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Year End Procedures – Tax Clients

This Content Was Last Updated on March 8, 2024 by Jessica Garbett

 

This page is a guide to getting Year End information to us, what we need, and common problem areas, so that your year end accounts run smoothly.

If there is anything you are not sure about, or have difficulties with content or timescales, please let us know as soon as possible – the more notice we have, the more we can help.  Get in touch with your Normal Whitefield / YogaTax contact

Because our clients range from small to large, with a variety of approaches to record keeping, this section of our website is inevitably quite detailed, with this in mind we’ve segmented our clients.

This section is for our Tax Clients – typically with income from employment, investments, savings or a very small sole trading business.  Don’t worry if this isn’t quite you or are unsure as we will review what you send us anyway and let you know if its not right.

 

General Guidance

 

What We Need

Generally what we need is:

  • Your completed Self Assessment Data Request form
  • Supporting information like P60s, P11Ds,
  • If you rent property or run a business – your records of income and expenses, paper or electronic.
  • Passwords and logins for any cloud or electronic files.

A few pointers:

  • If you have records of income and outgoings, generally we don’t need supporting paperwork like Invoices, Receipts or Vouchers.  We will request anything we need to see.
  • Please make sure your records cover the whole period – if you sent us paper information overlapping the year end last year, please make sure you’ve taken it out of last years records to include it again for the start of this year.
  • If you are used to sending accounts information in a specific format, please carry on and send us what you have – we will let you know if what you have sent isn’t complete.
  • Likewise, if you are not sure, what you sent last year is a good start!

For property rental or self employment, for a full list of what we need you can use the checklist on our website
Submit Year End Checklist 
(you are welcome to print a hard copy of this, if you are giving us hard copy information)

 

How To Get It To Us

  • Your Year End Information can be sent to us by whatever medium is convenient:

A few pointers for sending the Year End Information to us:

  • We will keep your records for as short a time as possible – please ensure that you have any information you may need in the interim
  • If you need anything copied and returned to you then please let us know.
  • Please pack your books in as small a parcel as possible – boxes, crates or files may not be returned to you.
  • Please don’t send a bulky collection of supporting papers, invoices or receipts – more often than not we don’t need to see these.
  • Where possible we prefer information digitally.

 

When Do We Need It?

We ask for your accounting and tax papers by

  • 30 September after the end of the tax year

If this creates a problem, do let us know; we are a small team, and we can normally accommodate a delay if we know about it.

Whilst the statutory deadline for filing personal taxes is 31 January we ask you to work to this earlier date to ensure our workload is spread evenly, and to avoid last minute rushes with attendant stresses and risks of errors.

After 30 September, we’ll always do our best for you although things may be rushed.

See our Deadline Policy to understand how we work with deadlines

 

Late Presentation Fee

If information is received after the 30th September a Late Presentation Fee will apply.

The Late Presentation Fee recognises the pressure which bookkeeping and records provided to us late puts on our staff team, and also the increased risks to us around errors and mistakes.

The Late Presentation Fee is:

  • £100 plus vat where the accountancy fee is £500 or lower
  • 20% of the contracted accountancy fee where the fee is over £500

Staff have discretion to waive the Late Presentation Fee in appropriate circumstances.

We do not normally charge the Late Presentation Fee in your first year of service with us.

 

Statutory Filing Deadlines

The normal filing deadlines for HMRC is shown below:

  • Self Assessment due to HMRC by 31 January after the tax year
  • Please get information to us by 30 September
  • Example
    • 5/4/24 or earlier year ends, to us by 30 September 2024, to HMRC 31 January 2025

 

Expenses

If you have property rentals or self employment, then before sending information to us we suggest you check your expenses are complete:

From experience the common things that can get missed are:

  • Expenses for Working from Home / Using Home for Business
  • Motoring / Mileage costs

 

What Happens After We Get Your Books and Records

  • We try to prepare your accounts and get your records back to you as soon as possible – normally we aim to complete your accounts within 60 days; however  at busy times our turnaround times can exceed this  – when this happens we do everything possible to reduce our work backlog, and to keep you informed.
  • Please help us by telling us:
    • If your accounts are urgent, eg required for bank, mortgage or tenancy, etc
    • You wish to use our express service (see below)
    • You would like any of your records copied and returned to you

We offer an express service for clients on request – please let us know when sending us your records if you wish to use this.  The cost is a surcharge of 10% on your normal contracted fee, subject to a minimum of £100 + vat. Provided your information is complete, then subject to us having the staff resources available, we will start work on your accounts as a priority and guarantee to let you have draft accounts within an agreed time-scale, normally 21 day, maybe sooner by agreement.

 

Complete your Your End Questionnaire on our Website
For clients with property rentals or self employment