The new tax year is upon us and with that, new spreadsheets are created, new files opened and new documents named. The traditional turning of the calendar, from year to year, is typically when people set themselves resolutions, goals if you will. However in the business world, April is the time to set yourself and the business some objectives.
Let's look a 4 new tax year goals and that you can start working towards from this week.
Be More Organised
We all live busy lives. The hours we have at work never seem enough to do the work we need to fit in. With the hustle and bustle of work, home life and hobbies, our organisation skills are put to the test daily. So often we end up with a mess of a desk, cluttered computer desktops and if you work from home, the boundaries between work and life being blurred. Improving our organisation will benefit both your work load and our home life. Buy a filing cabinet and use it. Use trays on your desk if you have a lot of in progress paperwork. Use a planner. We love Hobonichi.
Keep Track Of Paperwork
Next on our list of new tax year goals is paperwork. Firstly, we should all cut back on the amount of paper we use in our jobs. The ability to store documents on cloud software and share them easily will help limit our impact on paper supplies. Going green will save money too. However there are some pieces of paperwork we receive that we need to store and other documents we need to send. Keeping track of paperwork can be tricky and if you leave it a couple of weeks, it can build up on you. A scanner, such as a ScanSnap can turn paper into digital copies that can be stored electronically. Always ensure when disposing of sensitive paperwork that you shred it.
Claim All Expenses
Cash flow is so important for the survival of a business. Claiming the expenses you are able to helps lower the amount of tax you will pay. When you buy things for your business, keep track of the receipts so you can claim the money back. Be sure to have an expenses column in your finance spreadsheet too. Allowance expenses are part of your business and you need to budget for them too.
Set Targets For Growth
This is also the time to have an eye on the future of the business, which is why our final inclusion on the list of new tax year goals is targets for growth. We want our businesses, our livelihoods, to succeed. Plans need to be made, objectives put in place, targets placed in eyeline to work towards. What do you want your business to do over the next couple of months? What position do you want to be in this time next year? Maybe you have a five year plan that you can implement?
Now is the time to focus on your new year tax goals. If you need assistance with bookkeeping, please do get in touch. We can help with tax returns, payroll and much more.