Hi everyone, I was wondering what you thought would be the best use of time for a dedicated personal tax department now that the January 31st deadline has come and gone?
Any suggestions in particular for things we could do now to prepare for the 2015 busy period would be greatly appreciated. :)
Yon could start to contact last years clients now. The tax year is almost done, there's no reason you cant start to do returns now. Don't wait until the end of the year. You'll fill that bit with new clients who leave it too late.
Thanks for the response Kris. We tend to find that clients are reluctant to jump back into thinking about their tax returns this early in the year. May I ask how you've managed to convince your clients to start sending the required information so soon?
There are a few ways. You can explain that if they are due money back then they'll get it quicker, if they owe money they'll have more time to save for it, you can offer discounts if they come early, or penalties if they are late.
If you wait for your current clients until the end of the year, where do you put the new clients who are in a panic?
personally, I allocate my clients a time to get their paperwork to me by and don't really have any issues. Many of them I do the bookkeeping for so have most of the information I need by the time May comes anyway.
-- Edited by kjmcculloch83 on Monday 31st of March 2014 12:50:49 PM
I am giving clients a 10% discount on their fixed fee if they get their tax return checklist with supporting documents and accounting records to me by 31 July. They will pay the agreed fee if returned between 1 Aug and 31 Oct and will be uplift on fees if after October of 10% in November, 15% in December and 25% in January
Also giving similar incentives to Ltd Co clients if they give their records in within 3 months of year and and fee uplifts if more than 6 months late. Already had a number of clients with January and Feb year ends handing their stuff in sooner than last year.
Will take the pressure off come the end of the year as currently have about 130 personal tax returns to be done.
