You will shortly be receiving an email or letter from Andow Ellis inviting you to provide the information for us to prepare your tax return for the year ending 5 April 2021. It is important that we get all the information necessary at one point, so that it’s easier for us to collate and return to you.
Our normal way of working is to collate the information before sending the return to you for approval. The usual turnaround time is six to eight weeks for this process. As such, we would be grateful if you could provide the information to us in a timely manner so that we achieve this for you. Naturally, if we are required to prepare a set of accounts to accompany the tax return our timings may be slightly longer, and also if any queries arise when we request further information, this may also extend the timeframe.
Reasons for preparing your tax return early
There can be significant benefits of preparing and submitting your tax return well in advance of the Self Assessment deadline. These include:
- We can quantify the amount of tax which you have to pay, sooner rather than later, which can help you to put money aside to pay your tax bill, thereby aiding your cashflow.
- Regardless of the time when your tax return is submitted to HMRC, the tax is still due on or before the 31st of January.
- If you have overpaid any tax, we can obtain the refund sooner.
- If you are not sure if your payments on account, due at the 31 July are correct, it also gives us an opportunity to rectify this early.
If you need any assistance in collating the information or knowing what information is required, then please do let us know.