Preparing for the end of the tax year - Bookkeeping Advice from Hubu Accountants

As we draw ever closer to the end of the 2024/25 tax year, here at HUBU Accountants in Wales the team are preparing to complete end of year documents and checks for our clients; clients who are made up mostly of small to medium sized businesses across the UK.

So, if you are a Business Owner, are Self Employed or a Freelancer, read on to find out what you need to know about the end of the 2024/25 tax year and what info you should be getting ready for your Accountant.

There are many things to consider in preparing for the end of the tax year, which is why it’s important for business owners to work with a reliable and experienced Accounting firm like HUBU Accountants, to ensure all the necessary HMRC documents are completed correctly and in a timely manner. At HUBU, every year we look at the following for our business clients:

• Check the latest rates and thresholds

• Help clients to understand how they can make the most of their revenue

• Reconcile accounts

• Check for any changes to the business or the business owner that may affect current or future payments; such as a building extension resulting in an increase to business rates to be paid, or tax allowances changing due to the business owner getting married etc.

• Completetax returns

When it comes to completing your tax return, this can be done via paper or online - it’s also something that your Accountant can do for you. At HUBU Accountants we provide tax return services for a wide range of clients. So, if you are Self Employed, a CIS Subcontractor, a Partnership or a Landlord; we can complete your Tax Return on your behalf to ensure that you don't pay any more tax than you need to.

Looking ahead to the 2025/26 tax year, there are a few things to consider. One of them being the importance of understanding which rates and thresholdsto use when you operate your Payroll or provide expenses and benefits to your employees. But don’t worry if you’re not up to speed - this is something that your Accountant can check for you.

Here at Hubu Accountants we help many clients with their Payroll, from acting in a supporting role to fully managed Bookkeeping, using the latest developments in Accounting Software. We can help Business owners with complex transactions or remove the Book Keeping burden completely. If you need further information about PAYE and Payroll for Employers, you can read more about it on the Government Website.

If you need any further information on getting prepared for the end of the tax year and looking ahead to the 2025/26 tax year, just Get In Touchwith Hubu Accountants, and we’ll be happy to help.

[email protected]

0800 206 2625