Top tips for the new UK financial year

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As March draws to a close, small business owners up and down the country are preparing for the new UK financial & tax years. And you should too! Getting organised now will help you manage the books faster and more efficiently than ever before.

Want to get ready? Here are our top five tips to help you complete this year’s tasks with ease. So that you can start the new year on the right track.

Complete any outstanding invoices and payments

Staying on top of your income and outgoings is important throughout the year, never more so than at year end. Many suppliers and customers will also reset their budget at the close of the year to start the new year with clean slate. Use Xero to pay bills and send out final invoices. Then you can take payment directly from your invoice and automatic invoice reminders can also help you get paid faster.

Use Xero to see your cashflow, income and profitability

Businesses live or die by their cashflow. Xero makes it easy to see your cash flow, balance sheet and profit & loss to work out how to drive your business forward next year.

Prepare your payroll year end submission

Payroll in Xero makes it really easy to complete your HMRC submission (called EPS submission). Additionally it creates P60, P11, and P32s. We’ve created a guide to help you through your payroll year end duties.

Make sure employee and pension information is up to date

Check that your payroll settings, and opening balances are correct and that you have up-to-date information about all of your employees in Xero. If you’re moving to Payroll in Xero from another system then it’s also a good idea to check you’ve added information about your Workplace Pensions and auto enrolment staging dates.

Meet your bookkeeper, accountant or financial advisor

Each of these will have work to do for your business at year end. Talk to them and make lists of the tasks they need to carry out. Consequently this will help them focus on your business at this busy time of year. Don’t forget to ask for advice for the new UK financial year to help you identify the opportunities and risks for your business. If you’re looking for an accountant or bookkeeper, the Xero advisor directory can help you find one that’s a great match for your business.

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