Holden Associates – Accountants & Business Advisers Blog

Question: What have personality traits got to do with Tax Returns?

It is always interesting to note how different personality traits often impact on the way individuals conduct their business. At one end of the spectrum there are individuals that are generally organised and meet deadlines easily. These individuals often plan and prepare as much as is possible and do generally try to be ‘ahead of the game’.

At the polar opposite of the spectrum are a totally different set of traits which fall into the ‘last minute.com’ category. That is they are generally disorganised and may miss important deadlines or have to work late in order to meet deadlines.

In between these two are a vast range of different personality traits. There are no hard and fast rules when exploring the differences in personalities as people move in and out of the different types at different times according to circumstances and personal motivation.

Human nature prescribes that the way you handle your household affairs is generally the same method of productivity that you will apply to your business affairs, in general. Hence some people will meet the up and coming October Paper Tax Return deadline, whilst others will not.

The major difference being that Her Majesty’s Revenue & Customs (HMRC) will not be so understanding. There will be no consideration given as to how your personality trait did or did not affect your submission. Late submissions will be automatically subject to a late penalty of £100.00.

The following dates will also need to become a priority if you intend to ‘stay on track’:-

· 19th October 2009 – PAYE and NIC – non- electronic payments

· 22nd October 2009 – PAYE and NIC – electronic payments

· 31st October 2009 – Paper self assessment tax returns

Any paper returns submitted before the 31 October will be worked out by Her Majesty’s Revenue & Customs staff – free of charge. If cash flow is a problem or you would simply like to save money then it would be a good idea to take advantage of the service provided by HMRC.

Finally, the advice being offered by Holden Associates is the same for everyone regardless of personality differences. It pays to start putting your annual returns in order as soon as is possible. There is no getting away from the annual tax return whether we like it or not. A last minute.com submission may well lead to you being charged a £100.00.

If on the other hand you decide that you would like help and support to complete your Tax Return of an accountancy practice – then now is the time to look for a good accountant, if you do not have one. Being proactive about your business affairs will place your business on its best footing.

N.B. The Online Tax Return Deadline is 31st January 2010.