Getting your accounts in order ready for the tax season is not the most glamorous part of running a small business, but this vital task does not have to take forever nor does it have to be arduous.

There are helpful tax planning accountants who can help get your records and accounts in order, as well as let you know if you have any allowances you can claim to keep your taxes lower, but regardless of whether you use professionals or go it alone, here are some of our top tips.

Use Online Record Keeping

By law, you must keep at least the last six years of your company records intact, although for certain purchases longer records are needed.

Whilst in the past this would involve physically storing over a half-decade of receipts and invoices in a safe place, with online record-keeping software, this system can be automated, accessed from anywhere and significantly streamlined.

Take Ownership And Don’t Be Late

Be aware of the deadlines you need to meet to submit your tax returns, pay any tax you owe and any other paperwork that you need to legally run your business.

If your business is a small partnership or sole trader, this would mean submitting your Self Assessment tax return, whilst for a limited company, you would need to file your annual accounts, tax return and confirmation statement for Companies House.

If you are working with an accountant, make sure to give them plenty of time to work through your paperwork; ultimately the business owner is responsible for their accounts.

Make Sure Your Expense Claims Are Valid

One common pitfall small businesses fall into is mixing up business and personal expenses. The former can in some cases be deducted whilst the latter cannot.

This can be complicated so if possible try to separate business and personal equipment and costs as much as possible, for example by using a dedicated bank account for the business instead of your personal account.

This can save a lot of time when you need to file your accounts.