Tax year end advice

Self-Assessment – Pleasure or Pain?

Vicky Clark the Pet Accountant looks at how to address self-assessment

Over the last twelve months I have spoken to hundreds of pet professionals and there has been a common theme throughout…people hate doing their self-assessment and it’s always the task that keeps going to the bottom of the list… It’s a complex topic that is rarely discussed in this industry which is something I’m passionate about changing. My aim when I started The Pet Accountant was to get this topic at the forefront of people’s minds and be something that people aren’t afraid to talk about.

Your finances are the foundations of your business, everything you do, or buy, your services should be centred around this. Are you covering your expenses? Should you increase your prices, are you paying too much for your shampoo? If you don’t understand your figures and what they are telling you, how do you know if you’re making any money or overspending in certain areas, whether you need to put your prices up, or if you’ve hit the VAT threshold?

Wouldn’t you like to know how much your tax bill will be before it gets to January or how much profit you’re making throughout the year? If you answered yes to this, you need to be in the super organised group and get that tax return done as soon as the tax year ends and keep on top of it throughout the year. Remember, just because you submit your return doesn’t mean you have to pay it straight away.

How can we do this…? The good old traditional way of a spreadsheet is a favourite of most people due to how easy it is to use, and you don’t need to be a computer whizz to do it. However, will this tell you how much tax you will owe, your cash flow month to month and how long does it take to complete? Remember time is money. We are coming into a digital era now and in 2024 things will be going digital (Making Tax Digital 2024). This means using software such as FreeAgent or Quickbooks. Although this may seem daunting and pointless to some, this is a great tool to help keep you up-to-date with your figures and best of all will save you hours of time.

My top tip this month, get your tax return done straight away, put it at the top of the list and understand your figures. Also take a look at Making Tax Digital. If the thought of doing this fills you with dread or you just don’t know where to start, please don’t hesitate to get in touch and I will guide you through the processes. www.petaccountant.co.uk enquiries@petaccountant.co.uk

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