How can businesses prepare for the end of the tax year in the UK?
With ongoing political uncertainty, the financial implications for businesses of varying sizes are generally unpredictable. Regardless of whether you are a small, medium or large business, when it comes to preparing for the end of the tax year, there are certain preparations that are fundamental.
As specialists in business recovery and insolvency, our team have listed a few suggestions for businesses when preparing for the new tax year.
Invoices:
It is important to ensure that your end of year finances are as accurate as can be. This means following up any unpaid invoices, outgoing and incoming. Once payments have been made, make sure the numbers are recorded precisely.
Payroll
Whether you run a payroll for one employee, or for a larger team, it is imperative that you file for your Full Payment Submission (FPS) before the end of the tax year. You will be liable for a £100 fine if your FPS isn’t filed by 5th of April 2019.
More information on how to handle Payroll can be found via the HMRC website.
Keep a track of documents:
Whether you handle data physically or electronically, make sure everything is in well organised files. This is better for your own reference and will make it easier if you are challenged or questioned about something by HMRC at a later date. Accounts will need to be supported with receipts, bank statements and any other financial records to prove the source of income.
Hopefully, this has provided you with some more information regarding preparations for the end of the tax year. If you are worried about not being able to pay back any debts or are struggling to manage your cash flow as a business, Chamberlain & Co offer administration and insolvency services to clients throughout the country. To get in contact with us, find the details for our various offices below:
Leeds (Head office): 0113 868 1203
London: 0845 528 0833
Sheffield: 0114 352 0184
York: 01904 211 171
