Partner Article

3 Post-Tax Season Tips

Now that the tax deadline has well and truly passed, there’s no reason for you to not prepare for next year so that you can avoid any snags or bottlenecks that you may have encountered this year, even with the help of your local accountancy firm.

33% of companies have claimed that managing paperwork and keeping records is one of the biggest accounting challenges that they face however, taxes don’t need to be cause for stress and if you prepare properly, when it comes to tax submissions next year, you can avoid spending hours upon hours reviewing your previous 12 months finances.

Recording and Tracking Receipts

This is one small change that can help you on your way to a stress-free time when it comes to re-submitting your taxes.

If you have an effective system for keeping track of all of your expenses and your receipts then you’re on the right path. A tax diary is a great way to keep track of everything on a daily basis; what you spent, when you spent it, where you spent it etc.

This is the easiest way, without a doubt to keep good records of everything.

Managing your Assets

When it comes to tax returns, you need to keep a track of all of your assets and inventory which can also have a significant impact on your company’s taxes.

You can keep a hand on all of your assets and inventory with an effective inventory management system; check out these reviews of some of the best inventory management systems here.

Keeping a Track of Past-Records

Keeping on top of both of the above mentioned is a great way to protect yourself against potential future audits. One way that you can future proof yourself against any surprise audits you may get is by keeping a hold of previous records.

Most tax records should be kept for at least 22 months if you sent them in on or before the deadline but if you sent them in after the deadline, it’s advisable that you should keep them for at least 15 months after you sent in your tax returns. For more information about keeping your pay and tax records, check out this Gov.uk page.

Don’t want to have to do all this work by yourself? Well, hiring an accountant is probably a great place to start. A great accountant will do all of the above for you and save you the hassle. There are many great tax advisers in the country so you’ll be sure to find a company near you who can help.

This was posted in Bdaily's Members' News section by Jake Oates .