For a business to run successfully, you must make sure to stay organised and be aware of all deadlines. The end of the tax year is quickly approaching so it is crucial that you are on track to completing your tax return to avoid prosecution. In this guide, we are going to be discussing everything that is required to completing your end of year tax return. We have created a checklist, so it is simple and easy to follow.
If you do not have time currently to complete your tax return, don’t panic because you still have a bit of time to complete this. The deadline has been confirmed and you must submit your tax return by midnight on 31st January 2024.
Let’s look at what you will need to complete to have a perfect tax return form completed:
Make sure all of your accounts are up to date
This means that you must be gathering all necessary expense receipts, contributions, invoices, and other important payments like employee salaries and report the balances back to your spreadsheet.
You should also make note of profits you have made as well as losses.
You Must Remember That Time Is Money
For any legal payments not completed on time from tax to national insurance, you will be charged a fine from the HMRC for an incomplete tax return by the deadline. Make sure to dedicate some time for your finances in order to stay on track and complete everything needed in time.
Find A Reliable and Professional Bookkeeper or Accountant for Your Specific Industry
The next tip is making sure you find a bookkeeper or accountant that not only you can rely on for everything to be done professionally but also who is specific to and has a good knowledge of how to handle the finances for your industry. This way they can make sure everything is done correctly and has been completed with precision.
Keep Your Cash Balance at a Safe and Steady Pace While You Are Coming to the End of the Tax Year
The higher your cash balance is, the better you will be viewed by credit agencies. To ensure this to happen, we recommend making sure all invoices are paid correctly and on time, avoid fines as much as possible, and make sure any money owed has been paid. This way you are showing the credit agencies that all money has been paid on time and correctly, therefore keeping your cash balance at a decent level. We also recommend trying to save as much money as possible without spending unnecessarily.
Set A Budget for the Next Year and Don’t Forget the Deadline!
Our final tip has got to be about preparing for the next year. We highly recommend getting ahead of your finances and setting yourself a realistic budget for the next year to give you an idea of how much money you are going to spend in the company.
We also recommend marking your calendar with all deadline dates to ensure you pay your finances on time!
For more information about our accountants in Manchester, contact us today.