The start of ‘Tax Return Season’ and the Budget – a regular feature from Ian Kelly
As I write this column, I’m thinking -day dreaming some of my colleagues would say- about three events that, at first glance, are completely unrelated.
On closer inspection, however, they are, the three being; the clocks going back at the weekend meaning, to me, the onset of winter; the start of ‘Tax Return Season’ and the Budget.
There’s not a lot to say about the shorter days that pass us by as we look out of the window at work or at home; it’s something to endure for the enjoyment that summer will, hopefully, eventually bring. All I know is that my daughter and her horse become higher maintenance and people’s driving habits deteriorate!
Those of us who work in tax, and our clients who have to file an annual Self Assessment Tax Return, know that once November begins we are into the final run through to the Return filing deadline of 31 January 2020.
We are also only too well aware that this is the date by which any further tax due for the year ended 5 April 2019 needs to be paid plus any advance payment on account for the year ending 5 April 2020………or any repayment arising needs to be settled by HMRC. It’s always better, I think, to know this sooner rather than later.
Our tax team are well underway with Return completion for clients and so, if your Return has still to be filed, we will be getting in touch with you to ask for the information we need to complete your Return for last year.
If you have already gathered all of your paperwork using our checklist, then please let us have it and we’ll get your Return completed. If you have any queries or questions about the information that we need, please speak with your usual tax team member.
That brings me onto the Budget and which, as I write, is still going ahead on 6 November. The usual guessing game as to what might be in the Budget has not happened, as yet, presumably due to the ongoing Brexit debate.
What we do know is that we now have a new pairing of Prime Minister Boris Johnson and Chancellor of the Exchequer Sajid Javid in succession to Theresa May and Philip Hammond who seemed to have been around for ever even though they had not!
What Mr Javid announces will be the subject of a special article but what might be in the Budget?
Well, Mr Johnson upon becoming PM mentioned tax breaks for higher earners; a programme of capital project spending; support for business post-Brexit whilst emphasising what a great place the UK is in which to invest.
That all has to be paid for and so might there be increases in National Insurance and VAT alongside increased borrowing in store?
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