TaxmanSunday April 5th 2009 is the end of the current tax year, and it is fast approaching (6 days away at time of writing). So make sure your accounts are up-to-date and everything in good working order. This makes preparation of your final accounts much easier.

Within a couple of days of the tax year ending I like to have all my accounts sorted and everything ready to be reported to HMRC. This means it is one less thing to think/worry about and you know exactly where you are.

Getting Things Right
Make sure you aren’t claiming costs which you aren’t allowed to claim. During this financial year I got a Blackberry just thinking I could put the cost on the business, but the whole tax situation with Blackberrys is a bit messy to be honest (they aren’t classed as a mobile phone, classed as a PDA) so in the end it has been purely a personal expense. It has helped greatly with my business so no complaints, but from a financial point-of-view slightly disappointing. I also bought some cheap plain t-shirts and combat trousers which I wear day-to-day when working from home. Despite the fact I only ever wear them when working they can’t be claimed on the business. Only things like hardhats etc can, which I don’t have much need for! So be careful with your expenses.

And also make sure you aren’t missing potential expenses. IE fuel. If you go to an exhibition on your niche, then claim the expenses for that day including fuel. You don’t want to pay more tax then is necessary.

Research
As always, if you have any kinds of doubts then research. Check out the HMRC website, although the site has so much info it can sometimes be hard to dig out the real figures you want. If you know exactly what you are looking for then just do a search of google. And if you still can’t find your answer use business forums or even Yahoo answers.

Tax Calculator Tool
If you aren’t able to submit your self assessment for a few months but are itching to know how much tax you are probably going to have to pay then this tool is worth using: listentotaxman.com.

Don’t Hit The Computer Screen
One thing I don’t like about being self-employed is the way you have to pay all your tax in one go (apart from Class 2 NIC’s). I know the 08-09 payment won’t have to be paid until January 2010 but still. It always gives me a slight sick feeling when I make the payment. But having said that I would hate not having my business. So when you submit your self assessment and find out your tax due remember not to hit the computer screen!

Conclusion
I hope it has been a good tax year for you. And I hope next years forecasts are a sight to make you smile as well.