5 Tips to Close Your Financial Year with Confidence!
As the financial year draws to a close, businesses and contractors who run their own limited company face the critical task of wrapping up their accounts, ensuring compliance, and setting the stage for a successful year ahead. The Sterling Group, with decades of expertise in supporting agencies and contractors, is here to guide you through every step. Here are five essential tips to help you close your financial year with confidence:
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Submit Final Invoices Promptly
Ensure that all outstanding invoices are sent out well before your financial year-end. This helps you maintain positive cash flow and avoid any last-minute surprises. If you’re a contractor, check with your clients to confirm that all work has been signed off and payment terms are clear.
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Review Your Tax Deductions
Now’s the time to maximise your deductions! Go through your expenses meticulously and ensure you’re claiming everything you’re entitled to — from travel costs to home office expenses.
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Reconcile Accounts and Chase Payments
A thorough account reconciliation is key to spotting discrepancies and ensuring your financial records are accurate. Follow up on any overdue payments and resolve outstanding issues to start the new financial year on solid footing.
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Plan for Tax Payments
Understand your upcoming tax liabilities and set aside the appropriate funds. Whether it’s Corporation Tax, VAT, or self-assessment payments, knowing what’s due and when prevents unwelcome surprises. Our expert team can provide guidance on efficient tax planning and cash flow management.
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Set Financial Goals for the New Yea
r A new financial year is a fresh start! Take the opportunity to set realistic and ambitious financial goals. Whether it’s increasing your turnover, expanding your client base, or improving your savings strategy, having a clear plan in place will keep you focused and motivated.
Closing your financial year doesn’t have to be stressful. With The Sterling Group by your side, you can navigate the complexities of year-end accounting, and step into the new financial year with confidence and clarity.
Ready to make this your most successful financial year yet? Get in touch with The Sterling Group today and let’s make it happen!
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