Your Tax Planning Calendar
Quarter 1 – January to March
Appoint an accountant (if you haven’t already done so).
Establish your current financial position. Work out your profit by summarising your business income and expenses for this tax year. How does it compare to last year?
Are you planning any financial commitments that could affect your profit? Are there any allowances you could claim?
Contact your accountant to find out about end of year tax planning to help reduce next year’s tax bill.
Quarter 2 – April to June
Get ahead of the game. Finalise your tax position from last year and start saving now for next year’s tax bill.
Send your financial records to your accountant in April or May to resolve queries early and keep matters up to date.
Quarter 3 – July to September
Keep an eye on what’s happening and ask your accountant for help where necessary.
Cashflow – Get a real understanding of where your money comes from and how you spend it.
Financial Reporting – Review your position regularly. An online accountancy package such as Xero or Quickbooks will help with this.
Prepare a financial forecast to help you achieve your personal and business goals for the next 12 months.
Debt reduction – Look at ways you can save money in your practice eg outsource your payroll.
Quarter 4 October to December
Stick to this plan and you should now have a real sense of knowing how well your business is doing and being in control of your finances.
Don’t let it slip. Keeping up to date with your finances will not only make for better decision making but can maximise future tax savings.