2014-02-24 00:00:00Accounting and TaxEnglishIntuit's tips on getting ready for the new tax year. Do you have a question about how to get set-up for the new tax year?https://quickbooks.intuit.com/uk/resources/uk_qrc/uploads/2017/01/New-Tax-Year-20141.jpgAre you ready for the new tax year?

Are you ready for the new tax year?

1 min read

Are you one of the 23,000 who submitted your self-assessment between 11pm and midnight? Or even worse, are you one of the 710,000 businesses that faced late fees of £100 from HMRC because you filed late?

If you just faced the self-assessment gauntlet, you may be terrified by the idea of entering the new tax year and all of the challenges it brings. It does not necessarily have to be painful if you follow these key steps:

1) Keep it all in one place. A majority of businesses are running on spreadsheets and using another platform to submit payroll. This can be time consuming. Wouldn’t it be simpler to keep it all in one place that you could access from anywhere?

2) Let the computer do the heavy lifting. According to HMRC, half of all businesses don’t know which expenses can be deducted and may be leaving money on the table. For example, did you know that if you were running your business from home and you were using your home broadband for your business, a portion of the expense would be deductible. Are you one of those who may be overpaying?

3) Use tools that make it easy to be compliant. You shouldn’t have to be an expert at deciphering jargon in order to run your business. Are you tired of trying to make sense out of RTI, PAYE, FPS/EPS, P35 etc.?

There are integrated tools on the market such as QuickBooks that allow you to easily and quickly run your accounting and payroll so that you and HMRC can be good mates.  How painful is the new tax year for you? Why not take our survey about the challenges of tax year end to let us know. Do you have a question about how to get set-up for the new tax year? Ask us now.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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