Testimonials
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As the income tax self assessment deadline is approaching do you feel like you could have planned it better?
Has it been a struggle to get the money together or have you not filed until the last minute?
Running a business is stressful enough without having the added worry of your tax deadline.
I come across so many business owners who have been doing the bookkeeping themselves who aren’t aware of all the expenses you can claim in order to reduce your tax bill, so they’ve been overpaying tax for many years.
Clients who come to me quite often report that they are inconsistent with their bookkeeping and it’s always a last minute effort to get all of the paperwork together ready to be filed and paid. This mad rush can lead to inaccuracies in your tax return.
In order to ensure you’re paying the least amount of tax possible and that everything you are claiming as an expense is compliant with HMRC it’s always best to seek professional support.
At KC Accountancy we advise all of our clients to get the information to us in good time. You can file your tax return for 2023/2024 as early as 6th April 2024. This doesn’t mean you have to pay your tax bill any earlier. You will still have until 31st January 2025 to settle your outstanding amount. It just means you’re more organised and have much more time to save and prepare.
Consistency is key
We know your bookkeeping isn’t your top priority. You’re always going to prioritise those tasks that are bringing in the money. However, if you can’t find the time to set aside at least once a month to do your bookkeeping you really should consider outsourcing it.
By being consistent with your bookkeeping it means your data is more accurate. There’s less chance of human error and losing paperwork. We use Dext to store all of our clients receipts and invoices so no vital receipts ever go missing.
Put money aside
When you have a clear picture of your finances you know exactly how much you need to save for your tax bill. Using bank accounts which have savings spaces such as Starling for example makes it easy to put money aside.
Get Support
When you have an expert by your side you can be sure your finances are in order. You have will have better visibility and understand your numbers better. You can be sure that you’re compliant and aware of all the benefits available to you as a business owner.
Make it your goal this year to get to grips with your accounts. Having clear transparency of your finances means you can future proof your business so that you’re heading in the right direction for success.
