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BRANAGANS ACCOUNTANCY SERVICES: SUPPORTING CLIENTS AHEAD OF 31ST JANUARY TAX DEADLINE

With the 31st January 2025 tax deadline fast approaching, Branagans Accountancy Services is urging individuals and businesses to prepare for a range of tax-related challenges. From managing Simple Assessment letters to spotting HMRC tax scams and understanding the Basis Period Reform, Branagans is here to guide clients through a complex tax landscape.

Donna Branagan, Director of Branagans Accountancy Services, emphasises the importance of proactive planning. “Our mission has always been to empower our clients with knowledge and solutions. Whether you’re navigating a Simple Assessment letter or preparing for the Basis Period Reform, our goal is to simplify the process and help you meet your obligations with confidence,” she states. “We understand that tax compliance can feel daunting, but with the right support, it can also be an opportunity to optimise your financial position.”

Key Issues and How Branagans Can Help

1. Simple Assessment Letters: HMRC has begun issuing Simple Assessment letters to individuals who owe tax outside the traditional self-assessment process. These letters require close scrutiny, as errors in calculation could lead to overpayment. Donna advises, “Always check the figures in your letter carefully, and if you’re unsure, consult with an accountancy, like Branagans. We’re here to ensure that you only pay what you owe.”

2. HMRC Tax Scams: With nearly 150,000 fraud reports made to HMRC last year, Branagans is urging vigilance. Scammers often target taxpayers with fake tax rebate offers or demands for payment around this time of year. David Branagan, Director of Branagans Accountancy Services, stresses, “Don’t rush into responding to unsolicited messages. If something seems suspicious, we urge our clients contact us or refer to HMRC’s official advice. Protecting your financial information is paramount.”

3. Basis Period Reform: The Basis Period Reform, effective from 2023/24, could result in higher-than-expected tax bills for self-employed individuals and LLP members in January 2025. Donna explains, “While this reform aims to standardise tax reporting, it’s crucial for affected individuals to act now to manage cash flow. Our team is ready to assist with spreading transitional profits and exploring overlap profit relief.”

Whether you’re grappling with Simple Assessment letters, concerned about scams, or preparing for the Basis Period Reform, Branagans Accountancy Services is here to help. Contact them today at 01709 327 215 or email [email protected] to ensure you’re ready for the 31st January deadline.

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