Get Help that actually helps at shellys bookkeeping

End of Financial Year Planning for Business

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Get Help that actually helps at shellys bookkeeping

As the end of the financial year approaches, it’s time to start planning for tax season. Whether you’re a director or a business owner, there are several steps you can take to maximize your tax refund and ensure that your finances are in order before the new year begins. Here are some tips on how to tackle your end of financial year planning.

Gather Financial Documents

As soon as possible, begin gathering all of the financial documents you will need to file your taxes. This includes bank statements, invoices, receipts, and any other records related to income and expenses. Make sure that these documents are organised in an easily accessible way so that you can easily reference them when needed. Of course using Cloud software, like Xero, can help streamline this process, or check out our Services page.

Review Your Finances

Now is also a good time to review your finances from the past year and make sure everything is in order before filing taxes. This includes taking stock of business expenses such as advertising costs, employee wages, or office supplies. It’s important to be aware of any deductions or credits that may be available for certain expenses so that you can make sure you’re getting the most out of your tax return.

Set Aside Money for Taxes

Finally, it’s important to start setting aside money for taxes now so that you’re not scrambling at the last minute come June 30. A good rule of thumb is to set aside 25-30% of any income earned throughout the year in anticipation of taxes due at the end of the financial year. This money should be kept in a separate account until it’s time to pay taxes so that it doesn’t get mixed up with other funds. Resisting the temptation to dip into these funds is important.

End of financial year planning can seem overwhelming but by taking a few simple steps now like gathering financial documents, reviewing your finances from this past year, and setting aside funds for taxes later on down the road; directors and business owners alike can prepare themselves for tax season with ease! With these tips in mind, you’ll be well on your way towards having an organized and stress-free end-of-year financial plan!

If you are needing help, now is a good time to contact us to start the process rolling.

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