Financial year end is approaching – what do you need to do?09/03/20
For anyone dealing with business and finance, there’s always a rush, at certain times of year, to submit accounts or collate information needed for your accountant. Self-assessment forms need to be submitted by the end of January, while the financial year itself is coming to an end in April. Whatever type of business you run, it’s important to ensure your accounts are filed and up to date.
A taxing time
Many people nowadays manage their tax affairs themselves, while others employ advisors and accountants to make sure everything is ready and prepared in good time. Forge Property Consultants can help clients by offering valuations of assets and the management of land – costs that will need to be factored into year-end books and accounts.
Called to account
As a landowner or estate manager, if you have moved into diversification, especially with commercial leisure opportunities, then there will be a considerable amount of extra accounts and paperwork to deal with. Make a note of everything, keep all receipts and other paperwork filed for easy access. Being methodical throughout the year will make all the difference at financial year-end. Be diligent and orderly, rather than ending up in a blind panic as the deadline approaches.
All aspects of your financial business are looked at whilst submitting tax and incomes, and dividends and outgoings are scrutinised. If you’re raising funds to start new diversification or development projects, then accounts will be considered also as part of any application process for loans or mortgages. With accounts being filed digitally these days, it’s a lot easier to keep track of what’s where.
Taking stock of your stock
The end of the financial year is always a good time of year to look at your business and where it stands. It’s one of those annual markers that is probably even more important for businesses than the more widely acknowledged beginning of a new calendar year, with its perceived ‘resolutions’ and ‘a fresh start’.
It’s a good time to take stock in general and see where you envisage the business heading in the coming year. Forge Property Consultants can help collate the details of your property and land portfolio. Remember, if you are late to submit or pay your tax arrears, you may be liable for a considerable fine, so it really does pay to be organised.