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Tips for tradies for the end of financial year

Published 31st May 2023

As the end of the financial year approaches, tradespeople may find themselves busy with last-minute jobs and projects. However, it's also important to take a step back and focus on preparing for the upcoming financial year. Here are a few tips to help tradespeople make the most of the end of the financial year.

 

  1. Review your expenses: We all know that running a trade business can sometimes feel like money is slipping through our fingers faster than sawdust. Take a close look at your expenses from the past year and see where you can cut costs in the coming year. Maybe you can sweet-talk your suppliers into giving you better rates, or perhaps there's a more efficient way to manage your business that you haven't discovered yet.
  2. Organize your paperwork: I know, paperwork is about as exciting as watching paint dry. Make sure all of your paperwork, including invoices, receipts and tax documents, are organized and up-to-date. This will make it easier to file your taxes and prepare for the upcoming financial year. Take a few moments to review how you can better stay on top of all your paperwork for next year, and you will thank yourself later.
  3. Take advantage of tax deductions: There are loads of tax deductions that we may be eligible for. These deductions encompass tools, vehicle expenses, and any training or education you have pursued. Take full advantage of these deductions to minimize your tax liabilities.
  4. Plan for the future: As the financial year wraps up, it's a great time to dream big and plan for the future. This could include expanding your business, taking on new projects, or investing in new equipment. If at all possible in your busy shedule, the end of the financial year can be a great time to take a step back, take a breath and evaluate your goals and how to achieve them.
  5. Consider hiring an accountant: Hiring an accountant can be a great way to take the stress out of tax season and ensure that you're making the most of all available tax deductions. They can also provide valuable advice and guidance for managing your finances in the coming year. For most businesses, hiring an accountant is a must during tax time.
  6. Review your insurance coverage: You're out there every day, battling the forces of gravity, juggling sharp tools, and facing unexpected challenges. Much like the above point about planning for the future, while you're in the mindset of reviewing your expenses and trying to minimise the tax you pay, it can also be a great time to evaluate your insurances. Make sure you have the right insurance coverage for your business and your employees. Review your current coverage to ensure that you are protected in case of accidents or damages on the job site.

By following these tips, trades businesses can make the most of the end of the financial year and prepare for a successful and profitable upcoming year.
 

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