As we’re rapidly approaching the beginning of a new tax year, it’s a great opportunity for Self Employed businesses to check their books and record keeping and take stock of how everything is going.
To start with, how did your record keeping go last year? Were there any mistakes or missing records that might affect your accounts? Consider the tax risks (penalties for example) involved with errors and look at ways you can prevent those mistakes from happening again.
If your business is approaching the VAT Threshold, have you prepared your business for Making Tax Digital? From Aprill 2022, all VAT registered businesses must retail digital records, and submit their VAT returns using ‘functional compatible software’ unless a digital exclusion applies.
Are you using cash-accounting for your business, and if so – is this still the best option? If you’re looking to expand, then the restrictions on this type of accounting might prove to be less than beneficial for your business (especially if you’re looking at financing options).
If you need to determine the best direction for your small business, and want to make your tax less taking, our experts are here to provide you with qualified advice, and the services you need. Get in touch with us today to discover what we can do for you.
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