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Start thinking about end of year accountancy




File photo dated 18/03/13 of a general view of pound coins on HM Revenue & Customs forms as more than �1.3 billion may have been incorrectly taken from workers in income tax in 2011/12, HM Revenue and Customs has indicated. PRESS ASSOCIATION Photo. Issue date: Monday April 29, 2013. See PA story MONEY Tax. Photo credit should read: Rui Vieira/PA Wire ENGEMN00120130430073805
File photo dated 18/03/13 of a general view of pound coins on HM Revenue & Customs forms as more than �1.3 billion may have been incorrectly taken from workers in income tax in 2011/12, HM Revenue and Customs has indicated. PRESS ASSOCIATION Photo. Issue date: Monday April 29, 2013. See PA story MONEY Tax. Photo credit should read: Rui Vieira/PA Wire ENGEMN00120130430073805

It’s now the end of the summer holidays. The wet bank holiday didn’t allow much outdoor activity on the last weekend of August. But don’t be sad, look forward, plan and prepare to fire back into action and make the end of 2015 a positive one.

The children needed preparing for school, uniforms, sports gear, pens, paper and bags. School dinners or packed lunches. All the planning and preparing helps them have a positive start to a new school year.

In business it’s important we do the same. Planning for your business end of year, VAT return, investment or seasonal changes are all important. If your end of each is approaching start thinking about your accounting records and have them ready as soon as possible.

Think about your stock, work in progress, customer debts and amounts you owe.

It’s also very important to be sure you invest in new equipment at the right time to maximise tax reliefs each accounting year and any expenditure on these items near year end should be carefully planned.

If you are prompt with end of year accounts it allows the best support and business advice to be given.

Unlike common belief, your tax does not have to be paid any earlier, so planning pays off.

Personal tax clients also need to be planning. We have until January 31, 2016, to submit tax returns and pay any outstanding tax due.

If you haven’t already done so, get your information together and send it over, we can help process and ensure deadlines are met.

If you want any tax you owe to be collected through deductions on your wages or pension income your return needs to be submitted before 30/12/2015 if you are eligible.

If you plan to submit a paper return your deadline is 31/10/2015.

Those of you who believe you need to do a tax return but haven’t yet registered should do so before October 5. We can help with all tax returns and registering for tax. So don’t get the post holiday blues, get organised and get help.

If you have any questions please email nickie@bantoftaccountancy.co.uk



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