Leap year – an opportunity to jump ahead on life admin

In this blog, Keith Brown in our Accounts and Business Support Team advises what you should do with the extra leap day this year and get ahead of life admin.

Leap years are special. As a day that only happens once every 4 years, 29 February always feels like bonus time; all the more so as it’s a Saturday this year.

So what to do with all this spare time?

Allow me to make some suggestions. After 31 March, 31 December is the most popular year end for companies. If this is the case for you, why not pull together your accounting records and send them in? This will mean you get plenty of time to plan for any tax which is due before you need to pay it, at the end of September.

Alternatively, if you don’t have a December year end, you could take this opportunity to review your processes and business. Our Accounts and Business Support Team utilise various projection and forecasting software packages, as well as having experience of different automating software to make it easier for you to record expenses on the go. So why not drop us an email or give us a call and see if there’s a way we could make life easier for you?

From a personal perspective, it’s not to late to get some tax planning done before the tax year ends on 5 April. Budget day is approaching and with rumours of changes to certain tax reliefs. This may be your last chance to take advantage of some of these, so scheduling a meeting with someone from our Personal Tax Team will be beneficial.

Life is getting busier for all of us, so it seems to me that an ideal way to use this additional bonus time would be to get things in motion to try to counter any last-minute stresses. From a business perspective, Chiene + Tait is ideally placed to help.