Just a couple of hours work on your taxes now can help you predict your cash flow for the next year
We are more than a month into the new tax year already!
The new tax year always happens at spring time. The weather has been glorious this year, bringing buds to the trees and flowers into bloom. It’s May bank holiday this weekend, a time we’d usually stop, take a break and enjoy family time (with a barbecue of course).
A new tax year can mean a new season in your business too. A chance to prepare for the year to come. We have already started working on sole trader accounts and personal tax returns for the year ended 5 April 2020.
If last year’s taxes were a panic, get ahead of the game
In the same way we set personal resolutions in the New Year, set yourself a business resolution for the financial new year.
We appreciate that times are challenging at the moment. We’re all in the same boat, and yet we’re all finding our own specific challenges and having our unique experiences of the new ‘normal’.
Some of us are trying to work from home, with the added bonus of having children around who want endless amounts of food and snacks (am I right!?) and pets who don’t understand that we’re not at home to play (we wish!). Others are missing work, worrying about business, hoping for things to go back to normal.
Whichever camp you fall in, why not spend a couple of hours working on your business and your personal taxes and get your information over to us now.
We can prepare your tax return now, file it, but you still won’t need to pay your tax bill until 31 January next year. It will help enormously with your cash flow to know now how much money you need to have available, and it means there’ll be no nasty surprises in January.
What you can gather and send us now
If you are self employed then make sure you have got your accounting records up to date in Xero – drop us a line if you need help with that or a bit of extra training. All we will need from you after that is a copy of your business bank statement showing the balance at 31 March 2020, and information on any extra expenses that we need to add for you – typically mileage.
If we just need to do your personal tax return then you will need to pull together your P60 or P45 and P11d for your employment income, plus a quick summary of any interest income or dividends, and personal pension contributions or gift aided charitable donations.
If you have any questions then please get in touch and we can confirm exactly what you need to provide.
You don’t need to be a Starfish client to be prepared for the year to come
We believe in being proactive. It’s a no brainer for us to have all our clients using the technology available to them to drive better business performance, and make running their business as smooth and seamless as possible. We never want to see business owners buried under their business, worried about the future – whether in a global crisis or not, whether a client of ours or not.
We look forward to hearing from you!