5 things you can do in March to prepare for the new tax year

As businesses across the country carry out last-minute tax preparation and begin thinking about starting the new tax year, it’s a perfect time to think about the simple changes you can make to ensure your tax submissions are a little easier next year. 

Alexander & Co. gives expert tax advice with our dedicated team of accountants offering a range of services, including tax accounting. Make sure to contact us if you are in need of tax advice and take a look below at 5 simple things you can do now to prepare for the new tax year.

Update wages

Make sure to check your employees’ wages, and increase them if necessary, to ensure you’re acting within the minimum wage laws.

Review how you’re managing your finances

The new tax year is a perfect time to review how your business manages its finances. Tax planning is key for any successful business and it’s important to consider any new dates for the upcoming tax year. 

Take a look at your balance sheets for the last few years and identify areas where you can cut down on spending or reduce costs. Asking your accountant or a financial expert to take a look over these with you may help you to think outside the box about areas of potential savings, or new strategies moving forward. 

If you’re looking for a tax accountant to help manage your finances, you can get in touch with Alexander & Co. today.

Check employee details

You should use the new tax year as an opportunity to update your payroll data on your employees.

Check their tax codes and National Insurance numbers to make sure that you’re paying the right amount of PAYE tax and NI contributions.

Also, check their student loan repayment, as the thresholds usually change every year. You can find more details on the student loan thresholds here.

Pledge to keep on top of expenses

If you’ve found yourself scrambling to find expense receipts at the end of this tax year, this resolution is definitely for you! Ahead of the new tax year start date, it’s a good idea to get used to recording business and employee expenses regularly. Doing this throughout the year will help to save you significant amounts of time and effort when it comes to filing next year’s taxes.

Set up a simple spreadsheet to monitor company expenses, and consider a formal expense process for employees, such as setting a yearly expense budget for each team so you’re not at risk of spending too much.

Make sure to keep hold of all receipts and invoices too, to make your accountant’s job a little easier when making the final submission for the tax year!

Switch to cloud-based accounting

Modernising how you manage your business accounting is a key priority for every business. Consider switching to cloud-based accounting for increased security, and also to help you get an overview of your finances easily throughout the year. Find out more about cloud-based accounting in our guide.

Choose Alexander & Co. for your tax planning and accounting

Amongst the busy day-to-day tasks of running your business, keeping on top of your tax for 2024 is crucial, but it can be easily forgotten about.

You can alleviate a lot of the work for yourself by working directly with an experienced tax accountant. We’ve worked with a range of sectors and can help your business.

No matter what size your business is, having an expert tax accountant will help you save money and time over the next tax year.

Take a look at our tax services and contact us today to see how we can help you.