Whether you’re an individual or a business, the first step to staying on top of your taxes is tracking your income. It can be easy to get lost if you let months pass by without recording your income, so be sure to do it right after receiving your paycheck. If you have multiple jobs or sources of revenue, you might want to keep track of those too.
Keep all spending receipts, especially if you run a business. You may be able to claim them as part of your business expenses, which can help significantly with your tax deductions.
Lastly, you might want to consider outsourcing to accounting professionals. They’ll help you stay on track with current tax laws, make sure you aren’t over/underpaying and offer you invaluable advice to save the most money on taxes. Goldsmith & Co might be able to help you if you’re looking for chartered accountants in North London.