Unfortunately, it’s that time of year again, nobody likes it but it comes to all business owners, it’s tax return time! yay! You might be thinking this is way to early for tax returns but not according to my Darlington Accountant.
Taxes are definitely not enjoyable, no one likes paying them but it has to be done so we might as well get organised and get them done as early as possible. I need to be more organised this year in regards to my incoming and outgoings.
If you aren’t self employed then you are lucky as it is all handled for you, your employer automatically deducts your tax each month. It’s very different for the self employed. If you are doing your financial paperwork yourself you might be paying too much, sometimes quite a lot more than you need to. This is why I would recommend a good accountant, if you are in the North East you can find one here http://www.accountants-northeast.co.uk/ and see what they suggest. You may get a nice surprise. They could end up paying for themselves and then some.
The busier you are the more paperwork you acquire. This is why many businesses prefer to use an accountant. It saves a lot of hassle and is definitely worth the expense. They will often help you with savings you weren’t aware of like charging for having a home office! Keep receipts for everything on the off chance you get audited. It’s never happened to me but sounds like a nightmare if you aren’t organised.
Now if you your accountant does a good job you might be in line for a big refund. Definitely good news but not what we want to happen again. That money is better off in your pocket from the start. The government have essentially had a interest free loan from you.
It might be a good plan to start saving in a savings account a little money each month for your tax bill. You know it’s coming so don’t get caught short. People who mess the tax man around will inevitably end up getting investigated.
Getting your taxes under control now can save you a great deal of problems and heartache over the coming years. Ger into the habit of filing your paper work well, print invoices and keep receipts in a safe place. Most importantly consult a financial expert who will make your life so much easier when it comes to this annoying time of year.