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January tips – things to do now to prepare for your year end

Happy New Year! Here are our tips for January, all about preparing now for your year end.

Three things to do now to prepare for your year end

The vast majority of our clients have their financial year end on 31 March. That’s just three months away, so now’s the time to do three quick things to help put you in the best position.

1. Reconcile your banking in Xero – there’s no point having a smart accountancy package if you don’t pull through your bank account info and reconcile the numbers. Do this now to understand what you owe, what invoices you have outstanding and your likely position come 31 March

2. Catch up with any mileage and receipts you haven’t recorded – TripCatcher and ReceiptBank make this super-quick, so set aside an hour to go through and get yours up to date

3. Spend now! You’ll get the tax relief quicker – if you’re thinking of buying any equipment or spending big on anything related to the business, now’s the time. Otherwise you’ll have to wait another year to off-set the cost against your Corporation Tax

We’ll be in touch after your year end to let you know the info we need from you, but taking these simple steps now will set you up perfectly. If you have any questions in the meantime do give us a call – use Claire or James’ mobile numbers as we are still waiting for our phone system to be set up. Call Claire – 07790 596888 or James – 07494 508544.

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