“For every minute spent organising, an hour is earned”. Benjamin Franklin
Being organised certainly doesn’t always come naturally – but it is a virtue worth cultivating.
To be effective in business the more organised you can remain the better chance you have of making and remaining a success in your chosen business. In our profession we often see businesses fail because they are just not organised. You can make the best widgets in the world and be a massive success but if you are not recording your sales and keeping on top of tax issues (i.e. VAT and CIS) things can quickly spiral out of control. You will then be left fire fighting each issue as it confronts you and no one wants to do that. The HMRC can be understanding in many circumstances but it will not tolerate getting behind in your business tax affairs. Point made.
Quay Accounts is your best friend in this department. New businesses and established businesses alike can benefit from our no nonsense organised approach.
So here are your steps – in a stepwise orderly fashion:
1) Get your paperwork organised!!
a) ALL Sales – the whole years sales – sequentially numbered and in an orderly fashion.
b) ALL – business purchases and supplier statements – in this online world it is easy to keep everything online – but when you swap suppliers your history is gone. Get paper copies and organise them into months – Jan, Feb, March etc.
c) ALL – business bank statements complete and in date order – i.e. from 1 to 100.
d) ALL – payroll related paperwork & summary reports for the year. Unless your accountant deals with this – in which case they should have these details.
2) Check your bank statements!!
a) Have you provided all the bills on the bank statement? You might think it is overkill but if you wanted to claim VAT you need evidence.
b) Annotate any personal withdrawals.
c) If appropriate annotate all money banked with sales invoice details/numbers so that this can be tied up with sales invoices that have been paid.
3) Gather any other relevant information!!
a) Any other sources of income including P60’s.
b) Any P11d information.
c) Any personal bank accounts if relevant – showing any interest earned.
d) Anything else you think is relevant.
All the above information should be handed over to your accountant (preferably Quay Accounts) in good time. Personal tax returns need to be completed by 31st of January – so now is definitely the time of year to be getting your personal tax affairs in order.
By getting this information to your accountant in good time you ensure beating the crowds who leave things till the last minute. It helps you plan in good time for the tax bill you will receive. And it also keeps your accountant vaguely sane.
The accountant can only work with what is given. We have several ways of filling in the gaps – but the more info you can provide the better. We can always disregard irrelevant information.
Quay Accounts helps many businesses like yours remain ordered and paying tax at the right time. If we are given information in the above way we can give you the best possible service. We are very competitively priced and will consider your business on an individual basis.
Because you are no longer one of those people filling out your tax return on the eve of January 31st – you can look on smug in the warm knowledge that your affairs are in order.
Till next time – keep calm and stay organised!!
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