DRAGGING YOUR TAX TIME HEELS?
5 fast fixes from our WY? accountantâ€¦
Tax time can be a stressful time for all so here are five tips from our expert accountants atÂ WellingtonsÂ on things you can do to make end of year tax time easierâ€¦
1. Donâ€™t wait until the end of the financial year to see your accountant, make sure you â€œtax planâ€ during the year.Â At Wellingtons, when we get to yearend we make sure the planning is done and our business clients know their tax liability or refund well in advance â€“ It makes the tax process much easier!
2. If your accountant doesnâ€™t assist you in planning then look for a new accountant.Â For any small business these days cashflow is king so, if your accountant is not assisting you in planning your cashflow at least six to twelve months in advance (including tax commitments), you need to look elsewhere!
3. Have a good internal bookkeeper, accountant or bookkeeping service and make sure they get along with your accountant.Â This is really important and can save you a lot of time and money! They need to be on the same page and be able to communicate with one another. If you can do this then youâ€™ll have a very efficient team working on your business.
4. Keep your accountants in the loop about your future business plans.Â If your accountants know your business back to front, they can assist you with any tax and other compliance issues you might come across when trying to reach your goals.
5. Manage your tax records throughout the year.Â This will keep end of financial year worries at bay.Officeworks have some great stationary for record keeping but make sure you contact your accountant to run through various record keeping requirements.