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4 Must-ReadsOnYear End Tax Planning Strategies for Small Businesses
Get It Together For Now and Later
13:28 23 March 2013
Unfortunately, every year people wait until the last minute to file their yearly income tax and little preparation is done to ensure that they get the highest possible return. Many possible deductions which could have saved them hundreds of pounds are missed because of lack of documentation.
Don’t go in unprepared. It’s never too late to save a few pounds!Small business owners, unfortunately, cannot afford to be lackadaisical in their approach to business finances, including filing end of the year tax documents.
Waiting until the last moment to get records and documents in order, or even worse, not having documents that should have been kept throughout the year, is a sign of poor business structure and organization. Yet, year after year, many businesses continue to fly by the seat of their pants when it comes to preparing end of year finances.
So here are some ideas to help you change your approach to this sometimes complicated area:
- If you are on a limited budget and can’t afford to hire a professional accountant to take care of this aspect of your business, spend a few pounds on some good small business software like “Intuit Accountants” to help you get organized and compliant.
- Stop playing the waiting game. Don’t wait until the last minute to get your house in order. Remember, you only have to get organized once. After that it’s just a manner of being consistent and following the structure daily.
- No business document is unimportant. When it comes to customer accounts, vendors and suppliers, every communication has value, whether now or in the future. Get your business files in order with an optimum file and retrieval system that puts everything at your fingertips.
- Treat your business like a business and not a hobby. Hobbies are for fun but business is for profit. How you manage your business directly affects how much profit you make. Get educated on what tax benefits are available for your company and take advantage of them.