With the 31 January tax filing and payment deadline just behind us and the end of another tax year fast approaching, here at Hive we are paying very close attention to our clients tax strategies. Inaction at this time of year can mean a loss of £thousands in tax savings.

However, before we can offer advice on what you can do to harness these savings, we need to ensure we have accurate and up to date figures.

My dedicated role at Hive is focused on maintaining high quality bookkeeping for our clients. It is the basis for any financial advice. Without it we can only provide generic advice and you could be missing easy opportunities to optimise your position.

Setting an effective tax strategy requires recent financial information, data that is 12 or even 9 months old doesn’t cut it anymore. To really squeeze our every saving we need to know how much profit you are earning now. This not only ensures we can advise on what you need to do for this tax year, but also allows us to effectively plan ahead for next year.

Furthermore, if the information is not kept up to date it may not be accurate, and you could end up paying the wrong amount of tax. As the pace of life gets quicker and quicker it is more difficult to remember what you did some months ago and you could easily overlook claiming some valid business expenses. By processing your paperwork regularly, your mind will be fresh and you will remember what some of those more obscure payments were actually for.

A build-up of paperwork is daunting, and you feel less and less like doing it. Make time to do it or get a good bookkeeper to keep on top of it for you.

Let us know if you need help with your bookkeeping, we have different ways we can assist you.