7 Bookkeeping & Accounting Tips for Small Business in 2023
Keep accurate records: Record all transactions and keep receipts and invoices in a designated folder or digital file. This will make it easier to track your expenses and income and prepare for tax season.
Separate personal and business finances: Open a separate business bank account and credit card to keep your personal and business finances separate. This will simplify bookkeeping and make it easier to track your business expenses.
Use accounting software: Consider using accounting software like QuickBooks or Xero to manage your finances. These programs can help you track income and expenses, generate invoices, and prepare financial reports.
Schedule regular bookkeeping tasks: Set aside time each week or month to reconcile bank statements, review financial reports, and prepare invoices. This will help you stay on top of your finances and avoid surprises at tax time.
Top 10 Tax-saving Tips for UK Residents in 2023
Use tax-efficient investment accounts: Utilize tax-efficient investment accounts such as ISAs, pension schemes, and Venture Capital Trusts (VCTs) to save on taxes.
Make use of tax-free allowances: Use tax-free allowances such as the Personal Allowance, Capital Gains Tax Allowance, and the Dividend Allowance to reduce your tax liability.
Claim all available tax deductions: Claim all available tax deductions and reliefs, such as the Marriage Allowance, Blind Person’s Allowance, and the Annual Investment Allowance, to minimize your taxable income.
Donate to charity: Make charitable donations to registered charities and claim tax relief on your donations.