Filing your business tax return can be incredibly stressful, especially when you consider the time taken to get everything together and ensure it’s all accurate. But you can make it a little more stress-free – here are some tips to help you out.
Put a reminder in your calendar
There is nothing more stressful than forgetting about your tax return, leaving you less time to complete it. When you have to rush through it all, not only can it amp up the pressure, but it can also lead to potential errors. If there are errors in your tax return, you may have to pay additional tax or even face a financial penalty on top of that – you will also have a financial penalty if you file late.
To ensure you have enough time to complete everything accurately, put a reminder in your calendar as soon as you have filed the previous year’s return. Then, also set a reminder a few months in advance so that you have plenty of time to prepare.
Have all the important information to hand
In order to file your company accounts and tax return, you will need the following information:
- Government Gateway user ID and password
- Balanced annual accounts
- Details of any nontaxable items, expenses, and contributions that are eligible for tax relief, or any tax you can claim back
Automate financial processes where possible
One of the simplest ways to take the stress out of financial reporting is to automate your processes. Accounting software like Xelix integrates into your existing systems, using AI as a layer of intelligence to read, process, analyse, and reconcile financial documents, and automates audits, too.
In doing so, you can be rest assured that your accounts payable (AP) processes are entirely accurate and free from human error, as the AI will pick up on discrepancies. The reports from the automated system can then be used to file your tax return, without you having to manually locate, enter, and double-check certain data.
Don’t be afraid to ask for help
Filing annual accounts and tax returns are possibly the most stressful times in any accountant’s life – especially when you do them at the same time. In times like this, see if you can delegate any tasks to other people in your team.
When this isn’t possible, you might consider outsourcing some of your financial processes to other qualified accountants. They can take some of the most stressful tasks off your hands, or simply reduce your workload, which can only help your mental health during this time.
Remember you don’t have to do it all at once
So that you don’t have to do everything at once, you can gradually chip away at all the tasks you need to complete. Take it one step at a time – after all, slow and steady wins the race – as well as keeping your stress levels down too.
In doing so, you won’t be faced with a stressful period of time where you need to cram everything in. Instead, you’ll have time to double and triple-check your numbers, filing your documents in plenty of time.
As you can see, filing your business tax return doesn’t have to be overwhelmingly stressful. With these tips in mind, you can find ways to streamline your systems and processes to make things as efficient and stress-free as possible.