- Keep all receipts – scan into software or keep monthly receipts together in envelopes within a folder for the year. There is a penalty of up to £3000 for failing to keep records. Keep all records for 6 years.
- Keep a business bank account and do not use it for personal expenses. It will be much easier to reconcile your bank and to see how your business is doing.
- Put aside money for tax to avoid a shock in January.
- Check regular outgoings to see if they are still required or if you can save by switching provider.
- Check your insurance is adequate (professional indemnity, public liability and employer liability)
- Get help if you need it, rather than having sleepless nights.
Happy new year!