are your accounts in a pickle? are you facing HMRC penalties?
We love a challenge and we’re pretty good at giving clients back their sleep-filled nights so if you have any issues, problems or queries relating to your personal or limited company tax affairs then give us a call today!
in the meantime here are our quick tips for avoiding the wrath of the tax man:
dates
Know what reports are due and then get the reminders in your diary. VAT periods, accounts due dates, annual return due dates, self assessment return deadlines etc. Once the reports are created, you can schedule any payments owed from there.
organisation
A very simple filing system can make all the difference when managing your business. You will need 1 box file to hold company certificates, contracts, insurance schedules etc and 1 lever arched file for all HMRC letters. You’ll need 12 folders or envelopes to hold each month’s expense receipts and a spreadsheet or a software system to record invoices. Downloaded bank statements stored electronically.
communication
Sometimes deadlines get missed or mistakes are made. HMRC love issuing a penalty or two (!) but they would rather just collect what’s owed on time. If you are facing fines and mounting interest charges, the worst thing you can do is bury your head in the sand. Talking to HMRC is key and often not anywhere near as scary as you might think! If you don’t want to talk to them, find an accountant who will.
partnership
Find an accountant you can talk to in non-technical terms, someone who knows their stuff and who will allow you to ask unlimited questions without charging you for their time. You need to build a relationship with someone you can trust with the numbers while you get on with doing what you love… earning money!
Most people run their own business to achieve a better work/life balance, so take positive steps today to organize your affairs and then this weekend you can get out in the garden, go down the pub or visit family & friends!