Self-Employed Urged To Keep Finances Up-To-Date

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Now there are a number of weeks into the new tax year, it’s the perfect time to take stock of your business finances, and contractor accountant Brookson is urging small businesses and self-employed professionals to review and keep their accounts up-to-date, in order to avoid hefty tax bills.

It makes much more sense to keep a regular eye on your finances, rather than trying to scramble everything together before the tax return filing deadline.”

Now there are a number of weeks into the new tax year, it’s the perfect time to take stock of your business finances, and contractor accountant Brookson is urging small businesses and self-employed professionals to review and keep their accounts up-to-date, in order to avoid hefty tax bills.

Leaving tax returns to the last minute and not submitting regular invoices and expenses leaves small businesses and self-employed professionals unclear about their tax position, which could potentially lead to a significant tax bill.

Martin Hesketh, managing director of accountants for contractors Brookson, which specialises in accountancy services for freelancers, contractors and sole traders, said:

“Business Secretary, the Rt Hon Vince Cable, recently called upon individuals running their own businesses to be given monthly management accounts which is something we’ve always advocated. Specialist accountancy firms should offer this as standard. We’d also encourage self-employed professionals to keep up-to-date with their financial affairs and give their professional finances the same level of attention that they give their personal finances.”

“Having up-to-date accounts ensures that people have the latest information on their finances, empowering them to make important financial decisions.”

“We always encourage customers to take the time to assess their finances regularly, with a qualified adviser, to ensure that they are all in order. It makes much more sense to keep a regular eye on your finances, rather than trying to scramble everything together before the tax return filing deadline.”

Here, Brookson gives its top tips to ensure your finances are in order throughout the tax year.

Brookson’s top tips for keeping your finances in check

  •     Get into the habit of raising your invoices in a timely and accurate manner to ensure that you are paid on time and improve your business cash flow.
  •     Submit your expense claims on a regular basis and as soon as you can. This will help your accountant or umbrella company to provide timely advice on expenses incurred during the performance of your duties to allow you to claim tax relief. You should always retain valid supporting documentation for your expenses (e.g. receipts, bank statements etc) to protect you in the case of a subsequent enquiry from HM Revenue & Customs.
  •     If you are a director of a limited company, ensure you are receiving appropriate tax advice such as reviewing the way in which you get paid (i.e. combination of dividend and salary) in relation to your personal circumstances, taking into account any other sources of income that you already receive for the current tax year, or will receive during the next tax year. You should ensure that this is structured in the most tax efficient way.
  •     Set your tax aside as you go to ensure there are no nasty surprises when you tax bills are due for payment. A specialist accountancy provider like Brookson, will provide you with the information you need to do this at no extra charge.

For more information please visit http://www.brookson.co.uk

For more information, please contact Victoria McDonnell at Brookson PR: 0845 058 1500 or Victoria(dot)mcdonnell(at)brookson(dot)co(dot)uk

Notes to Editors:
Brookson provides accountancy, tax and support services for self-employed professionals working on an umbrella basis, or running their own business either as a sole trader and or via their own limited company.

Brookson was launched 15 years ago ‘by contractors, for contractors’ to provide advice and support to self-employed individuals to ensure they access the benefits they are entitled to, while working compliantly.

Managed by a highly-qualified team of chartered accountants and former contractors, Brookson is committed to providing a first class service to its customers.

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