Tax season strikes again

​Tax season is coming up again and it’s definitely not the “most wonderful time of the year” for UK SMEs.

Nothing is certain, except death and taxes

Benjamin Franklin

In the coming weeks, directors, owners and managers will spend their time going through records, receipts, and invoices to get an accurate picture of their company’s finances over the last year. The best companies will be the ones who make their accountant's life as easy as possible.

There are many challenges for businesses come tax season and even with outsourced help from accountants, there are important steps you can take to prepare well and save time both this year and in years to come. In this article from Forbes (2015) you'll find great advice for businesses during tax season, including how to avoid last minute stress; avoiding ghost assets; knowing your deductions and credits; using accounting software; and setting up a smart retirement scheme.

Whether this is your first business tax experience or your fiftieth, the challenges of tax season remain. But by following a few simple guidelines, you can make the process as painless as possible, and get on with doing what you're best at running and growing your business.

Written on in Accounting