Small Business Lifestyle

In this week's episode of Flying Solo Cec is joined by Mark Chapman, Director of Tax Communication at H&R Block, to break down everything you need to know about end-of-financial-year preparation. Find out everything from how to get your paperwork in order, to avoiding common mistakes. Make sure you’re not leaving any money on the table when it comes to deductions. Mark offers practical advice on essential record keeping, explains which documents are a must-have, and even spots some tax traps and scams to watch for. So grab your receipts (and maybe a coffee), and let’s get ready to tackle tax season together! Key topics 1. Essential tax prep and record keeping ·      Importance of keeping all income and expense records (receipts, invoices, etc.) ·      Advice to update records regularly, ideally year-round, or as soon as possible before June 30 ·      Consequences of poor record keeping: missed deductions, higher accountant fees, and complex returns 2. Common deductions and maximising claims ·