Self Assessment Tax Return

[Daddy Pig]

If anyone is getting stressed at having to get their tax return done by 31st Jan you can relax for a bit.
HMRC are allowing us until the end of February this year with
no penalty.

 

[teslacoils]

Yes, my accountant told me it was extended to end Feb about a week ago.

 

[Wombat]

As I understand you have to pay any tax due by the 31st Jan though? It’s just the return that can be done till end of Feb

 

[ISCO]

Yes tax still due end January.

 

[Still Farming]

As I understand you have to pay any tax due by the 31st Jan though? It’s just the return that can be done till end of Feb

And NI contributions.
Are they Feb too?

 

[Optimus]

If anyone is getting stressed at having to get their tax return done by 31st Jan you can relax for a bit.
HMRC are allowing us until the end of February this year with
no penalty.

I'd get it done by end of Jan. You can file it later but if you get an investigation later down the line.they will hold it against you.as they see it as been late.

 

[neilo]

If there is tax due I’m pretty sure it still attracts interest if not paid by Jan 31st. Effectively, only livestock farmers can delay submitting their returns without penalty...

 

[spitfire]

If there is tax due I’m pretty sure it still attracts interest if not paid by Jan 31st. Effectively, only livestock farmers can delay submitting their returns without penalty...

Could you tell me what makes livestock farmers not get a penalty

 

[Steevo]

Could you tell me what makes livestock farmers not get a penalty

I think he's suggesting the guarantee of not having any tax to pay......by virtue of not making any money!

 

[Steevo]

If anyone is getting stressed at having to get their tax return done by 31st Jan you can relax for a bit.
HMRC are allowing us until the end of February this year with
no penalty.

The accountants will be pleased....not!

They're usually flat out for the whole of Jan getting all the tax returns turned around, and breathe a sigh of relief on 1st Feb.

This year they won't even get that - probably be working all of Feb doing tax returns too!!

 

[Al R]

I think he's suggesting the guarantee of not having any tax to pay......by virtue of not making any money!

Knowing @neilo ’s humour it will be that the arable farmers haven’t gone skiing and it’s been to wet to spray or drill so they have no excuse.. compared to us with livestock who end up taking longer to do jobs in the wet...

 

[neilo]

I think he's suggesting the guarantee of not having any tax to pay......by virtue of not making any money!

I almost feel sorry for the all arable guys. They’ve not even got the expenses of shooting & skiing to wriggle through as business expenses this year either.

 

[Muddyroads]

The accountants will be pleased....not!

They're usually flat out for the whole of Jan getting all the tax returns turned around, and breathe a sigh of relief on 1st Feb.

This year they won't even get that - probably be working all of Feb doing tax returns too!!

Can we just pause for a minute to imagine that. An unhappy accountant.......

 

[Steevo]

Spot on @Al R !

 

[Steevo]

Can we just pause for a minute to imagine that. An unhappy accountant.......

Have you ever seen a happy one....?
Or even an interesting one..?!

 

[teslacoils]

The accountants will be pleased....not!

They're usually flat out for the whole of Jan getting all the tax returns turned around, and breathe a sigh of relief on 1st Feb.

This year they won't even get that - probably be working all of Feb doing tax returns too!!

Lol.

Mine had all the stuff since may. My zoom meeting - today 3pm. Great. Tweeked loads of stuff. Sent email asking what to pay - got autoreply saying be back on Tuesday.

I'll end up taking a bit of a guess and paying something then hoping to get it back in the fullness of time.

 

[Steevo]

Lol.

Mine had all the stuff since may. My zoom meeting - today 3pm. Great. Tweeked loads of stuff. Sent email asking what to pay - got autoreply saying be back on Tuesday.

I'll end up taking a bit of a guess and paying something then hoping to get it back in the fullness of time.

Helpful that!! I thought my accountant was cutting it fine. Meeting was 3wks ago, and some tax returns only materialised at midday today.

Its worse with the virus situation, but even so it’s not an ideal system. Seems to have got worse since MTD too, I assume because many have just outsourced all the bookkeeping rather than just the accounts preparation.

 

[Still Farming]

Helpful that!! I thought my accountant was cutting it fine. Meeting was 3wks ago, and some tax returns only materialised at midday today.

Its worse with the virus situation, but even so it’s not an ideal system. Seems to have got worse since MTD too, I assume because many have just outsourced all the bookkeeping rather than just the accounts preparation.

Everyone blaming covid ????

 

[teslacoils]

Everyone blaming covid ????

It's all online. I can't see why I can't get a rough estimate by July. I'm a bit cross as we've tweeked it a bit but I'm left with the choice to pay my tax tonight based on the pre-meeting numbers and wait for an eventual refund; pay something tonight and then top up when the "right" numbers appear; pay nothing and pay the correct amount middle of next week when the amended figures are done.

 

[Steevo]

It's all online. I can't see why I can't get a rough estimate by July. I'm a bit cross as we've tweeked it a bit but I'm left with the choice to pay my tax tonight based on the pre-meeting numbers and wait for an eventual refund; pay something tonight and then top up when the "right" numbers appear; pay nothing and pay the correct amount middle of next week when the amended figures are done.

I don't think you'll be the only one unhappy with their accountant in that regard.

Out of interest - when are your accounts usually done?