The tax year is coming to an end very soon and we have put together a list of tips to help get your affairs in order ready to hand to TLC for preparation.
The tax year begins on 6th April 2023 and ends on 5th April 2024.
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, completion statement for the purchase and sale of your rental property, dividend payments, end of year stock value information, end of year cash value information, cheque book (or detail on the bank statements cheque payment details), rental income and bank interest. If there is anything you're not sure on whether you should include, pop it in the paperwork with a note and leave it with us.
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, this will save time and help you be more prepared.
Following those tips will help you deliver your paperwork quicker and get your tax return back as soon as possible. It's a good idea to get your tax return filed as soon as you can after 5th 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
If you are in the process of venturing out and becoming self employed, starting your own limited company, wanting to set up a partnership, have a rental property, are a subcontractor or already are registered and need an accountant. Call or use the contact form to contact us today for your FREE no obligation quote.