Business and financial Making tax returns
less taxing B
Hazel Murphy from William Duncan + Co looks back on a busy time of year for accountants
y the time this article appears, your accountant will be breathing a sigh of relief after
the tax return madness that arises every January! We all know the annual scramble by many clients rushing in at the last minute to meet the HM Revenue & Customs filing deadline of 31 January for submitting their tax return and paying their contribution to HM Treasury! Many of you will no doubt
have your books in excel- lent order and will present accurate, well maintained and understandable accounting records in plenty of time to your accountant which, in turn, allows your annual accounts to be prepared and early notifica- tion to be provided of your tax liabilities... but, dare we say, many of you won’t! Some of you may have a
practice manager who helps keep the books and records, but we know that many dentists try to do this themselves. Given all your other responsibilities, finding the time to keep the books up-to-date yourselves can often lead to delays and frustration and ultimately higher accountancy costs at the end of the year. This is because more time is required by your accountant in unravelling the records and so the process of preparing accounts becomes more complex, taking perhaps longer than it should. In
addition, information is produced too late for it to be of any use to you in managing your business and tax liabilities are not known until the last minute. An alternative may be to
consider our Cloud Accounting solution, provided through our business services company, Xtra Accounting Ltd; Cloud- based simply means that the computer servers on which the software operates are remotely located from you – you access them over the internet. Xtra Accounting Ltd partners with Xero software which is an online accounting system. It is simple to access and operate, with no accounting jargon, and designed for use by non- accountants. The benefit of Xero is that you can access your financial information any time from any device with access to the internet – PC, laptop, iPad, tablet etc. Crucially, however, we also
have access to this and can help you at any time throughout your year in ensuring your records are balanced and up to date. Indeed, for many clients, we actually undertake the bookkeeping for you, taking away the hassle that we know many of you simply don’t have the time to address and allowing you to concentrate on managing and running your practice. Working in partnership with
Xtra Accounting and Xero means that you have, at a
glance, the key financial points you need to be aware of in your business – bank balance(s), amounts owed to suppliers, amounts due from patients – all the financial information which is important to you. It allows easy production of management accounts on a monthly or quarterly basis and of course the information that you provide to your accountant at the end of the year is up-to- date and accurate, which in turn reduces the amount of
time required to be spent on your annual accounts. Your tax liabilities can also be
predicted much earlier, based on the management accounts, giving you more time to plan your tax cashflows.
® If you would like to know more about Xtra Accounting and Xero, please contact Hazel Murphy on 01292 265 071 or email hazelmurphy@
williamduncan.co.uk
Scottish Dental magazine 85
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