It’s Christmas Eve, but don’t forget those dreaded late tax returns!

As the year draws to a close on the eve of Christmas, here at AME, we always like to look back and reflect on the year.

It has been a great year at AME, with the company going from strength to strength. Some highlights being:

·         We employed a new Trainee Accountant, Imran, who is currently doing his A-levels.

·         We’ve moved into a larger office.

·         We won the Theo Phaphitis #SBS award: https://ameaccountingandco.com/theo-paphitis-small-business-sunday-winner-ame

·         We’ve commenced sponsorship with Scarcroft Golf Club.

·         Our continued support for local small businesses.

We are also happy to announce our continued support of the next generation, not just in accountancy. AME can confirm the sponsorship of Mr Oli Field who has received his first draft into the first team squad at Leeds Rhinos. https://www.therhinos.co.uk/player/oliver-field/ .

Oli has had great success so far in the Rugby pitch, following in his father’s footsteps and with a loan spell at Batley Bulldogs, he is sure to continue he development into a Leeds Rhinos regular.

Those dreaded Late tax returns!

Back in the office however, we are deep into the dreaded tax return season. With the 31st January deadline quickly looming, it is not too late to finalise your return. Late tax returns will be automatically fined £100, which will continue to increase and incur interest before it is filed.

You must send a tax return if you were a Sole trader with income over £1,000 or a partner in a business. You may also have to send in a return if have received:

  • Some Covid-19 support
  • Property rental income
  • tips or commission
  • Dividends, interest and savings income (not within an ISA)
  • foreign income

You may also need to do a return to claim Tax-free childcare or maternity allowance as well.

But enough of the boring tax advice, it’s almost Christmas, so make sure you enjoy the festive period and make sure you use those Christmas allowances!! £150 per head for an annual celebration.

With this likely to be the last article of the year from AME, may we wish you all a great Christmas and Happy New year to our clients, new and old.

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