The calendar has flipped, the new tax year is upon us, and with it comes the perfect opportunity for a fresh start. Just like spring cleaning your home, taking a little time to tidy up your financial habits can yield significant benefits for you or your business. At Gross Klein Wood Accountants Peterborough, we believe that even small, consistent changes can make a big difference. That’s why we’ve put together five quick wins you can implement right now to set yourself up for a smoother financial year.
1. Ditch the Shoebox: Embrace Digital Receipt Management
How many of us have a dreaded shoebox (or plastic bag, or overflowing drawer) filled with crumpled receipts? It’s a time-consuming nightmare when it comes to tax preparation. This year, make a change! Numerous user-friendly apps allow you to simply snap a photo of your receipts, categorise them, and store them digitally. This not only declutters your physical space but also makes it far easier to track your expenses and provide the necessary documentation to Gross Klein Wood Accountants Peterborough when the time comes. It’s a small habit with a huge payoff in terms of time and stress saved.
2. Payroll Power-Up: Ensure You’re Up-to-Date
For businesses in Peterborough, the start of a new tax year often brings changes to payroll thresholds and regulations. Taking a few moments now to review your payroll setup is crucial to ensure compliance. Are you aware of the latest National Insurance contributions? Have you updated your systems with any changes to minimum wage? Getting this right from the outset avoids potential headaches and penalties down the line. If you’re unsure, the team at Gross Klein Wood Accountants Peterborough can provide clarity and support to ensure your payroll is accurate and compliant.
3. VAT Verdict: Is Registration Still Necessary?
Business circumstances can change. If your turnover has decreased, or if you’re nearing the deregistration threshold, it’s worth a quick check to see if you still need to be VAT registered. Being VAT registered comes with administrative responsibilities, so if it’s no longer a requirement, deregistering could simplify your processes. Conversely, if your business has grown, ensure you’ve registered if you’ve crossed the threshold. As accountants, we can help you assess your current situation and advise on the most appropriate VAT status for your business.
4. Direct Debit Detox: Review Outgoings
Take a few minutes to review your bank statements and identify all your direct debits. Are there any subscriptions you no longer use? Any services you’ve forgotten about that are quietly draining your cash flow each month? A quick audit can reveal surprising amounts of wasted money. Cancelling unnecessary direct debits is an easy way to improve your cash flow without any complex strategies. Gross Klein Wood Accountants Peterborough often sees clients surprised by how much they can save with this simple exercise.
5. Your Secret Weapon: An Early Chat with Gross Klein Wood Accountants Peterborough
Yes, that’s us! One of the most effective “quick wins” you can implement is to book an early chat with your accountant. Don’t wait until the last minute to discuss your financial situation and plans for the new tax year. An early conversation allows us at Gross Klein Wood Accountants Peterborough to understand your goals, identify potential tax-saving opportunities, and ensure you’re on the right track from the start. Whether you’re an individual or a business in Peterborough, getting professional advice early can provide clarity, confidence, and potentially save you money in the long run.
The new tax year is a blank slate. By implementing these five quick wins, you can build a foundation for better financial habits and a more organised future. Don’t hesitate to reach out to Gross Klein Wood Accountants Peterborough – we’re here to help you make this your most financially successful year yet!
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