When it comes to the time to complete your tax return and the deadline fast approaching, it can be a frantic dash to the accountant with bags of receipts. Your accountant will not be grateful for this and what is likely to follow is a series of phone calls or emails asking you for additional information! For Accountants Swindon, visit a site like https://chippendaleandclark.com/
To make life easier for you and your accountant, here is some of the essential information they will need to create your account and tax returns:
Your accountant will require all business account statements for the entire tax period, which starts from April 6 the previous year. You will most likely have a primary account, but if you also have a backup or a deposit account, they’ll need a statement for them as well, to follow every move between accounts. If you are still using a chequebook and paying in books, including these.
Statement of loans you have will also be required. It’s worth getting the balance at the end of the year as interest is tax deductible.
Statements for each business credit card are also required. If you have a personal credit card that you have used for business expenses, then do not forget to include this information as well.
Finance agreements taken during the year also need to be disclosed to your accountant. This can include hire purchase, for example. Mortgage interest is also tax deductible and anything you have purchased can also be submitted under the annual investment allowance. By not expressing it, you can add hundreds to your tax bill that is not necessary.
Payroll records must be produced, unless the accountant provides this service for you.