You're a limited company. You know your year-end is upon you. Or maybe you know that the filing deadline is FAST approaching. Either way, it's a stressful time.
But why does it have to be?
Why can't it be a time of pure organisational bliss & getting ahead?
Here's the thing: it can. You just need insider knowledge on how to get there.
Okay, okay. I'll tell you. Here are my five top tips to take year end from stressful to blissful!
1. Prepare
If your year end has not quite finished, take advantage of this time period. And for future take note. If you can manage it, at least a month in advance, get your head in gear and go the extra mile to chase orders and unpaid invoices, organise the expenses, find out what needs replacing equipment wise, research tax reliefs, reduce any unnecessary expenditure and check you have all necessary documents to hand.
2. Round Up
Remember your accounts need to be backed up by records: bank statements, statements from suppliers, invoices and receipts. Get all your paperwork together and then if any issues arise, you are ready.
3. Get Chasing
Unpaid invoices are a 'mare for year end, so get strict with your customers well before the filing deadline and bank as many payments as you can. The accounts will be accurate and you won't be paying tax on money you don't yet have.
4. Get Sorting
Expenses reduce profits, which means you pay less tax, so keep careful track of everything you spend. Anything the company has bought ‘wholly and exclusively’ for business use can be claimed as an expense on your Company Tax Return.
5. Get yourself a killer accountant
Finding that special someone who will guide you through the process and help you get the most out of your accounts is key. Make sure you connect with them on both a personal and a professional level. Having a experienced professional in your corner who can ease some of the stress is vital.
So there you have it! See, it doesn't have to be stressful.
If you're wanting some year end help, contact us today. Our year end services are reasonable and personable. And should you decide to take us up on one of our bookkeeping plans then actually they work out a much better price.
And for the next 3 weeks, we are offering a £50 Amazon gift card to any new customer who signs with us to help with their year-end. What's more, if you refer a friend who signs up, you also receive a £75 gift card as a thank you! So what you waiting for? Come and feel what it's like to experience year-end bliss!