If you own a tradie business, you’ll know that the end of the financial year is coming up quick! There are a few things you’ll need to have sorted before 31 March, so here are some tips to help you get prepped.
Check if you’ve got bad debt to write off
Got clients who haven’t paid you in what seems like forever? You can actually write these payments off as bad debt and potentially receive a tax deduction. You’ll need to make sure (and have evidence) that you’ve made every effort to get them to pay up, including any legal action you might have taken.
Know what you can and can’t claim as an expense
It’s a good idea to be across everything you can claim as an expense in your business. There are some expenses people tend to forget they can claim, but there are also some items that you can’t claim as well. Check out our handy list of things you can claim, and then check in with some accounting pros to get it all sorted for you.
Get the professionals involved
Which brings us to our next point – get some professional help. As a business owner, you’ll know quite a bit about the running of a business, but in order to get the most out of EOFY and make sure you’ve dotted all the i’s and crossed all the t’s, get an accountant to sort it all out for you (get in touch with our mates over at Haven Accounting). The less time spent on headache-inducing admin the better, right?
Check out your supplies
If you’ve got a whole bunch of supplies lying around, it might pay to give them a good once-over. If they’re unusable, damaged, or the market value has decreased, you might be able to write them off. This also counts if anything has gone missing or been stolen – hopefully you’ve been keeping track of all of your stock and supplies so you know just what you have on hand.