As the owner of a small business, you have a lot of day-to-day and long-term aspects to keep organised, one of which being your taxes. Adopting efficient small business accounting practices will make sure you have an organised tax year.
No matter how organised your company is, the word ‘taxes’ can cause concern for business owners. There’s nothing worse than having the dark cloud of a tax deadline hovering over your out-of-date, unorganised accounts. The new tax year has begun, so now is a better time than any to get your accounting in order.
Doing so can actually be a painless and relatively simple process, providing that you put the right small business accounting practices into action. Here are a few handy tips to get you well on the way to your most organised tax year to date.
Plan Ahead. Really Far Ahead
With a whole new tax year ahead of you and lots of ingoings and outgoings yet to happen, planning ahead is vital to maintaining some sort of order. If you’re someone who has trouble keeping track of documents or has a tendency to lose things, now’s the time to create a new folder (physical or digital) for this year’s tax documents. Make sure to separate your personal and business finances, as not doing so will make the whole process twice as difficult.
If you’re concerned about the upcoming financial year and want to make sure you’ll stay on top of everything, Aston Black can help. As tax accountants Milton Keynes small businesses and companies all over the UK come to for help, we understand the difficulties that accompany running this type of business. This experience helps us to provide expert advice.
Keep and Make Copies of Receipts
If you’re unable to keep track of business expenses and revenue because you’ve misplaced receipts, you’ll find yourself puzzled and very stressed out when the tax man comes around. The abundance of technology available these days gives you no excuse if you fail to make copies of receipts. If you don’t have access to a scanner, for example, just take a picture with your smartphone.
Receipts, bank statements and any other documents that prove what you put on your tax forms are essential. Without them, you’ll have a difficult job filing your tax return accurately, which could lead to fines — and nobody likes fines. Aston Black has a knowledgeable and experienced team of small business accountants Milton Keynes business owners put their trust in for an organised and stress-free tax year. We’d be happy to help you in whatever way you need.
Seek the Advice of a Professional
Although your company may be on a tight budget (especially in the early days), some expenses are worth paying out for, one of which being accounting fees for small business. While some business owners prefer to handle their accounting in-house, doing so can be a problem if you don’t have much financial experience — a perfect example being your taxes.
Not only does a professional accountant give you peace of mind knowing that your finances — and in this case, your taxes — are organised for the year ahead; you’ll also benefit from the years of experience working with other businesses and advice on how to make company improvements.
Digital Small Business Accounting Practices
The digital age is very much alive and kicking. We see the evolution of modern technology in practically every aspect of our day-to-day lives — and finances are no different. Accounting software has been around for a while now and helps us to organise finances with ease for both personal and business needs.
While accounting software is indeed a very useful tool for maintaining well-organised finances, it’s more beneficial to use the software and a professional accountant in tandem. This allows you to present a professional with a digital file of organised accounts. From there, they can look over them for any inconsistencies or ways they could be strengthened.
The tax return deadline may well just be one day of the year, but consistently organising your taxes throughout the year is vital. The ways to do so mentioned above will help you massively. Seeking help and advice from our team of small business accountants Milton Keynes businesses benefit from will put you well on your way to an organised and prosperous tax year.
If you’re a small business owner looking for tax advice and accounting services, Aston Black Accountants Milton Keynes will be able to help. We have an expert team of financial professionals who know all there is to know about the small business sector. To contact us today, call 01908 904794 or use our online contact form for more information on the services we provide.