The UK tax year ends on the 4th April. This means that it is time to gets your accounts in order ready to fill out your tax return. If you are a public company, then you will need an accountant to look over your paperwork, but you can still do the bookkeeping yourself. Accounts are expensive and so it can be great to do it yourself as it will save you a considerable sum of money. If you update your books every month, then you will easily be able to keep on top of things.
You will also need to complete your own tax return. The government have simplified things recently and if you earn below £73,000 and are not VAT registered, then in most cases, you can do a short form. This is extremely simple to complete, as it is only four pages log. This may still sound scary, but with the first page just being your date of birth, telephone number and email address, it is simple. There are various sections that may not apply to you as well, such as employed income, self employed income, pension, student loan, charity donations and interest on investments.
It is worth having a go at your own books and filling in this simple form. You only need to know pretty much, what money has come in to the business, what has gone out and the amount of profit or loss made. The tax office will calculate how much tax you owe and you will have the satisfaction of keeping your costs down, meaning that more of your income will be going in to your own pocket.
It is a good idea to get the tax form done as soon as possible, Many people leave it all until the last minute, but there is no need. If your accounts are up to date, then it is very easy and will probably take less than half an hour to complete. If your books are not up to date, then this could take longer, but just open an excel spreadsheet and start filling in the information. Get on with it as soon as you can as it will be so much easier and you will not have it hanging over your head until the deadline in September. Once your books are up to date, keep them up to date each month and the task will be so much easier next year.