Important Tips For Keeping Your Records At Confidential Accounting Management Limited we can help you throughout the process of setting up your systems for keeping your records for your peace of mind, to help you reduce your tax and saving you fees.
The tax return deadline is 31st January for individuals. You need all your information correct and the form submitted on-line and accepted by then. It is never too early in the year to act!
In simple terms, what we need to see is your income (wages, invoices etc), your outgoings, (bills, receipts etc) and your bank statements to tie it all together. You only need the records between April 5th just gone and April 6th of the previous year. The rest we can deal with when we see you, including any incomplete or missing records.
Penalties apply for late filing but don't worry, they are not too onerous and you're not going to prison! Also, don't worry if things are a bit disorganised at your end. We've never failed to make sense of things yet.
Obviously, doing lots of tax returns every year, we thoroughly understand what is required, even if tax returns are still outstanding from previous years we can sort things out for you.
Keep all receipts for your payments and charges Keep all of your bank statements Take note of how you paid each item e.g. by cash, Online payment or cheque and mark them on all your receipts for future reference Hold a separate business bank account for business spends and do not use it for personal spends
Try not to put personal spends on the business bank account Try to keep on top of your bookkeeping If possible, reduce the number of accounts and credit cards you hold To keep in line with the tax returns process you must return all tax claims before 31st January every year to prevent further charges. To start the process of using the services available, we will need to see bank statements, outgoings, income amounts, bills, receipts and wages to offer you the correct service.
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