The following is a sample extract of an unedited draft chapter of our forthcoming book, Tax Return Made Simple which addresses each of the 12 challenges that stop most business owners from doing their tax return and their accounts.
Challenge 6: Not knowing where to start
Solution: Knowing where to start
Often once a business owner has acknowledged the benefits of keeping their accounts up to date and filing their tax return early, in addition to any psychological blocks that may be holding them back, the next stumbling block is simply the practical steps on what to do and more importantly where to start.
Like achieving any goal, the concept of breaking it down into small manageable chunks applies with your accounts and tax return too. You may be up to date and looking for ways to stay up to date or you may have a backlog of 12months plus to wade through so I’ll approach this from the latter.
Got mountains of paperwork to wade through?
If this is you then let’s start at the beginning with small steps and I am going to assume that you have a separate bank account for your business. When I refer to cash purchases, know that I’m talking about purchases that don’t go through your business bank account but if you use your personal account a lot you’ll have to add your personal bank statement to the steps I discuss below.
It is always advisable that you separate out your business and personal banking or you’ll just keep giving yourself extra work to do when it comes to doing your accounts and tax return.
End of preview.
To read more, sign up to receive the FULL preview HERE. Only available until 25th November! By receiving the full preview of Tax Return Made Simple, all I ask in return is feedback by 30th November, and if you would some free advertising, a book review for insertion in the published professional edition. Then we hope you tell all your business friends about it.