We always advise our clients to send in their self-assessment information as early as possible and because of that well over 87% of our clients never need to worry about filing or late payment penalties. In addition, they get the bonus that we can work with them to plan for the current tax year and beyond hopefully reduce those tax bills.
Unfortunately, we know that not every accountant operates like this, and many are still working through the night in January to complete their clients tax returns in a period that has become known in the industry as “silly season”. We hear so many stories this time of the year from new clients who have been hit by surprise tax bills and are annoyed that things have been left to the last minute. Here is one story from a new client we engaged in February 2021, after they had had enough of poor service.
"I had just been through a really tough year, worried about finding work and keeping my business afloat. I had been asking my accountant all year to make sure I knew where I was up to in terms of cashflow, profitability and tax liabilities but every time I called to chase, I was told they were working as fast as they could, but they were under a lot of pressure from all clients for additional support because of Covid. I eventually was sent my self-assessment return to review on the 18th of January, some 6 months after I had sent in all my paperwork. I knew I had tax to pay but the £7,500 bill was a surprise and then there was the payment on account that no one had ever explained to me. I don’t like owing money, I have always tried to be debt free and pay my way so the stress and strain I went through last January, scrambling around to find the money I needed was immeasurable. I raided what was left of my savings and had to borrow from my own company to pay the rest, which I am now having to repay as well as saving for this year’s bill.”
Fast forward a year and the same client is now an Orange Genie Accountancy customer. We made sure that their company accounts were completed and filed within 3 months of the year end and having received additional tax return information in June 2021, the self-assessment was prepared and filed by the end of July. We managed to reduce the second payment on account in July and establish a personal cashflow with the client that means not only will she has repaid what she borrowed last year, she will have paid the current years liability ahead of the 31 January deadline and she has started to put a sum away each month towards a deposit for a house.
If this scenario is familiar to you and you are finding yourself with a nasty surprise tax bill, last minute panic and sleepless nights then now is the time to make a positive change. Here at Orange Genie Accountancy, we pride ourselves on providing the right advice at the right time for all of our clients. We combine technology to do some of the number crunching, freeing up your accountant to really get to know you and your business meaning we can provide real time updates on the things that matter so you can make better decisions and plan for all eventualities.
Switching accountants is easy. All you need to do is give us a call and we can take care of the rest. What are you waiting for, one of our accountants will be happy to have a free consultation with you to see how we can help. Just call us on 01296 468185.
Why Orange Genie Accountancy?
Orange Genie Accountancy offers fixed fee accountancy packages to contractors and freelancers. Each client has unlimited access to their own dedicated approachable and friendly accountant. All Orange Genie Accountancy accountants are specialists in the contracting market, so they can give you bespoke, high quality advice.
We will always keep you informed about anything that could affect you and your company. Our relationships with our clients are extremely important to us so we'll be in touch often, whether it be face to face, over the telephone or email.
Our packages start at £75 + VAT a month for an online service. Our most popular package is £120 + VAT a month which provides you with your very own dedicated accountant as well as:
Unlimited accountancy support
Face to face meetings so we can get to know you and understand your contracting goals
Proactive contact
Director and employee payroll
Annual Return
Self-Assessment Return
A fully compliant service so you are safe in the knowledge that you are meeting your legal obligations
And much more, includingaccess to wealth management advice, IR35 reviews and pensions planning.
If you would like to appoint Orange Genie Accountancy as your accountants please either fill out our enquiry form or give one of our friendly expert accountants a call on 01296 468 185 or email accountancy@orangegenie.com.