As another financial year wraps up, it’s time to take stock and claim back what was spent. To help your business get primed and prepped for tax year end, we’re sharing some ways you and your team are ahead of the jump.anaging a company, employee data, and payroll information can produce a lot of records to juggle and keep track of.
To help you stay ahead of the jump and be completely prepared for submitting your business claims, we’re sharing some expert points to stay on top of the tax year end. While staying compliant may sound easy at first, it can be tricky – especially with changing legislation. In the recent report, Sage , 77% of the respondents said they struggle with the complexity of payroll taxes, while 50% of the respondents said they battle to explain tax calculations to their workforce.
This issue is more common than one would think as many businesses tend to leave upskilling and training regarding tax and legislative comprehension as an option while prioritising day-to-day business needs. But there are ways to prevent this while ensuring your business doesn’t slowdown, which include:Keeping business records up to date,By considering outsourcing these tedious data-heavy tasks, you free up your workforce to be able to focus on business needs and growth.
Enabling employees to track and update their personal information, sick leave, holiday requests, as well as timesheets,Policy updates – these can be added to the platform to keep your team in the loop regularly, automation by onboarding cloud-based systems which can assist your business with:Correctly classifying employees and contractors,Opening a possibility to integrate it with your accounting software to further enhance accuracy and compliance.