Tax Returns And Bookkeeping: Are You Struggling to Meet October’s Deadline?

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In Milton Keynes, tax returns season is upon us once more. With paper returns due in to HMRC by October 31st, it’s vital that any last-minute bookkeeping is seen to in the coming weeks.

It can be easy to forget about taxes and self-assessments when your business year is already picking up speed. After all, the last tax year ended in April and nearly six months have passed since then. Unfortunately, HMRC doesn’t consider complacency an adequate excuse for late returns. In order to remain in the government’s good books, you need to be keeping yours organised and up to date.

Since time disappears all too easily, a Milton Keynes accountant can help take some of the slack. A tax accountant is trained to complete returns quickly and efficiently, providing bookkeeping services for small businesses that don’t have the expertise or manpower to oversee the process themselves. Before you know it, the deadline will be days away, so why not hand the reigns over to someone who lives and breathes taxation?

What An Accountant Needs to Complete Your Tax Returns

Although a tax accountant loves a challenge, without the right paperwork their job becomes insurmountable. In order to speed the process along, you need to be able to provide your Milton Keynes accountant with all the necessary information. Since you have decided to file your tax return on paper, there will be a considerable number of documents you need to have to hand. Here’s a quick overview of what an accountant will need:

  • Your cash book
  • Petty cash records
  • Bank statements
  • Purchase invoices
  • Any relevant ledgers
  • Sales invoices
  • Sales and purchase day books
  • Cheque books and paying in stubs
  • Your yearly payroll records (with details of PAYE calculations)
  • Copies of VAT returns
  • Details of any company income or expenditure that didn’t go through your business bank account
  • Copies of new loan or hire purchase agreements taken out in the relevant tax year

All of these must be complete, with a clear record of business transactions for the entirety of the 2015/2016 tax year. If you’ve been working with an accountant throughout the year, they may have dealt with your books already and have copies to hand — though you should ensure there is no missing information in their arsenal.

Making the Switch to Online Bookkeeping and Tax Returns

Introduced a number of years ago, online tax returns have made life much simpler for thousands of businesses up and down the UK. Not only does the online assessment give you more time to get your books in order (deadline: January 31st 2016), it also makes the inputting of records and numbers far slicker. If you constantly find yourself ill-prepared for the October deadline, then digitalising your tax returns could be the way forward.

With the help of a Milton Keynes accountant, you can transfer most of your accounts and records to an online platform. Digital bookkeeping services such as Xero and QuickBooks allow you to store invoices, sync accounts and create reports all from your laptop or smartphone. As long as your accountant uses the same software, they will be able to log in and use the information to complete your tax return.

With more and more businesses choosing this method of bookkeeping, the clamour to find receipts and documents in the weeks leading up to the October deadline could soon be a thing of the past. So many small businesses are pressed for time and the easier you can life for yourself, the more opportunities you will have to expand and grow your empire. A Milton Keynes accountant can help you ditch the paper and make the jump to a faster, more efficient form of bookkeeping.

If you are in need of last minute tax returns check or are interested in making the move to online bookkeeping, then contact Aston Black today. Call us on 01908 904794 or get in touch via our contact page for a free, no obligation consultation.

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