With just a week or so to go until the end of the tax year, many people are thinking about their personal tax situations and in particular their ISA Allowance. Finance managers are keen to ensure that we have used our allowance where possible to maximise the potential value of these tax free savings.
The end of the tax year can also be an important time for small businesses – especially if you are self-employed and your accounting year is the same as the tax year. Although you may have until January 31st 2015 to submit your tax return, it is better to get your affairs in order – sort out receipts for payments etc whilst things are fresh in your mind, as opposed to in 9 months’ time. Get a file ready to give to your accountant or for yourself and ensure you put other relevant documents such as annual interest certificates with it as they come in.
Looking at your accounts for the year you or your accountant can estimate your tax payable and ensure you have suitable funds set aside or planned in to your cash flow. It is a good idea to consider whether certain projects are likely to finish or not and whether they should be invoiced in this tax year or next. It can be tempting to either pile orders into the last few weeks to maximise your numbers for the year or delay orders to minimise your profit but it is important to consider how this will affect your April figures and whether it is an appropriate strategy or not.
Our finance and admin VAs are on hand to assist with any of your accounting and administrative needs. Please give us a call on 01483 332220 or email us at email@example.com to find out how we can help.