Tackle your Tax Return Early!
Our advice for any business, and especially if you’ve just completed your first year’s trading, is to start preparing your annual tax return as early as possible. As soon as the tax year ends, we can work with you to prepare your year-end accounts and tax return.
How does this benefit you?
By getting ahead, you’ll know the exact amount of tax that’s due, as early as possible in the new trading year. This gives you plenty of time to make sure you have the available cashflow to pay when it’s due.
As your accountant, we are in a better position to review your business with you, in real time. If you prepare your accounts well on into the new tax year or at the last minute, this may not give you enough time to make any changes that you need to make to your business as a result of your trading performance.
If the amount of tax you need to pay is lower than you expected, you may be able to reduce the payment on account due to HMRC in July.
We can also look at the best tax planning options for you going forward and help you decide whether your business structure is still the most suitable for you and your business needs.
We offer a free initial consultation, so do please get in touch.
https://www.cfwaccountants.co.uk/contact/free-consultation/ or contact us on 01536 713555.