Updated 27 May 2021
Go through your paperwork
Yep, there’s no avoiding the paperwork, so go ahead and put this on your list of things to do. Oh, you haven’t spent the time to get your paperwork in order since the last financial year? That’s completely fine, because there’s never a better time to get on top of it than now. We know it can be time consuming to begin with, but think of how cruisy your next tax return will feel once you sorted it out and have a system to keep it all in check.
Claim your deductions
It might seem like the most obvious of tasks to put on your checklist, but claiming all the deductions you are eligible for makes a huge difference to your tax return. It’s important to remember to be able to justify any expense you are claiming as a deduction. You’ll have to know how the claim was calculated if you are asked to show proof.
Tip: For the small business owners: As a small business owner, many expenses incurred in running your business can be claimed as a deduction (that’s a win). Deductions could include equipment, legal advice, rent and many more.
Speak to the experts
Please don’t make your tax time checklist without adding this task. There are plenty of experts around to help you out, so use them - whether it’s tax, accounting or financial advice.
Tip: For the small business owners: Something else to remember is to check that your insurances are up to date, especially if your circumstances have changed in the last year. Anything from renovating your premises, buying new equipment and adding more staff could mean you are not fully covered under your current insurance policy.For more information regarding why you should review your business insurances, read our article.