It will soon be time for every business owner in both the US and the UK to complete their annual tax returns. Depending on the nature of your company, and how much profit you’ve made over the last twelve months, this could be a relatively simple process that shouldn’t require any outside assistance. That said; those who’ve been incredibly prosperous during the 2013/2014 tax period may encounter issues that warrant the services of an experienced professional accountant. Either way, you’ll need to start making preparations soon because deadlines will be looming, and any late submissions could incur penalty charges.
With this in mind, I felt that today would be a good time to write and publish a post explaining how to deal with your company tax return in the simplest way possible. Over the few paragraphs, I’ll do my best to show you all how making adequate preparations could have a significant impact on the amount of work you’ll need to do when April comes around. Nobody likes completing their tax return, but it’s something we all have to do and so you’ll definitely benefit from my advice.
Here are four simple steps for dealing with your company tax return…
1 – Keep Accurate Spending Records
Every time you make a business related purchase it’s vital that you file all the relevant financial information including receipts, bank statements and anything else you consider to be appropriate. This will help to decrease the amount of time you spend working out profits or losses.
2 – Record All Income
Likewise, you’ll need to keep an accurate record of exactly how much turnover you’ve achieved throughout the year. This figure will aid you in determining if your business is in the red, or in the black. To work out overall profits, all you need to do is subtract your total spend from your overall income amount.
3 – Create A Taxation Spreadsheet
Using Microsoft Excel or a similar product, you’ll be able to create a spreadsheet to do all the hard work for you. Basically, all you need is a set of pages (one for each month of the year) that contain three columns; income, outgoings, and totals. Once you fill this sheet in with the information from the previous two steps, you’ll instantly know how much taxable capital you’ve accumulated.
4 – Call In The Experts
These days you can find some amazing tax preparation companies online who either deal with the whole process for you or provide software to assist with the task. Some offer introductory deals like those available here http://moneystreetsmart.com/turbotax-coupon-codes/. However, if you really not sure about how capable you are at ensuring everything has been completed correctly, now would be the time to call in a professional accountant and have them check for errors.
Well, that’s about all we’ve got time for today folks. Hopefully now you’ll be a little more confident with your abilities, and a little less inclined to employ in-house accountants to deal with your tax affairs.