The period between the end of January and end of the tax year is a good time to help get yourself prepared to submit your Self Assessment as soon as possible to avoid the last-minute hassle that can come with a late submission.
As different companies are unique, and working out exactly how much tax you should pay can be more complicated depending on the nature of the business, many businesses look for tax return accountants near them to be certain of an easy, streamlined process.
For businesses getting everything ready, here are some top tips from accountants in Stony Stratford to help you file your Self Assessment with no extra headaches.
Keep Records Tidy
Much like how it is much easier to keep your house clean if you have a system to keep it clean and tidy, completing your Self Assessment is so much easier if you have your records complete and easily available.
Setting up a dedicated business account, and using accounting software will help significantly.
Whilst very few businesses will have their returns ready to submit on 6th April, the sooner you submit your return, the better you will be, the easier tax liabilities will be to pay over the year and the more time you have to benefit from any refunds.
As well as this, BACS, direct debit and some other payment methods can take a few days to clear, so submitting and paying early can help throughout the year.
Claim Any Relevant Expenses
Depending on the size of your business, many items and expenses can be claimed as tax-deductible.
For people who are uncertain whether a particular expense is tax-deductible, a good test to use is the “exclusivity test”.
If the expense you want to claim back is only going to be used for the business, then it can be deducted. If you use it personally or would have paid anyway, that is not tax-deductible.