Company And Personal Tax Returns
We all know that we have to do them, and we are all tempted to leave it to the last minute! Many also feel that if they give the matter enough time and effort, they will be able to master the act of filing the appropriate return online. For most people this is broadly true, although please note that from last April all company returns have to not only be filed electronically but also have attached appropriate accounts completed with iXBRL imbedded software so that the accounts can be read automatically by the Revenue computers. It is possible to buy inexpensive software to help you convert word prepared reports, but we and others would not be spending thousands of pounds each year to run the specialised accounting and taxation software that we do, if the cheap and cheerful option was actually economically viable.
Equally merely being able to file the returns is actually the simple bit! Knowing what to put into the returns and how to present everything in the most tax efficient way is the clever bit. We strongly recommend that as soon after your year end as is practically possible you gather all your books, records and information together and let us have them. At least you will then get the maximum advance warning of how much the bad news is going to be, and in certain cases there can be sufficient time to mitigate some of the worst aspects, or at least do a bit of damage limitation.