Top 5 Tips for the New Tax Year

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Top 5 Tips posts from the SME Blog are always full of hints and tips for small, home & micro business owners.

1. If you found the tax deadline to be very stressful, it is likely that you are doing something wrong throughout the year. Use this opportunity to get more organised and get your books in order – try to post transactions daily to your accounts.

2. Halfway through the year you should conduct a review of your books to see if everything is in order. Ask your accountant if you want an expert opinion too.

3. Remember to adjust the value of your business assets to account for annual depreciation.

4. Consider introducing some employee benefits like health insurance or childcare subsidies. Not only will they be made very happy and less likely to leave, you should be entitled to tax breaks.

5. Update your estimated totals for the previous year and replace them with the actual figures now they are known.

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