The 31st January deadline for filing your 2012-13 tax return has passed, and we’re fast approaching the start of a new accounting year.
The ads may say “tax doesn’t need to be taxing”, but are you confident you’re managing your accounts effectively?
Her Majesty’s Revenue and Customs (HMRC) recently published their top 10 oddest excuses for late tax returns, in a bid to prompt businesses to file on time. If you filed late, or if you’re dealing with late payments, we hope you have a better excuse than the man who told HMRC he couldn’t file a tax return because his goldfish died!
To avoid panic in the last few weeks before your tax deadlines, think of accounting as an ongoing process and take care of it at least once per week. Even if you hire a professional accountant to prepare and file your tax return, you’re responsible for keeping detailed financial records. To make sure your taxes are all up-to-date for next time, consider other ways to make your bookkeeping and accounting easier.
Instead of using several different software applications to make bookkeeping entries, process payroll, and reconcile your accounts, try an all-in-one solution. Then you won’t have to spend so much time on data entry and reconciliation.
Do you claim tax relief on everything you could? Do you know how many hours you spend each month handling financial information for your business? Anything you can measure, you can optimise, so pay attention to details that may help your company save money or time.
360ict provides IT management services and business support to SMEs in Central London and the South East. Call us on 0208 663 4000 to learn more about efficient accounting and ICT.