What are your end of year tasks?
If you’re like most business owners, you’ve got a huge list of tasks that stay perpetually on the back burner! Here are a few ‘housekeeping’ tasks to tick off your list
•Office supplies – now is a great time to stock up on office supplies, and general office items, printer cartridges, paper etc!
• Subscriptions and annual fees – it’s a great time to purchase subscriptions or check your annual fees such as domain names, hosting etc. Review any monthly subscriptions can they be moved onto annual charge (you often get a discount for paying upfront!)?
•Mobile phones – for this to be a deductible expense make sure the phone contract is in the business name if it’s in your personal name consider transferring it. HMRC don’t ask for you to separate business and personal use
•Review your insurances – this may be a timely reminder to review your insurances, we cannot foresee all instances but there are more and more insurance products on the market to protect your business and yourself if the unexpected does happen!
•Home office allowance – Don’t forget that you can claim for using your home as an office. HMRC allows a flat rate claim of £4 per week for home expenses without the need for keeping receipts but it is possible to claim more for home expenses
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