Ten things you can do to make preparing your tax return easier
We all know that anything that can save time when you run a business is a blessing. Here are a quick few tips that will help you when it comes to tax return season.
1. Keep all your receipts
2. Check receipts off against your bank statement or credit card statement
3. File them in month order even if it’s just in an envelope
4. Keep track of the money you are due by raising invoices or keeping a diary
5. Pay cash receipts into the bank so you can keep a track of them
6. Keep business and personal bank accounts separate
7. Go through your accounts at least monthly – set aside an hour on the last Friday of every month
8. Put aside some money each month so that you can pay your tax bill
9. Consider subscribing to an accounts package such as QuickBooks Online or Xero – they are cheap, easy to operate and will do most of the work for you.
10. Don’t leave it to the last minute – if you hate doing it, get it out of the way as soon as possible.
For any help with your tax return get in touch with Our Business Services Partner Robert Willison:
Tel: 01825 763366
Online tax return due date: Midnight 31st of January 2018
Pay the tax you owe: Midnight 31st of January 2018
Self assessment tax returns, what you need to know
We are fast approaching the self assessment tax return deadline. If you are self employed or in receipt of other income or gains, you will need to file a return and pay over your tax liability. This article will discuss who needs to complete and file a self assessment tax return
Making Tax Digital – are you compliant?
Making Tax Digital will become a reality in 2019, after a series of delays and debates. From the 1st of April many businesses will have to comply with new processes. In a series of changes to the tax system, HMRC is hoping to bring about a more efficient, effective and easier process for businesses and individuals.
Sign up to receive our private content
straight to your inbox