The Tax Year is Near!

Things to Do for Business Owners Before the Tax Year End in the UK

As the end of the tax year approaches in the UK, business owners should take the time to ensure they are prepared for the upcoming tax season. Here are a few things to consider doing before the tax year ends:

Review Your Financial Statements

Please take a close look at your financial statements to ensure they are accurate. This includes your income statement, balance sheet, and cash flow statement. Make sure all transactions have been recorded correctly.

Calculate Your Tax Liability

Estimate your corporation tax liability for the year. Remember that corporation tax must be paid nine months and one day after the end of your accounting period.

Maximise Your Tax Reliefs and Allowances

Ensure you are taking full advantage of any tax reliefs and allowances you are entitled to. This could include capital allowances, research and development tax credits, and the employment allowance.

Put Money Aside for Tax Payments

Ensure you have enough money set aside to cover your tax bill. It's better to start saving early than to be caught out when your tax bill is due.

Consult a Tax Professional

If you're unsure about anything, it's always a good idea to consult a tax professional. They can provide you with advice tailored to your specific situation.

By taking these steps, business owners can ensure they are prepared for the end of the tax year and can potentially save money on their tax bills.