It may be a little bit of an old cliché but the best time to start planning for your year-end tax returns is right at the beginning of the tax year. Phil Owen & Co Liverpool Accountants are, like any other accountancy firm happy to bill you for the time it would take them to sort out all the receipts and produce all the relevant records needed to submit your year-end tax return.
Phil Owen & Co has a Duty to Save you Money
However Phil Owen & Co Liverpool Accountants believe that it is their duty to save their clients’ money, and this includes explaining the need for them to keep neat concise in-house records that can then be used by the Phil Owen & Co team to produce your Year-end Tax return. This task is fairly straight forward if carried out on a regular basis, your knowledge of where a payment or receipt is to be allocated is something that any outsider can only guess at, and it would take many phone calls and a good chunk of your profits ( if any ) for any Liverpool accountancy firm to do this task for you.
That said if you are a sole trader that is too busy to be able to keep these records the service can be undertaken by Phil Owen & Co Liverpool Accountants. For your part you need to keep a note of all incomings and out goings and have them saved in monthly blocks with the accompanying paperwork (receipts etc.). Any small part that you can do will in the long run save time and therefore money.
Submit Year-End Tax Returns A. S. A. P.
While your year-end tax return does not have to be submitted straight away, the sooner it is the better. This would give you time to make any adjustments needed for items overlooked and to sort out any queries you may have when your liability is calculated. It would also decrease and chance of penalties having to be paid.