End of Tax Year: Essential Checklist

As the UK tax year draws to a close, it’s essential to get your financial affairs in order. Importantly, doing this will give you the confidence to make sound business decisions. With looming tax return deadlines and other tax-related responsibilities, managing everything on your own can be overwhelming. This is where a trusted accountant can help.

At Grenfell James, we are a progressive accountancy firm that uses the latest technology to revolutionise our clients’ businesses. By combining our expertise with cloud-based accounting software, we streamline processes and provide real-time financial information to our clients. Our approach gives our clients the confidence to make informed business decisions.

When does the tax year start and end?

The UK tax year runs from April 6th to April 5th of the following year. This differs from other countries that use a calendar year for their tax year. In the UK, the deadline for filing online tax returns is January 31st, following the end of the tax year. According to the latest data from HM Revenue & Customs, over 11.5 million tax returns were submitted on time for the 2022 tax year deadline, and just over 1 million were filed late.

We’ve put together an end-of-tax-year checklist to help you prepare for the end of the tax year. This includes reviewing accounts and financial statements, ensuring employee salaries and wages are accounted for, reviewing expenses, making pension contributions, reviewing VAT returns, and more. Completing this checklist will ensure you comply with tax regulations and take advantage of all available tax-saving opportunities.

Revolutionise Your Finances: The Essential End of Tax Year Checklist

1. Review your accounts and financial statements to ensure they are up-to-date and accurate.
2. Consider any outstanding debts and take steps to recover them before the tax year-end.
3. Review your stock levels and write off any obsolete or damaged stock.
4. Ensure all employee salaries and wages are accounted for and included in the payroll for the tax year.
5. Review your outstanding invoices and ensure they are included in the year-end accounts.
6. Review your expenses and ensure all legitimate business expenses have been claimed and included in the accounts.
7. Consider making pension contributions to reduce your taxable profits.
8. If you are eligible for research and development (R&D) tax relief, claim it before the end of the tax year.
9. Consider investing in new equipment or assets to take advantage of tax allowances and reduce taxable profits.
10. Ensure you have kept accurate and complete records of all transactions throughout the year.
11. Review your VAT returns and ensure you have accounted for all VAT correctly.
12. And finally, seek professional advice from a qualified accountant or tax specialist to ensure you fully comply with all tax regulations and take advantage of all available tax-saving opportunities.

Streamline Your Tax Year with Grenfell James

Working with Grenfell James means our clients don’t have to worry about managing their finances independently. Our team of experts is always available to answer questions, provide guidance, and help our clients navigate the complexities of tax laws and regulations.

As the end of the tax year approaches, it’s essential to have a plan in place. By working with Grenfell James, you can rest assured that your financial affairs are in order, giving you the confidence to make informed decisions about your business.

Contact us today to learn more about how we can help you prepare for the end of the tax year and beyond. Let’s revolutionise and simplify your business today!