My younger daughter asked me this morning whether, as it was the start of the new tax year yesterday, I , as an accountant, wished my clients new year!  I laughed and said no – it was not like Chinese New Year!  However, she does have a point – it is the start of the new tax year:  new personal tax allowance for individuals, new taxation of dividends etc.

For those of you who pay CIS tax, today would be a great day to start pulling together your paperwork.  The sooner you get your paperwork to your accountant, the quicker you can get any tax refunds that may be due to you.

For those of you who are self-employed and had a better year last year than this year, again it would be beneficial to get your paperwork to your accountant as soon as possible, so that they can calculate your taxable profits for this year and may then be able to recalculate the payment on account due on 31 July 2016 and save you some money.

So – my message is simple – act quickly and you may well reap the benefits earlier!

If you want to discuss any of the above, or any other accountancy or taxation questions, please feel free to ring us on 01670 548216 or visit us at our new offices at Ashington Workspace.