So Here We Are on 1st February …

The Self Assessment deadline was yesterday, so if you haven’t filed a tax return then you are now £100 poorer. The next significant deadline is 2nd March when you will need to pay 5% on any outstanding tax. If you get a move on right now  (Wednesday February 1st 2017)  then your accountant should be able to meet this deadline.

Looking back over the last month or so, we have made some notes on what to do next year. We will be plugging the need to get a UTR as soon as possible in 2018. For a new client who comes to us, we will apply online straight away, so it should be available in 7-10 days. We will encourage clients to telephone the Revenue with application details a few days after the application, and see if they can get the UTR earlier over the phone. When we get the UTR, we will check it at once with our software. The first digit of the 10-digit UTR is a check digit which needs to be right, and any transcription errors will show up at once.

With the UTR, the client can pay before the deadline either electronically or by cheque in the post, and we have spreadsheet systems to assist with either method. The accountant’s tax software can file the return without needing to wait for authorisation. Life is easy.

Without the UTR, there is always the SA361 procedure as a backup, but this involves a payment being held in a suspense account, which means that there is more to go wrong. This is best avoided. Get that UTR !