Preparing for the end of the tax year
Updated: Aug 23, 2021
As we draw ever closer to the end of the 2020/21 tax year, here at HUBU Accountants the team are preparing to complete end of year documents and checks for our clients; clients who are made up mostly of small to medium sized businesses across the UK.
So, if you are a Business Owner, are Self Employed or a Freelancer, read on to find out what you need to know about the end of the 2020/21 tax year and what info you should be getting ready for your Accountant.
There are many things to consider in preparing for the end of the tax year, which is why it’s important for business owners to work with a reliable and experienced Accounting firm like HUBU Accountants, to ensure all the necessary HMRC documents are completed correctly and in a timely manner. At HUBU, every year we look at the following for our business clients:
Check the latest rates and thresholds
Help clients to understand how they can make the most of their revenue
Reconcile accounts
Check for any changes to the business or the business owner that may affect current or future payments; such as a building extension resulting in an increase to business rates to be paid, or tax allowances changing due to the business owner getting married etc.
Complete tax returns
When it comes to completing your tax return, this can be done via paper or online - it’s also something that your Accountant can do for you. At HUBU Accountants we provide tax return services for a wide range of clients. So, if you are Self Employed, a CIS Subcontractor, a Partnership or a Landlord; we can complete your Tax Return on your behalf to ensure that you don't pay any more tax than you need to.
Looking ahead to the 2021/22 tax year, there are a few things to consider. One of them being the importance of understanding which rates and thresholds to use when you operate your Payroll or provide expenses and benefits to your employees. For instance, are you aware of the new emergency tax codes that will be in place from 6th April 2021? Don’t worry if you’re not up to speed - this is something that your Accountant can check for you.
Here at Hubu Accountants we help many clients with their Payroll, from acting in a supporting role to fully managed Book Keeping, using the latest developments in Accounting Software. We can help Business owners with complex transactions or remove the Book Keeping burden completely. If you need further information about PAYE and Payroll for Employers, you can read more about it on the Government Website.
And finally, here’s an important date for your diary this year; if you have forgotten to declare any of your income that might be taxable for the previous tax year, you have until 5th October this year to do so!
If you need any further information on getting prepared for the end of the tax year and looking ahead to the 2021/22 tax year, just Get In Touch with Hubu Accountants, and we’ll be happy to help.
info@hubu.wales
0800 206 2625