about? What are your top reasons for loving or loathing it?

Replies (20)

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Quack
By Constantly Confused
17th Jan 2014 07:57

Hum

"More work = more money"

Spare a thought for us poor salaried schmucks, more work = more money for my boss, not for me! ;)

But seriously, I'm dreading February.  I'm a war time tax advisor, I enjoy January because there is more work than (it appears) I can do, so busy busy busy!  But Feb will be dead, so what do I do then? 

Thanks (4)
Replying to Pat Alexander:
By JCresswellTax
17th Jan 2014 09:09

You could

Constantly Confused wrote:

"More work = more money"

Spare a thought for us poor salaried schmucks, more work = more money for my boss, not for me! ;)

But seriously, I'm dreading February.  I'm a war time tax advisor, I enjoy January because there is more work than (it appears) I can do, so busy busy busy!  But Feb will be dead, so what do I do then? 

check tax codes! ;)

Thanks (1)
Replying to Pat Alexander:
Man of Kent
By Kent accountant
17th Jan 2014 10:48

Maybe it's

Constantly Confused wrote:

more work = more money for my boss, not for me! ;)

Time to think about working for yourself ?

 

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By The 5-50 Coach
17th Jan 2014 09:27

Many years agoi was in retail management, and learnt to hate Christmas. Ridiculously busy for no extra money (much as Constantly confused said above "Spare a thought for us poor salaried schmucks, more work = more money for my boss, not for me!")

But from a wider perspective it's a great money spinner. 

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By vicpeake
17th Jan 2014 12:23

Eight reasons to love tax season

Although the January season is great for the increased money flowing into our coffers, It does bring quite an element of stress hoping like mad that the staff all don't go down with a dreaded lurgies and be off for a spell - just when they are needed most. These symptoms always seem to happen just after Christmas and the New Year - I'm still trying to work out why.

I remember pre SA the long break over Christmas and the New Year - so nice like most working people. Oh! well stop maudling and  better get back to that tax return before the time frame runs out

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By lstaccy
17th Jan 2014 12:59

Yes guilt free treat

Trying to think of a plan for Feb1/Feb 2 but then Feb 13 off to Benin & Togo for two weeks.  Land of voodoo.  Next year I do not predict a problem with tax return season as all clients will have been as good as gold and provided all info and have all returns submitted by 30 Nov - otherwise they will be learning my newly found voodoo powers (-:

I predict a line of voodoo dolls and some painful clients (-:

Thanks (1)
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By Ermintrude
17th Jan 2014 18:12

Adrenalin

Stressed yes - high on nature's own amphetamine.  I (almost) enjoy the rush, and certainly the cash.  I will certainly need the February holiday though.

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By Michael C Feltham
17th Jan 2014 18:54

The Tax Season!

I shall respond, seriatim (as my old Latin Master might have quoth), or, if you prefer, in like kind.

The Guilt Free February Treat:

I wish!

 

What about the Corporation Tax end of year accounts and CT return filings? And struggling with iXBRL?

And sorting out all those provisional returns we were compelled to file since clients/HMRC? third parties failed to deliver corroborating paperwork to support the client's arcane suggestions?

A feeling of .........inner Peace?

As an accountant in practice? You jest?

Perhaps I might enjoy some inner peace if I could somehow Feng Shui HMRC's offices and re-orientate 'em so they don't sit on top of a bloody Dragon! Well, like Dawn Primarolo, for example!

More work = more money:

Same crap- different day. Either one enjoys enough work, or one well, plays golf!

What's golf? It is a nice bit of easy exercise, fresh air and a thoroughly pleasant method of idling away a sunny afternoon, I used to enjoy before I became busy!

Makes no difference whether or no clients react to our nine months reminders, six months reminders, or three months reminders: the sods still fail to deliver up their records until the very last minute and arrive one our door clutching six Tesco bags, full of variegated scraps of paper and Sage back up disks, which they claim is a year end analysis, when in point of fact, it is a mass of wrong entries, conflictions and capital items masquerading as revenue spending!

The gross annual fees will be the same, whether we spread the work over 52 weeks; or, thanks to our wondrous clients, cram it all into one manic, frenetic month!

Catching up with clients:

Hopefully, with a 12 Bore loaded for bear! In one hand and an outstanding fee account, in the other!

New business opportunities:

Well, these are there, in theory, 52 weeks a year. Why should January produce more?

Other than those clowns who have utterly ignored HMRC's nice little missives and suddenly panic when they realise how close Jan 31st actually is!

If that is how they run their "business", then do we really want them as a client, anyway?

It's too cold outside anyway:

Not in the sheer bloody Hell of Jan uary forlong suffering accountants in practice it aint!

Being busy feels good:

Being far too busy is bad: wives will tell you all about this, as will kids, mistresses, your dog and almost everyone else!

It's better than the old system, at least:

Nope! At least we had much more time: and a nice letter to a local tax Inspector we knew and had worked carefully with for ten years, worked wonders.

Letters to call centres seem to have lost their gravitas........

Commissioner's Hearings and Appeals??

Give me these any day over the new Lower and Upper Tax Chamber!

This is fine if you just happen to be a qualified accountant who also, strangely just happens to be a barrister!

"Under the old system there never was a break like this."

Yes there was!

One self-determined when one set a break.

And played golf, for example!

What's golf?????

Thanks (3)
Replying to n h:
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By User deleted
19th Jan 2014 16:02

The old system ...

Michael C Feltham wrote:

It's better than the old system, at least:

Nope! At least we had much more time: and a nice letter to a local tax Inspector we knew and had worked carefully with for ten years, worked wonders.

Letters to call centres seem to have lost their gravitas........

... was most excellent, you could do ten years catch up on paper tax returns in miutes, just scrawl "per accounts" in the income box, "per schedule" in the interest box and PPP/RAR box and job done - and no interest or penalties for late filing either. Closing year rules were much better for the client too, so they could change year end without getting a sodding great tax bill.

 

Did you mean variagated?  It does work, in a poetic kind of way ...

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By 68fw
17th Jan 2014 22:11

cartwheels...

Couldn't agree with M Feltham more... there speaks the voice of experience... at a guess thirty years plus like my self, yea I'm just as ecstatic.

 

The reality? A small provincial sole practitioner firm is barely a viable proposition.

Thanks (1)
Replying to lionofludesch:
Man of Kent
By Kent accountant
19th Jan 2014 00:34

Couldn't agree less

68fw wrote:

The reality? A small provincial sole practitioner firm is barely a viable proposition.

I'm a sole practitioner in the sticks (ish) and doing well thanks.

Thanks (0)
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By Ermintrude
19th Jan 2014 10:42

@ Michael C Feltham

Funny and very right - although you are clearly a bit of an old chauvinist (dinosaur) -

"Being far too busy is bad: wives will tell you all about this, as will kids, mistresses, your dog and almost everyone else!" ??!!

Re age - well you're old enough to have studied Latin. But then, so did I so I'm clearly no spring chicken - mind you I reckon I am in terms of attitude!  I'm surprised you're managing with the computer, actually!  Or have you a sympathetic grand child doing your typing for you?

(Ooo - its enough to make me dig out my dungarees and Doc Martens, really it is).

 

 

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Replying to Justin Bryant:
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By Michael C Feltham
20th Jan 2014 12:10

PMd You!

CoxE wrote:

The same Michael Feltham, no doubt, with whom I suffered at the hands of the impenetrable Das Guptan regime, many years ago, whilst trying to make something meaningful happen amongst the non CCAB bodies.

I hope that you are well (as if there is any possibility of that at this time of the year)

David Cox (CoxE)

 

David:

I have PMd you.

MCF

 

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By CoxE
19th Jan 2014 11:42

RE-ACTION TO EIGHT REASONS NOT TO HATE....

I take co consolation from any of the points made, which largely revolve around it being good once it is over - like any pain, when it stops.

Notably the S A Season did not get a mention in Ian Dury's "Reasons to be cheerful (part 3).

 

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By User deleted
20th Jan 2014 10:41

@ Michael C Feltham ...

... we can be content in the fact at least we know what happens to the figures when we key them in to these new fangled computamabobs! :o) (and the best way to remedy it when we do it wrong).

I always wanted DM's, but could decide which - I wanted the steel toe caps, but you couldn't get them on 12 hole version - I did have a parker, but sans RAF roundel, after all, this is a modern world :o)

We can also be smug we had the ground breaking music and smile sagely when the modern youth's rant about this or that new band, knowing we heard it first!

Thanks (1)
Replying to ireallyshouldknowthisbut:
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By Michael C Feltham
20th Jan 2014 13:49

Old? Never!

Old Greying Accountant wrote:

We can also be smug we had the ground breaking music and smile sagely when the modern youth's rant about this or that new band, knowing we heard it first!

 

I'll have you know I was Playing it way back when!

When a band was at least 20 people who actually owned and were capable of playing a musical instrument! Anything much smaller was called a Combo.

And furthermore, being so ancient and decrepit, as Ermintrude was so kind to point out to me, we "discovered" such as Big Bill Broonzy, Blues, Muddy Waters, Howlin' Wolf, John lee Hooker and the rest.

 

 

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By Ermintrude
21st Jan 2014 09:42

Ahhh!

Nostalgia ain't what it used to be!

Oh the old days, eh?  And the music - too!  

 

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By User deleted
21st Jan 2014 12:28

Ahhhh ...

... so much better now, strolling round the town centre seeing the demure, polite young ladies on a Saturday night out, bringing much needed colour to the drab urban landscape!

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Chris M
By mr. mischief
06th Jan 2015 14:20

New clients

January business development follows a predictable pattern and the following categories:

1.  People who have been let down by their existing accountants.

2.  People who have started new ventures, where other local accountants are too "snowed under".

3.  I have 2 business networking events lined up this month, with up to 100 small business owners in each.  In the rest of the year there will generally be between 5 and 10 accountants in the room.  In January on average there is either just 1 - ME! - or at most 2.

Some of my best clients have signed up in January or February.  Of my 121 current clients, 28 signed up in January or February compared to the 20 you'd expect just by a normal distribution.  In my view this understates the January effect on my business, as some very good clients signed up in March or April, but my first interaction with them was in January events.

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