......and that means that our accountancy team are now starting to call in accounts and tax records for the year ended 31/3/08. We have already started to get many clients records in to us to start work. These "early bird" clients mainly use our bookkeeping software "MORE" that allows them to keep up to date with their record keeping and have our support and guidance through the year to do so.

There are many benefits of getting your records in early.

1) Tax will be calculated early, maybe 9 months before the payment deadline (if accounts are finished in May), which means plenty of time to save for any excess or unexpected tax.

2) Tax saving opportunities can be explored. If we only receive records in during January (being the month of submission) it is difficult to act on any opportunities as too much time will have passed. For example, it may be that we would suggest looking at incorporation, which by delaying could mean less of a tax saving.

3) We can advise of improvememts to bookkeeping methods so that you dont go too far into next years record keeping making errors

4) You will avoid additional penalties, not only from the Inland Revene (if the return is late) but by the accountant. As Decemeber and January can be busy months and if your tax return needs to be carried out in staff overtime, then a premium rate may be charged.

We have written an article on the importance of keeping good bookkeeping records to explain more benefits from a day to day basis, which is definately worth a read.  http://www.finance4chiropractors.com/featured-topics/starting-in-business/the-importance-of-keeping-good-bookkeeping-records.htm 

So wouldnt it be great to get into the habit of getting your records in early? Rather than having endless calls and reminders from the accountant asking "where are your records..."!! For more help and advice, or to explore the free bookkeeping software we offer to mke bookkeeping less of a chore for you, contact us: 01872 271655