Published on March 16th, 2018 | by Sarah Jubb
Prepare For Tax Time With BANKERS BOX
The end of the tax year is fast approaching, which means it’s important for businesses and the self-employed to make sure that their documentation is organised efficiently. April 5th 2018 marks the end of the current tax year and 31st March the end of the financial year, so how can your business ensure it’s ready?
It is important for companies to remember that it is a legal requirement for them to ensure that they keep accurate records of their business transactions for specific periods of time. As such, efficient storage and filing is an essential requirement for any organisation.
The Unusual History Of The British Tax Year
It may seem like a random date for a tax year to begin, but the British tradition of beginning a tax year on the 6th is actually a centuries old tradition. In 1582, the Julian calendar was in use which only had 11 months, consisting of either 30 or 31 days. February had 28 with a leap year every four years with 29, as it does now.
By the 1500s however, the calendar was actually out of sync with the solar calendar by ten days which meant that traditional Christian celebrations such as Easter were becoming later and later. As such, Pope Gregory XIII instituted a new calendar, now called the Gregorian calendar, which solved the problem.
At the time however, England did not see eye-to-eye with the Roman Catholic Church, and so while the rest of Europe adopted the Gregorian calendar, England held out until 1752. At this point, it was 11 days out of sync with Europe and to ensure that no tax revenue was lost, the Treasury had extended the tax year by 11 days until April 5.
An extra adjustment was made in 1800 to April 6 and it has since remained. Tax years are not uniform across the world however, though a majority use the calendar year.
Make Organising Simple With BANKERS BOX
Companies often find themselves generating lots of documents and paperwork which can lead to overflowing files and folders in the office. This can mean that offices become cluttered with paperwork, making it hard to find important documents which can often be mixed in with unimportant items.
Being unable to find documents could be bad news for organisations as they are unable to be located, companies could be fined, lose their license and even imprisonment or potentially business failure.
One of the most important things to do is to begin by going through all the paperwork that is available and organising it into what is needed and what isn’t. You may find that there are plenty of documents that are no longer required, which should be shredded to help ensure data is being protected.
Use magazine files to store catalogues, magazines and other documents that need to be stored away but need to be potentially be accessed quickly. For any records management, the BANKERS BOX range of products are perfect for your needs as there are a range of items to suit everyone’s need in the office.
Each BANKERS BOX product in the range, which includes transfer and archive boxes, have large and clear labelling areas which can be used to label the contents. This will make it incredibly easy to search for information in the future.
Why not take advantage of the offer available on the Post Office Shop at the moment for BANKERS BOX? You can either buy two (10 pack) of standard or large BANKERS BOX Earth Series boxes for the price of one or alternatively two (20 pack) standard or large BANKERS BOX System storage boxes for the price of one.
This offer is available until 31th March 2018, so make sure to take advantage now!