Firstly, it’s important to have your paperwork altogether for speed and ease of looking at your position. This includes your business bank statements or personal bank statements with highlighted business transactions on them, cheque stubs, paying in books, sales invoices and purchase invoices, any CIS certificates or VAT declarations. If in doubt, pop it in your file or carrier bag or other preferred safe place for accounting paperwork.
At this time of year, you are also able to consider if you have used your annual investment allowance or made any other purchases that your business profits for the year may allow you to do. This month gives time to plan, forecast and control spending and receipts to work to your advantage.
If you have any questions or would like your accounting position estimating to date for the year, we are here to help.
The faster the accounts come in after the year end has passed, the faster you will know your tax liability or maybe even tax refund due! The better organised your paperwork, the better your accountancy bill becomes too J
A more detailed list of documents we require for complete personal tax returns will be posted after April, in the meantime just remember to get those business accounts up to date now to save stress later!
Here at Mendip Accounts we strive to make your life easier by guiding you through this process and help you to optimise your accounting and tax position. Please get in touch if you would like to run through this with one of our friendly team by completing the online contact form or by calling 01275 873948.