Preparing for the end of the tax year

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It’s not long now until the end of the financial year and it’s always best to be as organised as you can to avoid panic. It’s a little late to start organising yourself now, but we thought we’d give you a handful of tips to help you with stress-free preparation for the next end of tax year.

Make sure you keep and store your receipts

It seems quite obvious, but you’d be surprised by how many people don’t keep their receipts. It’s very easy to put it in your wallet or bag and forget about it, so make it strict routine to file them appropriately. Not only will it save you time, but stress too. Storing them in an organised, clear way will enable you to find what you need easily.

Separate your business and personal expenses

It’ll really help you in the long run to keep your business and personal expenses completely separate. It’ll make your files far more accessible and you’ll be able to identify what you need a lot faster. You’ll thank yourself later when you realise how much time and stress you’ve saved!

 File your documents in a secure place

 It’s a great start to actually keep and file your records, but the next step is to ensure that you store them securely. All of your important documents should be kept in a secure place that only authorised people can access. With BeeMyMinder, you can ensure that all vital personal documents are safe online, eliminating any potential risk that are associated with paperwork.

Maintain a record of your income and outgoings

From experience, we highly recommend keeping track of your business income and outgoings, including sales, expenses and VAT records. Create and continually maintain detailed spreadsheets for different areas of your business. This way you’ll be able to provide everything and beyond when it comes to filing your tax return.

Backup your business records

This is such a critical point and we emphasise on creating copies of your records, storing them online and backing them up. Losing your business records at anytime can cause major problems, but before the tax year ends would be a nightmare. Our secure policy storage service provides daily backups so your data can’t be lost and will always be available online.

We hope these quick tips will help you become more organised when it comes to your business finances. You’ve got plenty of time to get into gear, saving you money, time and a lot of stress. If you’d like to know more about how our policy storage services can help your business, please get in touch and we’d be more than happy to advise you.

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