Business owners should mark the start of their own New Year by resolving to get their accounts in order as soon as possible, the owner of a leading Harrogate accountancy practice is urging.
Teresa Bowe, founder and managing director of CCF Accountancy, based on Victoria Avenue, says many sole traders and partnerships have April 5as the end of their financial year to tie in with the period HMRC uses for tax purposes.
Yet with the deadline for submitting tax returns still months away – October 31 for paper returns and January 31 for online submissions – few rush to provide information to their accountant. This could, however, be damaging their business.
“Getting your information to us early means you’ll not only know in plenty of time how much tax there is to pay – so can budget more easily – but it also allows us to plan properly to make your business as tax-efficient as possible,” explains Teresa.
“It’s not just about getting your figures into HMRC – it’s about using them to see how your business is doing and planning for it to grow. One of the biggest problems I see with businesses that fail is the complete lack of financial awareness of the owners.”
She adds: “Everyone thinks April and May is the busiest time of year for accountants because of the financial year-end, but it’s not – it’s the ideal opportunity to get your paperwork to us and let us really focus on helping you grow your business.
“If you leave it until January, not only do you risk a £100 fine from HMRC if the return is late, it means you’ll have no idea how much you owe until the last minute and you won’t benefit from our expertise when it comes to planning for the future.”
CCF Accountancy is urging existing clients to submit their accounts as soon as possible. Businesses in need of advice and support with tax and accountancy matters should telephone the office on 01423 567499 for more information.