The tax year is coming to an end and we have put together a tips list to help get your affairs ready to hand to TLC for preparation.
The tax year begins on 6th April 2022 and ends on 5th April 2023.
Tips are as follows:
Organise your paperwork. Whether it be in a ring binder, expanding file, box or even carrier bag.. efficiently sort your paperwork firstly by income followed by expenditure (and if you want to be really organised, sort into date order).
Include (if relevant) bank/credit card statements, P60's/P45's (employment and pension), P11d's, loan statements, finance agreements, fixed asset invoices, details of assets sold and disposed, dividend payments, end of year stock value information, cheque book (or detail on the bank statements cheque payment details), rental income and bank interest.
It is always a good idea to keep your business and personal finances separate. So if you haven't already, now is a good time to set up a business bank account.
Plan ahead.. as we go into the next tax year take the time to file away business records whether it be weekly or monthly to be prepared.
Following those tips will help you deliver your paperwork quicker and get your tax return back as soon as possible. Its a good idea to get your tax return filed as soon as you can after 6th April so you can plan ahead with your finances especially if any tax is due (which is due by the following January).
Any questions or queries please use the contact form on our website or call 01255 436000