How to Prepare Your Small Business For Self-Assessment

Prepare your small business for self-assessment. When it comes to tax time, any business owner will agree that it is one of the most demanding times of the year. Filling in tax forms can be a little overwhelming, to say the least, and most of us are guilty of leaving it to the last minute. Thanks to the wonders of the Internet, tax return and self-assessment has become a little easier, with business owners being able to fill in forms online. The HMRC has made the task even easier by allowing owners to fill in small sections at a time. This means that business owners can work on it over the course of a few days.

Organise Your Paperwork

By keeping all your bank statements and receipts in an orderly filing system, managing a business becomes plain sailing. Not only does is make general bookkeeping effortless and pain-free, but come tax time, there is no need to scramble through bags of papers trying to make sense of it all. The little pieces of paper floating around the office are essential, so get into the habit of filing the papers as they arrive.

Balancing The Books

Following on from that, small business owners are encouraged to practice good bookkeeping. There are many ways to do this and it is best to look into purchasing a reliable software programme such as Intuit QuickBooks; these makes tracking expenses and cash flow simple and straightforward. By setting aside just a couple of hours each week to complete tasks, such as invoicing and accounting, business owners can keep their numbers in check. When tax time does come around, everything is in place and the stress levels are reduced.

Do Your Homework

Anyone who has ever been faced with the burden of filling in a tax form will agree that it’s a little complicated at the best of times. It is worth downloading the form or collecting a copy from the Post Office a few months prior to doing your taxes. This way you can familiarise yourself with the questions and if you do come across something you don’t understand, there is enough time to ask a professional. It is easy to make mistakes when filling in the forms but by preparing, you can save yourself a lot of time, energy and money.

Go Online To The HMRC Website

Contrary to what people might believe, the taxman doesn’t mind lending a helping hand every now and then. The HMRC website has details on how to fill out tax forms as well as giving advice on how to take care of your finances and taxes. It is worth reading up on the fine details to get a sense of what you have to do before it’s too late.

Hire An Accountant

Hiring an accountant is less expensive than making a costly error with your taxes, so if you find yourself struggling to understand the law, this is the first thing that you should do. Always count on the professionals to do the tax forms for you. Accountants have trained for tax time and they know what they’re talking about. Take time to find the ideal accountant suited for your business and it’s best to start searching as early as possible. Their busiest time of year is around tax time so don’t leave hiring to the last minute.

At Aston Black, we are dedicated to providing the best service to our clients. If you think your business can benefit from a professional, please do not hesitate to get in touch.

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