Five tips for firms fretting over financial Year End
Added by Love Business East Midlands | 12 March 2018
UPDATED: 12 March 2018
Tax Partner at Newby Castleman Jacquelyn Kimber has tips for businesses gearing up for Year End.
With the end of the financial year looming, Leicestershire accountants Newby Castleman have provided a comprehensive checklist for firms preparing their Annual Accounts and Company Tax Return.
Tax Partner Jacquelyn Kimber said;
“This can be a daunting time for company directors readying their accounts, particularly those just starting out, so the following tips should be seen as helpful guidance for firms gearing up for year end.”
Get to grips with your expenses
Anything that has been bought specifically for your business this past year can most likely be claimed as a business expense, so if you haven’t already, do it now.
Chase up any outstanding invoices
Only once you have any money owed to you safely in your company bank account can you record it properly and reconcile it with your accounting software, so make sure you get what’s yours before the end of the month.
Prepare your paperwork
Records for everything in your Year End accounts should be collected and put in order, including statements of accounts from suppliers, banks, credit cards and financial institutions, plus records of any income received.
Don’t forget VAT
If your company is VAT registered it is highly likely your VAT return will be due at the same time as Year End, whether you’re on the Flat Rate or standard scheme.
Plan for the year ahead
Year End is a great time to think ahead and for tax and finance planning, to help minimize your tax bill in future. You may want to pay some money into an ISA or pension scheme, or bring a spouse or partner into the business with you.
Jacquelyn concluded,
“These are all handy tips for good practice, but if you need proper professional guidance to help you complete your Year End accounts, you should contact a qualified accountant for more in-depth information.”
Newby Castleman is one of the Midlands’ leading independent accountancy firms, with offices in Leicester and Loughborough. It offers a range of specialist financial services, business and tax advice for individuals and businesses.
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