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It's time to get your business finances in order

With two months to go until the end of this financial year, it’s time to get your finances in order. Prepare your finances now and you can guarantee that the days of trying to find mislaid paperwork will be well behind you.

Remember, too, that tax returns are due at the end of January, so it’s time to get your skates on and sort out your business finances.

When it comes to filling out your tax return, it’s worth remembering the following top tips:

• Read all the tax return questions carefully.
• Get all your paperwork together - such as your P60/P11D - before you start.
• Check the amounts you log for bank or building society interest received plus the tax that's been deducted (usually 20%) add up to the gross amount. (The same principle applies to dividends with the tax credit.)
• Bear in mind that you can compare it with the return you did last year as a 'sense check'.

Whatever you do, it’s vital not to leave organising your tax assessment to the last minute. If you do, you’re more likely to make costly mistakes.

If you decide to complete your assessment online, it takes a day or two to register so you should allow for this. Do bear in mind that if you decide to fill in your return online, that the HMRC system will calculate your tax bill for you.

Once you’ve sorted out your tax, it’s worth doing a thorough financial spring clean to make sure you’re financially in as strong a position as possible. Resolve to get on top of difficult areas such as VAT. Making mistakes could mean being penalised with hefty penalties and, in this situation, ignorance certainly isn’t bliss.