Happy New Tax Year!
The start of a new tax year is a good time to reflect on tax years gone by and make some resolutions for the year ahead. Here are some things you may want to consider:
- How good is your record keeping? Do you file those invoices meticulously? Is now the time to go digital? If you are VAT registered, then you will need to keep digital records and use a digital link to submit your VAT return.
- Want more time to yourself? Then let us do your VAT and payroll for you.
- Are you claiming a deduction for all your business or work related expenses? You may be entitled to a fixed rate job allowance. Photograph and file your receipts with your smart phone before you lose them.
- Prepare a cash flow. Consider your funding requirements, whether business or personal, and don’t forget to include those tax bills, including the new Health and Social Care Levy (HSCL).
- If you run a business consider your accounting year-end and plan for expenditure to maximise capital allowances where appropriate. You will also have to start planning for the change to a fiscal year for taxation.
- Make sure your National Insurance record is up to date and ensure you protect your entitlement by receiving an appropriate salary from your business.
- Maybe the time to go green is now. Reduce your fuel costs and benefit in kind charge by changing to an electric vehicle.
- It is always a good time to consider succession planning for your business and your wealth. This may be passing it on to your family, a sale to a third party or reducing your exposure to Inheritance Tax (IHT). Don’t keep putting this off.
However, the most important resolution of all is to talk to your accountant. Let them know your plans and ambitions and give them the opportunity to help and advise.
If you would like more information or advice regarding your tax position, please contact our Private Client Taxperts.