Resolutions For Start Of New Tax Year

Many people make New Year’s Resolutions when January approaches, but have you ever thought of giving yourself financial goals at the start of each new tax year? Here are some changes you might consider making that could have a big impact on your finances before April 2023.

  1. Keep proper accounts

The reason lots of people find submitting tax returns and sorting out their finances stressful is because they have become lazy with their account keeping. Get the financial year off to a good start by keeping on top of your accounts, making sure you track all your expenses, retain receipts and have a safe place for invoices.

  • Get an accountant

If you struggle to keep on top of your company’s finances or your business is growing faster than you imagined and you simply do not have the time you anticipated you would have to focus on administrative tasks, maybe 2022/23 should be the year you consider hiring a small business accountant in Manchester.

It is certainly difficult to conduct your best work, do your own marketing, be your own HR team, and do your accounts too, which is why outsourcing some of the jobs is essential to help you to continue growing. Concentrate on what you are good at, and let specialists focus on what they are good at, so you can have accounts in tip-top condition by April 2023.

  • Erase debt

One of the first things your new accountant will say when they look at your finances is to sort out any debts you might have. Reduce the number of loans you have, move spare cash into accounts with high interest rates, and consolidate debts if possible.

  • Consider investments

If your finances are looking good or are expected to improve over the next few months, spend some time thinking about future investments.

When it comes to choosing things to invest in, Morgan Stanley recommends putting money into things that matter to you.

Its Investor Pulse Poll revealed more than two-thirds of respondents believe the companies they invest in should have policies that promote equity, inclusion and diversity. This figure increases to 77 per cent among those who are female.

Don’t forget to also do plenty of research in what you are investing in, aiming to choose something that will become big in the future to make you as much money as possible.

  • Stay on top of goals

Just like with personal New Year’s Resolutions, it is a good idea to write down your financial goals for 2022/23. Pin it on the wall, have it as a screensaver on your computer, or write it on a white board in the office. This will remind you what the company’s financial targets are and will help drive you to achieving them.

Working with a financial advisor could help if you veer off track, or, if the current climate changes, you could consider ways to diversify your business to continue to meet your goals.