How to make tax filing simple
Tax filing seasons can be notoriously stressful. But, there are a few tricks you can use to help keep things simple. Whether it’s Self Assessment or regular VAT Returns, here’s what you can do.
Make your deadline clear to your clients and set their expectations. Let them know what you need from them, and what will happen if you don’t get it in time.
Once you have your deadline set you can plan your time. Create a list of clients and what information you need from them. If you can plan the work ahead of time, try to estimate how long preparing each set of accounts will take. Work with your schedule to make sure you have time for other tasks too.
Get the right information
Make it clear which information you need from your client way ahead of your deadline. Sending a checklist can help you make sure you have what you need.
A better alternative is to work collaboratively with your clients, so you are constantly receiving information from them. Accounting software with features like bank feeds, receipt capture apps and integrated invoicing and expenses will get you the information you need on a regular basis. You will be well prepared for any deadlines, and it will reduce stress for both you and your clients.
Make use of automation
Automation can help simplify doing your clients taxes. There are a few features you can look for in an accounting software that will automate repetitive tasks.
Bank feeds are a great option if your client has left it to the last minute to send their information. You can import bank transactions from the last period, attach the receipts and record multiple transactions at once, saving you a lot of time.
If you’re submitting VAT Returns for Making Tax Digital you can automate the process with the right software. Bokio accounting software, generates VAT Returns automatically from your bookkeeping, so all you need to do is check it before you submit it online for MTD.
Use the right software
The right accounting software can help make it simple for you to file your taxes. When you know the features you’re looking for, you can find the right software to help you.
Bokio cloud accounting software offers bookkeeping, invoicing and expenses management. Bokio uses automation to help you make your job easier. It’s a great solution for collaborating with micro clients, like small businesses, sole traders and freelancers. Bokio helps you save time, so you can focus on offering high value advisory services.
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