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
3 key bookkeeping mistakes all SMEs should avoid
If you run your own SME, then chances are bookkeeping is not one of your favourite jobs! For many small business owners it is a necessary evil that takes up lots of valuable time. Of course, it is vital to do in order to keep you compliant with the law and make your annual tax returns easier to manage.
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