The end of this UK tax year is only a few months away. It will take place on 6th April 2023. While it might seem like there is plenty of time to get on top of things, you may be surprised at how quickly the time passes. If you’re a trader who wants to finish your tax year in the best possible way, try implementing these tips from expert accountants in Newcastle in the list below.
Meet up with your accountant
Your accountant should be the first person you call when it comes to tax advice. Having a good catch up with them gives you the chance to tell them what your current financial situation is. From here, the accountant can provide you with advice that’s relevant to your situation and answer any questions you have or explain any terms you might be unsure about.
Your accountant will also be able to fill you in on any changes to tax rules that you need to be aware of. This is essential when it comes to making sure your taxes are filed correctly.
So, if it has been a while since you had a meeting with your accountant, it would be worth scheduling one in, in order to make a tax action plan with them.
Alternatively, if you do not have an accountant yet you should consider hiring one so that you can ace your taxes year on year.
Make a to-do list
After consulting your accountant, you should have discussed action points you both need to implement to make sure you’re on track for the end of the tax year.
Having these action points written down in a to-do list will help you ensure you don’t miss any important tasks.
It also holds you accountable and gives you a step by step action plan which simplifies the process which makes taxes less overwhelming.
Make sure your records are up-to-date
Thanks to making tax digital, it is easier than ever to keep track of your records. At your earliest convenience, it would be advisable for you to check your records. The sooner you identify any records that are missing or not up-to-date the better.
Once you have made sure everything is as it should be, it will then be easier to update records as you go through the year.
File early if you can
For those that need to file a self assessment tax form for the 2021-2022 tax year, you should be on track to submit yours by the deadline which is 31st January 2023. Of course, you may have already filed it by now. After all, 65,000 people had filed their tax returns for the year on 6th April alone.
As soon as you have all of the correct information and you have properly completed your tax return forms, you should submit it. Doing so will allow you to start focusing on getting everything in order for the subsequent tax year. Additionally, not leaving it until the last minute is worth it because you will have peace of mind.
If you need any clarification on how to file your tax returns properly, this is another time where it is worth speaking to your accountant.