Capium’s Self-Assessment hints and tips – Part 2

After our last set of tips, we spoke to some of our accountants and here are some tips that most of them standby to help them get through Assessment Season:

1. Don’t put all your eggs in one basket

It is always wise to have a separate bank account for your practice so that it is easier to track your spending and earnings without having to filter out personal transactions. So open a business account and you will be able to get all your records easily in one place.

2. Planning is everything

Being organised means being able to manage your time; we all want to be able to enjoy the upcoming holidays, so try planning ahead for your self-assessment to gain more time to enjoy the festivities. Make a list (like Santa’s does) of the tools you will need (IE: software, notebook, folders, etc) and the tasks you will need to accomplish in time to make your submissions. The last thing you want is to wait until the last minute, which will probably lead to stress and panic. 

3. Asking for help is a sign of strength… If you need it, that is of course!

Once you have your plan and you are organised, you should be able to tell if you might need a little extra help with some of your tasks. There are many bookkeepers you could outsource for example, who can do some of your tasks while you focus on the rest. Or if you can afford it, why not hire new staff? And don’t feel alone; there are many accountants going through what you’re going through, and you can always find a fellow accountant willing to help you and give advice – like these ones.

4. Keep records and back them up

Make it a part of your daily routine to keep a record of all your transactions: Take photos of all your receipts and documentation so you have digital records. Make sure you always have them backed up on the Cloud and/or external drive somewhere. That way if something were to happen to your laptop for example (touch wood), you have a backup.  And don’t throw away the original receipts after digitising them; archive them. You never know!

5. Advice your clients about tip number 3

It’s good to talk to your clients so you can build a healthy working relationship with them. Teach them about how they can make your job easier, so your practice can better serve them in return. 

6. Enjoy the holidays!

2022 is coming to an end… and you made it through the year! MTD’s got nothing on you. Even HMRC is still trying to figure it out. So relax, and enjoy the extra time (that you saved by planning ahead!) with your loved ones. 

Season’s greetings!

If you get bored during the holidays, you can sign up to a FREE trial and explore our Integrated Cloud Software while enjoying a hot cup of cocoa.