End of year tax tips

It’s that time of the year again, the end of the 2019 financial year is now approaching. Make sure you are prepared to tackle on your tax returns.

Here are some tips that will help you save you both money and time:

• Bank Statements:

Make sure all business bank statements for the financial year are complete and ready to make sure all income and expenses are included in your returns.

• Receipts:

Make sure you have receipts ready for business expenses made through your personal account and for any expenses that have a significant amount to the business.

• Home office:

Did you know you can claim expenses from your home office? Prepare all home expenses and measure the size of your office to apportion these expenses. Need help doing this? You can contact us for advice.

• Logging car use:

Remember to write down your car odometer at the year end. This will help you keep a logbook and measure the total amount of vehicle expenses claimable.

• Fixed assets:

Review you fixed assets and find out what are no longer in use or will no longer be used in the future so that it can be claimed as an expense on disposal.

• Inventory:

Check your stock if there are any stock that needs to be written off this is the time to do it.

• Stocking up:

Make sure to stock up on stationery, postage and courier bags before 31st March to claim these expenses during this financial year.

• Entertainment:

Did you know you can claim entertainment expenses? It is worth finding out how much you can claim, contact us and we can clarify this with you.

• Repairs:

Are there any repairs and maintenance needed to be done on the business assets? It would be wise to do them now so that the expense will be claimed before the year ends.

• Check your income:

If you are expecting to make more money this financial year it would be advisable to make voluntary provisional tax payments to avoid any penalties or interest.

Need tax returns done? Contact us.

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