How many times we have heard ourselves say – I mustn’t leave my taxes to the end of the year. Yet every year nothing changes well we have a few tips for you to have a think about. Sooo, when you hate doing your tax returns why do we leave them right till the end? It’s like self punishment.
Don’t leave it to the end of the year. A few years ago we started using Xero – no biggy most businesses use this type of software to help them with their accounts, but this was a total game changer for us. What this meant was at the end of each month a quick reconcile of the accounts meant that at the end of the year it was done. We didn’t have to remember how we had managed to spend £XXX’s or what the little payment was to XXX company. It was all saved and it was brilliant. SO we thoroughly recommend Xero to help you complete tax returns.
Put in a reminder every month on the 1st or 2nd and do your accounts – your future self will thank you for doing it!
If you need help with you tax returns here are a few companies that are great resources – Simply Business, Accountant_she is a great Insta account to follow and also have platforms like Earnr.
The other thing to be sure to do even if you have only a small business is to make sure you have a business account – it just takes the stress away from having to separate your personal from your business. And it makes it more official!
Try the banks that offer free business banking Monzo, Starling, Tide to name just a few. You may need to set up a personal account with them first.