End of Financial Year 2023-2024 UK: Awesome Hacks for Small Businesses to Get Their Finances in OrderEnd of Financial Year 2023-2024 UK: Awesome Hacks for Small Businesses to Get Their Finances in Order
The end of the financial year is approaching, and just like that elusive sock that always disappears in the laundry, there are often a few pesky pennies that attempt to go unnoticed. But fear not! We have gathered some tips to assist even the most absent-minded small business owners. So, grab a cup and keep reading for some advice.
1. The Great Digital Declutter
Consider digital filing akin to Marie Kondo's magic touch in the financial realm. If an invoice doesn't spark joy (or qualify for a tax write-off), bid it adieu! Harness the power of accounting software like Xero or Sage to streamline this process.
2. Reconcile Like It's a Sunday Sudoku
Make reconciliation a monthly ritual, akin to your Sunday crossword devotion. Regular reconciliation acts as your shield against end-of-year financial surprises.
3. Tax Allowances: The Gift That Keeps on Giving
Discovering tax allowances is akin to finding a forgotten fiver in an old coat pocket. From office kettles to ergonomic chairs, make the most of available allowances. They're your business's secret treasure troves.
4. Expenses: Keep Calm and Claim On
Remember, every sandwich, stapler, and stationery item adds up. Did you miss claiming that work lunch from last March? No worries, better late than never!
5. VAT Returns: Not as Boring as They Sound
Grab your magnifying glass and play detective with your VAT returns. And here's a secret: reclaiming VAT is akin to getting a sweet cashback – not too boring now, is it?
6. Chase Payments Like They're the Last Biscuit
Be the charming British detective in your financial affairs. Politely remind your clients about pending payments. A gentle nudge can work wonders.
7. Squirrel Away for the Taxman
Imagine you're saving for a delightful summer holiday, only to hand it all to HMRC. (Adulting joys!) Safeguard these funds in a separate account, ensuring you're prepared when the tax bill comes knocking.
8. Get an Accountant: Not All Heroes Wear Capes
Not all heroes wear capes; some wear glasses and wield calculators. If tax laws baffle you more than cricket rules, it's time to bring in the pros.
9. Sales Event: Roll Up, Roll Up!
Since it's the financial year's end, why not host a delightful sales event? Consider it a two-for-one deal: clear out old stock and boost your bottom line simultaneously. The more, the merrier—and wealthier!
10. Plan Ahead, or at Least Pretend To
Once you've tied up the 2023-2024 loose ends with a neat bow, it's time to look forward. Set goals for the upcoming year. Or, at the very least, promise to lose fewer receipts. Planning ahead ensures you're ready for the upcoming UK fiscal year-end processes in 2024.