Another busy January

I was just thinking about our January tax return workload and reflecting on how things have changed over 14 years at Base52.

In the early years there were just a handful of tax returns, mainly for our business clients. I did the tax returns myself along with most of the business accounts.

14 years on we now deal with a range of tax returns from the routine with self employment profits or PAYE and dividend income, to the more complex with capital gains tax computations, entrepreneurs' relief, foreign income, enterprise investments schemes etc. We have also seen the rapid growth in buy to let ownership. Nowadays, many of our clients have buy to let income on their tax returns. Another change has been the requirement for 'high income' taxpayers who earn more than £100,000 per annum to file a tax return.

One thing that hasn't changed is the January rush. Almost inevitably a high proportion of our tax return work still falls in December and January. There is a nothing like a deadline for focussing minds and helping everything to come together before HMRC penalties apply.

We do try and keep a little in reserve however so despite being a very busy time we are still, 'open for business' in December and January and delighted to welcome new clients.

There is more change on the horizon with the introduction of a dividend tax and changes in buy to let tax from this tax year and Digital Tax Accounts and quarterly reporting from 2018. We are already making plans for the new digital reporting regime and want to be in the best position to support our clients and help them adapt to the new requirements.

So it's heads down for a busy last few weeks to the end of a another tax season. Roll on January 31!

www.base52.co.uk